<SEC-DOCUMENT>0001072613-24-000326.txt : 20240308
<SEC-HEADER>0001072613-24-000326.hdr.sgml : 20240308
<ACCEPTANCE-DATETIME>20240307200020
ACCESSION NUMBER:		0001072613-24-000326
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240308
DATE AS OF CHANGE:		20240307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE PETROLEUM CORP
		CENTRAL INDEX KEY:			0000887396
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				731238709
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-274327
		FILM NUMBER:		24732002

	BUSINESS ADDRESS:	
		STREET 1:		2200 S. UTICA PLACE
		STREET 2:		SUITE 150
		CITY:			TULSA
		STATE:			OK
		ZIP:			74114
		BUSINESS PHONE:		(539) 444-8002

	MAIL ADDRESS:	
		STREET 1:		2200 S. UTICA PLACE
		STREET 2:		SUITE 150
		CITY:			TULSA
		STATE:			OK
		ZIP:			74114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM RESOURCES CORP
		DATE OF NAME CHANGE:	19951115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>emp_18808.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
Pursuant to Rule 424(b)(5)<BR>
Registration Statement No. 333-274327<BR>
&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUPPLEMENT </B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(to
prospectus dated September 22, 2023) </B></FONT></P>

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

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 97px; width: 209px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Rights to Purchase Up to 4,132,232 Shares of Common Stock at $6.05 Per Share </B></FONT></P>

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

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
Petroleum Corporation, a Delaware corporation (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;), is
distributing at no charge to the holders of our common stock, par value $0.001 per share (&#8220;common stock&#8221;), as of the close
of business, on March 7, 2024 (the &#8220;Record Date&#8221;), subscription rights to purchase up to 4,132,232 shares of common stock
at $6.05 per share (the &#8220;subscription price&#8221;) for an aggregate rights offering value of up to $25.0 million (the &#8220;rights
offering&#8221;). Each stockholder will receive one subscription right for each share of our common stock owned as of the Record Date.
Each subscription right entitles the holder of the subscription rights to purchase 0.161 shares of common stock at the subscription price
(the &#8220;subscription rate&#8221;). We will not issue any fractional shares of common stock in the rights offering. The subscription
rights are not transferable. If you fully exercise your subscription right and other stockholders do not fully exercise their subscription
rights, you will have an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the Expiration
Date (defined below).</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the rights offering is to raise equity capital in a process that provides all of our existing stockholders the opportunity
to participate on a pro rata basis. The net proceeds will be used for current and future drilling activity, 3D seismic, land and lease
purchases, enhanced oil recovery facilities and general corporate purposes.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will be distributed and exercisable beginning on the date hereof. The subscription rights will expire and will have
no value if they are not exercised prior to the expiration date of the rights offering, which is currently expected to be 5:00 p.m. Eastern
Time, on April 3, 2024 (the &#8220;Expiration Date&#8221;), unless we, in our sole discretion, extend the period for exercising the subscription
rights. We will extend the duration of the rights offering as required by applicable law and may choose to extend the rights offering
if we decide that changes in the market price of our common stock warrant an extension or if we decide that the degree of participation
in the rights offering by holders of our common stock is less than the level we desire. You should carefully consider whether or not
to exercise your subscription rights before the Expiration Date. We reserve the right to cancel the rights offering at any time before
the Expiration Date, for any reason.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phil
E. Mulacek, Chairman of the Board of the Company (&#8220;Mulacek&#8221;), and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted
company and our largest stockholder (&#8220;EEF&#8221;), together beneficially own approximately 46% of our common stock outstanding
prior to the rights offering. Mulacek and EEF have indicated their intent to participate in the rights offering and fully subscribe to
the shares of common stock corresponding to their subscription rights, as well as their intent to fully exercise their over-subscription
rights to purchase their pro rata share of the underlying securities related to the rights offering that remain unsubscribed at the Expiration
Date.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no minimum number of shares of common stock that we must sell in order to complete the rights offering. If you exercise your subscription
rights in full, you will have an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the
Expiration Date, subject to the availability and allocation of shares of common stock among stockholders exercising their over-subscription
rights as further described in this prospectus supplement. Stockholders who do not participate in the rights offering will continue to
own the same number of shares, but will own after the rights offering a smaller percentage of the total shares outstanding to the extent
that other stockholders participate in the rights offering. Subscription rights that are not exercised before the Expiration Date will
expire and have no value.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are distributing the subscription rights and offering the underlying securities directly to you. We have not employed any brokers, dealers
or underwriters in connection with the solicitation or exercise of rights in the rights offering and no commissions, fees or discounts
will be paid in connection with the rights offering. Securities Transfer Corporation (&#8220;STC&#8221;) is acting as the subscription
and information agent for the rights offering. STC is also transfer agent and registrar for our common stock. While certain of our directors,
officers and other employees may solicit responses from you, those directors, officers and other employees will not receive any commissions
or compensation for their services other than their normal compensation.</FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NYSE American (the &#8220;NYSEA&#8221;) under the symbol &#8220;EP.&#8221; On March 6, 2024, the last reported
sale price for our common stock on the NYSEA was $5.84 per share.</FONT></P>

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

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>An
investment in our common&nbsp;stock&nbsp;involves significant risks.&nbsp;These risks are described under &#8220;<A HREF="#a_0055">Risk Factors</A>&#8221;
beginning on page S-22 of this prospectus supplement and under similar headings in our filings with the Securities and Exchange Commission
(the &#8220;SEC&#8221;), that are incorporated by reference into this prospectus supplement and the accompanying prospectus.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Neither
the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement
or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
date of this prospectus supplement is March 7, 2024</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #2F5496"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
Supplement</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0051" STYLE="color: Blue">ABOUT THIS PROSPECTUS SUPPLEMENT</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i&#8239;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0052" STYLE="color: Blue">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0053" STYLE="color: Blue">QUESTIONS AND ANSWERS ABOUT THE RIGHTS OFFERING</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0054" STYLE="color: Blue">THE RIGHTS OFFERING</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-15</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0055" STYLE="color: Blue">RISK FACTORS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-22</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_0056" STYLE="color: Blue">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD></TD>
    <TD STYLE="white-space: nowrap"></TD>
    <TD STYLE="padding-top: 0pt; white-space: nowrap; text-align: right; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0057" STYLE="color: Blue">USE OF PROCEEDS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-27</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0058" STYLE="color: Blue">DESCRIPTION OF CAPITAL STOCK</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-28</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0059" STYLE="color: Blue">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-29</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0510" STYLE="color: Blue">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-33</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0511" STYLE="color: Blue">LEGAL MATTERS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-34</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0512" STYLE="color: Blue">EXPERTS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-34</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0513" STYLE="color: Blue">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-34</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><A HREF="#a_0514" STYLE="color: Blue">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-34</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 93%; padding-left: 0.1in; font-size: 4pt; line-height: 2pt"><FONT STYLE="color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; padding-left: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_001" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.25pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">i
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_002" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">EMPIRE PETROLEUM CORPORATION&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_003" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_004" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_005" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_006" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">RISK FACTORS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_007" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_008" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_009" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_010" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_011" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_012" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBSCRIPTION RIGHTS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_013" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PURCHASE CONTRACTS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_014" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_015" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">FORMS OF SECURITIES&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_016" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_017" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">LEGAL MATTERS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="color: Blue"><A HREF="#a_018" STYLE="color: Blue"><FONT STYLE="font-size: 10pt">EXPERTS&#9;</FONT></A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_0051"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus supplement and the accompanying prospectus are part of a registration statement on Form S-3 that we filed with the SEC, using
a &#8220;shelf&#8221; registration process. We provide information to you about this offering in two separate documents that are bound
together: (1) this prospectus supplement, which describes the specific details regarding this offering; and (2) the accompanying prospectus,
which provides general information, some of which may not apply to this offering. Generally, unless the context indicates otherwise,
when we refer to this &#8220;prospectus supplement,&#8221; we are referring to both documents combined. If information in this prospectus
supplement is inconsistent with the accompanying prospectus, you should rely on this prospectus supplement. However, if any statement
in one of these documents is inconsistent with a statement in another document having a later date (for example, a document incorporated
by reference in this prospectus supplement), the statement in the document having the later date modifies or supersedes the earlier statement
as our business, financial condition, results of operations and prospects may have changed since the earlier dates. You should also read
and consider the additional information under the captions &#8220;Incorporation of Certain Documents By Reference&#8221; in this prospectus
supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making your investment decision, you should rely only on the information contained or incorporated by reference in this prospectus supplement,
in the accompanying prospectus and in any free writing prospectus with respect to this offering filed by us with the SEC. We have not
authorized any person to provide you with different or additional information. If anyone provides you with different, additional or inconsistent
information you should not rely on it. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell,
or a solicitation of an offer to purchase, any securities in any jurisdiction to or from any person to whom or for whom it is unlawful
to make such offer or solicitation in such jurisdiction. You should assume that the information appearing in this prospectus supplement,
the accompanying prospectus, any free writing prospectus with respect to the offering filed by us with the SEC and the documents incorporated
by reference herein and therein is accurate only as of their respective dates or on the date or dates which are specified in those documents.
Our business, financial condition, results of operations and prospects may have changed since those dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference herein were made solely for the benefit of the parties to such agreement, including, in some cases,
for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or
covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date they were made. In addition,
the assertions embodied in any representations, warranties and covenants contained in such agreements may be subject to qualifications
with respect to knowledge and materiality different from those applicable to investors and may be qualified by information in disclosure
schedules. These disclosure schedules may contain information that modifies, qualifies and creates exceptions to the representations,
warranties and covenants set forth in the agreements. Accordingly, such representations, warranties and covenants should not be relied
on as accurately representing the current state of our affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement containing the prospectus, including exhibits to the registration statement, provides additional information about
us and the securities offered under this prospectus supplement and the accompanying prospectus. We have filed and plan to continue to
file other documents with the SEC that contain information about us and our business. Also, we will file legal documents that control
the terms of the securities offered by this prospectus supplement as exhibits to the reports that we file with the SEC. The registration
statement and other reports can be read at the SEC website or at the SEC offices mentioned under the heading &#8220;Where You Can Find
More Information.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus supplement and the accompanying prospectus contain summaries of certain provisions contained in some of the documents
described herein and therein, but reference is made to the actual documents for complete information. All of the summaries are
qualified in their entirety by the actual documents. Copies of some of the documents referred to herein and therein have been filed,
will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement and
the accompanying prospectus are a part, and you may obtain copies of those documents as described below under &#8220;Where You Can
Find More Information.&#8221; We are offering to sell securities only in jurisdictions where offers and sales are permitted. The
distribution of this prospectus supplement and the accompanying prospectus and the offering of securities in certain jurisdictions
may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement and the
accompanying prospectus must inform themselves about, and observe any restrictions relating to, the offering of securities and the
distribution of this prospectus supplement and the accompanying prospectus outside the United States. This prospectus supplement and
the accompanying prospectus do not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an
offer to buy, any securities offered by this prospectus supplement and the accompanying prospectus by any person in any jurisdiction
in which it is unlawful for such person to make such an offer or solicitation.&nbsp;</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_0052"></A><B>SUMMARY
OF THE TERMS OF THE RIGHTS OFFERING </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary description about us, our business and the rights offering highlights selected information contained elsewhere in this prospectus
supplement or incorporated in this prospectus supplement by reference. This summary does not contain all of the information you should
consider before investing in our common stock. You should carefully read this entire prospectus supplement and accompanying prospectus,
including each of the documents incorporated herein or therein by reference, before making an investment decision. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0pt 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overview
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets. Empire operates the following
wholly-owned subsidiaries in its areas of operations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            New Mexico, consisting of the following entities: </FONT></TD></TR></TABLE>

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<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            New Mexico LLC d/b/a Green Tree New Mexico </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            EMSU LLC</FONT></TD></TR></TABLE>

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<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            EMSU-B LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            AGU LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            NM Assets LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Rockies, consisting of the following entities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            North Dakota LLC </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            ND Acquisition LLC </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Texas, consisting of the following entities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Texas LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Texas Operating LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Texas GP LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pardus
                                            Oil &amp; Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
                                            Louisiana LLC.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
was incorporated in the state of Delaware in 1985. Our mission is to increase shareholder value by building oil and natural gas reserves
in strategic plays in the United States. To accomplish our mission, we plan on executing the following business strategies:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost-effectively
                                            optimize well production;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduce
                                            unit operating costs and improve margins;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Target
                                            proved developed producing acquisitions in predictable fields that have historically had
                                            low production decline and long lives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Focus
                                            on high-quality assets that add scale and provide synergies to our existing portfolio and
                                            core areas of operation. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recent
Developments </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Asset
Development Update</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first well of Empire&#8217;s Starbuck Drilling Program came online in December 2023 and a total of four wells in the Upper Charles Formation
have been placed on production. As of today, collectively all four wells have over 18,000 feet of horizontal pay and we are currently
optimizing completions while increasing the core production through its enhanced oil recovery (&#8220;EOR&#8221;) program. Production
since the purchase of the Starbuck Field has increased over 500%, with a goal of growth of 2,000% to 5,000% by the end of 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
this time, Empire has one rig in the Starbuck Field drilling a fifth horizontal well, which is to be followed by completing the horizontal
lateral in two previously drilled vertical wells with a radius into the target zone of development. As the Starbuck Field is strategically
designed for EOR production, Empire anticipates EOR development to begin in the second quarter 2024 with the goal of providing a meaningful
increase in production beginning as soon as the second half of 2024 and going forward.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
has also logged five vertical pilot wells to help identify additional pay and extend existing reservoirs, which has confirmed three additional
primary zones of interest and two secondary zones of interest. In addition, Empire has drilled a vertical appraisal well in the Starbuck
Field to core two new target zones for development. The two new primary target zones of development have been successfully cored as of
this press release and the cores have just been delivered for analysis. The data will then be added to the development plan while the
vertical well will be placed on production in the first quarter of 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complementing
these efforts, Empire has begun its technical work for production uplift opportunities on its New Mexico and Texas assets, including
a pilot drilling program in New Mexico that is expected to begin later in 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fourth
Quarter 2023 Preliminary Results</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Production
and Expenses</U>. Empire&#8217;s 2023 fourth quarter total production is estimated at 185,000 barrels of oil equivalent or approximately
2,011 barrels of oil equivalent per day (approximately 64% oil), with estimated production revenue of approximately $9.9 million. Lease
operating expenses including workovers trended higher than prior quarters and reflect a higher level of compliance-related activities.
Empire&#8217;s general and administrative expenses are expected to be higher on a sequential basis in the fourth quarter resulting from
legal costs regarding financing and operations. Empire is continuing its closing process and analysis of its results including the finalization
of proved oil and gas reserves and would note that the 12-month trailing average WTI price for 2023 is $78/barrel versus $94/barrel in
2022 and natural gas is $2.64 per MMBtu for 2023 versus $6.36 per MMBtu in 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Capital
Investments</U>. Empire expects its incurred capital expenditures from the fourth quarter of 2023 to be approximately $18 million to
$20 million. The bulk of the expenditures are related to the Starbuck Drilling Program. For 2024 through February 23, Empire estimates
it has incurred Starbuck Drilling Program capital expenditures of between $7 million and $9 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidity
and Capital Resources</U>. As of December 31, 2023, Empire&#8217;s working capital is expected to be a deficit of approximately $5 million,
which is primarily driven by payables related to the Starbuck Drilling Program. Empire&#8217;s availability under its new credit facility
was $5.5 million at December 31, 2023. An additional $3.95 million has been borrowed under the new credit facility during the first quarter
of 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financing</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 16, 2024, Empire entered into a $5 million convertible loan agreement with EEF with an initial amount of $2.5 million received
on February 16, 2024. The loan matures on February 15, 2026, and the interest rate of 7% is payable in Empire common stock on a quarterly
basis. The additional $2.5 million can be drawn anytime in the next three months at Empire&#8217;s request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
of the Rights Offering </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
Petroleum Corporation (NYSEA: EP)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; width: 170pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities&#8239;Offered</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are distributing to you, at no charge, one non-transferable subscription right to purchase 0.161 shares of our common stock at the subscription
price for every one share of our common stock that you owned as of Record Date, either as a holder of record or, in the case of shares
held of record by custodian banks, brokers, dealers or other nominees on your behalf, as a beneficial owner of such shares. Subscription
rights will be rounded down to the nearest whole number and, accordingly, no fractional subscription rights will be issued.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock sold in the rights offering will be issued only in book-entry form. The subscription rights are non-transferable
and will not trade as a separate security on any trading market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Rights</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            subscription right will entitle the holder to purchase 0.161 shares of common stock at the
                                            subscription price, which shall be paid in cash.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-Subscription
Rights</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            you fully exercise your subscription right and other stockholders do not fully exercise their
                                            subscription rights, you will have an over-subscription right that entitles you to purchase,
                                            at the same subscription price, additional shares of common stock that remain unsubscribed
                                            at the Expiration Date. The available shares of common stock
                                            issuable will be distributed proportionately among rights holders who exercise their over-subscription
                                            right, based on the number of shares each rights holder subscribed for under the subscription
                                            right  until either
                                            all shares of common stock have been allocated or all over-subscription exercises have been
                                            fulfilled, whichever occurs earlier.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Price</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            subscription price per share of common stock will be $6.05, as determined by our board of
                                            directors, with the advice and input of management. To be effective, any payment related
                                            to the exercise of a subscription right must clear prior to the Expiration Date.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Record
Date</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            close of business on March 7, 2024.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiration
Date</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            rights offering will expire at 5:00 p.m., Eastern Time, on April 3, 2024, subject to extension
                                            or earlier termination.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment,
Extension,</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have the option to extend the rights offering and the period for exercising your subscription
                                            rights, although we do not presently intend to do so. The board of directors, in its sole
                                            discretion, reserves the right to amend or modify the terms of the rights offering. We also
                                            reserve the right to terminate the rights offering at any time prior to the Expiration Date
                                            for any reason, in which event all funds received in connection with the rights offering
                                            will be returned without interest or deduction to those persons who exercised their subscription
                                            rights.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Fractional Shares</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            will not sell fractional shares of common stock but rather will round down the aggregate
                                            number of shares of common stock you are entitled to receive to the nearest whole number.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer
of Rights</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            subscription rights may not be sold, transferred or assigned, and will not be listed for
                                            trading on any stock exchange or trading market. See &#8220;The Rights Offering&#8221; section
                                            in this prospectus supplement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt; text-indent: -155.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Procedure
for Exercising Rights</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may exercise your subscription rights by properly completing and executing your subscription rights certificate and delivering it, together
with the subscription price for each share of common stock for which you subscribe under the subscription right and over-subscription
right, to the subscription agent prior to the Expiration Date. If you use mail, we recommend that you use insured, registered mail, with
return receipt requested. Wire and mailing instructions are included on your subscription rights certificate.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
to Exercise Subscription </B></FONT></P>

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<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights
Through Nominees</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you hold our common stock through a custodian bank, broker, dealer or other nominee, we will ask your custodian bank, broker, dealer
or other nominee to notify you of the rights offering. If you wish to exercise your subscription rights, you will need to have your custodian
bank, broker, dealer or other nominee act for you. To indicate your decision, you should complete and return to your custodian bank,
broker, dealer or other nominee the form entitled &#8220;Beneficial Owners Election Form.&#8221; You should receive this form from your
custodian bank, broker, dealer or other nominee with the other rights offering materials. You should contact your custodian bank, broker,
dealer or other nominee if you believe you are entitled to participate in the rights offering but you have not received this form.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
Foreign Stockholders and </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
Stockholders Can </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
Rights</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription agent will not mail subscription rights certificates to you if you are a stockholder whose address is outside the United
States or if you have an Army Post Office or a Fleet Post Office address. To exercise your rights, you must notify the subscription agent
in writing or by recorded telephone conversation no later than five business days prior to the Expiration Date. The Company will determine
whether the rights offering may be made to any such record date stockholder. If you do not follow these procedures by such time, your
rights will expire and will have no value.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Revocation</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
you submit the form of subscription rights certificate to exercise any subscription rights, you may not revoke or change your exercise
or request a refund of monies paid. All exercises of subscription rights are irrevocable, even if you subsequently learn information
about us that you consider to be unfavorable. You should not exercise your subscription rights unless you are certain that you wish to
purchase shares of common stock in the rights offering.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payment
Adjustments</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you send a payment that is insufficient to purchase the number of shares of common stock requested, or if the number of shares of common
stock requested is not specified in the subscription rights certificate, the payment received will be applied to exercise your subscription
rights to the extent of the payment. If the payment exceeds the amount necessary for the full exercise of your subscription rights and
over-subscription rights, if applicable, the excess will be returned</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
you as soon as practicable in the form in which it was made. If the number of shares of common stock remaining after the exercise of
all subscription rights is not sufficient to satisfy all requests for shares pursuant to over-subscription rights, you will be allocated
additional shares in the proportion that the number of shares you purchased through the subscription right bears to the total number
of shares that all stockholders exercising over-subscription rights purchased through the subscription right. Any excess payments resulting
from such proration will be returned to you as soon as practicable after the Expiration Date. You will not receive any interest nor any
deduction on any payments refunded to you under the rights offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;The Rights Offering&#8212;Conditions to the Rights Offering&#8221; section of this prospectus supplement.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliates&#8217;
Indication </B></FONT></P>

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<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
Interest</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mulacek,
who is the chairman of our board of directors, and EEF, our largest shareholders, have indicated their intent to participate in the rights
offering and fully subscribe to the shares of common stock corresponding to their subscription rights, as well as their intent to exercise
their over-subscription rights to purchase their pro rate share of the underlying securities related to the rights offering that remain
unsubscribed at the Expiration Date. See &#8220;The Rights Offering&#8212; Affiliates&#8217; Indication of Interest&#8221; section of
this prospectus supplement for more information.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Recommendation </B></FONT></P>

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<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to
Rights Holders</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
certain of our directors may be investing in the rights offering as indicated in &#8220;The Rights Offering&#8212; Affiliates&#8217;
Indication of Interest&#8221;, our board of directors is making no recommendation regarding your exercise of the subscription rights.
You are urged to make your decision based on your own assessment of our business and the rights offering. An investment in shares of
common stock must be made according to your evaluation of your own best interests and after considering all of the information contained
herein, especially the &#8220;Risk Factors&#8221; section, and those incorporated by reference. Neither we nor our board of directors
are making any recommendation regarding whether you should exercise your subscription rights.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
of Proceeds</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the aggregate net proceeds from the rights offering, before deducting estimated offering expenses, will be approximately
$25.0 million. We currently intend to use the net proceeds for current and future drilling activity, 3D seismic, land and lease purchases,
enhanced oil recovery facilities and general corporate purposes. See &#8220;Use of Proceeds&#8221; section of this prospectus supplement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Material
U.S. Federal Income </B></FONT></P>

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<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax
Consequences</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the authorities governing transactions such as the rights offering are complex and unclear in certain respects, we believe and intend
to take the position that the distribution of subscription rights to you with respect to your shares of common stock generally should
be</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">treated,
for U.S. federal income tax purposes, as a non-taxable distribution if you are a U.S. taxpayer. For a detailed discussion, see &#8220;Material
U.S. Federal Income Tax Consequences&#8221; section of this prospectus supplement. You should consult your tax advisor as to the particular
consequences to you of the rights offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
of Shares</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
soon as practicable after the Expiration Date, the subscription agent will arrange for the issuance of the shares of common stock purchased
pursuant to the rights offering, including shares of common stock purchased pursuant to the exercise of any over-subscription rights.
All shares that are purchased in the rights offering will be issued in book-entry or uncertificated form, meaning that you will receive
a direct registration (&#8220;DRS&#8221;) account statement from our transfer agent reflecting ownership of these securities if you are
a holder of record of shares. If you hold your shares in the name of a custodian bank, broker, dealer, or other nominee, the Depository
Trust Company (&#8220;DTC&#8221;) will credit your account with your nominee with the securities you purchased in the rights offering.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing
of Common Stock</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NYSE American (&#8220;NYSEA&#8221;) under the symbol &#8220;EP.&#8221; The shares of common stock to be
issued in connection with the rights offering will also be listed on the NYSEA under the same symbol.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
and Expenses</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not charging any fee or sales commission to issue subscription rights to you or to sell common stock to you if you exercise your
subscription rights (other than the subscription price). If you exercise your subscription rights through a custodian bank, broker, dealer
or other nominee, you are responsible for paying any fees your nominee may charge you.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Agent, Transfer Agent </B></FONT></P>

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<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>and
Registrar</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Transfer Corporation.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
Agent</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should direct any questions or requests for assistance concerning the method of subscribing for shares of common stock or for additional
copies of this prospectus supplement to Securities Transfer Corporation, which is also serving as the information agent, by phone or
mail as follows: Securities Transfer Corporation, 2901 North Dallas Parkway, Suite 380, Plano, Texas 75093, Facsimile Transmission: (469)
633-0088, Telephone Number for Information or Confirmation: (469) 633-0101, email address: stc@stctransfer.com.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
Factors</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
investing in our common stock, you should carefully read and consider the information set forth in the &#8220;Risk Factors&#8221; section
of this prospectus supplement and all other information appearing elsewhere and incorporated by reference in this prospectus supplement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-indent: 24pt; padding-left: 0pt; text-align: left; width: 170pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
&#8220;Going Private&#8221; Transaction</B></FONT></TD><TD STYLE="width: 10pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> </B>The rights offering is not a transaction or series of transactions
which has either a reasonable likelihood or a purpose of producing a &#8220;going private effect&#8221; as specified in Rule 13e-3 of
the Securities Exchange Act of 1934, as amended.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt; text-indent: -155.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0 179.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information concerning the rights offering, see &#8220;The Rights Offering&#8221; section of this prospectus supplement. The
information set forth in this prospectus supplement is based on 25,621,174 shares of common stock outstanding as of the Record Date,
and assumes that no options are exercised, restricted stock awards vest, or new options are issued under our equity incentive plans or
we otherwise issue additional shares of common stock prior to consummation of the rights offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_0053"></A>QUESTIONS
AND ANSWERS ABOUT THE RIGHTS OFFERING </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following are examples of what we anticipate will be common questions about the rights offering. The answers are based on selected information
included elsewhere in this prospectus supplement. The following questions and answers do not contain all of the information that may
be important to you and may not address all of the questions that you may have about the rights offering. This prospectus supplement
and the documents incorporated by reference contain more detailed descriptions of the terms and conditions of the rights offering and
provide additional information about us and about our business, including potential risks related to the rights offering, our common
stock, and our business. Exercising the subscription rights and investing in our securities involve a high degree of risk. We urge you
to carefully read the &#8220;Risk Factors&#8221; section of this prospectus supplement and all other information included in, or incorporated
by reference into, this prospectus supplement in its entirety before you decide whether to exercise your subscription rights. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What is the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A<B>:
</B>We are distributing to you, at no charge, one non-transferable subscription right to purchase 0.161 shares of common stock at the
subscription price for every share of our common stock that you owned as of the Record Date (which is at the close of business on March
7, 2024), either as a holder of record or, in the case of shares held of record by custodian banks, brokers, dealers or other nominees
on your behalf, as a beneficial owner of such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Why are we conducting the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A<B>:
</B>The purpose of the rights offering is to raise equity capital through a process that provides all of our existing stockholders the
opportunity to participate on a pro rata basis. We currently intend to use the net proceeds for current and future drilling activity,
3D seismic, land and lease purchases, enhanced oil recovery facilities and general corporate purposes. For a detailed discussion, see
&#8220;Use of Proceeds&#8221; section of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Will fractional subscription rights be issued? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. As we will not sell fractional shares of common stock, and each subscription right represents the right to purchase 0.161 shares
of common stock, you must hold at least seven shares of common stock to receive subscription rights to purchase at least one share of
common stock pursuant to your subscription right. Rights holders will only be entitled to purchase a whole number of shares of common
stock, rounded down to the nearest whole number of shares of common stock a holder would otherwise be entitled to purchase. For example,
if you owned 100 shares of our common stock on the Record Date, you would be granted subscription rights to purchase an aggregate of
16.1 shares of common stock (rounded down to the nearest whole share as described herein) at the subscription price. If you are entitled
to receive a fraction of a share, we will round down the number of shares to which you are entitled to purchase to the nearest whole
number.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
How was the subscription price determined? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
In determining the subscription price, our board of directors, with the advice and input of management, considered a number of factors,
including: the likely cost of capital from other sources and general conditions of the securities markets, a premium to the 10-day VWAP,
historical and current trading prices for our common stock, our need for liquidity and capital, and the desire to provide an opportunity
to our stockholders to participate in the rights offering on a pro rata basis. The subscription price is not necessarily related to our
book value, net worth or any other established criteria of value and may or may not be considered the fair value of the common stock
to be offered in the rights offering. You should not consider the subscription price as an indication of value of us or our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What is the subscription right? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Each subscription right gives our stockholders the right to purchase 0.161 shares of common stock at the subscription price, which shall
be payable in cash and subject to the limits described below. We have granted to you, as a stockholder as of the Record Date, one subscription
right for every one share of our common stock you owned at that time. For example, if you owned 100 shares of our common stock as of
the Record Date, you would have</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">received
subscription rights to purchase 16 shares of common stock at the subscription price, subject to certain limitations. You may
exercise all or a portion of your subscription rights or you may choose not to exercise any subscription rights at all. Mulacek and
EEF have indicated their intent to fully exercise their subscription rights. See &#8220;The Rights Offering&#8212;Affiliates&#8217;
Indication of Interest&#8221; section of this prospectus supplement for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Will I also receive over-subscription rights in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Yes. If you fully exercise your subscription right and other stockholders do not fully exercise their subscription rights, you will
have an over-subscription right to purchase additional shares of common stock that remain unsubscribed at the Expiration Date. The
available shares will be distributed proportionately among rights holders who exercise their over-subscription right based on the
number of shares each rights holder subscribed for under the subscription right until either all shares of common stock have been
allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to exercise your over-subscription right, you must deliver the subscription payment for exercise of your over-subscription right
before the expiration of the rights offering. Because we will not know the total number of unsubscribed shares of common stock before
the expiration of the rights offering, you will need to deliver payment in an amount equal to the aggregate subscription price for the
maximum number of shares of common stock that you wish to subscribe for pursuant to your over-subscription right. Any excess subscription
payments received by the subscription agent caused by proration will be returned by the subscription agent to you without interest or
deduction, as soon as practicable after the Expiration Date. The subscription agent will return any excess payments in the form in which
they were made. See &#8220;The Rights Offering&#8212;Subscription Rights&#8221; section of this prospectus supplement for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mulacek
and EEF have indicated their intent to fully exercise their over-subscription rights. See &#8220;The Rights Offering&#8212;Affiliates&#8217;
Indication of Interest&#8221; section of this prospectus supplement for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Who will receive subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Holders of our common stock as of the Record Date will receive one non-transferable subscription right for every one share of common
stock owned as of the Record Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
How many shares of common stock may I purchase if I exercise my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Each subscription right will entitle the holder to purchase 0.161 shares of common stock at the subscription price, which shall be paid
in cash. You may exercise any number of your subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Am I required to subscribe in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Am I required to exercise all of the subscription rights I receive in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. You may exercise any number of your subscription rights, or you may choose not to exercise any subscription rights.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What happens if I choose not to exercise my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If you choose not to exercise your subscription rights, you will retain your current number of shares of common stock of the Company.
If other stockholders exercise their subscription rights, the percentage of our common stock owned by these other stockholders will increase
relative to your ownership percentage, and your voting and other rights in the Company will likewise be diluted. In addition, if you
do not exercise your subscription right in full, you will not be entitled to exercise your over-subscription right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
If I am a holder of stock options, may I participate in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. Holders of outstanding stock options on the Record Date will not be entitled to participate in the rights offering, except to the
extent they hold shares of our common stock on the Record Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Will the equity awards of our employees, officers and directors automatically convert into common stock in connection with the rights
offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No, equity awards will not automatically convert into common stock. Holders of our equity awards, including outstanding stock options
and other unvested equity instruments, will not receive rights in the rights offering in connection with such equity awards, but will
receive subscription rights in connection with only shares of our common stock held as of the Record Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
How soon must I act to exercise my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If you received a subscription rights certificate and elect to exercise any or all of your subscription rights, the subscription agent
must receive your completed and signed subscription rights certificate and payment (and your payment must clear) prior to the Expiration
Date, which currently is April 3, 2024, at 5:00 p.m., Eastern Time. If you hold your shares in the name of a custodian bank, broker,
dealer or other nominee, your nominee may establish a deadline prior to the Expiration Date by which you must provide it with your instructions
to exercise your subscription rights and payment for your common stock. Our board of directors may, in its discretion, extend the rights
offering one or more times. Our board of directors may cancel or amend the rights offering at any time before the Expiration Date. In
the event that the rights offering is cancelled, all subscription payments received will be returned promptly, without interest or deduction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Does the Company need to achieve a minimum participation level in order to complete the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. We may choose to consummate, amend, extend or terminate the rights offering regardless of the number of shares of common stock actually
subscribed for by stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Can the Company terminate the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Yes. Our board of directors may terminate the rights offering at any time prior to the Expiration Date for any reason. If we cancel the
rights offering, any money received from subscribing stockholders will be refunded as soon as practicable, without interest or deduction
on any payments refunded to you under the rights offering. See &#8220;The Rights Offering&#8212;Expiration of the Rights Offering and
Extensions, Amendments and Termination&#8221; section of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
May I transfer my subscription rights if I do not want to purchase any shares of common stock? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. You may not sell, give away or otherwise transfer your subscription rights. We also do not intend to list the subscription rights
on any securities exchange or include them in any automated quotation system. Therefore, there will be no public market for the subscription
rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
When will the rights offering expire? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
The subscription rights will expire and will have no value if not exercised prior the Expiration Date, unless we decide to extend the
rights offering until some later time or terminate it earlier. See &#8220;The Rights Offering&#8212;Expiration of the Rights Offering
and Extensions, Amendments and Termination&#8221; section of this prospectus supplement. The subscription agent must actually receive
all required documents and payments in cash before the Expiration Date. There is no maximum duration for the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Is there a guaranteed delivery period? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. There is no guaranteed delivery period in connection with the rights offering, so you must ensure that you properly complete all
required steps prior to the Expiration Date, unless we decide to extend the rights offering to some later time or terminate it earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
How do I exercise my subscription rights if I own shares in certificate form? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
You may exercise your subscription rights by properly completing and executing your subscription rights certificate and delivering it,
together in full with the subscription price for each share of common stock you subscribe for, to the subscription agent on or prior
to the Expiration Date. If you use mail, we recommend that you use insured, registered mail with return receipt requested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you send a payment that is insufficient to purchase the number of shares of common stock you requested, or if the number of shares of
common stock you requested is not specified in the forms, the payment received will be applied to exercise your subscription rights to
the fullest extent possible based on the amount of the payment received, subject to the availability of shares of common stock in the
rights offering and the elimination of fractional shares. Any excess subscription payments received by the subscription agent will be
returned promptly, without interest, following the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What form of payment is required to purchase shares of common stock? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
As described in the instructions accompanying the subscription rights certificate, you must timely pay the full subscription price for
the full number of shares of common stock you wish to acquire under your subscription rights at the subscription price by delivering
to the subscription agent for the rights offering a personal check or wire transfer of funds. Please do not send your payment directly
to the Company and note that the subscription agent will not accept any payment by means of money order, bank draft or cashier&#8217;s
check.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What should I do if I want to participate in the rights offering but my shares are held in the name of my custodian bank, broker, dealer
or other nominee? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If you hold our common stock through a custodian bank, broker, dealer or other nominee, we will ask your custodian bank, broker, dealer
or other nominee to notify you of the rights offering. If you wish to exercise your rights, you will need to have your custodian bank,
broker, dealer or other nominee act for you. To indicate your decision, you should complete and return to your custodian bank, broker,
dealer or other nominee the form entitled &#8220;Beneficial Owner Election Form&#8221; provided to you separately. You should receive
this form from your custodian bank, broker, dealer or other nominee with the other rights offering materials. You should contact your
custodian bank, broker, dealer or other nominee if you believe you are entitled to participate in the rights offering but you have not
received this form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What should I do if I want to participate in the rights offering, but I am a stockholder with a foreign address or a stockholder with
an Army Post Office or Fleet Post Office address? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
The subscription agent will not mail subscription rights certificates to you if you are a stockholder whose address is outside the United
States or if you have an Army Post Office or a Fleet Post Office address. To exercise your rights, you must notify the subscription agent
or the information agent in writing or by recorded telephone conversation no later than five business days prior to the Expiration Date.
The Company will determine whether the rights offering may be made to any such record date stockholder. If you do not follow these procedures
by such time, your rights will expire and will have no value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Will I be charged a sales commission or a fee if I exercise my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
We will not charge a brokerage commission or a fee to subscription rights holders for exercising their subscription rights. However,
if you exercise your subscription rights through a custodian bank, broker, dealer or nominee, you will be responsible for any fees charged
by your custodian bank, broker, dealer or nominee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Are there any conditions to my right to exercise my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Yes. Our board of directors may terminate the rights offering at any time prior to the Expiration Date for any reason. In addition, we
may terminate the rights offering, in whole or in part, if at any time before the Expiration Date there is any judgment, order, decree,
injunction, statute, law or regulation entered, enacted, amended or held to be applicable to the rights offering that in the sole judgment
of our board of directors would or might make the rights offering or its completion, whether in whole or in part, illegal or otherwise
restrict or prohibit completion of the rights offering. See &#8220;The Rights Offering&#8212;Conditions to the Rights Offering&#8221;
section of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Has the board of directors made a recommendation regarding the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Neither the Company nor our board of directors is making any recommendation as to whether or not you should exercise your subscription
rights. You are urged to make your decision based on your own assessment of the rights offering, after considering your best interests
and all of the information contained and incorporated by reference herein, especially the &#8220;Risk Factors&#8221; section of this
prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Have any directors, officers, and/or stockholders agreed to exercise their rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
All holders of our common stock as of the Record Date will receive, at no charge, the non-transferable subscription rights to purchase
shares of common stock as described in this prospectus supplement. To the extent that our directors and officers held shares of our common
stock (including shares of restricted common stock) as of the Record Date, they will receive the subscription rights and, while they
are under no obligation to do so, will be entitled to participate in the rights offering. Mulacek and EEF have indicated their intent
to fully exercise their subscription rights and have indicated their intent to purchase their proportion of the underlying securities
related to the rights offering that remain unsubscribed at the Expiration Date. See &#8220;The Rights Offering&#8212;Affiliates Indication
of Interest&#8221; section of this prospectus supplement for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
May stockholders in all states participate in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Although we intend to distribute the rights to all stockholders, we reserve the right in some states to require stockholders, if they
wish to participate, to state and agree upon exercise of their respective rights that they are acquiring the securities for investment
purposes only, and that they have no present intention to resell or transfer any securities acquired. Our securities are not being offered
in any jurisdiction where the offer is not permitted under applicable local laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Are there risks in exercising my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
The exercise of your subscription rights involves risks. Exercising your subscription rights means buying our common stock, and should
be considered as carefully as you would consider any other equity investment. Among other things, you should carefully consider the risks
described in the &#8220;Risk Factors&#8221; sections of this prospectus supplement and its accompanying prospectus.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
How many shares of our common stock will be outstanding after the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Assuming no additional shares of common stock are issued by us prior to consummation of the rights offering and assuming that all offered
shares of common stock in the rights offering will be sold at the subscription price to the stockholders as of the Record Date, we will
issue 4,132,232 shares of common stock. In that case, we will have approximately 29.8 million shares of common stock outstanding after
the rights offering. This would represent an increase of approximately 16% in the number of outstanding shares of common stock. We will
not issue shares in excess of the total amount authorized by our board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the assumptions in the preceding paragraph, the issuance of shares of our common stock in the rights offering will dilute, and thereby
reduce, your proportionate ownership in our shares of common stock, unless you fully exercise your subscription rights. In addition,
the issuance of our common stock at a subscription price that is less than the market price as of the Record Date will likely reduce
the price per share of our common stock held by you prior to the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What will be the proceeds of the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If all subscription rights and/or any over-subscription rights are exercised, we expect to receive gross proceeds of approximately $25.0
million before expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
After I exercise my rights, can I change my mind and cancel my purchase? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. Once you exercise and send in your subscription rights certificate and subscription payment, as provided in this prospectus supplement,
you cannot revoke the exercise of your subscription rights, even if you later learn information about the Company that you consider to
be unfavorable. You should not exercise your subscription rights unless you are certain that you wish to purchase the underlying shares
of common stock at the subscription price. See &#8220;The Rights Offering&#8212;No Revocation or Change&#8221; section of this prospectus
supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What are the material U.S. federal income tax consequences of exercising my subscription rights? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Although the authorities governing transactions such as the rights offering are complex and unclear in certain respects, we believe and
intend to take the position that the distribution of subscription rights to a holder with respect to such holder&#8217;s shares of common
stock generally should be treated, for U.S. federal income tax purposes, as a non-taxable distribution. For a detailed discussion, see
&#8220;Material U.S. Federal Income Tax Consequences&#8221; section of this prospectus supplement. You should consult your tax advisor
as to the particular consequences to you of the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
If the rights offering is not completed, for any reason, will my subscription payment be refunded to me? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
Yes. The subscription agent will hold all funds it receives in a segregated bank account until the rights offering is completed. If the
rights offering is not completed, for any reason, any money received from subscribing stockholders will be refunded as soon as practicable,
without interest or deduction. If your shares are held in the name of a custodian bank, broker, dealer or other nominee, it may take
longer for you to receive the refund of your subscription payment than if you were a record holder of your shares because the subscription
agent will return payments through the record holder of your shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
Will I receive interest on any funds I deposit with the subscription agent? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
No. You will not be entitled to any interest on any funds that are deposited with the subscription agent pending completion or cancellation
of the rights offering. If the rights offering is not completed for any reason, the subscription agent will return this money to subscribers,
without interest or deduction, as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
If I exercise my subscription rights, when will I receive my shares of common stock that I purchased in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
We will issue the shares of common stock purchased in the rights offering to you in book-entry or uncertificated form of our common stock
purchased in the rights offering as soon as practicable after the Expiration Date. For those who fully exercised their subscription rights
and have exercised their over-subscription rights, we will issue the shares of common stock purchased in the rights offering as soon
as practicable after all pro rata allocations of over-subscription rights have been completed. We will not be able to calculate the number
of shares to be issued to each exercising rightsholder until after the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
When can I sell the shares of common stock I received in the rights offering? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If you exercise your subscription rights and receive common stock, you will be able to resell the shares of common stock once your account
has been credited with those shares, provided you are not otherwise restricted from selling the shares (for example, because you are
an insider or affiliate of the Company or because you possess material nonpublic information about the Company). Although we will endeavor
to issue the shares as soon as practicable after completion of the rights offering, there may be a delay between the Expiration Date
and the time that the shares are issued. In addition, we cannot assure you that, following the exercise of your subscription rights,
you will be able to sell the shares purchased in the rights offering at a price equal to or greater than the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
To whom should I send my forms and payment? </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
If your shares are held in the name of a custodian bank, broker, dealer or other nominee, the nominee will notify you of the rights offering
and provide you with the rights offering materials, including a form entitled &#8220;Beneficial Owner Election Form.&#8221; You should
send the Beneficial Owner Election Form and payment, as provided therein, to the nominee, at the deadline that your nominee sets which
may be earlier than the Expiration Date. You should contact your custodian bank, broker, dealer or other nominee if you believe you are
entitled to participate in the rights offering but you have not received this form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
your shares are held in your name such that you are the record holder, then you should send your subscription documents, subscription
rights certificate and subscription payment, as provided herein, by first class mail though it is preferred you send such subscription
documents by courier service (trackable mail) to the subscription agent as follows:</FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
<BR>
Facsimile Transmission: (469) 633-0088<BR>
Telephone Number for Information or Confirmation: (469) 633-0101</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
stc@stctransfer.com&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0pt 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete
wire instructions are included on your subscription rights certificate. Your delivery to a different address or other than by the methods
set forth above will not constitute valid delivery. You, or, if applicable, your nominee, are solely responsible for ensuring the subscription
agent receives your sub-scription documents, subscription rights certificate and subscription payment. You should allow sufficient time
for delivery of your subscription materials to the subscription agent and clearance of payment before the Expiration Date.</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:</I></B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Will the rights offering result in the Company &#8220;going private&#8221; for purposes of Rule 13e-3 of the Exchange Act? </I></B></FONT></P>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:
&nbsp;No. The rights offering is not a transaction or series of transactions which has either a reasonable likelihood or a purpose of
producing a &#8220;going private effect&#8221; as specified in Rule 13e-3 of the Exchange Act. Given the structure of the rights offering,
as described in this prospectus supplement, the Company will continue to be registered pursuant to Section&nbsp;12 of the Exchange Act
and intends to remain listed on the NYSEA following completion of the rights offering. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Q:
What if I have other questions? </I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you have other questions about the rights offering, please contact Securities Transfer Corporation, which is also serving as our information agent, by phone or mail at:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Transfer Corporation</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2901
North Dallas Parkway, Suite 380</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plano,
Texas 75093</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(469)
633-0101</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stc@stctransfer.com</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_0054"></A>THE
RIGHTS OFFERING </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will distribute at no charge to each holder of our common stock, who is a holder of our common stock on the Record Date, one non-transferable
subscription right for every one share of common stock owned. The subscription rights will be evidenced by subscription rights certificates.
Each subscription right will entitle the subscription rights holder to purchase 0.161 shares of common stock at the subscription price,
which shall be paid in cash, upon timely delivery of the required documents and payment of the subscription price. We will not sell fractional
shares. If rights holders wish to exercise their subscription rights, they must do so prior to the Expiration Date, subject to extension.
After the Expiration Date, the subscription rights will expire and will have no value. See below &#8220;&#8212;Expiration of the Rights
Offering and Extensions, Amendments and Termination.&#8221; You are not required to exercise all of your subscription rights. The subscription
rights are not transferable. You may not sell, transfer, assign or give away your subscription rights to anyone. The subscription rights
will not be listed for trading on any stock exchange or market. Therefore, there will be no public market for the subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you fully exercise your subscription right and other stockholders do not fully exercise their subscription rights, you will have an over-subscription
right to purchase additional shares of common stock that remain unsubscribed at the Expiration Date. You are entitled to exercise your
over-subscription right only if you exercise your subscription right to purchase all of your shares of common stock in full. If you wish
to exercise your over-subscription right, you should indicate the number of additional shares of common stock that you would like to
purchase in the space provided on your rights certificate, as well as the number of shares that you beneficially own without giving effect
to any shares to be purchased in this rights offering. When you send in your rights certificate, you must also send the full purchase
price for the number of additional shares of common stock that you have requested to purchase pursuant to your over-subscription right,
in addition to the payment due for shares of common stock purchased through your subscription right. If the number of shares of common
stock remaining after the exercise of all subscription rights is not sufficient to satisfy all requests for shares pursuant to over-subscription
rights, you will be allocated additional shares in the proportion which the number of shares you purchased through the subscription right
bears to the total number of shares that all stockholders exercising over-subscription rights purchased through the subscription right.
The subscription agent will return any excess payments in the form in which made without interest or deduction. As soon as practicable
after the Expiration Date, the subscription agent will determine the number of shares of common stock that you may purchase pursuant
to the over-subscription right. If you request and pay for more shares than are allocated to you, we will refund the overpayment in the
form in which made. In connection with the exercise of the over-subscription right, custodian banks, brokers, dealers and other nominee
holders of subscription rights who act on behalf of beneficial owners will be required to certify to us and to the subscription agent
as to the aggregate number of subscription rights exercised, and the number of shares of common stock requested through the over-subscription
right, by each beneficial owner on whose behalf the nominee holder is acting. We will issue to the record holders who purchase shares
of common stock in the rights offering the shares in book-entry or uncertificated form as soon as practicable after the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Price </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription price per share of common stock will be $6.05. Subscribers must fund their subscriptions at the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the subscription price, our board of directors, with the advice and input of management, considered a number of factors,
including: the likely cost of capital from other sources and general conditions of the securities markets, a premium to the 10-day VWAP,
historical and current trading prices for our common stock, our need for liquidity and capital, and the desire to provide an opportunity
to our stockholders to participate in the rights offering on a pro rata basis. The subscription price is not necessarily related to our
book value, net worth or any other established criteria of value and may or may not be considered the fair value of the common stock
to be offered in the rights offering. You should not consider the subscription price as an indication of value of us or our common stock.
The market price of our common stock may decline during or after the rights offering, including below the subscription price for the
common stock. You should obtain a current quote of our common stock before exercising your subscription rights and make your own assessment
of our business and financial condition, our prospects for the future and the terms of the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiration
of the Rights Offering and Extensions, Amendments and Termination </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may exercise your subscription rights at any time prior to the Expiration Date, currently at 5:00 p.m., Eastern Time, on April 3, 2024.
If you do not exercise your subscription rights before the Expiration Date, your subscription rights will expire and will have no value.
We will not be required to sell shares of common stock to you if the subscription agent receives your subscription rights certificate
or payment after the Expiration Date, regardless of when you sent the subscription rights certificate and payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, in our sole discretion, extend the time for exercising the subscription rights at any time after the Record Date and before the
Expiration Date. If the commencement of the rights offering is delayed for a period of time, the Expiration Date may be similarly extended.
We will extend the duration of the rights offering as required by applicable law, and may choose to extend the duration of the rights
offering for any reason. We may extend the Expiration Date by giving oral or written notice to the subscription agent on or before the
scheduled Expiration Date. If we elect to extend the Expiration Date, we will issue a press release announcing such extension no later
than 9:00 a.m., Eastern Time, on the next business day after the most recently announced Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
reserve the right, in our sole discretion, to amend or modify the terms of the rights offering. We also reserve the right to terminate
the rights offering at any time prior to the Expiration Date for any reason, in which event all funds received in connection with the
rights offering will be returned without interest or deduction to those persons who exercised their subscription rights as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation
of Subscription Rights Exercised; Missing or Incomplete Subscription Information </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you do not indicate the number of subscription rights being exercised, or do not forward full payment of the total subscription price
payment for the number of subscription rights that you indicate are being exercised, then you will be deemed to have exercised your subscription
rights with respect to the maximum number of whole shares of common stock that may be exercised with the aggregate subscription price
payment you delivered to the subscription agent. If your aggregate subscription price payment is greater than the amount you owe for
exercise of your subscription right in full, the subscription agent will return the excess payment in the form in which it was made.
You will not receive any interest nor any deduction on any payments refunded to you under the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
shares of common stock remain unsubscribed at the Expiration Date the available shares will be distributed proportionately among
rights holders who exercise their over-subscription right based on the number of shares each rights holder subscribed for under
their subscription right  until either all shares of common
stock have been allocated or all over-subscription exercises have been fulfilled, whichever occurs earlier. Any excess subscription
payments received by the subscription agent caused by proration will be returned by the subscription agent to you by mail, without
interest or deduction, as soon as practicable after the Expiration Date of the rights offering. The subscription agent will return
any excess payments in the form in which it was made.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Fractional Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not issue fractional shares of common stock in the rights offering. Rights holders will only be entitled to purchase a whole number
of shares of common stock, rounded down to the nearest whole number of shares a holder would otherwise be entitled to purchase. The excess
amount for any fractional shares of common stock will be returned to you as soon as practicable, in the form in which made. You will
not receive interest nor any deduction on any payments refunded to you under the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions
to the Rights Offering </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may terminate the rights offering at any time prior to the Expiration Date for any reason. If we cancel the rights
offering, any money received from subscribing stockholders will be refunded as soon as practicable, without interest or deduction on
any payments refunded to you under the rights offering. In addition, we may terminate the rights offering, in whole or in part, if at
any time before completion of the rights offering there is any judgment, order, decree, injunction, statute, law or regulation entered,
enacted, amended or held to be</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">applicable
to the rights offering that in the sole judgment of our board of directors would or might make the rights offering or its completion,
whether in whole or in part, illegal or otherwise restrict or prohibit completion of the rights offering. We may waive any of these conditions
and choose to proceed with the rights offering even if one or more of these events occur. If we terminate the rights offering, in whole
or in part, all affected subscription rights will expire without value and all subscription payments in the form in which received by
the subscription agent will be returned in the form in which paid, without interest or deduction, as soon as practicable. See also &#8220;&#8212;Expiration
of the Rights Offering and Extensions, Amendments and Termination.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliates&#8217;
Indication of Interest </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mulacek
and EEF together beneficially own approximately 46% of our common stock outstanding prior to the rights offering. In addition, Mulacek
is the chairman of our board of directors. Mulacek and EEF have indicated their intent to participate in the rights offering and fully
subscribe to the shares of common stock corresponding to their subscription rights, as well as fully exercise their over-subscription
rights to purchase their proportion of the underlying securities related to the rights offering that remain unsubscribed at the Expiration
Date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
of Exercising Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise of subscription rights is irrevocable and may not be cancelled or modified. Your subscription rights will not be considered
exercised unless the subscription agent receives from you, your custodian bank, broker, dealer or nominee, as the case may be, all of
the required documents properly completed and executed and your full subscription price payment in cash, as provided herein, prior to
the Expiration Date. Subscription rights holders may exercise their rights as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Subscription
by Registered Holders </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
subscription rights holder who is a registered holder of our common stock as of the Record Date may exercise its subscription right by
properly completing and executing the subscription rights certificate together with any required signature guarantees and forwarding
it, together with payment in full, as provided herein, of the subscription price for each share of common stock for which it subscribes,
to the subscription agent at the address set forth under the subsection titled &#8220;&#8212;Delivery of Subscription Materials and Payment&#8221;
prior to the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Subscription
by DTC Participants </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
bank, trust company, securities dealer, broker or other nominee that holds shares of our common stock on the Record Date as a nominee
for more than one beneficial owner may, upon proper showing to the subscription agent, exercise such beneficial owner&#8217;s subscription
right through DTC on the same basis as if the beneficial owners were stockholders on the Record Date. Such nominee may exercise the subscription
right on behalf of the exercising beneficial owner through DTC&#8217;s PSOP Function on the &#8220;agents subscription over PTS&#8221;
procedure by (1)&nbsp;providing a certification as to the aggregate number of subscription rights exercised by the beneficial owner on
whose behalf such nominee is acting, and (2)&nbsp;instructing DTC to charge the nominee&#8217;s applicable DTC account for the subscription
payment for the new shares of common stock to facilitate the delivery of the full subscription payment to the subscription agent. DTC
must receive the subscription instructions and payment for the new shares of common stock before the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Subscription
by Beneficial Owners </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
rights holders who are beneficial owners of shares of our common stock as of the Record Date and whose shares are registered in the name
of a custodian bank, broker, dealer or other nominee, or would prefer to have an institution conduct the transaction relating to the
subscription rights on their behalf, should instruct their custodian bank, broker, dealer or other nominee or institution to exercise
their subscription rights and deliver all documents and payment, on their behalf, prior to the Expiration Date. A subscription rights
holder&#8217;s subscription rights will not be considered exercised unless the subscription agent receives from such subscription rights
holder or <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
custodian bank, broker, dealer, or other nominee or institution, as the case may be, all of the required documents and the full subscription
price payment.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
of Payment </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
must timely pay the full subscription price, in U.S. currency, for the full number of shares of common stock at the subscription price
you wish to acquire pursuant to the exercise of your subscription rights (including any over-subscription rights) by delivering:</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a wire transfer
of immediately available funds to accounts maintained by the subscription agent to the account as set forth on your subscription rights
certificate; or</FONT></TD>
</TR></TABLE>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a personal check
drawn against a U.S. bank payable to &#8220;Securities Transfer Corporation.&#8221;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
rights certificates received on or after the Expiration Date will not be honored, and we will return your payment to you in the form
received as soon as practicable, without interest or deduction. The subscription agent will not accept money orders, bank drafts or cashier&#8217;s
checks as a means of payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription agent will be deemed to receive payment upon:</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">receipt of collected
funds wired in the subscription agent&#8217;s account; or</FONT></TD>
</TR></TABLE>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">receipt by the
subscription agent of a personal check drawn upon a U.S. bank.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Instructions
for Completing Your Subscription Rights Certificate </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the instruction letter accompanying the subscription rights certificate carefully and strictly follow it. <B>DO NOT SEND
SUBSCRIPTION RIGHTS CERTIFICATES OR PAYMENTS OF SUBSCRIPTION PRICE TO THE COMPANY</B>. We will not consider your subscription received
until the subscription agent has received delivery of a properly completed and duly executed subscription rights certificate and payment
of the full subscription price. The risk of delivery of all documents and payments is on you or your nominee, not us or the subscription
agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
method of delivery of subscription rights certificates and full payment of the subscription price to the subscription agent will be at
the risk of the holders of subscription rights, but, if sent by mail, we recommend that you send those certificates and payments by overnight
courier or by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure
delivery to the subscription agent and clearance of payment before the Expiration Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Agent </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription agent for the rights offering is Securities Transfer Corporation. We will pay all of their fees and expenses related to
the rights offering and have also agreed to indemnify them from certain liabilities that it may incur in connection with the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
of Subscription Materials and Payment </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0pt 9pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should deliver your subscription rights certificate and payment of the subscription price, as provided herein, or, if applicable, nominee
holder certifications, to the subscription agent by mail or overnight delivery as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
Facsimile Transmission: (469) 633-0088</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
stc@stctransfer.com&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete
wire instructions are included on your subscription rights certificate. Your delivery to an address or by any method other than as set
forth above will not constitute valid delivery and we may not honor the exercise of your
subscription rights. You should direct any questions or requests for assistance concerning the method of subscribing for shares of common
stock or for additional copies of this prospectus supplement by mail to the address above or by phone to (469) 633-0101.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Funding
Arrangements; Return of Funds </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription agent will hold funds received in payment for shares of common stock in a segregated account pending completion of the rights
offering. The subscription agent will hold this money until the rights offering is completed or is withdrawn or terminated. If the rights
offering is canceled for any reason, all subscription payments received by the subscription agent will be returned to subscribers, without
interest or deduction, as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranteed
Delivery </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guaranteed delivery period in connection with the rights offering, so you must ensure that you properly complete all required steps
prior to the Expiration Date, unless we decide to extend the rights offering to some later time or terminate it earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Beneficial Holders </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a broker, a trustee or a depositary for securities who holds shares of our common stock for the account of others as of the Record
Date, you should notify the respective beneficial owners of such shares of the rights offering as soon as possible to find out their
intentions with respect to exercising their subscription rights. You should obtain instructions from the beneficial owners with respect
to their subscription rights, as set forth in the instructions we have provided to you for your distribution to beneficial owners. If
a beneficial owner so instructs, you should complete the appropriate subscription rights certificates and submit them to the subscription
agent with the proper payment. If you hold shares of our common stock for the account(s) of more than one beneficial owner, you may exercise
the number of subscription rights to which all such beneficial owners in the aggregate otherwise would have been entitled had they been
direct record holders of our common stock on the Record Date, provided that you, as a nominee record holder, make a proper showing to
the subscription agent by submitting the form entitled &#8220;Nominee Holder Certification&#8221; substantially in the form accompanying
this prospectus supplement. If you did not receive this form, you should contact the subscription agent to request a copy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficial
Owners </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a beneficial owner of shares of our common stock or will receive subscription rights through a custodian bank, broker, dealer
or other nominee, we will ask your custodian bank, broker, dealer or other nominee to notify you of the rights offering. If you wish
to exercise your subscription rights, you will need to have your custodian bank, broker, dealer or other nominee act for you. If you
hold shares of our common stock directly under your name in stock certificate(s) or in book-entry or uncertificated form, but would prefer
to have your custodian bank, broker, dealer or other nominee act for you, you should contact your nominee and request it to effect the
transactions for you. Your nominee may establish a deadline prior to the Expiration Date by which you must provide it with your instructions
to exercise your subscription rights and payment for your shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
indicate your decision with respect to your subscription rights, you should complete and return to your custodian bank, broker, dealer
or other nominee the form entitled &#8220;Beneficial Owners Election Form&#8221; substantially in the form accompanying this prospectus
supplement. You should receive the &#8220;Beneficial Owners Election Form&#8221; from your custodian bank, broker, dealer or other nominee
with the other rights offering materials. If you wish to obtain a separate subscription rights certificate, you should contact the nominee
as soon as possible and request that a separate subscription rights certificate be issued to you. You should contact your custodian bank,
broker, dealer or other nominee if you do not receive this form but you believe you are entitled to participate in the rights offering.
We are not responsible if you do not receive this form from your custodian bank, broker, dealer or nominee or if you receive it without
sufficient time to respond.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Determinations
Regarding the Exercise of Your Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will decide all questions concerning the timeliness, validity, form and eligibility of the exercise of your subscription rights and any
such determination made by us will be final and binding. We, in our sole discretion, may waive, in any particular instance, any defect
or irregularity, or permit, in any particular instance, a defect or irregularity to be corrected within such time as we may determine.
We will not be required to make uniform determinations in all cases. We may reject the exercise of any of your subscription rights because
of any defect or irregularity. We will not accept any exercise of subscription rights until all irregularities have been waived by us
or cured by you within such time as we decide, in our sole discretion. Once made, subscriptions and directions are irrevocable, and we
will not accept any alternative, conditional or contingent subscriptions or directions. Our interpretations of the terms and conditions
of the rights offering will be final and binding. Neither we, nor the subscription agent, will be under any duty to notify you of any
defect or irregularity in connection with your submission of subscription rights certificates and we will not be liable for failure to
notify you of any defect or irregularity. We reserve the right to reject your exercise of subscription rights if your exercise is not
in accordance with the terms of the rights offering or in proper form. We will also not accept the exercise of your subscription rights
if our sale of common stock to you could be deemed unlawful under applicable law. A subscription will be considered accepted, subject
to our right to cancel the rights offering, only when a properly completed and duly executed subscription rights certificate and any
other required documents and payment of the full subscription price have been received by the subscription agent and any defects or irregularities
therein waived by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Revocation or Change </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
you submit the form of subscription rights certificate to exercise any subscription rights, you may not revoke or change your exercise
or request a refund of monies paid. All exercises of subscription rights are irrevocable, even if you subsequently learn information
about us that you consider to be unfavorable. You should not exercise your rights unless you are certain that you wish to purchase additional
shares of common stock at the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Listing&nbsp;of
the Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription rights will not be listed&nbsp;for trading on any stock exchange or market. Therefore, there will be no public market for
the subscription rights. However, the shares of our common stock issued upon the exercise of the subscription rights will remain listed
on the NYSEA under the symbol &#8220;EP.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuance
of Common Stock </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
shares of our common stock that you purchase in the rights offering will be issued in book-entry or uncertificated form, meaning
that you will receive a direct registration (DRS) account statement from our transfer agent reflecting ownership of these securities
if you are a holder of record. If you hold your shares of common stock in the name of a custodian bank, broker, dealer, or other
nominee, DTC will credit your account with your nominee with the shares of common stock you purchased in the rights offering.
Subject to state securities laws and regulations, we have the discretion to delay distribution of any shares of common stock you may
have elected to purchase by exercise of your subscription rights in order to comply with state securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights
of Subscribers </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
will have no rights as a holder of the shares of our common stock you purchase in the rights offering until shares are issued in book-entry
form or your account at your broker, dealer, bank or other nominee is credited with the shares of our common stock purchased in the rights
offering. You will have no right to revoke your subscriptions after you deliver your completed subscription rights certificate, subscription
payment, as provided herein, and any other required documents to the subscription agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Foreign
Stockholders and Stockholders with Army Post Office or Fleet Post Office Addresses </B></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subscription agent will not mail subscription rights certificates to you if you are a stockholder whose address is outside the
United States or if you have an Army Post Office or a Fleet Post Office address. To exercise your rights, you must notify the
subscription agent in writing or by recorded telephone conversation no later than five business days prior to the Expiration Date.
The Company will determine whether the rights offering may be made to any such record date stockholder. If you do not follow these
procedures by such time, your rights will expire and will have no value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Board of Directors Recommendation </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Company&#8217;s common stock must be made according to your evaluation of your own best interests and after considering
all of the information or incorporated by reference herein, especially the &#8220;Risk Factors&#8221; section of this prospectus supplement
and its accompanying prospectus. Notwithstanding the participation of Mulacek and EEF, neither we nor our board of directors are making
any recommendation regarding whether you should exercise your subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares
of Common Stock Outstanding After the Rights Offering </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
no additional shares of common stock are issued by us prior to consummation of the rights offering and assuming that all offered
shares of common stock in the rights offering will be sold at the subscription price to the stockholders as of the Record Date, we
will issue 4,132,232 shares of common stock. In that case, we will have approximately 29.8 million shares of common stock
outstanding after the rights offering. This would represent an increase of approximately 16% in the number of outstanding shares of
common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issuance of shares of our common stock in the rights offering will dilute, and thereby reduce, your proportionate ownership in our shares
of common stock, unless you fully exercise your subscription rights. In addition, the issuance of our common stock at a subscription
price that is less than the market price as of the Record Date will likely reduce the price per share of our common stock held by you
prior to the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
and Expenses </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we, nor the subscription agent, will charge a brokerage commission or a fee to subscription rights holders for exercising their rights.
However, if you exercise your subscription rights through a custodian bank, broker, dealer or nominee, you will be responsible for any
fees charged by your custodian bank, broker, dealer or nominee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Questions
About Exercising Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions or require assistance regarding the method of exercising your subscription rights or requests for additional copies
of this prospectus supplement or any document mentioned herein, you should contact the subscription agent at the address and telephone
number set forth above under &#8220;&#8212;Delivery of Subscription Materials and Payment.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
&#8220;Going Private&#8221; Transaction </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights offering is not a transaction or series of transactions which has either a reasonable likelihood or a purpose of producing a &#8220;going
private effect&#8221; as specified in Rule 13e-3 of the Exchange Act. Given the structure of the rights offering, as described in this
prospectus supplement, the Company will continue to be registered pursuant to Section&nbsp;12 of the Exchange Act and intends to remain
listed on the NYSEA following completion of the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
Matters </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not making the rights offering in any state or other jurisdiction in which it is unlawful to do so, nor is the Company
distributing or accepting any offers to purchase any of our securities from subscription rights holders who are residents of those
states or of other jurisdictions or who are otherwise prohibited by federal or state laws or regulations to accept or exercise the
subscription rights. The Company may delay the commencement of the rights offering in those states or other jurisdictions, or change
the terms of the rights offering, in whole or in part, in order to comply with the securities law or other legal requirements of
those states or other jurisdictions. Subject to state securities laws and regulations, the Company also has the discretion to delay
allocation and distribution of any securities you may elect to purchase by exercise of your subscription rights in order to comply
with state securities laws. The Company may decline to make modifications to the terms of the rights offering requested by those
states or other jurisdictions, in which case, if you are a resident in one of those states or jurisdictions or if you are otherwise
prohibited by federal or state laws or regulations from accepting or exercising the subscription rights you will not be eligible to
participate in the rights offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_0055"></A>RISK
FACTORS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>You
should consider carefully the risks described below and discussed under the section captioned &#8220;Risk Factors&#8221; contained in
our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent filings under the Exchange Act, each
of which is incorporated by reference in this prospectus supplement in their entirety, and in reports we file after
the date of this prospectus supplement, together with other information in this prospectus supplement, and the information and documents
incorporated by reference in this prospectus supplement, and any free writing prospectus that we have authorized for use in connection
with this offering before you make a decision to invest in our common stock. If any of the following events actually occur, our business,
operating results, prospects or financial condition could be materially and adversely affected. This could cause the trading price of
our common stock to decline and you may lose all or part of your investment. The risks described below are not the only ones that we
face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business, operating results,
prospects or financial condition. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to the Rights Offering </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
subscription price determined for the rights offering is not an indication of our value. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the subscription price, our board of directors, with the advice and input of management, considered a number of factors,
including: the likely cost of capital from other sources and general conditions of the securities markets, a premium to the 10 day VWAP,
historical and current trading prices for our common stock, our need for liquidity and capital, and the desire to provide an opportunity
to our stockholders to participate in the rights offering on a pro rata basis. The subscription price is not necessarily related to our
book value, net worth or any other established criteria of value and may or may not be considered the fair value of the common stock
to be offered in the rights offering. The market price of our common stock may decline during or after the rights offering, including
below the applicable subscription price. After the date of this prospectus supplement, our common stock may trade at prices below the
subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
market price of our common stock may decline. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that the market price of our common stock will not either increase or decrease before the Expiration Date. Depending
on the trading price of our common stock at the time of our announcement of the rights offering, the announcement of the rights offering
and its terms, including the subscription price, together with the number of shares of common stock we could issue if the rights offering
is completed, may result in a decrease in the trading price of our common stock. This decline may continue after the completion of rights
offering. Further, if a substantial number of rights are exercised and the holders of those shares received in the rights offering choose
to sell some or all of the shares of common stock, the resulting sales could depress the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
is no guarantee that by the time the shares are delivered to you, the market price of our common stock will be above the subscription
price for such shares. Further, because the exercise of your rights is not revocable, you will not be able to revoke your subscription
if the market price decreases prior to the delivery of the shares or transfer of the shares until after they are delivered. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that the subscription price will be lower than the market price of our common stock at the time that the shares that
you receive in the rights offering are delivered. Further, because the exercise of your rights is not revocable, you will not be able
to revoke your subscription if the market price decreases prior to the delivery of the shares or transfer of the shares until after they
are delivered to you. Accordingly, the subscription price at which you are purchasing shares of common stock may be above the prevailing
market price by the time that the shares of common stock are purchased and delivered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you exercise your subscription rights and the market price of the common stock falls below the subscription price, then you will
have committed to subscribe in the rights offering at a price that is higher than the market price. Moreover, we cannot assure you
that you will ever be able to sell shares of common stock that you received in the rights offering at a price equal to or greater
than the subscription price. Until shares are issued to you in book-entry or uncertificated form after the Expiration Date, you may
not be able to sell the shares of our common stock that you receive in the rights offering. We will issue shares of our common stock
that you received in the rights offering in book-entry or uncertificated form as soon as practicable after the Expiration Date. We
will not pay you interest on funds delivered to the subscription agent pursuant to the exercise of subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
you do not exercise your subscription rights in full, your percentage ownership and voting rights in the Company will experience dilution.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you choose not to exercise your subscription rights, you will retain your current number of shares of our common stock. If other stockholders
fully exercise their subscription rights or exercise a greater proportion of their subscription rights than you exercise, the percentage
of our common stock owned by these other stockholders will increase relative to your ownership percentage, and your voting and other
rights in the Company will likewise be diluted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inasmuch
as no minimum subscription is required to consummate the rights offering, Mulacek and EEF have indicated their intent to exercise their
subscription rights to purchase their proportion of the shares of common stock that remain unsubscribed at the Expiration Date pursuant
to backstop agreements with the Company. See &#8220;The Rights Offering&#8212; Affiliates&#8217;&nbsp;Indication of Interest&#8221; section
of this prospectus supplement for more information. Therefore, anything less than full exercise of your subscription rights will likely
result in a dilution of your percentage ownership and voting rights in the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
ownership interest in the Company by stockholders who exercise their over-subscription rights will increase relative to stockholders
who do not fully participate in the subscription rights offering.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
holder of subscription rights will have the option to exercise its over-subscription right provided such holder fully exercises their
subscription right. If stockholders do not exercise their subscription rights in full and other stockholders exercise their over-subscription
rights, then the ownership in the Company by holders exercising such over-subscription rights will increase relative to the ownership
in the Company by stockholders who do not fully participate in the subscription rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
subscription rights are not transferable and there will be no public market for them. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may not sell, transfer or assign your subscription rights to anyone else. We also do not intend to list the subscription rights on any
securities exchange or any other trading market. Therefore, there will be no public market to directly realize any value associated with
the subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>You
may not be able to resell any shares of our common stock that you receive pursuant to the exercise of subscription rights immediately
upon the Expiration Date or be able to sell your shares at a price equal to or greater than the subscription price. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you exercise subscription rights, you may not be able to resell the common stock that you purchase in the rights offering until you,
or your custodian bank, broker, dealer or other nominee, if applicable, have received those shares. Moreover, you will have no rights
as a stockholder of the shares you purchase in the rights offering until we issue the shares to you. Although we will endeavor to issue
the shares as soon as practicable after the Expiration Date, there may be a delay between the Expiration Date of the rights offering
and the time that the shares are issued. In addition, we cannot assure you that, following the exercise of your subscription rights,
you will be able to sell your common stock at a price equal to or greater than the subscription price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Because
we may terminate the rights offering at any time prior to the Expiration Date, your participation in the rights offering is not assured.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend, but have the right, to terminate the rights offering at any time prior to the Expiration Date. If we determine to terminate
the rights offering, we will not have any obligation with respect to the subscription rights except to return any money received from
subscribing stockholders as soon as practicable, without interest or deduction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>You
will need to act promptly and carefully follow the subscription instructions, or your exercise of rights may be rejected. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders
as of the Record Date who desire to subscribe for shares of common stock in the rights offering must act promptly to ensure that all
required forms and payments are actually received by the subscription agent prior to the Expiration Date. If you are a beneficial owner
of shares, you must act promptly to ensure that your custodian bank, broker, dealer or other nominee acts for you and that all required
forms and payments are actually received by the subscription agent prior to the Expiration Date. Your nominee may establish a deadline
prior to the Expiration Date by which you must provide it with your instructions to exercise your subscription rights and payment for
your shares of common stock. We will not be responsible if your custodian bank, broker, dealer or nominee fails to ensure that all required
forms and payments are actually received by the subscription agent prior to the Expiration Date. If you fail to complete and sign the
required subscription forms, send an incorrect payment amount, or otherwise fail to follow the subscription procedures that apply to
your desired transaction the subscription agent may, depending on the circumstances, reject your subscription or accept it to the extent
of the payment received. Neither we nor our subscription agent will undertake to contact you concerning, or attempt to correct, an incomplete
or incorrect subscription form or payment. We have the sole discretion to determine whether a subscription exercise properly follows
the subscription procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>By
participating in the rights offering and executing a subscription rights certificate, you are making binding and enforceable agreements,
representations and warranties to the Company. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
signing the subscription rights certificate and exercising their subscription rights, each stockholder agrees, solely with respect to
such stockholder&#8217;s exercise of subscription rights in the rights offering, that we have the right to void and cancel (and treat
as if never exercised) any exercise of subscription rights, and securities issued pursuant to an exercise of subscription rights, if
any of the agreements, representations or warranties of a subscriber in the subscription documents are false.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
tax treatment of the rights offering may be treated as a taxable event to you. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe and intend to take the position that the distribution of the subscription rights in connection with the rights offering generally
should not be a taxable event to U.S. holders of our common stock for U.S. federal income tax purposes. However, if the distribution
of rights (or a series of distributions of which this distribution is one) were deemed to be a &#8220;disproportionate distribution&#8221;
for U.S. federal income tax purposes, holders of our common stock may recognize taxable income for U.S. federal income tax purposes in
connection with the receipt of subscription rights in the rights offering. Holders of our common stock are urged to consult their own
tax advisors with respect to the tax consequences of the rights offering. Please see the &#8220;Material U.S. Federal Income Tax Consequences&#8221;
section of this prospectus supplement for further information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
ability to use our existing net operating loss carryforwards or other tax attributes could be limited. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, we had approximately $18.6 million of federal net operating loss carryforwards (&#8220;NOL&#8221;) generated in prior
years that could offset against future taxable income. NOLs created prior to 2018 have a 20-year expiration period and NOLs arising after
2017 have an indefinite life. Utilization of any NOL depends on many factors, including our ability to generate future taxable income,
which cannot be assured. At December 31, 2022, we had a tax valuation allowance recorded on the NOLs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we were to undergo an &#8220;ownership change&#8221; (as defined in Section 382 of the Internal Revenue Code of 1986,
as amended (the &#8220;Code&#8221;)), our federal NOL carryforwards generated prior to an ownership change would be subject to
annual limitations, which could defer or eliminate our ability to utilize these tax losses against future taxable income. Generally,
an &#8220;ownership change&#8221; occurs if one or more stockholders, each of whom owns 5% or more in value of a corporation&#8217;s
stock, increase their aggregate percentage ownership by more than 50% over the lowest percentage of stock owned by those
stockholders at any time during the preceding three-year period. A full Section 382 analysis was prepared in 2023 and it was
determined that our NOLs were subject to limitations under Section 382. Depending on participation in this rights offering, it is
likely that an ownership change will occur which could limit the utilization of the NOLs.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
loss or unavailability of capital provided by our two largest stockholders could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
two largest stockholders, EEF and Mulacek, have been a significant source of capital for our acquisitions of oil and natural gas properties
and the development of our oil and natural gas reserves. We have been dependent on this capital to fund our growth plans, including our
current drilling programs. The loss of this capital could have a material adverse effect on our business, especially our growth plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have broad discretion in the use of the net proceeds from the rights offering and may use them in a manner that does not improve our
financial performance or operating results. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds from the rights offering, after deducting our offering expenses, for current and future drilling activity,
3D seismic, land and lease purchases, enhanced oil recovery facilities and general corporate purposes. As of the date of this prospectus
supplement, we cannot specify with certainty all of the particular uses of the proceeds from the rights offering. See the &#8220;Use
of Proceeds&#8221; section of this prospectus supplement. Although we plan to use the net proceeds from the rights offering as described,
we have not designated the amount of net proceeds from the rights offering to be used for any specific purpose. We will have broad discretion
in the use of the net proceeds. You will be relying on the judgment of our management regarding the application of a portion of the proceeds
of the rights offering. The results and effectiveness of the use of proceeds are uncertain, and we could allocate the proceeds in ways
that you do not agree with or that do not improve our results of operations or enhance the value of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="a_0056"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information discussed in this prospectus supplement and the accompanying prospectus, our filings with the SEC and our public releases
include &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act, the Private Securities Litigation Reform Act of 1995 (the &#8220;PSLRA&#8221;), or in releases made by the SEC. Such forward-looking
statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance
or achievements of us to differ materially from any future results, performance or achievements expressed or implied by such forward-looking
statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by,
among other things, the use of forward-looking language, such as the words &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; or &#8220;scheduled to,&#8221; or other similar
words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions.
These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining
the benefits of the &#8220;safe harbor&#8221; provisions of such laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0pt 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
their very nature, forward-looking statements require management to make assumptions that may not materialize or that may not be accurate.
Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results,
levels of activity and achievements to differ materially from those expressed or implied by such statements. Many of these factors are
beyond our ability to control or predict. These factors are not intended to represent a complete list of the general or specific factors
that may affect us. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, management&#8217;s assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking
statements contained in this prospectus supplement and in the documents incorporated by reference into this prospectus supplement are
not guarantees of future performance, and we cannot assure any reader that such statements will be realized or that the forward-looking
events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements
due to factors described in &#8220;Risk Factors&#8221; included elsewhere in this prospectus supplement and in the documents that we
include in or incorporate by reference into this prospectus supplement, including our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, and our subsequent Exchange Act filings. All forward-looking statements speak only as of the date they are made.
We do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise, except
as required by law. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_0057"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE
OF PROCEEDS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
that all offered shares of common stock in the rights offering will be sold at the subscription price to stockholders as of the
Record Date, we estimate that the aggregate net proceeds from the sale of the common stock, before deducting estimated offering
expenses, will be approximately $25.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds of the rights offering for current and future drilling activity, 3D seismic, land and lease purchases,
enhanced oil recovery facilities and general corporate purposes. We have not determined the amount of net proceeds to be used for any
specific purpose, and management will retain broad discretion over the allocation of net proceeds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0pt 3pt; text-align: center"><A NAME="a_0058"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF CAPITAL STOCK </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
description of the common stock sold in the rights offering is included in the accompanying prospectus under the heading &#8220;Description
of Capital Stock&#8221;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #2F5496; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_0059"></A><B>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary does not purport to be a complete analysis of all of the potential U.S. federal income tax considerations, and does
not address any tax consequences arising under any state, local or non-U.S. tax laws or any other U.S. federal tax laws, including the
U.S. federal estate or gift tax laws, with respect to the receipt, exercise and expiration of the subscription rights or the ownership
and disposition of our common stock. This discussion applies only to holders who are U.S. persons (as defined below) and does not address
all aspects of U.S. federal income taxation that may be relevant to holders in light of their particular circumstances or to holders
who may be subject to special tax treatment under the Code, including,
without limitation, holders who are dealers in securities or non-U.S. currency, non-U.S. persons, certain former citizens or long-term
residents of the United States, insurance companies, tax-exempt organizations, banks, financial institutions or broker-dealers, holders
who hold our common stock as part of a hedge, straddle, conversion or other risk reduction transaction, or holders who acquired our common
stock pursuant to the exercise of compensatory stock options or otherwise as compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is of a general nature only and is not intended to constitute a complete analysis of all tax consequences relating to the receipt,
exercise and expiration of the subscription rights, and the ownership and disposition of our common stock. It is not intended to constitute,
and should not be construed to constitute, legal or tax advice to any particular holder. This discussion neither binds nor precludes
the Internal Revenue Service (&#8220;IRS&#8221;) from adopting a position contrary to, or otherwise challenging, the positions addressed
in this prospectus, and we cannot assure you that such a contrary position will not be asserted successfully by the IRS or adopted by
a court if the position or matter was litigated. We have not sought, and will not seek, either (i)&nbsp;a ruling from the IRS or (ii)&nbsp;an
opinion from legal counsel, in either instance regarding the tax considerations discussed herein. <I>Holders should consult their own
tax advisors as to the tax consequences in their particular circumstances</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. person&#8221; means a beneficial owner of subscription rights that is:</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 19pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An individual who
is a citizen or resident of the United States;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 19pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A corporation (or
entity treated as a corporation for U.S. federal income tax purposes) created or organized, or treated as created or organized, in or
under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 19pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An estate whose
income is subject to U.S. federal income tax regardless of its source; or</FONT></TD>
</TR></TABLE>


<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 19pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A trust (i)&nbsp;if
a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control
all substantial decisions of the trust, or (ii)&nbsp;that has a valid election in effect under applicable Treasury Regulations promulgated
under the Code (&#8220;Treasury Regulations&#8221;) to be treated as a U.S. person.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) receives the subscription rights or
holds the stock received upon exercise of the subscription right, the tax treatment of a partner in such partnership generally will depend
upon the status of the partner and the activities of the partnership. Such a partner and the partnership are urged to consult their own
tax advisors as to the U.S. federal income tax consequences of receiving the subscription rights and exercising (or allowing to expire)
the subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not describe all of the tax considerations which may be relevant to a particular holder&#8217;s ownership of the shares
of common stock received upon exercise of the subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EACH
HOLDER OF SHARES OF OUR COMMON STOCK IS STRONGLY URGED TO CONSULT SUCH HOLDER&#8217;S OWN TAX ADVISORS REGARDING THE SPECIFIC FEDERAL,
STATE, LOCAL AND NON-U.S. INCOME AND OTHER TAX CONSIDERATIONS OF THE RECEIPT AND EXERCISE OF THE SUBSCRIPTION RIGHTS, AND THE OWNERSHIP
AND DISPOSITION OF OUR COMMON STOCK.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
Federal Income Tax Considerations Applicable to the Receipt of Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Receipt
of Subscription Rights </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the authorities governing transactions such as this rights offering are complex and unclear in certain respects, we believe and intend
to take the position that the distribution of subscription rights to a holder with respect to such holder&#8217;s shares of common stock
should generally be treated, for U.S. federal income tax purposes, as a non-taxable distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general rule regarding nonrecognition is subject to certain exceptions, including if receipt by a holder of subscription rights is part
of a &#8220;disproportionate distribution.&#8221; A &#8220;disproportionate distribution&#8221; is a distribution or a series of distributions,
including deemed distributions, that has the effect of the receipt of cash or other property by some holders and an increase in the proportionate
interest of other holders in our assets or earnings and profits. During the last 36 months, we have not made any distribution of cash
or other property with respect to our stock, nor do we have any current intention of making any distributions with respect to our stock.
We have six shares of preferred stock outstanding that were issued to Mulacek as EEF&#8217;s designee, which allows the holder thereof
to appoint three of six of the members of our Board of Directors but is not convertible into common stock. Other than such preferred
stock, our common stock is our sole outstanding class of stock, and we have no current intention of issuing another class of stock. However,
we also have outstanding convertible debt, options and other unvested equity instruments (issued as equity awards) which could cause,
under certain circumstances that cannot be predicted currently, the receipt of subscription rights pursuant to the rights offering to
be part of a disproportionate distribution. The Company intends to take the position that the outstanding convertible debt, options and
other unvested equity instruments (issued as equity awards) and their potential exercise do not cause the subscription rights issued
pursuant to the rights offering to be part of a disproportionate distribution, but there can be no assurances in this regard.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
position regarding the tax-free treatment of the receipt of subscription rights in the rights offering is not binding on the IRS or the
courts, and there can be no assurance that the IRS or any applicable court would agree. If this position were finally determined to be
incorrect, whether on the basis that the issuance of the subscriptions rights is a &#8220;disproportionate distribution&#8221; or otherwise,
the fair market value of the subscription rights would be taxable to holders of our common stock as a dividend on the date of the distribution
to the extent of the holder&#8217;s pro rata share of our current and accumulated earnings and profits, if any, with any excess being
treated as a return of capital to the extent of the holder&#8217;s basis in shares of our common stock and thereafter as capital gain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion assumes that the receipt by a holder of subscription rights with respect to such holder&#8217;s common stock pursuant
to the rights offering is non-taxable for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Tax
Basis in the Subscription Rights </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder&#8217;s tax basis in its subscription rights will depend on the relative fair market value of the subscription rights received
by such holder and the common stock owned by such holder at the time the subscription rights are distributed. If either (i)&nbsp;the
fair market value of the subscription rights on the date such subscription rights are distributed is equal to at least 15% of the fair
market value on such date of the common stock with respect to which the subscription rights are received or (ii)&nbsp;the holder elects,
in its U.S. federal income tax return for the taxable year in which the subscription rights are received, to allocate part of its tax
basis in such common stock to the subscription rights, then upon exercise of the subscription rights (and upon exercise, between the
old stock and the stock received upon the exercise of the rights), the holder&#8217;s tax basis in the common stock will be allocated
between the common stock and the subscription rights in proportion to their respective fair market values on the date the subscription
rights are distributed. If the subscription rights received by a holder have a fair market value that is less than 15% of the fair market
value of the common stock owned by such holder at the time the subscription rights are distributed, the holder&#8217;s tax basis in its
subscription rights will be zero unless the holder elects to allocate its adjusted tax basis in the common stock owned by such holder
in the manner described in the previous sentence. The fair market value of the subscription rights on the date the subscription rights
are received is uncertain, and we have not obtained, and do not intend to obtain, an appraisal of the fair market value of the subscription
rights as of that date. Therefore, you should consult with your tax advisor to determine the proper allocation of basis between the subscription
rights and the shares of common stock with respect to which the subscription rights are received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0pt 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Expiration
of Subscription Rights </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder that allows the subscription rights received in the rights offering to expire will not recognize any gain or loss, and the tax
basis in the common stock owned by such holder with respect to which such subscription rights were distributed will be equal to the tax
basis in such common stock immediately before the receipt of the subscription rights in the rights offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Exercise
of Subscription Rights and Holding Period </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder will not recognize any gain or loss upon the exercise of the subscription rights received in the rights offering. The tax basis
in the common stock acquired through exercise of the subscription rights will equal the sum of the subscription price for the common
stock and the holder&#8217;s tax basis, if any, allocated to the rights as described above. The holding period for the common stock acquired
through exercise of the subscription rights will begin on the date the subscription rights are exercised. Holders who exercise subscription
rights after disposing of all of the shares of the common stock owned by such holder should consult with their own tax advisor regarding
the allocation of tax basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
Federal Income Tax Considerations Applicable to Our Common Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Distributions
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
with respect to shares of our common stock acquired upon exercise of subscription rights will be taxable as dividend income when actually
or constructively received to the extent of our current or accumulated earnings and profits as determined for U.S. federal income tax
purposes. The excess will generally be treated first as a return of capital to the extent of a holder&#8217;s adjusted tax basis in its
shares of our common stock, and, thereafter, as capital gain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
income received by certain non-corporate holders with respect to shares of our common stock generally will be &#8220;qualified dividends&#8221;
subject to preferential rates for U.S. federal income tax purposes, provided that the holder meets applicable holding period and other
requirements. Subject to similar exceptions for short-term and hedged positions, dividend income on our shares of common stock paid to
holders that are domestic corporations generally will potentially qualify for the dividends-received deduction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dispositions
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder which sells or otherwise disposes of shares of common stock acquired upon exercise of subscription rights in a taxable transaction
generally will recognize capital gain or loss equal to the difference between the amount realized and such holder&#8217;s adjusted tax
basis in the shares. Such capital gain or loss will be long-term capital gain or loss if a holder&#8217;s holding period for such shares
is more than one year at the time of disposition. Long-term capital gain of a non-corporate holder is generally taxed at preferential
U.S. income tax rates. The deductibility of capital losses is subject to limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
Reporting and Backup Withholding </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
backup withholding (currently at a rate of 24%) is imposed upon certain distributions (or deemed distributions) to persons who fail (or
are unable) to furnish the information required pursuant to U.S. information reporting requirements. Distributions (or deemed distributions
or similar transactions) to a holder will generally be exempt from backup withholding, provided the holder meets applicable certification
requirements, including (i)&nbsp;providing us with such holder&#8217;s U.S. taxpayer identification number (<I>e.g.,</I> an individual&#8217;s
social security number or individual taxpayer identification number, or an entity&#8217;s employer identification number, each a &#8220;TIN&#8221;)
or (ii)&nbsp;otherwise establishing an exemption (<I>e.g.,</I> an exemption from backup withholding as a corporate payee), in each instance
on a properly completed IRS Form W-9, certifying under penalties of perjury that, among other items, such TIN or exemption is correct,
together with such other certifications as may be required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding does not represent an additional tax. Any amounts withheld from a payment to a holder under the backup withholding rules
will generally be allowed as a credit against such holder&#8217;s U.S. federal income tax liability, and may entitle such holder to a
refund, provided the required information and returns are timely furnished by such holder to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
INDICATED ABOVE, THE FOREGOING DISCUSSION IS FOR GENERAL INFORMATION PURPOSES ONLY AND SHOULD NOT BE VIEWED AS COMPLETE OR COMPREHENSIVE
TAX ADVICE. HOLDERS RECEIVING A DISTRIBUTION OF STOCK RIGHTS CONTEMPLATED IN THE RIGHTS OFFERING AND HOLDERS CONSIDERING THE PURCHASE
OF OUR COMMON STOCK BY EXERCISING SUCH STOCK RIGHTS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF THE U.S.
FEDERAL TAX LAWS TO THEIR PARTICULAR SITUATIONS AND THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S. LAWS TO THEM.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_0510"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN
OF DISTRIBUTION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are distributing subscription rights certificates and copies of this prospectus supplement to those persons who were holders of our common
stock as of the Record Date, as soon as practicable after the Record Date. We have not employed any brokers, dealers or underwriters
in connection with the solicitation or exercise of subscription rights in the rights offering and no commissions, fees or discounts will
be paid in connection with the rights offering. While certain of our directors, officers and other employees may solicit responses from
you, those directors, officers and other employees will not receive any commissions or compensation for their services other than their
normal compensation, and will not register with the Commission as brokers in reliance on certain safe harbor provisions contained in
Rule 3a4-1 under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
of Subscription Rights </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
soon as practicable after the Record Date, we will distribute the subscription rights, subscription rights certificates and copies of
this prospectus supplement to individuals who owned shares of common stock as of the Record Date. If your shares are held in the name
of a custodian bank, broker, dealer or other nominee, then you should send your subscription documents and subscription payment to that
record holder. If you are the record holder, then you should send your subscription documents, subscription rights certificate, and subscription
payment to the subscription agent at the address provided below. If sent by mail, we recommend that you send documents and payments of
subscription price by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed
to ensure delivery to the subscription agent. Do not send or deliver these materials or monies to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Transfer Corporation<BR>
2901 North Dallas Parkway, Suite 380<BR>
Plano, Texas 75093<BR>
Phone: (469) 633-0101<BR>
Facsimile Transmission: (469) 633-0088</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
stc@stctransfer.com&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete
wire instructions are included on your subscription rights certificate. In the event that the rights offering is not fully subscribed,
holders of subscription rights who exercise all of their rights pursuant to their subscription right will have an over-subscription right
to purchase additional shares of common stock that remain unsubscribed at the Expiration Date. Mulacek and EEF have indicated their intent
to exercise their over-subscription rights to purchase their proportion of the shares of common stock that remain unsubscribed at the
Expiration Date. See &#8220;The Rights Offering&#8212;Affiliates&#8217; Indication of Interest&#8221; section of this prospectus supplement
for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any agreements regarding stabilization activities with respect to our securities. If you have any questions, you
should contact the subscription agent at by mail to the address above or by phone to (469) 633-0101.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to pay the customary fees and expenses of the subscription agent in relation to the rights offering. We estimate that our
total expenses in connection with the rights offering will be approximately $125,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described herein, we do not know of any existing agreements between any stockholder, broker, dealer, underwriter or agent relating
to the sale or distribution of the shares of common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_0511"></A><B>LEGAL
MATTERS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the rights and shares of common stock offered by this prospectus supplement has been passed upon by Porter Hedges LLP, Houston,
Texas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><A NAME="a_0512"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">audited <FONT STYLE="background-color: white">financial
statements as of and for the year ended December 31, 2022 incorporated by reference in this prospectus supplement have been so incorporated
by reference in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said
firm as experts in accounting and auditing.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Empire Petroleum Corporation (the &#8220;Company&#8221;) as of December 31, 2021 and for the year
then ended, incorporated in this prospectus supplement by reference from the Annual Report on Form 10-K of the Company for the year ended
December 31, 2022, have been audited by Moss Adams LLP, an independent registered public accounting firm, as stated in their report,
which is incorporated herein by reference. Such consolidated financial statements are incorporated by reference in reliance upon the
report of such firm given their authority as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information included herein regarding estimated quantities of proved reserves, the future net revenues from those reserves and their
present value as of December 31, 2022 and 2021 are based on the proved reserves report prepared by&nbsp;Cawley, Gillespie &amp; Associates,
Inc. These estimates are included herein in reliance upon the authority of such firm as an expert in these matters.</FONT>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_0513"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus supplement forms a part of a registration statement on Form S-3 we filed with the SEC. This prospectus supplement does not
contain all of the information found in the registration statement. For further information regarding us and our securities, you should
review the full registration statement, including its exhibits and schedules, filed under the Securities Act, as well as <FONT STYLE="background-color: white">our
proxy statement, annual, quarterly and other reports and other information we file with the SEC</FONT>. The SEC maintains a website on
the Internet at <I>www.sec.gov</I> that contains reports, proxy and information statements, and other information regarding companies
that file electronically with the SEC. We maintain a website on the Internet at <I>www.empirepetroleumcorp.com.</I> Our registration
statement, of which this prospectus supplement constitutes a part, can be downloaded from the SEC&#8217;s website or from our website
at <I>www.empirepetroleumcorp.com</I>. Information on the SEC website, our website or any other website is not incorporated by reference
in this prospectus supplement and does not constitute part of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_0514"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC allows us to &#8220;incorporate by reference&#8221; into this prospectus supplement certain of the information we file with the SEC.
This means we can disclose important information to you by referring you to another document that has been filed separately with the
SEC. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we file
later with the SEC will automatically update and supersede information contained in this prospectus supplement and the accompanying prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents, which have previously been filed by us with the SEC under the Exchange Act, are incorporated herein by reference:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000285/0001072613-23-000285-index.htm">Form 10-K for the fiscal year ended December&nbsp;31, 2022</A>, filed with the
                                            SEC on March&nbsp;31, 2023, and portions of our Definitive Proxy Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000310/0001072613-23-000310-index.htm">Schedule 14A filed with the SEC on May 1, 2023</A>, incorporated by reference therein; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Quarterly Reports on Form 10-Q for the quarterly periods ended <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000339/0001072613-23-000339-index.htm">March&nbsp;31, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000436/0001072613-23-000436-index.htm">June&nbsp;30, 2023</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000570/0001072613-23-000570-index.htm">September 30, 2023</A> filed with the SEC on May 15, 2023, August 14, 2023, and November
                                            13, 2023, respectively; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            description of our common stock contained in our registration statement on Form 8-A, filed
                                            with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261322000318/emp_8a-18599.htm">March 3, 2022</A>; and </FONT></TD></TR></TABLE>

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Current Reports on Form 8-K or Form 8-K/A, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000257/0001072613-23-000257-index.htm">March 22, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000318/0001072613-23-000318-index.htm">May 4, 2023</A>,
                                            <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000365/0001072613-23-000365-index.htm">June 15, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000386/0001072613-23-000386-index.htm">July 13, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm">September 25, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000523/0001072613-23-000523-index.htm">November 1, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000568/0001072613-23-000568-index.htm">November 13, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000586/0001072613-23-000586-index.htm">November 29, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000594/0001072613-23-000594-index.htm">December 1, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/0001072613-24-000011-index.htm">January 5, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261324000261/0001072613-24-000261-index.htm">February 21, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261324000268/0001072613-24-000268-index.htm">February 23, 2024</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261324000281/0001072613-24-000281-index.htm">February 28, 2024</A> (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any
                                            corresponding information furnished under Item 9.01, of any such Current Report on Form 8-K).
                                            </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant
to Item 2.02 or Item 7.01 on any Current Report on Form 8-K and any corresponding information furnished under Item 9.01 or included as
an exhibit) after the date of this prospectus supplement until the termination of the offering under this prospectus supplement shall
be deemed to be incorporated in this prospectus supplement by reference and to be a part hereof from the date of filing of such documents.
Any statement contained herein, or in a document incorporated or deemed to be incorporated by reference herein, shall be deemed to be
modified or superseded for purposes of this prospectus supplement to the extent that a statement contained herein or in any subsequently
filed document which also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus supplement may contain information that updates, modifies or is contrary to information in one or more of the documents incorporated
by reference in this prospectus supplement. You should rely only on the information incorporated by reference or provided in this prospectus
supplement. We have not authorized anyone else to provide you with different information. You should not assume that the information
in this prospectus supplement is accurate as of any date other than the date of this prospectus supplement or the date of the documents
incorporated by reference in this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may request a free copy of these filings, other than any exhibits, unless the exhibits are specifically incorporated by reference into
this prospectus supplement, by writing or telephoning us at the following address:&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
Petroleum Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
President</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2200
S. Utica Place, Suite 150</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tulsa,
Oklahoma 74114</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(539)
444-8002</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-size: 12pt"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_009.jpg" ALT=""></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 9pt 0 6pt; text-align: center"><B>$350,000,000</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Debt Securities</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Guarantees of Non-Convertible Debt Securities</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may offer from time to time debt securities,
shares of our common stock, shares of our preferred stock, depositary shares, warrants, subscription rights, purchase contracts and units.&nbsp;Any
non-convertible debt securities we issue under this prospectus may be guaranteed by certain of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The aggregate initial offering price of the
securities that we offer will not exceed $350,000,000.&nbsp;We will offer the securities in amounts, at prices and on terms to be determined
at the time of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our common stock is quoted on the NYSE American
(the &#8220;NYSE American&#8221;) under the symbol &#8220;EP.&#8221; The last reported sale price of our common stock on August 30, 2023
was $8.58 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We will provide the specific terms of the offering
in supplements to this prospectus.&nbsp;You should read this prospectus and any supplement carefully before you invest.&nbsp;This prospectus
may not be used to offer and sell our securities unless accompanied by a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><B>Investing in our securities involves significant
risks that are described in the &#8220;Risk Factors&#8221; section beginning on <A HREF="#a_006">page 3</A>&nbsp;of this prospectus.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><B>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.&nbsp;Any
representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>The date of this prospectus is
September 22, 2023</B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>


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

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

<TABLE CELLSPACING="12" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 93%; padding-left: 0.1in; font-size: 4pt; line-height: 2pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.25pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">i
    </FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">EMPIRE PETROLEUM CORPORATION&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">RISK FACTORS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">5</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">11</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">18</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBSCRIPTION RIGHTS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PURCHASE CONTRACTS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">21</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">22</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">FORMS OF SECURITIES&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">25</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">LEGAL MATTERS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">28</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">EXPERTS&#9;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.05pt; padding-bottom: 1pt; text-align: right"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">28</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission, or the Commission (the &#8220;SEC&#8221;), utilizing a &#8220;shelf&#8221;
registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus
in one or more offerings up to a total dollar amount of $350 million. This prospectus provides you with a general description of the securities
we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms
of the offering and the offered securities. This prospectus, together with applicable prospectus supplements, any information incorporated
by reference, and any related free writing prospectuses we file with the SEC, includes all material information relating to these offerings
and securities. We may also add, update or change in the prospectus supplement any of the information contained in this prospectus or
in the documents that we have incorporated by reference into this prospectus, including without limitation, a discussion of any risk factors
or other special considerations that apply to these offerings or securities or the specific plan of distribution. If there is any inconsistency
between the information in this prospectus and a prospectus supplement or information incorporated by reference having a later date, you
should rely on the information in that prospectus supplement or incorporated information having a later date.&nbsp;We urge you to read
carefully this prospectus, any applicable prospectus supplement and any related free writing prospectus, together with the information
incorporated herein by reference as described under the heading &#8220;Incorporation of Certain Documents By Reference&#8221; and the
additional information described under the heading &#8220;Where You Can Find More Information,&#8221; before buying any of the securities
being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">You should rely only on the information we
have provided or incorporated by reference in this prospectus, any applicable prospectus supplement and any related free writing prospectus.
We have not authorized anyone to provide you with different information. No dealer, salesperson or other person is authorized to give
any information or to represent anything not contained in this prospectus, any applicable prospectus supplement or any related free writing
prospectus.</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 24.5pt"><B>Neither the delivery of this prospectus nor any
sale made under it implies that there has been no change in our affairs or that the information in this prospectus is correct as of any
date after the date of this prospectus.&nbsp;You should assume that the information in this prospectus, any applicable prospectus supplement
or any related free writing prospectus is accurate only as of the date on the front of the document and that any information we have incorporated
by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus,
any applicable prospectus supplement or any related free writing prospectus, or any sale of a security.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">The registration statement containing this
prospectus, including exhibits to the registration statement, provides additional information about us and the securities offered under
this prospectus and any prospectus supplement. We have filed and plan to continue to file other documents with the SEC that contain information
about us and our business. Also, we will file legal documents that control the terms of the securities offered by this prospectus as exhibits
to the reports that we file with the Commission. The registration statement and other reports can be read at the SEC website mentioned
under the heading &#8220;Where You Can Find More Information.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">This prospectus contains summaries of certain
provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have
been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a
part, and you may obtain copies of those documents as described below under &#8220;Where You Can Find More Information.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>EMPIRE PETROLEUM
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 6pt; text-indent: 24.5pt">As used in this prospectus, the terms &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221; and &#8220;Empire&#8221; mean Empire Petroleum Corporation, a Delaware
corporation, and its consolidated subsidiaries, unless the context indicates otherwise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Empire Petroleum Corporation
is an independent energy company that engages in unlocking value in developed assets. Empire operates the following wholly-owned subsidiaries
in its areas of operations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire New Mexico, consisting of the following entities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> </FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Empire New Mexico LLC d/b/a Green Tree New Mexico</P></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire EMSU LLC</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire EMSU-B LLC</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire AGU LLC</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire NM Assets LLC</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Rockies, consisting of the following entities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire North Dakota LLC </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire ND Acquisition LLC </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Texas, consisting of the following entities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Texas LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Texas Operating LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Texas GP LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Pardus Oil &amp; Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Empire Louisiana LLC.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 22pt; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Empire was incorporated in the
state of Delaware in 1985. Our mission is to increase shareholder value by building oil and natural gas reserves in strategic plays in
the United States. To accomplish its mission, we plan on executing the following business strategies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Cost-effectively optimize well production</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Reduce unit operating costs and improve margins</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Target proved developed producing acquisitions in predictable fields that have historically had low
production decline and long lives</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Focus on high-quality assets that add scale and provide synergies to our existing portfolio and core
areas of operation. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 12pt; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Our principal executive offices
are located at 2200 S. Utica Place, Suite 150, Tulsa, Oklahoma 74114. Our telephone number is (539) 444-8002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="a_003"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
statements in this prospectus and in the documents we incorporate by reference herein may constitute &#8220;forward-looking&#8221; statements
as defined in Section&nbsp;27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), the Private Securities Litigation Reform Act of 1995 (&#8220;PSLRA&#8221;),
or in releases made by the SEC, all as may be amended from time to time. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from
any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking
language, such as the words &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
&#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221;
&#8220;seeks,&#8221; &#8220;scheduled to,&#8221; or other similar words, or the negative of these words or other variations of these
words or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the
Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the &#8220;safe harbor&#8221; provisions
of such laws. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements
included in this prospectus and the documents we incorporate by reference herein. Please read &#8220;Risk Factors&#8221; beginning on
page 3 of this prospectus. The risk factors and other factors noted throughout this prospectus and in the documents incorporated by reference
could cause our actual results to differ materially from those contained in any forward-looking statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements contained in this prospectus and in the documents we incorporate herein by reference are largely based on
our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment
based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they
are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management&#8217;s
assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking statements contained in
this prospectus and in the documents we incorporate herein by reference are not</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0"><FONT STYLE="font-size: 10pt">guar<FONT STYLE="font-family: Times New Roman, Times, Serif">antees
of future performance, and we cannot assure any reader that such statements will be realized or that the forward-looking events and circumstances
will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors described
under the heading &#8220;Risk Factors&#8221; in this prospectus and elsewhere in the documents we incorporate herein by reference. All
forward-looking statements speak only as of the date they are made. We do not intend to update or revise any forward-looking statements
as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable
to us or persons acting on our behalf.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="a_004"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus forms a part of a registration statement on Form S-3 we filed with the SEC. This prospectus does not contain all of the information
found in the registration statement. For further information regarding us and our securities, you may desire to review the full registration
statement, including its exhibits and schedules, filed under the Securities Act, as well as our annual, quarterly and other reports,
proxy statements and other information we file with the SEC. The SEC maintains a website on the Internet at www.sec.gov that contains
reports, proxy and information statements, and other information regarding companies that file electronically with the SEC. We maintain
a website on the Internet at www.empirepetroleumcorp.com. Our filings with the SEC are available, free of charge, through our website,
as soon as reasonably practicable after those filings are electronically filed with or furnished to the SEC. Our registration statement,
of which this prospectus constitutes a part, can be downloaded from the SEC&#8217;s website or from our website at www.empirepetroleumcorp.com.
Information on or accessible from the SEC website, our website or any other website is not incorporated by reference in this prospectus
and does not constitute part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A NAME="a_005"></A><B>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 6pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rules of the SEC allow us to &#8220;incorporate by reference&#8221; into this prospectus the information we file with the SEC, which
means that we can disclose important information to you by referring you to that information. The information incorporated by reference
is considered to be part of this prospectus, and later information that we file with the SEC will automatically update and supersede
that information. We incorporate by reference the documents listed below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2022, filed with the
                                            SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000285/empire_form10k123122.htm">March&nbsp;31, 2023</A>, and portions of our Definitive Proxy Statement on Schedule 14A
                                            filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261323000310/empire-prox_18715.htm">May 1, 2023</A>, incorporated by reference therein (File No.&nbsp;001-16653);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Quarterly Reports on Form 10-Q for the quarterly periods ended March&nbsp;31, 2023 and June&nbsp;30,
                                            2023, filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000339/empire_form10q033123.htm">May 15, 2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000436/empire_form10q063023.htm">August 14, 2023</A>, respectively (File No.&nbsp;001-16653);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            description of our common stock contained in our registration statement on Form 8-A, filed
                                            with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/887396/000107261322000318/emp_8a-18599.htm">March 3, 2022</A> (File No. 001-16653); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Current Reports on Form 8-K or Form 8-K/A, filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000257/emp_8k-18701.htm">March 22, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000268/emp_8k-18702.htm">March 24, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000289/emp_8k-18707.htm">April 3, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000318/emp_8k-18719.htm">May 4, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000342/emp_8k-18723.htm">May 16, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000365/emp_8k-18727.htm">June 15, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000386/emp_8k-18727.htm">July 13, 2023</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887396/000107261323000439/emp_8k-18745.htm">August 15, 2023</A> (File No.&nbsp;001-16653) (excluding any information furnished pursuant to Item
                                            2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, of any such
                                            Current Report on Form 8-K).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant
to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date
of this prospectus and prior to the termination of each offering under this prospectus shall be deemed to be incorporated in this prospectus
by reference and to be a part hereof from the date of filing of such documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus shall
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference modifies or supersedes the statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus incorporates documents by reference that are not delivered with this prospectus. Copies of these documents, other than the
exhibits to the documents (unless such exhibits are specifically incorporated by reference in such documents), are available upon written
or oral request, at no charge, from us. Requests for such copies should be directed to Empire Petroleum Corporation, 2200 S. Utica Place,
Suite 150, Tulsa, Oklahoma 74114, Attention: Corporate Secretary, telephone number: (539) 444-8002.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_006"></A><B>RISK FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">An investment in our securities involves a
high degree of risk.&nbsp;You should carefully consider the risk factors and all of the other information included in, or incorporated
by reference into, this prospectus, including those risk factors included in our Annual Report on Form 10-K for the year ended December&nbsp;31,
2022, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023 and June 30, 2023, and our subsequent SEC filings,
in evaluating an investment in our securities.&nbsp;If any of these risks were to occur, our business, financial condition or results
of operations could be adversely affected. In that case, the trading price of our securities could decline and you could lose all or part
of your investment.&nbsp;When we offer and sell any securities pursuant to a prospectus supplement, we may include additional risk factors
relevant to such securities in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_007"></A><B>USE OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt">Unless we inform you otherwise in the prospectus
supplement or any pricing supplement, we will use the net proceeds from the sale of the securities offered by us for general corporate
purposes.&nbsp;These purposes may include capital expenditures, repayment or refinancing of indebtedness, acquisitions and repurchases
and redemptions of securities.&nbsp;Pending any specific application, we may initially invest funds in short-term marketable securities
or apply them to the reduction of indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><A NAME="a_008"></A><B>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">References
in this &#8220;Description of Debt Securities&#8221; section to &#8220;we,&#8221; &#8220;us&#8221; &#8220;our&#8221; or &#8220;Empire&#8221;
mean Empire Petroleum Corporation and not any of its consolidated subsidiaries, unless the context otherwise requires. The following
is a summary of some general terms of the debt securities that we may offer by this prospectus and any applicable prospectus supplement.
Because it is a summary, it does not contain all of the information that may be important to you. If you want more information, you should
read the forms of indentures or note purchase agreements which we will file in connection with a particular offering and will be incorporated
by reference into the registration statement of which this prospectus is a part. If we issue debt securities, we will file any additional
final indentures, and any supplemental indentures or officer&#8217;s certificates or note purchase agreements related to the particular
series of debt securities issued, with the SEC, and you should read those documents for further information about the terms and provisions
of such debt securities. See &#8220;Where You Can Find More Information.&#8221; This summary is also subject to and qualified by reference
to the descriptions of the particular terms of our debt securities to be described in the applicable prospectus supplement. The applicable
prospectus supplement may add to, update or change the terms of such debt securities from those described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
debt securities sold under this prospectus will be direct obligations of Empire and, unless otherwise stated in a prospectus supplement,
will not be obligations of any of our subsidiaries. Such debt obligations may be secured or unsecured and may be senior or subordinated
indebtedness. Our debt securities will be issued under one or more indentures between us and a trustee or a note purchase agreement.
Any indenture will be subject to and governed by the Trust Indenture Act of 1939, as amended (the &#8220;Trust Indenture Act&#8221;).
The statements made in this prospectus relating to any future indentures, note purchase agreements and the debt securities to be issued
under the indentures or note purchase agreements are summaries of certain anticipated provisions of the indentures or note purchase agreements
and are not complete.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
may issue debt securities that rank &#8220;senior&#8221; or &#8220;subordinated,&#8221; and which may be convertible into another security.
The debt securities that we refer to as &#8220;senior&#8221; will be direct obligations of Empire and will rank equally and ratably in
right of payment with our other indebtedness that is not subordinated, without giving effect to collateral arrangements. We may issue
debt securities that will be subordinated in right of payment to the prior payment in full of our senior debt, as defined in the applicable
prospectus supplement. We refer to these as &#8220;subordinated&#8221; securities. We will file as an amendment to the registration statement
of which this prospectus is a part &nbsp;or in connection with a particular offering and will be incorporated by reference into the registration
statement of which this prospectus is a part two separate forms of indenture, one for the senior securities and one for the subordinated
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
may issue debt securities without limit as to aggregate principal amount, in or more series, in each case as we establish in one or more
supplemental indentures or note purchase agreements. We need not issue all debt securities of one series at the same time. Unless we
otherwise provide, we may reopen a series, without the consent of the holders of the series, for the issuance of additional securities
of that series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
anticipate that each indenture will provide that we may, but need not, designate more than one trustee under an indenture, each with
respect to one or more series of debt securities. Any trustee under any indenture may resign or be removed with respect to one or more
series of debt securities, and we may appoint a successor trustee to act with respect to any such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
applicable prospectus supplement will describe the specific terms relating to the series of debt securities we will offer, including,
where applicable, the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the title and series designation and whether they are senior securities
    or subordinated securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the aggregate principal amount of the debt securities offered and any
    limit on the aggregate principal amount of that series that may be authenticated and delivered;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the&nbsp;percentage of the principal amount at which we will issue
    the debt securities and, if other than the principal amount of the debt securities, the portion of the principal amount of the debt
    securities payable upon maturity of the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if convertible, the initial conversion price, the conversion period
    and any other terms governing such conversion;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the stated maturity date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any fixed or variable interest rate or rates per annum;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether such interest will be payable in cash or additional debt securities
    of the same series or will accrue and increase the aggregate principal amount outstanding of such series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the place where principal, premium, if any, and interest will be payable
    and where the debt securities can be surrendered for transfer, exchange or conversion;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the date from which interest may accrue and any interest payment dates
    and any related record dates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the terms of any guarantee of the debt securities and the identity
    of any guarantor or guarantors of such debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any sinking fund requirements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any provisions for redemption or repurchase, including the redemption
    or repurchase price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether the debt securities are denominated or payable in U.S. dollars,
    a foreign currency or&nbsp;units of two or more currencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether the amount of payments of principal of or premium, if any,
    or interest on the debt securities may be determined with reference to an index, formula or other method and the manner in which
    such amounts shall be determined;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the events of default and covenants of the debt securities, to the
    extent different from or in addition to those described in this prospectus;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether we will issue the debt securities in certificated or book-entry
    form;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether the debt securities will be in registered or bearer form and,
    if in registered form, the denominations, if other than $2,000 and integral multiples of $1,000 in excess thereof, or, if in bearer
    form, the denominations and terms and conditions relating thereto;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether we will issue any of the debt securities in permanent global
    form and, if so, the terms and conditions, if any, upon which interests in the global security may be exchanged, in whole or in part,
    for the individual debt securities represented by the global security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any addition or change to the provisions relating to the defeasance
    or covenant defeasance provisions of, or the satisfaction and discharge of, the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether we will pay additional amounts on the debt securities in respect
    of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities instead of
    making this payment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the subordination provisions, if any, relating to the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font-size: 12pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">if the debt securities are to be issued upon the exercise
    of warrants, the time, manner and place for such debt securities to be authenticated and delivered;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font-size: 12pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">any restriction or condition on the transferability
    of debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font-size: 12pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">any addition or change to the provisions related to
    compensation and reimbursement of the trustee which applies to the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any addition or change to
    the provisions related to supplemental indentures both with and without the consent of the holders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">provisions, if any, granting
    special rights to holders upon the occurrence of specified events;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any addition or change to
    the events of default which applies to any debt securities and any change in the right of the trustee or the requisite holders of
    such debt securities to declare the principal amount thereof due and payable pursuant to the indenture;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any addition or change to
    the covenants set forth in the indenture, or described in this prospectus or any prospectus supplement with respect to such series
    of debt securities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any other terms of debt securities
    of such series (which terms will not be inconsistent with the provisions of the Trust Indenture Act, but may modify, amend, supplement
    or delete any of the terms of the indenture, including those described in this prospectus or any prospectus supplement, with respect
    to such series).</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
will describe in the applicable prospectus supplement any material U.S. federal income tax considerations applicable to the debt securities
offered by such prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
may issue debt securities at less than the principal amount payable at maturity. We refer to these securities as &#8220;original issue
discount&#8221; securities. If material or applicable, we will describe in the applicable prospectus supplement special U.S. federal
income tax considerations applicable to original issue discount securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Except
as may be described in any prospectus supplement, any future indenture or note purchase agreement will not contain any other provisions
that would limit our ability to incur indebtedness or that would afford holders of the debt securities protection in the event of a highly
leveraged or similar transaction involving us or in the event of a change in control. You should review carefully the applicable prospectus
supplement for information with respect to events of default and covenants applicable to the debt securities being offered.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Denominations, Interest,
Registration and Transfer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Unless
otherwise described in the applicable prospectus supplement, we will issue debt securities of any series that are registered securities
in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof, other than global securities, which may be of
any denomination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in the applicable prospectus supplement, we will pay the interest, principal and any premium at the corporate trust
office of the trustee or at the location specified in a note purchase agreement or, at our option, we may make payment of interest by
check mailed to the address of the person entitled to the payment as it appears in the applicable register or by wire transfer of funds
to that person at an account maintained within the United States or, in the case of global securities, in accordance with the procedures
of the depositary for such securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">If
we do not punctually pay or otherwise provide for interest on any interest payment date, the defaulted interest will be paid either:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to the person in whose name
    the debt security is registered at the close of business on a special record date the trustee will fix; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in any other lawful manner,
    all as the applicable indenture or note purchase agreement describes.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">You
may have your debt securities divided into more debt securities of smaller authorized denominations or combined into fewer debt securities
of larger authorized denominations, as long as the total principal amount is not changed. We call this an &#8220;exchange.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">You
may exchange or transfer debt securities at the office of the applicable trustee. The trustee acts as our agent for registering debt
securities in the names of holders and transferring debt securities. We may change this appointment to another entity or perform this
role ourselves. The entity performing the role of maintaining the list of registered holders is called the &#8220;registrar.&#8221; The
registrar will also perform transfers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">You
will not be required to pay a service charge to transfer or exchange debt securities, but you may be required to pay for any tax or other
governmental charge associated with the exchange or transfer. The registrar will make the transfer or exchange only if it is satisfied
with your proof of ownership.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Merger, Consolidation
or Sale of Assets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
may not consolidate with or merge into any other person or convey, transfer or lease all or substantially all of our properties and assets
to any other person (other than one of our direct or indirect wholly owned subsidiaries), and we may not permit any other person (other
than one of our direct or indirect wholly owned subsidiaries) to consolidate with or merge into us, unless:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we are the surviving entity
    or, in case we consolidate with or merge into another person, the person formed by such consolidation or merger is, or in case we
    convey, transfer or lease all or substantially all of our properties and assets to any person, such acquiring person is, an entity
    organized and validly existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes,
    by a supplemental indenture executed and delivered to the trustee, in form satisfactory to the trustee, the due and punctual payment
    of the principal of and any premium and interest on all applicable debt securities issued under the applicable indenture and the
    performance or observance of every covenant of the applicable indenture on our part to be performed or observed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">immediately after giving
    effect to such transaction, and treating any indebtedness which becomes an obligation of us or any of our subsidiaries as a result
    of such transaction as having been incurred by us or such subsidiary at the time of such transaction, no event of default, and no
    event which, after notice or lapse of time or both, would become an event of default, in each case under the applicable indenture,
    has happened and is continuing; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we have delivered to the
    trustee an officer&#8217;s certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance, transfer
    or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with
    the applicable indenture provisions described in this paragraph and that all conditions precedent provided for in the applicable
    indenture relating to such transaction have been complied with.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Events of Default
and Related Matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Events
of Default</I>. Unless otherwise described in a prospectus supplement, the term &#8220;event of default&#8221; for any series of debt
securities means any of the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we do not pay the principal
    of or any premium on a debt security of that series when due;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we do not pay interest on
    a debt security of that series within 30&nbsp;days after its due date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we do not deposit any sinking
    fund payment for that series within 30&nbsp;days after its due date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we remain in breach of any
    other covenant of the applicable indenture (other than a covenant added to the indenture solely for the benefit of another series)
    for 60&nbsp;days after we receive a notice of default specifying the breach and requiring that it be remedied. Only the trustee or
    holders of at least a majority in principal amount of outstanding debt securities of the affected series may send the notice;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we experience specified events
    of bankruptcy, insolvency or reorganization; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any other event of default
    described in the applicable prospectus supplement occurs.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Remedies
if an Event of Default Occurs.</I>&nbsp;If an event of default has occurred and has not been cured, the trustee or the holders of not
less than a majority in principal amount of the outstanding debt securities of the affected series may declare the entire principal</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">amount of all the debt
securities of that series to be due and payable immediately. If an event of default occurs because we experience specified events of
bankruptcy, insolvency or reorganization, the principal amount of all the debt securities of that series will be automatically accelerated
and become immediately due and payable, without any action by the trustee or any holder. At any time after the trustee or the holders
have accelerated any series of debt securities, but before a judgment or decree for payment of the money due has been obtained, the holders
of a majority in principal amount of the outstanding debt securities of the affected series may, under certain circumstances, rescind
and annul such acceleration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Except
in cases of default where the trustee has some special duties, the trustee is not required to take any action under the applicable indenture
at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability. We refer to this
as an &#8220;indemnity.&#8221; If reasonable indemnity is provided, the holders of not less than a majority in principal amount of the
outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal
action seeking any remedy available to the trustee. These majority holders may also direct the trustee in performing any other action
under the applicable indenture, subject to certain limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Before
you bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect
your interests relating to the applicable indenture or debt securities issued under such indenture, the following must occur:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">you must give the trustee
    written notice that an event of default has occurred and is continuing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the holders of at least a
    majority in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee
    take action because of the default and must offer reasonable indemnity to the trustee against the cost and other liabilities of taking
    that action; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the trustee must have not
    taken action for 60&nbsp;days after receipt of the notice, request and offer of indemnity and must have not received from the holders
    of a majority in principal amount of all outstanding debt securities of the relevant series other conflicting directions within such
    60 day period.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">However,
you are entitled at any time to bring a lawsuit for the payment of money due on your debt security after its due date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Every
year we will furnish to the trustee a written statement by certain of our officers certifying that, to their best knowledge, we are in
compliance with the applicable indenture and the debt securities, or else specifying any default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Modification of
an Indenture or Note Purchase Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Unless
otherwise described in a prospectus supplement, there are three types of changes we can make to the indentures, note purchase agreements
and our debt securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Changes
Requiring Your Approval</I>. First, we cannot make certain changes to the indentures, note purchase agreements and our debt securities
without the approval of each holder of debt securities affected by the change. The following is a list of those types of changes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">change the stated maturity
    of the principal of, or interest on, a debt security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the principal of,
    or the rate of interest on, a debt security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the amount of any
    premium due upon redemption;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the amount of principal
    of an original issue discount security payable upon acceleration of its maturity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">change the currency or place
    of payment on a debt security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">impair a holder&#8217;s right
    to sue for payment on or after the stated maturity of a debt security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in the case of a subordinated
    debt security, modify the subordination provisions of such debt security in a manner that is adverse to the holders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the&nbsp;percentage
    of holders of debt securities whose consent is needed to modify or amend an indenture;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">reduce the&nbsp;percentage
    of holders of debt securities whose consent is needed to waive compliance with certain provisions of an indenture or certain defaults
    and their consequences;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">waive past defaults in the
    payment of principal of or premium, if any, or interest on the debt securities or in respect of any covenant or provision that cannot
    be modified or amended without the approval of each holder of the debt securities; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">modify any of the foregoing
    provisions.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Changes
Requiring Majority Approval</I>. Second, certain changes require the approval of holders of not less than a majority in principal amount
of the outstanding debt securities of the affected series. We require the same majority vote to obtain a waiver of a past default. However,
we cannot obtain a waiver of a payment default or any other aspect of an indenture or the debt securities listed in the first category
described above under &#8220;&#8212; Changes Requiring Your Approval&#8221; without the consent of each holder of debt securities affected
by the waiver.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Changes
Not Requiring Approval</I>. Third, certain changes do not require any approval of holders of debt securities. These include:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to evidence the assumption
    by a successor obligor of our obligations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add to our covenants for
    the benefit of holders of debt securities of all or any series or to surrender any right or power conferred upon us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add any additional events
    of default for the benefit of holders of all or any series of debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add to or change any provisions
    necessary to permit or facilitate the issuance of debt securities in bearer form, registrable or not registrable as to principal,
    and with or without interest coupons, or to permit or facilitate the issuance of debt securities in uncertificated form;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add to, change or eliminate
    any of the provisions, so long as such addition, change or elimination does not apply to any debt security of any existing series
    of debt security entitled to the benefit of such provision or modify the rights of the holder of any such debt security with respect
    to such provision or such addition, change or elimination only becomes effective when there is no such security outstanding;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add guarantees of or to
    secure all or any series of the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to establish the forms or
    terms of debt securities of any series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to evidence and provide for
    the acceptance of appointment of a successor trustee;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to cure any ambiguity, to
    correct or supplement any provision in the applicable indenture or note purchase agreement which may be defective or inconsistent
    with any other provision contained therein or to conform the terms of the indenture or note purchase agreement that are applicable
    to a series of debt securities to the description of the terms of such debt securities in the offering memorandum, prospectus supplement
    or other offering document applicable to such debt securities at the time of initial sale thereof;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to permit or facilitate the
    defeasance or satisfaction and discharge of debt securities of any series; provided that such action does not adversely affect the
    interests of any holder of debt securities in any material respect;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to prohibit the authentication
    and delivery of additional series of debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to add to or change or eliminate
    any provision as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to comply with the rules
    of any applicable depositary; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to change anything that does
    not adversely affect the interests of the holders of debt securities of any series in any material respect.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Further
Details Concerning Approval</I>. Debt securities are not considered outstanding, and therefore the holders thereof are not eligible to
vote or consent or give their approval or take other action under the applicable indenture or note purchase agreement, if we have deposited
or set aside in trust for you money for their payment or redemption or if we or one of our affiliates own them. Debt securities are also
not considered to be outstanding and therefore the holders thereof are not eligible to vote or consent or give their approval or take
other action under the applicable indenture or note purchase agreement if they have been fully defeased or discharged, as described below
under &#8220;&#8212;&nbsp;Discharge, Defeasance and Covenant Defeasance&#8201;&#8212;&#8201;Discharge&#8221; or &#8220;&#8212; Full Defeasance.&#8221;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Discharge, Defeasance
and Covenant Defeasance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Discharge</I>.
Unless otherwise described in a prospectus supplement, we may discharge our obligations to holders of any series of debt securities that
have become due and payable or will become due and payable at their stated maturity within one year, or are to be called for redemption
within one year, by depositing or causing to be deposited with the trustee, in trust, funds in the applicable currency in an amount sufficient
to pay the debt securities of such series, including any premium and interest to the date of such deposit (in the case of debt securities
which have become due and payable) or to such stated maturity or redemption date, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Full
Defeasance.</I>&nbsp;Unless otherwise described in a prospectus supplement, we can, under particular circumstances, effect a full defeasance
of any series of debt securities. By this we mean we can legally release ourselves from any payment or other obligations on the debt
securities if, among other things, we put in place the arrangements described below to pay those debt securities and deliver certain
certificates and opinions to the trustee:</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we must irrevocably deposit
    (or cause to be deposited), in trust, for the benefit of all direct holders of the debt securities of such series money or government
    obligations (or, in some circumstances, depository receipts representing such government obligations), or a combination thereof,
    that will provide funds in an amount sufficient to pay the debt securities of such series, including any premium and interest on
    the debt securities of such series at their stated maturity or applicable redemption date (a &#8220;government obligation&#8221;
    for these purposes means, with respect to any series of debt securities, securities that are not callable or redeemable at the option
    of the issuer thereof and are (1)&nbsp;direct obligations of the government that issued the currency in which such series is denominated
    (or, if such series is denominated in euros, the direct obligations of any government that is a member of the European Monetary Union)
    for the payment of which its full faith and credit is pledged or (2)&nbsp;obligations of a person controlled or supervised by and
    acting as an agency or instrumentality of such government the payment of which is unconditionally guaranteed as a full faith and
    credit obligation by such government); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we must deliver to the trustee
    a legal opinion stating that the current U.S. federal income tax law has changed or an Internal Revenue Service, or IRS, ruling has
    been issued, in each case to the effect that holders of the outstanding debt securities of such series will not recognize gain or
    loss for federal income tax purposes as a result of such full defeasance and will be subject to federal income tax on the same amounts
    and in the same manner and at the same times as would have been the case if such full defeasance had not occurred.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, the following rights and obligations will survive full defeasance:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">your right to receive payments
    from the trust when payments are due;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our obligations relating
    to registration and transfer of debt securities and lost or mutilated certificates; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our obligations to maintain
    a payment office and to hold moneys for payment in trust.</FONT></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: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><I>Covenant
Defeasance</I>. Under current U.S. federal income tax law, we can make the same type of deposit described above with respect to a series
of debt securities and be released from the obligations imposed by most of the covenants with respect to such series and provisions of
the applicable indenture or note purchase agreement with respect to such series, and we may omit to comply with those covenants and provisions
without creating an event of default. This is called &#8220;covenant defeasance.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">If
we accomplish covenant defeasance, the following provisions of an indenture or a note purchase agreement and the debt securities of such
series would no longer apply:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">most of the covenants applicable
    to such series of debt securities and any events of default for failure to comply with those covenants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">any subordination provisions;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">certain other events of default
    as set forth in any prospectus supplement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Conversion and Exchange
Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
terms and conditions, if any, upon which the debt securities are convertible into or exchangeable for Common Stock or Preferred Stock,
other debt securities or other property will be set forth in the applicable prospectus supplement. Such terms will include whether the
debt securities are convertible into or exchangeable for Common Stock or Preferred Stock, other debt securities or other property, the
conversion or exchange price (or manner of calculation thereof), the conversion or exchange period, whether conversion or exchange will
be at the option of the holders, the events requiring an adjustment of the conversion or exchange price and provisions affecting conversion
or exchange in the event of the redemption of such debt securities and any restrictions on conversion or exchange.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">We
will describe in the applicable prospectus supplement the terms and conditions, if any, upon which any series of subordinated securities
is subordinated to debt securities of another series or to our other indebtedness. The terms will include a description of:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the indebtedness ranking
    senior to the debt securities being offered;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the restrictions, if any,
    on payments to the holders of the debt securities being offered while a default with respect to the senior indebtedness is continuing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the restrictions, if any,
    on payments to the holders of the debt securities being offered following an event of default with respect to such debt securities;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">provisions requiring holders
    of the debt securities being offered and any related guarantees to remit payments to holders of senior indebtedness.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Any
future indentures or note purchase agreements and our debt securities issued thereunder will be governed by and construed in accordance
with the laws of the State of New York.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_009"></A>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">As
of August 30, 2023, our authorized capital consisted of 190,000,000 shares of voting common stock, of which approximately 22,723,780
shares were issued and outstanding, and 10,000,000 shares of preferred stock, six shares of which were issued, outstanding and designated
as Series A Voting Preferred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">In
the discussion that follows, we have summarized selected provisions of our certificate of incorporation and bylaws. You should read our
certificate of incorporation and bylaws as currently in effect for more details regarding the provisions we describe below and for other
provisions that may be important to you. We have filed copies of those documents with the SEC, and they are incorporated by reference
herein. Please read &#8220;Where You Can Find More Information.&#8221;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Our
outstanding shares of common stock are fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Voting Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
holders of shares of common stock are entitled to one vote per share on all matters to be voted on by the holders of our common stock,
including the election of directors. Holders of common stock do not have cumulative voting rights with respect to the election of directors
or as to any other matter to be voted upon by the holders of common stock. Our bylaws may be amended by:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our board of directors without the vote or consent
    of the holders of our common stock; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">by vote or consent of the holders of at least
    65 percent of our issued and outstanding common stock and any voting preferred stock (other than our Series A Voting Preferred Stock),
    voting as a single class.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Dividend and Liquidation Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Subject
to the rights of any then-outstanding shares of our preferred stock, holders of common stock are entitled to receive ratably such dividends
as may be declared by our board of directors in its discretion from funds legally available. In the event of our liquidation, dissolution,
or winding up, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to
any preferential liquidation rights of any preferred stock that at the time may be outstanding. Our credit agreement limits the amount
of cash dividends that we can pay on our common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>No Preemptive, Conversion or Redemption
Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
holders of our common stock have no preemptive, subscription, conversion or redemption rights, and are not subject to further calls or
assessments by us.&nbsp; There are no sinking fund provisions applicable to our common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Anti-Takeover Effects of Delaware Law
and Provisions of our Certificate of Incorporation and Bylaws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Delaware
law and our certificate of incorporation and bylaws contain provisions that may deter or render more difficult proposals to acquire control
of our company, including proposals a stockholder might consider to be in his, her or its best interest, impede or lengthen a change
in membership of the board of directors and make removal of our management more difficult.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><B><I>Delaware
Business Combination Statute</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">The
General Corporation Law of the State of Delaware (the &#8220;DGCL&#8221;) provides certain restrictions on business combinations involving
interested parties. Under the DGCL, a corporation may not engage in a business combination with any holder of 15 percent or more of its
capital stock unless the holder has held the stock for three years or, among other things, the board of directors has approved the transaction.
Our board of directors could rely on this provision of the DGCL to prevent or delay an acquisition of us.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><B><I>Advance
Notice Provisions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Our
bylaws contain advance notice requirements that our stockholders must meet before submitting proposals or director nominations to be
considered at stockholder meetings. As more fully described in the bylaws, only such business may be conducted at a stockholder meeting
as has been brought before the meeting by, or at the direction of, our board of directors or any committee thereof or by a stockholder
who has given our Secretary timely written notice, in proper form, of the stockholder&#8217;s intention to bring that business before
the meeting. In addition, only persons who are nominated by, or at the direction of, our board of directors or any</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">committee
thereof or who are nominated by a stockholder who has given timely written notice, in proper form, to our Secretary prior to a meeting
at which directors are to be elected will be eligible for election to the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
be timely, a stockholder&#8217;s notice regarding a proposal or director nomination to be brought before an annual meeting must be delivered
to our Secretary:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
    later than the close of business on the 90th day and not earlier than the close of business on the 120th day prior to the anniversary
    of the previous year&#8217;s annual meeting if such meeting is to be held on a day which is no more than 30 days in advance of the
    previous year&#8217;s annual meeting or not later than 60 days after the anniversary of the previous year&#8217;s annual meeting;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    respect to any other annual meeting, including in the event no annual meeting was held in the previous year, not later than the close
    of business on the later of the 90th day prior to the annual meeting and the 10th day following the day on which public disclosure
    is first given of the date of the annual meeting, and not earlier than the 120th day prior to the annual meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we call a special meeting of stockholders for the purpose of director elections, a stockholder&#8217;s notice of director nominations
will be considered timely if the stockholder delivers the notice to our Secretary not later than the close of business on the later of
the 90th day prior to the special meeting and the 10th day following the day on which public disclosure is first given of the date of
the special meeting and of the nominees proposed by the board of directors, and not earlier than the close of business on the 120th day
prior to the special meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bylaws also specify requirements as to the content of a stockholder&#8217;s notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some instances, these provisions may preclude our stockholders from bringing proposals or making nominations for directors at stockholder
meetings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Removal
of Directors</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation provides that any director may be removed with or without cause but only by the affirmative vote of the
holders of the shares of the class or series of stock entitled to elect such director or directors voting separately and as a single
class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Action
by Stockholders Without a Meeting</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation provides that, except as otherwise provided in the terms of any outstanding shares of our preferred stock,
stockholders may only take action by written consent without a meeting of stockholders two times in any calendar year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Special
Meetings of Stockholders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws provide that special meetings of stockholders may be called at any time only by our board of directors, either Co-Chairman of
the board of directors or the President or by our Secretary upon the request from stockholders of record who own, in the aggregate, at
least 20 percent of the voting power of our outstanding shares entitled to vote on the matter or matters to be brought before the special
meeting. The only business that may be conducted at a special meeting of stockholders is that business specified in the notice of meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuance
of Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board is authorized to establish one or more series of preferred stock and to determine, with respect to any series of preferred stock,
the powers, designation, preferences and rights of each series and the qualifications, limitations or restrictions of each series, including:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            designation of the series and the number of shares to constitute the series; </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            dividend rate of the series, the conditions and dates upon which such dividends shall be
                                            payable, the relation which such dividends shall bear to the dividends payable on any other
                                            class or classes of stock, and whether such dividends shall be cumulative or noncumulative;
                                            </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            the shares of the series shall be subject to redemption by the Company and, if made subject
                                            to such redemption, the times, prices and other terms and conditions of such redemption;
                                            </FONT></TD></TR></TABLE>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            terms and amount of any sinking fund provided for the purchase or redemption of the shares
                                            of the series; </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            or not the shares of the series shall be convertible into or exchangeable for shares of any
                                            other class or classes or of any other series of any class or classes of stock of the Company,
                                            and, if provision be made for conversion or exchange, the times, prices, rates, adjustments
                                            and other terms and conditions of such conversion or exchange; </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent, if any, to which the holders of the shares of the series shall be entitled to vote
                                            with respect to the election of directors or otherwise; </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            restrictions, if any, on the issue or reissue of any additional preferred stock; and </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rights
                                            of the holders of the shares of the series upon the dissolution, liquidation, or winding
                                            up of the Company. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prospectus supplement relating to any series of preferred stock we offer will include specific terms relating to the offering.&nbsp;The
description of the terms of the preferred stock to be set forth in an applicable prospectus supplement will not be complete and will
be subject to and qualified by the certificate of designation relating to the applicable series of preferred stock.&nbsp;You should read
that document for provisions that may be important to you.&nbsp;We will include that document as an exhibit to a filing with the SEC
in connection with an offering of preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorized shares of preferred stock, as well as shares of common stock, are available for issuance without further action by our stockholders,
unless stockholder action is required by the rules of any stock exchange or automated quotation system on which our securities are listed
or traded. If the approval of our stockholders is not required for the issuance of shares of preferred stock or common stock, the Board
may determine not to seek stockholder approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Board has no intention at the present time of doing so, it could issue a series of preferred stock that could, depending on the terms
of that series, impede the completion of a merger, tender offer or other takeover attempt. The Board will make any determination to issue
shares based on its judgment as to our best interests and the best interests of our stockholders. The Board, in so acting, could issue
preferred stock having terms that could discourage an acquisition attempt, including a tender offer or other transaction that some, or
a majority of, our stockholders might believe to be in their best interests or that might result in stockholders receiving a premium
for their stock over the then current market price of the stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Series
A Voting Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, as of August 30, 2023, we have six shares of Series A Voting Preferred Stock issued and outstanding.&nbsp; The Series A
Voting Preferred Stock was issued in connection with the strategic investment in us by Energy Evolution (Master Fund), Ltd. (the &#8220;Fund&#8221;).&nbsp;
For so long as the Series A Voting Preferred Stock is outstanding, our board of directors will consist of six directors.&nbsp; Three
of the directors are designated as the Series A Directors and the three other directors (each, a &#8220;common director&#8221;) are elected
by the holders of common stock and/or any preferred stock (other than the Series A Voting Preferred Stock) granted the right to vote
on the common directors.&nbsp; Any Series A Director may be removed with or without cause but only by the affirmative vote of the holders
of a majority of the Series A Voting Preferred Stock voting separately and as a single class.&nbsp; The holders of the Series A Voting
Preferred Stock have the exclusive right, voting separately and as a single class, to vote on the election, removal and/or replacement
of the Series A Directors.&nbsp; Holders of common stock or other preferred stock have no right to vote on the Series A Directors.&nbsp;
The approval of the holders of the Series A Voting Preferred Stock, voting separately and as a single class, is required to authorize
any resolution or other action to issue or modify the number, voting rights or any other rights, privileges, benefits or characteristics
of the Series A Voting Preferred Stock, including without limitation, any action to modify the number, structure and/or composition of
our current board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors annually elects two of its members to serve as co-chairs of the board (each, a &#8220;Co-Chairman&#8221;).&nbsp; One
Co-Chairman of the board is elected by and from the common directors and the other Co-Chairman is elected by and from the Series A Directors
(the &#8220;Series A Co-Chairman&#8221;).&nbsp; In the case of any tie vote or deadlock of the board of directors, the Series A Co-Chairman
has the deciding, tie breaking vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Voting Preferred Stock is held by Phil Mulacek, one of the principals of the Fund, as the Fund&#8217;s designee (the &#8220;Initial
Holder&#8221;). Mr. Mulacek is also the Series A Co-Chairman.&nbsp; The Series A Voting Preferred Stock may be transferred only to certain
controlled affiliates of the Initial Holder (&#8220;Permitted Transferees&#8221;), and the voting rights of the Series A Voting Preferred
Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the &#8220;Series A Holders&#8221;) holding together
at least 3,000,000 shares of our outstanding common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Holders have effective control of our board of directors for so long as the voting rights of the Series A Voting Preferred Stock
remain in effect.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Supermajority
Vote for Amendments to Our Certificate of Incorporation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation provides that further amendments to the certificate of incorporation (other than to change our name or registered
agent and office and except as otherwise expressly provided for in our certificate of incorporation) require majority approval of our
entire board of directors and approval by the stockholders holding 80 percent of the common stock and preferred stock with applicable
voting rights voting together as a single class. The holders of our common stock, however, are not entitled to vote on any modification
or amendment of any certificate of designation if such certificate of designation grants or reserves that right to the holders of the
preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Certain
Fundamental Transactions Require a Supermajority Stockholder Vote</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws provide that the following actions must be approved by the stockholders holding 80 percent of our outstanding common stock and
preferred stock with applicable voting rights voting together as a single class:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    transaction in which any person becomes the beneficial owner of our securities representing 50 percent or more of the total voting
    power represented by our then outstanding voting securities;</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    merger or consolidation in which we are a party and in which our equity holders before such merger or consolidation do not retain
    at least a majority of the beneficial interest in the voting equity interests of the entity that survives or results from such merger
    or consolidation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    sale or disposition by us of all or substantially all of our assets, other than in the ordinary course of business; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
    to certain exceptions as described in the bylaws, any transaction to sell, transfer, assign, pledge, collateralize, encumber and/or
    otherwise leverage the assets of or any portion of our equity ownership of Empire New Mexico LLC, d/b/a Green Tree New Mexico, LLC
    and Green Tree New Mexico.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 -10pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Exclusive
Forum</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware
(or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall be the sole
and exclusive forum for:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    derivative action or proceeding brought on our behalf;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    action asserting a claim of breach of a fiduciary duty owed by any director, officer, stockholder, employee or agent to us or our
    stockholders;</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws; or</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    action asserting a claim governed by the internal affairs doctrine;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case, subject to the court having personal jurisdiction over the defendants.&nbsp; If any action the subject matter of which is
within the scope of this exclusive forum provision is filed in a court other than a court located with the State of Delaware (a &#8220;foreign
action&#8221;) in the name of any stockholder, such stockholder shall be deemed to have consented to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in such court
    to enforce this exclusive forum provision; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">having
    service of process made upon such stockholder in any such enforcement action by service upon such stockholder&#8217;s counsel in
    the foreign action as agent for such stockholder.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our bylaws provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock
is deemed to have notice of and consented to this exclusive forum provision. This exclusive forum provision is intended to apply to claims
arising under Delaware state law and is not intended to apply to claims arising under the Securities Act of 1933, as amended, or the
Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NYSE American stock exchange under the symbol &#8220;EP.&#8221;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer
Agent and Registrar</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
Transfer Corporation is transfer agent and registrar for our common stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>DESCRIPTION
OF DEPOSITARY SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, at our option, elect to have shares of preferred stock be represented by depositary shares.&nbsp;The shares of any series of the
preferred stock underlying the depositary shares will be deposited under a separate deposit agreement between us and a bank or trust
company selected by us as the depositary.&nbsp;Subject to the terms of the deposit agreement, each owner of a depositary share will be
entitled, in proportion to the applicable interest in the number of shares of preferred stock underlying such depositary share, to all
the rights and preferences of the preferred stock underlying such depositary share, including dividend, voting, redemption, conversion,
exchange and liquidation rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary shares will be evidenced by depositary receipts issued pursuant to the deposit agreement, each of which will represent the
applicable interest in a number of shares of a particular series of the preferred stock described in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise specified in this prospectus supplement, a holder of depositary shares is not entitled to receive the shares of preferred stock
underlying the depositary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividends
and Other Distributions </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary will distribute all cash dividends or other cash distributions received in respect of the preferred stock to the record holders
of depositary shares representing such preferred stock in proportion to the numbers of such depositary shares owned by such holders on
the relevant record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a distribution other than in cash, the depositary will distribute property received by it to the record holders of depositary
shares entitled thereto or the depositary may, with our approval, sell such property and distribute the net proceeds from such sale to
such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
of Depositary Shares </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
preferred stock underlying the depositary shares is subject to redemption, the depositary shares will be redeemed from the proceeds received
by the depositary resulting from the redemption, in whole or in part, of the preferred stock held by the depositary.&nbsp;The redemption
price per depositary share will be equal to the aggregate redemption price payable with respect to the number of shares of preferred
stock underlying the depositary shares.&nbsp;Whenever we redeem preferred stock from the depositary, the depositary will redeem as of
the same redemption date a proportionate number of depositary shares representing the shares of preferred stock that were redeemed.&nbsp;If
less than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by lot, pro rata or by
another equitable method as may be determined by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the date fixed for redemption, the depositary shares so called for redemption will no longer be deemed to be outstanding and all rights
of the holders of the depositary shares will cease, except the right to receive the redemption price payable upon such redemption.&nbsp;Any
funds deposited by us with the depositary for any depositary shares which the holders thereof fail to redeem shall be returned to us
after a period of two years from the date such funds are so deposited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
receipt of notice of any meeting or action in lieu of any meeting at which the holders of any shares of preferred stock underlying the
depositary shares are entitled to vote, the depositary will mail the information contained in such notice to the record holders of the
depositary shares relating to such preferred stock.&nbsp;Each record holder of such depositary shares on the record date (which will
be the same date as the record date for the preferred stock) will be entitled to instruct the depositary as to the exercise of the voting
rights pertaining to the number of shares of preferred stock underlying such holder&#8217;s depositary shares.&nbsp;The depositary will
endeavor, insofar as practicable, to vote the number of shares of preferred stock underlying such depositary shares in accordance with
such instructions, and we will agree to take all action which may be deemed necessary by the depositary in order to enable the depositary
to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
of the Depositary Agreement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may at any time be amended by
agreement between us and the depositary, provided, however, that any amendment which materially and adversely alters the rights of the
existing holders of depositary shares will not be effective unless such amendment has been approved by at least a majority of the depositary
shares then outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Charges
of Depositary </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will pay all transfer and other taxes and governmental charges that arise solely from the existence of the depositary arrangements.&nbsp;We
will pay charges of the depositary in connection with the initial deposit of the preferred stock and any exchange or redemption of the
preferred stock.&nbsp;Holders of depositary shares will pay all other transfer and other taxes and governmental charges, and, in addition,
such other charges as are expressly provided in the deposit agreement to be for their accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Miscellaneous
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
or at our option, the depositary, will forward to the holders of depositary shares all reports and communications from us which we are
required to furnish to the holders of preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the depositary nor we will be liable if either of us is prevented or delayed by law or any circumstances beyond our control in performing
our obligations under the deposit agreement.&nbsp;Our obligations and those of the depositary under the deposit agreement will be limited
to performance in good faith of our duties thereunder and we and the depositary will not be obligated to prosecute or defend any legal
proceeding in respect of any depositary share or preferred stock unless satisfactory indemnity has been furnished.&nbsp;We and the depositary
may rely upon written advice of counsel or accountants, or information provided by persons presenting preferred stock for deposit, holders
of depositary shares or other persons believed to be competent and on documents believed to be genuine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resignation
and Removal of Depositary; Termination of the Deposit Agreement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may resign at any time by delivering to us notice of its election to do so, and we may at any time remove the depositary,
any such resignation or removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment.&nbsp;Such
successor depositary will be appointed by us within 60 days after delivery of the notice of resignation or removal.&nbsp;The deposit
agreement may be terminated at our direction or by the depositary if a period of 90 days has expired after the depositary has delivered
to us written notice of its election to resign and a successor depositary has not been appointed.&nbsp;Upon termination of the deposit
agreement, the depositary will discontinue the transfer of depositary receipts, will suspend the distribution of dividends to the holders
thereof, and will not give any further notices (other than notice of such termination) or perform any further acts under the deposit
agreement except that the depositary will continue to deliver preferred stock certificates, together with such dividends and distributions
and the net proceeds of any sales of rights, preferences, privileges or other property in exchange for depositary receipts surrendered.&nbsp;Upon
our request, the depositary shall deliver all books, records, certificates evidencing preferred stock, depositary receipts and other
documents relating to the subject matter of the depositary agreement to us.</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_011"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>DESCRIPTION
OF WARRANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue warrants to purchase debt securities, preferred stock, common stock, depositary shares, purchase contracts or units that are
registered pursuant to the registration statement to which this prospectus relates. We may issue warrants independently or together with
other securities that are registered pursuant to the registration statement to which this prospectus relates. Warrants sold with other
securities may be attached to or separate from the other securities. We will issue each series of warrants under a separate warrant agreement
between us and a warrant agent that we will name in the prospectus supplement. We will describe additional terms of the warrants and
the applicable warrant agreements in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
warrants are offered, the prospectus supplement relating to a series of warrants will include the specific terms of the warrants, including:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            offering price;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            title of the warrants;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            aggregate number of warrants offered;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            dates or periods during which the warrants can be exercised;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            the warrants will be issued in individual certificates to holders or in the form of global
                                            securities held by a depositary on behalf of holders;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            designation and terms of any securities with which the warrants are issued;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the warrants are issued as a unit with another security, the date, if any, on and after which
                                            the warrants and the other security will be separately transferable;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or
                                            composite currency in which the exercise price is denominated;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            terms, procedures and limitations relating to the transferability, exchange or exercise of
                                            the warrants;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            special tax implications of the warrants or their exercise;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            antidilution provisions of the warrants;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            redemption or call provisions applicable to the warrants; and</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other terms of the warrants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfers
and Exchanges </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder will be able to exchange warrant certificates for new warrant certificates of different denominations, or to transfer warrants,
at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement.&nbsp;Prior to exercise,
holders of warrants will have none of the rights of holders of the underlying securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
will be able to exercise warrants up to 5:00 P.M. New York City time on the date set forth in the prospectus supplement as the expiration
date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
this time, unless we have extended the expiration date, the unexercised warrants will be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any restrictions and additional requirements that may be set forth in a prospectus supplement, holders of warrants may exercise them
by delivering to the warrant agent at its corporate trust office the following:</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrant
                                            certificates properly completed; and</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
                                            of the exercise price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
soon as practicable after the delivery, we will issue and deliver to the indicated holder the securities purchasable upon exercise.&nbsp;If
a holder does not exercise all the warrants represented by a particular certificate, we will also issue a new certificate for the remaining
number of warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Rights of Security Holder Prior to Exercise </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the exercise of their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon
the exercise of the warrants, and will not be entitled to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of warrants to purchase debt securities, payments of principal of, premium, if any,
                                            or interest, if any, on the debt securities purchasable upon exercise; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of warrants to purchase equity securities, the right to vote or to receive dividend
                                            payments or similar distributions on the securities purchasable upon exercise</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Enforceability
of Rights by Holders of Warrants </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
warrant agent will act solely as our agent under the relevant warrant agreement and will not assume any obligation or relationship
of agency or trust for any warrant holder.&nbsp;A single bank or trust company may act as warrant agent for more than one issue of
warrants.&nbsp;A warrant agent will have no duty or responsibility if we default in performing our obligations under the relevant
warrant agreement or warrant, including any duty or responsibility to initiate any legal proceedings or to make any demand upon
us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the warrant agents and any of our respective agents may treat the registered holder of any warrant certificate as the absolute owner
of the warrants evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching to the warrants
so requested, despite any notice to the contrary.</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="a_012"></A>DESCRIPTION
OF SUBSCRIPTION RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue subscription rights to purchase common stock, preferred stock, depositary shares, other securities described in this prospectus
or any combination thereof. These subscription rights may be issued independently or together with any other security offered by us and
may or may not be transferable by the securityholder receiving the subscription rights in such offering. In connection with any offering
of subscription rights, we may enter into a standby arrangement with one or more underwriters or other investors pursuant to which the
underwriters or other investors may be required to purchase any securities remaining unsubscribed for after such offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent appropriate, the applicable prospectus supplement will describe the specific terms of the subscription rights to purchase
shares of our securities offered thereby, including the following:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            date of determining the securityholders entitled to the subscription rights distribution;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            price, if any, for the subscription rights;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            exercise price payable for the common stock, preferred stock, depositary shares or other
                                            securities upon the exercise of the subscription right;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of subscription rights issued to each securityholder;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            amount of common stock, preferred stock, depositary shares or other securities that may be
                                            purchased per each subscription right;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            provisions for adjustment of the amount of securities receivable upon exercise of the subscription
                                            rights or of the exercise price of the subscription rights;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which the subscription rights are transferable;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            date on which the right to exercise the subscription rights shall commence, and the date
                                            on which the subscription rights shall expire;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent to which the subscription rights may include an over-subscription privilege with respect
                                            to unsubscribed securities;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            material terms of any standby underwriting or purchase arrangement entered into by us in
                                            connection with the offering of subscription rights;</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            applicable federal income tax considerations; and</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 24px"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other terms of the subscription rights, including the terms, procedures and limitations relating
                                            to the transferability, exchange and exercise of the subscription rights.</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_013"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>DESCRIPTION
OF PURCHASE CONTRACTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue purchase contracts obligating holders to purchase from us, and us to sell to the holders, a specified number, or amount, of
securities at a future date or dates.&nbsp;The purchase contracts may be issued separately or as part of units consisting of a purchase
contract and an underlying debt or preferred security covered by this prospectus, U.S. Treasury security or other U.S. government or
agency obligation.&nbsp;The holder of the unit may be required to pledge the debt, preferred security, U.S. Treasury security or other
U.S. government or agency obligation to secure its obligations under the purchase contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
purchase contracts are offered, the prospectus supplement will specify the material terms of the purchase contracts, the units and any
applicable pledge or depository arrangements, including one or more of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            stated amount that a holder will be obligated to pay under the purchase contract in order
                                            to purchase the underlying security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            settlement date or dates on which the holder will be obligated to purchase the underlying
                                            security and whether the occurrence of any events may cause the settlement date to occur
                                            on an earlier date and the terms on which any early settlement would occur;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            events, if any, that will cause our obligations and the obligations of the holder under the
                                            purchase contract to terminate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            settlement rate, which is a number that, when multiplied by the stated amount of a purchase
                                            contract, determines the number, or amount, of securities that we will be obligated to sell
                                            and a holder will be obligated to purchase under that purchase contract upon payment of the
                                            stated amount of that purchase contract;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                            the purchase contracts will be issued separately or as part of units consisting of a purchase
                                            contract and an underlying debt or preferred security with an aggregate principal amount
                                            or liquidation amount equal to the stated amount;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            type of security, if any, that is pledged by the holder to secure its obligations under a
                                            purchase contract;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            terms of the pledge arrangement relating to the security, including the terms on which distributions
                                            or payments of interest and principal on the security will be retained by a collateral agent,
                                            delivered to us or be distributed to the holder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            amount of the contract fee, if any, that may be payable by us to the holder or by the holder
                                            to us, the date or dates on which the contract fee will be payable and the extent to which
                                            we or the holder, as applicable, may defer payment of the contract fee on those payment dates.</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A NAME="a_014"></A><B>DESCRIPTION
OF UNITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
specified in the applicable prospectus supplement, we may issue units consisting of one or more shares of common stock, shares of preferred
stock, warrants, debt securities, subscription rights, purchase contracts or any combination of such securities, including guarantees
of non-convertible debt securities.&nbsp;The applicable prospectus supplement will describe:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            securities comprising the units, including whether and under what circumstances the securities
                                            comprising the units may be separately traded;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            terms and conditions applicable to the units, including a description of the terms of any
                                            applicable unit agreement governing the units; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            description of the provisions for the payment, settlement, transfer or exchange of the units.</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A NAME="a_015"></A><B>FOrmS
OF SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue the debt securities, warrants, purchase contracts and units of any series in the form of one or more fully registered global
securities that will be deposited with a depositary or with a nominee for a depositary and registered in the name of the depositary or
its nominee.&nbsp;In that case, one or more global securities will be issued in a denomination or aggregate denominations equal to the
portion of the aggregate principal or face amount of outstanding registered securities of the series to be represented by such global
securities.&nbsp;Unless and until the depositary exchanges a global security in whole for securities in definitive registered form, the
global security may not be transferred except as a whole by the depositary to a nominee of the depositary or by a nominee of the depositary
to the depositary or another nominee of the depositary or by the depositary or any of its nominees to a successor of the depositary or
a nominee of such successor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
specific terms of the depositary arrangement with respect to any portion of a series of securities to be represented by a global security
will be described in the prospectus supplement relating to such series.&nbsp;We anticipate that the following provisions will apply to
all depositary arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
of beneficial interests in a global security will be limited to persons that have accounts with the depositary for such global security
known as &#8220;participants&#8221; or persons that may hold interests through such participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the issuance of a global security, the depositary for such global security will credit, on its book-entry registration and transfer system,
the participants&#8217; accounts with the respective principal or face amounts of the securities represented by the global security beneficially
owned by the participants.&nbsp;The accounts to be credited shall be designated by any dealers, underwriters or agents participating
in the distribution of such securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
of beneficial interests in such global security will be shown on, and the transfer of such ownership interests will be effected only
through, records maintained by the depositary for such global security (with respect to interests of participants) and on the records
of participants (with respect to interests of persons holding through participants).&nbsp;The laws of some states may require that certain
purchasers of securities take physical delivery of such securities in definitive form.&nbsp;Such limits and such laws may impair the
ability to own, transfer or pledge beneficial interests in global securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">So
long as the depositary for a global security, or its nominee, is the registered owner of such global security, such depositary or such
nominee, as the case may be, will be considered the sole owner or holder of the securities represented by such global security for all
purposes under the applicable indenture, note purchase agreement, warrant agreement, purchase contract or unit agreement.&nbsp;Except
as set forth below, owners of beneficial interests in a global security will not be entitled to have the securities represented by such
global security registered in their names, will not receive or be entitled to receive physical delivery of such securities in definitive
form and will not be considered the owners or holders thereof under the applicable indenture, note purchase agreement, warrant agreement,
purchase contract or unit agreement.&nbsp;Accordingly, each person owning a beneficial interest in a global security must rely on the
procedures of the depositary for the global security and, if such person is not a participant, on the procedures of the participant through
which such person owns its interest, to exercise any rights of a holder under the applicable indenture, note purchase agreement, warrant
agreement, purchase contract or unit agreement.&nbsp;We understand that under existing industry practices, if we request any action of
holders or if an owner of a beneficial interest in a global security desires to give or take any action which a holder is entitled to
give or take under the applicable indenture, note purchase agreement, warrant agreement, purchase contract or unit agreement, the depositary
for such global security would authorize the participants holding the relevant beneficial interests to give or take such action, and
such participants would authorize beneficial owners owning through such participants to give or take such action or would otherwise act
upon the instructions of beneficial owners holding through them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal,
premium, if any, and interest payments on debt securities, and any payments to holders with respect to warrants, purchase contracts or
units represented by a global security registered in the name of a depositary or its nominee will be made to such depositary or its nominee,
as the case may be, as the registered owner of such global security.&nbsp;None of us, the trustees, the warrant agents, the unit agents
or any of our other agents, agent of the trustees or agent of the warrant agents or unit agents will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests in such global security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that the depositary for any securities represented by a global security, or its nominee, upon receipt of any payment of principal,
premium, interest or other distribution of underlying securities or commodities to holders in respect of such global security, will immediately
credit participants&#8217; accounts in amounts proportionate to their respective beneficial interests in such global security as shown
on the records of such depositary or its nominee.&nbsp;We also expect that payments by participants to owners of beneficial interests
in such global security held through such participants will be governed by standing customer instructions and customary practices, as
is now the case with the securities held for the accounts of customers in bearer form or registered in &#8220;street name,&#8221; and
will be the responsibility of such participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the depositary for any securities represented by a global security is at any time unwilling or unable to continue as depositary or ceases
to be a clearing agency registered under the Exchange Act, and we do not appoint a successor depositary registered as a clearing agency
under the Exchange Act within 90 days, we will issue such securities in definitive form in exchange for such global security.&nbsp;In
addition, we may at any time and in our sole discretion determine not to have any of the securities of a series represented by one or
more global securities and, in such event, will issue securities of such series in definitive form in exchange for all of the global
security or securities representing such securities.&nbsp;Any securities issued in definitive form in exchange for a global security
will be registered in such name or names as the depositary shall instruct the relevant trustee, warrant agent or other relevant agent
of ours.&nbsp;We expect that such instructions will be based upon directions received by the depositary from participants with respect
to ownership of beneficial interests in such global security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A NAME="a_016"></A><B>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell our securities from time to time through underwriters, dealers or agents or directly to purchasers, in one or more transactions
at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing
market prices or at negotiated prices.&nbsp;We may also sell our securities upon the exercise of subscription rights that may be distributed
to security holders.&nbsp;We may use these methods in any combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will describe the terms of the offering of the securities in a prospectus supplement, information incorporated by reference or any related
free writing prospectus, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            name or names of any underwriters, if any;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            purchase price of the securities and the proceeds we will receive from the sale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            underwriting discounts and other items constituting underwriters&#8217; compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            initial public offering price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            discounts or concessions allowed or reallowed or paid to dealers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            securities exchange or market on which the securities may be listed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
underwriters we name in the prospectus supplement, information incorporated by reference or any related free writing prospectus are underwriters
of the securities offered thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
distribution of securities may be effected, from time to time, in one or more transactions, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
                                            transactions (which may involve crosses) and transactions on the New York Stock Exchange
                                            or any other organized market where the securities may be traded;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its own account pursuant
                                            to a prospectus supplement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            brokerage transactions and transactions in which a broker-dealer solicits purchasers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            &#8220;at the market&#8221; to or through a market maker or into an existing trading market,
                                            on an exchange or otherwise; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            in other ways not involving market makers or established trading markets, including direct
                                            sales to purchasers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Underwriters </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may use an underwriter or underwriters in the offer or sale of our securities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we use an underwriter or underwriters, the offered securities will be acquired by the underwriters
                                            for their own account.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            will include the names of the specific managing underwriter or underwriters, as well as any
                                            other underwriters, and the terms of the transactions, including the compensation the underwriters
                                            and dealers will receive, in the prospectus supplement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            underwriters will use this prospectus and the prospectus supplement to sell our securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also sell securities pursuant to one or more standby agreements with one or more underwriters in connection with the call, redemption
or exchange of a specified class or series of any of our outstanding securities.&nbsp;In a standby agreement, the underwriter or underwriters
would agree either:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            purchase from us up to the number of shares of common stock that would be issuable upon conversion
                                            or exchange of all the shares of the class or series of our securities at an agreed price
                                            per share of common stock; or</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; text-align: justify; margin: 4.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            purchase from us up to a specified dollar amount of offered securities at an agreed price
                                            per offered security, which price may be fixed or may be established by formula or other
                                            method and which may or may not relate to market prices of our common stock or any other
                                            outstanding security.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter or underwriters would also agree, if applicable, to convert or exchange any securities of the class or series held or purchased
by the underwriter or underwriters into or for our common stock or other security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter or underwriters may assist in the solicitation of conversions or exchanges by holders of the class or series of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Dealers </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may use a dealer to sell our securities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we use a dealer, we, as principal, will sell our securities to the dealer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            dealer will then resell our securities to the public at varying prices that the dealer will
                                            determine at the time it sells our securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            will include the name of the dealer and the terms of our transactions with the dealer in
                                            the prospectus supplement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Agents </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may designate agents to solicit offers to purchase our securities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            will name any agent involved in offering or selling our securities and any commissions that
                                            we will pay to the agent in the prospectus supplement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                            we indicate otherwise in the prospectus supplement, our agents will act on a best efforts
                                            basis for the period of their appointment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            agents may be deemed to be underwriters under the Securities Act of any of our securities
                                            that they offer or sell.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By
Delayed Delivery Contracts </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may authorize our agents and underwriters to solicit offers by certain institutions to purchase our securities at the public offering
price under delayed delivery contracts.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            we use delayed delivery contracts, we will disclose that we are using them in the prospectus
                                            supplement and will tell you when we will demand payment and delivery of the securities under
                                            the delayed delivery contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                            delayed delivery contracts will be subject only to the conditions that we set forth in the
                                            prospectus supplement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 24.45pt"></TD><TD STYLE="text-align: justify; width: 24.5pt"></FONT> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            will indicate in the prospectus supplement the commission that underwriters and agents soliciting
                                            purchases of our securities under delayed delivery contracts will be entitled to receive.</FONT></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; text-align: justify; margin: 13.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Direct
Sales </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may directly solicit offers to purchase our securities, and we may directly sell our securities to institutional or other investors,
including our affiliates.&nbsp;We will describe the terms of our direct sales in the prospectus supplement.&nbsp;We may also sell our
securities upon the exercise of rights which we may issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
Information </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 6pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters,
dealers and agents that participate in the distribution of our securities may be underwriters as defined in the Securities Act, and any
discounts or commissions they receive and any profit they make on the resale of the offered securities may be treated as underwriting
discounts and commissions under the Securities Act.&nbsp;Any underwriters or agents will be identified and their compensation described
in a prospectus supplement.&nbsp;We may indemnify agents, underwriters and dealers against certain civil liabilities, including liabilities
under the Securities Act, or make contributions to payments they may be required to make relating to those liabilities.&nbsp;Our agents,
underwriters and dealers, or their affiliates, may be customers of, engage in transactions with or perform services for us in the ordinary
course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
series of securities offered by this prospectus (other than common stock) may be a new issue of securities with no established trading
market.&nbsp;Any underwriters to whom securities offered by this prospectus are sold by us for public offering and sale may make a market
in the securities offered by this prospectus, but the underwriters will not be obligated to do so and may discontinue any market making
at any time without notice.&nbsp;No assurance can be given as to the liquidity of the trading market for any securities offered by this
prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representatives
of the underwriters through whom our securities are sold for public offering and sale may engage in over-allotment, stabilizing transactions,
syndicate short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act.&nbsp;Over-allotment involves
syndicate sales in excess of the offering size, which creates a syndicate short position.&nbsp;Stabilizing transactions permit bids to
purchase the offered securities so long as the stabilizing bids do not exceed a specified maximum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Syndicate
covering transactions involve purchases of the offered securities in the open market after the distribution has been completed in order
to cover syndicate short positions.&nbsp;Penalty bids permit the representative of the underwriters to reclaim a selling concession from
a syndicate member when the offered securities originally sold by such syndicate member are purchased in a syndicate covering transaction
to cover syndicate short positions.&nbsp;Such stabilizing transactions, syndicate covering transactions and penalty bids may cause the
price of the offered securities to be higher than it would otherwise be in the absence of such transactions.&nbsp;These transactions
may be effected on a national securities exchange and, if commenced, may be discontinued at any time.&nbsp;Underwriters, dealers and
agents may be customers of, engage in transactions with or perform services for, us and our subsidiaries in the ordinary course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_017"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters in connection with the securities offered hereby will be passed on for us by Porter Hedges LLP, Houston, Texas.&nbsp; Any
underwriters will be advised about other issues relating to any offering by their own legal counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><A NAME="a_018"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
audited financial statements as of and for the year ended December 31, 2022, incorporated by reference in this prospectus and elsewhere
in the registration statement have been so incorporated by reference in reliance upon the report of Grant Thornton LLP, independent
registered public accountants, upon the authority of said firm as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated financial statements of Empire Petroleum Corporation (the &ldquo;Company&rdquo;) as December 31, 2021 and for the year then
ended, incorporated in this prospectus by reference from the Annual Report on Form 10-K of the Company for the year ended December 31,
2022, have been audited by Moss Adams LLP, an independent registered public accounting firm, as stated in their report, which is incorporated
herein by reference. Such consolidated financial statements are incorporated by reference in reliance upon the report of such firm given
their authority as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information included herein regarding estimated quantities of proved reserves of the Company, the future net revenues from those reserves
and their present value as of December 31, 2022 and 2021, are based on the proved reserves report prepared by&nbsp;Cawley, Gillespie
&amp; Associates, Inc. These estimates are included herein in reliance upon the authority of such firm as an expert in these matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>



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

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

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 97px; width: 209px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscription
Rights to Purchase Up to 4,132,232<BR>
Shares of Common Stock at $6.05 Per Share</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>PROSPECTUS
SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT>&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>March 7,
2024</B></FONT></P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
