<SEC-DOCUMENT>0001104659-22-092774.txt : 20220819
<SEC-HEADER>0001104659-22-092774.hdr.sgml : 20220819
<ACCEPTANCE-DATETIME>20220819070538
ACCESSION NUMBER:		0001104659-22-092774
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220819
DATE AS OF CHANGE:		20220819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KVH INDUSTRIES INC \DE\
		CENTRAL INDEX KEY:			0001007587
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				050420589
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35843
		FILM NUMBER:		221178927

	BUSINESS ADDRESS:	
		STREET 1:		50 ENTERPRISE CENTER
		CITY:			MIDDLETOWN
		STATE:			RI
		ZIP:			02842
		BUSINESS PHONE:		4018473327

	MAIL ADDRESS:	
		STREET 1:		50 ENTERPRISE CENTER
		CITY:			MIDDLETOWN
		STATE:			RI
		ZIP:			02842
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>tm2223782d1_8a12b.htm
<DESCRIPTION>8-A12B
<TEXT>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; 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="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C.&nbsp;20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-A</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR 12(g)&nbsp;OF
THE</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>KVH Industries,&nbsp;Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>05-0420589</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State of incorporation</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>50 Enterprise Center</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Middletown, RI&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>02842</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities to be registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>on which each</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to be so registered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>class is to be registered</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred Stock Purchase Rights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Nasdaq Stock Market LLC</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this form relates to the registration of a class of securities pursuant
to Section&nbsp;12(b)&nbsp;of the Exchange Act and is effective pursuant to General Instruction A.(c), check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form relates to the registration of a class of securities pursuant to Section&nbsp;12(g)&nbsp;of the Exchange Act and is effective
pursuant to General Instruction A.(d), check the following box.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; color: #0070c0"></FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form relates to the registration of a class of securities concurrently with a Regulation A offering, check the following box.&nbsp;</FONT><FONT STYLE="font-family: Wingdings; color: #0070c0"></FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities Act registration statement file number to which this form
relates: Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities to be registered pursuant to Section&nbsp;12(g)&nbsp;of
the Act:&nbsp; None.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1.</B></FONT>&nbsp; <B>Description of Registrant&rsquo;s Securities to be Registered.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;18, 2022, the Board of Directors
of <FONT STYLE="background-color: white">KVH Industries,&nbsp;Inc.</FONT> (the &ldquo;Company&rdquo;) adopted a stockholder rights plan,
as set forth in the Stockholder Rights Agreement, dated August&nbsp;18, 2022, between the Company and Computershare Trust Company, N.A.,
as Rights Agent (the &ldquo;Rights Agreement&rdquo;). The following description of the terms of the Rights Agreement does not purport
to be complete and is qualified in its entirety by reference to the Rights Agreement, which is attached hereto as Exhibit&nbsp;4.1 and
is incorporated herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the Rights Agreement,
the Board of Directors declared a dividend distribution of one Preferred Stock Purchase Right (a &ldquo;Right&rdquo;) for each outstanding
share of common stock, par value $0.01 per share, of the Company (the &ldquo;Common Stock&rdquo;), to stockholders of record as of the
close of business on August&nbsp;29, 2022 (the &ldquo;Record Date&rdquo;). In addition, one Right will automatically attach to each share
of Common Stock issued between the Record Date and the earlier of the Distribution Date (as defined below) and the expiration date of
the Rights. Each Right entitles the registered holder thereof to purchase from the Company a unit consisting of one ten-thousandth of
a share (a &ldquo;Unit&rdquo;) of Series&nbsp;A Junior Participating Cumulative Preferred Stock, par value $0.01 per share, of the Company
(the &ldquo;Preferred Stock&rdquo;) at a cash exercise price of $48.00 per Unit (the &ldquo;Exercise Price&rdquo;), subject to adjustment,
under certain conditions specified in the Rights Agreement and summarized below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Initially, the Rights are not exercisable and are
attached to and trade with all shares of Common Stock outstanding as of, and issued subsequent to, the Record Date. The Rights will separate
from the Common Stock and will become exercisable upon the earlier of (i)&nbsp;the close of business on the tenth calendar day following
the first public announcement that a person or group of affiliated or associated persons (an &ldquo;Acquiring Person&rdquo;) has acquired
beneficial ownership of 15% or more of the outstanding shares of Common Stock, other than as a result of repurchases of stock by the Company
or certain inadvertent actions by a stockholder (the date of such announcement being referred to as the &ldquo;Stock Acquisition Date&rdquo;),
or (ii)&nbsp;the close of business on the tenth business day (or such later day as the Board of Directors may determine) following the
commencement of a tender offer or exchange offer that could result upon its consummation in a person or group becoming an Acquiring Person
(the earlier of such dates being herein referred to as the &ldquo;Distribution Date&rdquo;). A person or group who beneficially owned
15% or more of the Company&rsquo;s outstanding Common Stock prior to the first public announcement by the Company of the adoption of the
Rights Agreement will not trigger the Rights Agreement so long as they do not acquire beneficial ownership of any additional shares of
Common Stock at a time when they still beneficially own 15% or more of such Common Stock, subject to certain exceptions as set forth in
the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of the Rights Agreement, beneficial
ownership is defined to include ownership of securities that are subject to a derivative transaction and acquired derivative securities.&nbsp;Swaps
dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial
ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until the Distribution Date (or earlier redemption,
exchange or expiration of the Rights), (i)&nbsp;the Rights will be evidenced by the Common Stock certificates (or, with respect to any
uncertificated shares of Common Stock registered in book entry form (&ldquo;Book Entry Shares&rdquo;), by notation in book entry) and
will be transferred with and only with such shares of Common Stock, (ii)&nbsp;new Common Stock certificates or Book Entry Shares issued
after the Record Date will contain a notation incorporating the Rights Agreement by reference, and (iii)&nbsp;the surrender for transfer
of any certificates for Common Stock or Book Entry Shares will also constitute the transfer of the Rights associated with the Common Stock
represented thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As soon as practicable after the Distribution Date,
one or more certificates evidencing Rights (the &ldquo;Right Certificates&rdquo;) will be mailed to holders of record of Common Stock
as of the close of business on the Distribution Date and, thereafter, the separate Right Certificates alone will represent the Rights.
Except as otherwise determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution Date will be issued
with Rights.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a Stock Acquisition Date occurs,
proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights
shall become null and void) will thereafter have the right to receive upon exercise, in lieu of a number of shares of Preferred Stock,
that number of shares of Common Stock of the Company (or, in certain circumstances, including if there are insufficient shares of Common
Stock to permit the exercise in full of the Rights, Units of Preferred Stock, other securities, cash or property, or any combination of
the foregoing) having a market value of two times the Exercise Price of the Right (such right being referred to as the &ldquo;Subscription
Right&rdquo;). In the event that, at any time following the Stock Acquisition Date, (i)&nbsp;the Company consolidates with, or merges
with and into, any other person, and the Company is not the continuing or surviving corporation, (ii)&nbsp;any person consolidates with
the Company, or merges with and into the Company and the Company is the continuing or surviving corporation of such merger and, in connection
with such merger, all or part of the shares of Common Stock are changed into or exchanged for stock or other securities of any other person
or cash or any other property, or (iii)&nbsp;50% or more of the Company&rsquo;s assets or earning power is sold, mortgaged or otherwise
transferred, each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights shall become null and
void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value equal to two
times the Exercise Price of the Right (such right being referred to as the &ldquo;Merger Right&rdquo;). The holder of a Right will continue
to have the Merger Right whether or not such holder has exercised the Subscription Right. Rights that are or were beneficially owned by
an Acquiring Person may (under certain circumstances specified in the Rights Agreement) become null and void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until a Right is exercised, the holder will have
no rights as a stockholder of the Company (beyond those as an existing stockholder), including the right to vote or to receive dividends.
While the distribution of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the circumstances,
recognize taxable income in the event that the Rights become exercisable for shares of Common Stock, other securities of the Company,
other consideration or for common stock of an acquiring company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after a person becomes an Acquiring
Person, the Board of Directors may, at its option, exchange all or any part of the then outstanding and exercisable Rights for shares
of Common Stock at an exchange ratio of one share of Common Stock for each Right, subject to adjustment as specified in the Rights Agreement.
Notwithstanding the foregoing, the Board of Directors generally will not be empowered to effect such exchange at any time after any person
becomes the beneficial owner of 50% or more of the Common Stock of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Exercise Price payable, and the number of shares
of Common Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent
dilution (i)&nbsp;in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock, (ii)&nbsp;if
holders of the Preferred Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible securities at less
than the current market price of the Preferred Stock, or (iii)&nbsp;upon the distribution to holders of the Preferred Stock of evidences
of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred
to above).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With certain exceptions, no adjustment in the Exercise
Price will be required until cumulative adjustments amount to at least 1% of the Exercise Price. The Company is not obligated to issue
fractional shares. If the Company elects not to issue fractional shares, in lieu thereof an adjustment in cash will be made based on the
fair market value of the Preferred Stock on the last trading date prior to the date of exercise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights may be redeemed in whole, but not
in part, at a price of $0.0001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board of
Directors) by the Board of Directors only until the earlier of (i)&nbsp;the time at which any person becomes an Acquiring Person or
(ii)&nbsp;the expiration date of the Rights Agreement. Immediately upon the action of the Board of Directors ordering redemption of
the Rights, the Rights will terminate and thereafter the only right of the holders of Rights will be to receive the redemption
price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights Agreement may be amended by the Board
of Directors in its sole discretion at any time prior to the time at which any person becomes an Acquiring Person. After such time the
Board of Directors may, subject to certain limitations set forth in the Rights Agreement, amend the Rights Agreement only to cure any
ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes that do not adversely affect the interests
of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights are not exercisable until the Distribution
Date and will expire at the close of business on August&nbsp;18, 2023; provided that if the Company&rsquo;s stockholders have not ratified
the Rights Agreement by the close of business on the first day after the Company&rsquo;s 2023 annual meeting of stockholders (including
any adjournments or postponement thereof), the Rights will expire at such time, in each case, unless previously redeemed or exchanged
by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights Agreement provides the holders of the
Common Stock with the ability to exempt an offer to acquire, or engage in another business combination transaction involving, the Company
that is deemed a &ldquo;Qualifying Offer&rdquo; (as defined in the Rights Agreement) from the terms of the Rights Agreement. A Qualifying
Offer is, in summary, an offer determined by a majority of the independent members of the Board to have specific characteristics that
are generally intended to preclude offers that are coercive, abusive or highly contingent. Among those characteristics are that it be:
(i)&nbsp;a fully financed all-cash tender offer or an exchange offer offering shares of common stock of the offeror, or a combination
thereof, for any and all of the Common Stock; and (ii)&nbsp;an offer that is otherwise in the best interests of the Company&rsquo;s stockholders.
The Rights Agreement provides additional characteristics necessary for an acquisition offer to be deemed a &ldquo;Qualifying Offer,&rdquo;
including if the consideration offered in a proposed transaction is stock of the acquiror.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Rights Agreement, if the Company
receives a Qualifying Offer and the Board has not redeemed the outstanding Rights or exempted such Qualifying Offer from the terms of
the Rights Agreement or called a special meeting of stockholders (the &ldquo;Special Meeting&rdquo;) for the purpose of voting on whether
to exempt such Qualifying Offer from the terms of the Rights Agreement, in each case by the end of the 90 business day period following
the commencement of such Qualifying Offer, provided such offer remains a Qualifying Offer during such period, the holders of 10% of the
Common Stock may request that the Board call a Special Meeting to vote on a resolution authorizing the exemption of the Qualifying Offer
from the terms of the Rights Agreement. If such a Special Meeting is not held by the 90th business day following the receipt of such a
request from stockholders to call a Special Meeting, the Qualifying Offer will be deemed exempt from the terms of the Rights Agreement
on the 10th business day thereafter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Certificate of Designations establishing the
Preferred Stock and the form of Right Certificate are attached as Exhibits A and B, respectively, to the Rights Agreement (which is included
as an exhibit to this Form&nbsp;8-A). The foregoing description of the Rights does not purport to be complete and is qualified in its
entirety by reference to the Rights Agreement, which is incorporated herein by reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2223782d1_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2223782d1_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designations of Series&nbsp;A Junior Participating Cumulative Preferred Stock of <FONT>KVH Industries,&nbsp;Inc.</FONT> classifying and designating the Series&nbsp;A Junior Participating Cumulative Preferred Stock</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2223782d1_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2223782d1_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholder Rights Agreement, dated as of August&nbsp;18, 2022, between <FONT>KVH Industries,&nbsp;Inc.</FONT> and Computershare Trust Company, N.A., as Rights Agent</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of Section&nbsp;12
of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KVH Industries,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>August&nbsp;19, 2022&nbsp;
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Brent Bruun</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 47%">Brent Bruun</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">President and Chief Executive Officer</TD></TR>
  </TABLE>

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

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

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2223782d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KVH INDUSTRIES,&nbsp;INC. a corporation organized
and existing under the General Corporation Law of the State of Delaware (the &ldquo;<U>Corporation</U>&rdquo;), in accordance with the
provisions of Section&nbsp;103 thereof,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the authority conferred upon the Board
of Directors by the Corporation&rsquo;s Amended and Restated Certificate of Incorporation (the &ldquo;<U>Certificate of Incorporation</U>&rdquo;),
and Section&nbsp;151(g)&nbsp;of the General Corporation Law of the State of Delaware, on August&nbsp;18, 2022 the Board of Directors
adopted the following resolution determining it desirable and in the best interests of the Corporation and its stockholders for the Corporation
to create a series of 3,000 shares of preferred stock designated as &ldquo;Series&nbsp;A Junior Participating Cumulative Preferred Stock&rdquo;:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESOLVED, that pursuant to the authority vested
in the Board of Directors of this Corporation, in accordance with the provisions of the Certificate of Incorporation, a series of preferred
stock, par value $0.01 per share, of the Corporation be and hereby is created, and that the designation and number of shares thereof and
the voting and other powers, preferences and relative, participating, optional or other rights of the shares of such series and the qualifications,
limitations and restrictions thereof are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Series&nbsp;A Junior Participating Cumulative Preferred
Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.</FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Designation
and Amount</U>. There shall be a series of preferred stock that shall be designated as &ldquo;Series&nbsp;A Junior Participating Cumulative
Preferred Stock&rdquo; (the &ldquo;<U>Series&nbsp;A Preferred Stock</U>&rdquo;), and the number of shares initially constituting such
series shall be 3,000; <U>provided</U>, <U>however</U>, that if more than a total of 3,000 shares of Series&nbsp;A Preferred Stock
shall be issuable upon the exercise of Rights (the &ldquo;<U>Rights</U>&rdquo;) issued pursuant to the Stockholder Rights Agreement dated
as of August&nbsp;18, 2022, between the Corporation and Computershare Trust Company, N.A., as Rights Agent (the &ldquo;<U>Rights Agreement</U>&rdquo;),
the Board of Directors of the Corporation, pursuant to Section&nbsp;151(g)&nbsp;of the General Corporation Law of the State of Delaware,
may direct by resolution or resolutions that a certificate be properly executed, acknowledged, filed and recorded, in accordance with
the provisions of Section&nbsp;103 thereof, providing for the total number of shares of Series&nbsp;A Preferred Stock authorized to be
issued to be increased (to the extent that the Certificate of Incorporation then permits) to the largest number of whole shares (rounded
up to the nearest whole number) issuable upon exercise of such Rights.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.</FONT> <FONT STYLE="font-size: 10pt">&#8239;&#8239;Dividends
and Distributions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the rights of the holders of any shares of any class or series of preferred stock (or any similar stock) ranking prior and superior
to the Series&nbsp;A Preferred Stock with respect to dividends, the holders of shares of Series&nbsp;A Preferred Stock, in preference
to the holders of shares of Common Stock and of any other class or series of stock ranking junior to the Series&nbsp;A Preferred Stock,
shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly
dividends payable in cash on the first day of March, June, September&nbsp;and December&nbsp;in each year (each such date being referred
to herein as a &ldquo;<U>Quarterly Dividend Payment Date</U>&rdquo;), commencing on the first Quarterly Dividend Payment Date after the
first issuance of a share or fraction of a share of Series&nbsp;A Preferred Stock, in an amount per share (rounded to the nearest cent)
equal to the greater of (a)&nbsp;$1.00 or (b)&nbsp;subject to the provisions for adjustment hereinafter set forth, 10,000 times the aggregate
per share amount of all cash dividends, and 10,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or
other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock
(by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or,
with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series&nbsp;A
Preferred Stock. The multiple of cash and non-cash dividends declared on the Common Stock to which holders of the Series&nbsp;A Preferred
Stock are entitled, which shall be 10,000 initially but which shall be adjusted from time to time as hereinafter provided, is hereinafter
referred to as the &ldquo;<U>Dividend Multiple</U>.&rdquo; In the event the Corporation shall at any time after August&nbsp;18, 2022
(the &ldquo;<U>Rights Declaration Date</U>&rdquo;) (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock,
or (ii)&nbsp;effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the Dividend Multiple thereafter applicable to the determination of the amount of dividends which holders of shares of Series&nbsp;A
Preferred Stock shall be entitled to receive shall be the Dividend Multiple applicable immediately prior to such event multiplied by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator
of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything else contained in this paragraph (A), the Corporation shall, out of funds legally available for that purpose, declare a dividend
or distribution on the Series&nbsp;A Preferred Stock as provided in this paragraph (A)&nbsp;immediately after it declares a dividend or
distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend or
distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent
Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series&nbsp;A Preferred Stock shall nevertheless be payable on such
subsequent Quarterly Dividend Payment Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dividends
shall begin to accrue and be cumulative on outstanding shares of Series&nbsp;A Preferred Stock from the Quarterly Dividend Payment Date
next preceding the date of issue of such shares of Series&nbsp;A Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination
of holders of shares of Series&nbsp;A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment
Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued
but unpaid dividends shall not bear interest. Dividends paid on the shares of Series&nbsp;A Preferred Stock in an amount less than the
total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among
all such shares at the time outstanding. The Board of Directors may fix in accordance with applicable law a record date for the determination
of holders of shares of Series&nbsp;A Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which
record date shall be not more than such number of days prior to the date fixed for the payment thereof as may be allowed by applicable
law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.&#8239;&#8239;<U>Voting Rights</U>. In addition
to any other voting rights required by law, the holders of shares of Series&nbsp;A Preferred Stock shall have the following voting rights:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provision for adjustment hereinafter set forth, each share of Series&nbsp;A Preferred Stock shall entitle the holder thereof to
10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. The number of votes which a holder of a share
of Series&nbsp;A Preferred Stock is entitled to cast, which shall initially be 10,000 but which may be adjusted from time to time as hereinafter
provided, is hereinafter referred to as the &ldquo;<U>Vote Multiple</U>.&rdquo; In the event the Corporation shall at any time after the
Rights Declaration Date (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect a
subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment
of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the Vote Multiple
thereafter applicable to the determination of the number of votes per share to which holders of shares of Series&nbsp;A Preferred Stock
shall be entitled shall be the Vote Multiple immediately prior to such event multiplied by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock
that were outstanding immediately prior to such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise provided herein or by law, the holders of shares of Series&nbsp;A Preferred Stock and the holders of shares of Common Stock
and the holders of shares of any other capital stock of this Corporation having general voting rights, shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever,
at any time or times, dividends payable on any shares of Series&nbsp;A Preferred Stock shall be in arrears in an amount equal to at least
six full quarterly dividends (whether or not declared and whether or not consecutive), the holders of record of the outstanding shares
of Series&nbsp;A Preferred Stock shall have the exclusive right, voting separately as a single class, to elect two directors of the Corporation
at a special meeting of stockholders of the Corporation or at the Corporation&rsquo;s next annual meeting of stockholders, and at each
subsequent annual meeting of stockholders, as provided below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the vesting of such right of the holders of shares of Series&nbsp;A Preferred Stock, the maximum authorized number of members of the Board
of Directors shall automatically be increased by two and the two vacancies so created shall be filled by vote of the holders of the outstanding
shares of Series&nbsp;A Preferred Stock as hereinafter set forth. A special meeting of the stockholders of the Corporation then entitled
to vote shall be called by the Chair of the Board of Directors or the President of the Corporation, if requested in writing by the holders
of record of not less than 5% of the shares of Series&nbsp;A Preferred Stock then outstanding. At such special meeting, or, if no such
special meeting shall have been called, then at the next annual meeting of stockholders of the Corporation, the holders of the shares
of Series&nbsp;A Preferred Stock shall elect, voting as above provided, two directors of the Corporation to fill the aforesaid vacancies
created by the automatic increase in the number of members of the Board of Directors. At any and all such meetings for such election,
the holders of a majority of the outstanding shares of Series&nbsp;A Preferred Stock shall be necessary to constitute a quorum for such
election, whether present in person or proxy, and such two directors shall be elected by the vote of at least a majority of the shares
of Series&nbsp;A Preferred Stock held by such stockholders present or represented at the meeting, the holders of Series&nbsp;A Preferred
Stock being entitled to cast a number of votes per share of Series&nbsp;A Preferred Stock as is specified in paragraph (A)&nbsp;of this
Section&nbsp;3. Each such additional director shall not be a member of a class of the Board of Directors of the Corporation (if any),
but shall serve until the next annual meeting of stockholders for the election of directors, or until his successor shall be elected and
shall qualify, or until his right to hold such office terminates pursuant to the provisions of this Section&nbsp;3(C). Any director elected
by holders of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;may be removed at any annual or special
meeting, by vote of a majority of the stockholders voting as a class who elected such director, with or without cause. In case any vacancy
shall occur among the directors elected by the holders of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C),
such vacancy may be filled by the remaining director so elected, or his successor then in office, and the director so elected to fill
such vacancy shall serve until the next meeting of stockholders for the election of directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
right of the holders of shares of Series&nbsp;A Preferred Stock, voting separately as a class, to elect two members of the Board of Directors
of the Corporation as aforesaid shall continue until, and only until, such time as all arrears in dividends (whether or not declared)
on the Series&nbsp;A Preferred Stock shall have been paid or declared and set apart for payment, at which time such right shall terminate,
except as herein or by law expressly provided subject to revesting in the event of each and every subsequent default of the character
above-mentioned. Upon any termination of the right of the holders of the Series&nbsp;A Preferred Stock as a class to vote for directors
as herein provided, the term of office of all directors then in office elected by the holders of shares of Series&nbsp;A Preferred Stock
pursuant to this Section&nbsp;3(C)&nbsp;shall terminate immediately. Whenever the term of office of the directors elected by the holders
of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;shall terminate and the special voting powers vested
in the holders of the Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;shall have expired, the maximum number of
members of the Board of Directors of the Corporation shall be such number as may be provided for in the By-Laws of the Corporation, irrespective
of any increase made pursuant to the provisions of this Section&nbsp;3(C). The voting rights granted by this Section&nbsp;3(C)&nbsp;shall
be in addition to any other voting rights granted to the holders of the Series&nbsp;A Preferred Stock in this Section&nbsp;3.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise required by applicable law or as set forth herein, holders of Series&nbsp;A Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth
herein) for taking any corporate action.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4. &#8239;Certain Restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
dividends or distributions payable on the Series&nbsp;A Preferred Stock as provided in Section&nbsp;2 are in arrears, thereafter and until
all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series&nbsp;A Preferred Stock outstanding shall
have been paid in full, the Corporation shall not:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series&nbsp;A Preferred Stock;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">declare
or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series&nbsp;A Preferred Stock, except dividends paid ratably on the Series&nbsp;A Preferred Stock
and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">except
as permitted in subsection 4(A)(iv)&nbsp;below, redeem, purchase or otherwise acquire for consideration shares of any stock ranking on
a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series&nbsp;A Preferred Stock, provided that
the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock
of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series&nbsp;A Preferred
Stock; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">purchase
or otherwise acquire for consideration any shares of Series&nbsp;A Preferred Stock, or any shares of any stock ranking on a parity (either
as to dividends or upon liquidation, dissolution or winding up) with the Series&nbsp;A Preferred Stock, except in accordance with a purchase
offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the
Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective
series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under subsection (A)&nbsp;of this Section&nbsp;4, purchase or otherwise acquire such
shares at such time and in such manner.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5. &#8239;<U>Reacquired Shares</U>. Any shares
of Series&nbsp;A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired promptly
after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued shares of preferred stock and
may be reissued as part of a new series of preferred stock to be created by resolution or resolutions of the Board of Directors, subject
to the conditions and restrictions on issuance set forth herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.&#8239; <U>Liquidation, Dissolution or
Winding Up</U>. Upon any liquidation, dissolution or winding up of the Corporation (voluntary or otherwise), no distribution shall be
made (x)&nbsp;to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series&nbsp;A Preferred Stock unless, prior thereto, the holders of shares of Series&nbsp;A Preferred Stock shall have received
an amount (the &ldquo;<U>Series&nbsp;A Liquidation Preference</U>&rdquo;) equal to accrued and unpaid dividends and distributions thereon,
whether or not declared, to the date of such payment, plus an amount equal to the greater of (1)&nbsp;$10,000.00 per share or (2)&nbsp;an
aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10,000 times the aggregate amount
of all cash or other property to be distributed per share to holders of Common Stock upon such liquidation, dissolution or winding up
of the Corporation, or (y)&nbsp;to the holders of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or
winding up) with the Series&nbsp;A Preferred Stock, except distributions made ratably on the Series&nbsp;A Preferred Stock and all other
such parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event the Corporation shall at any time after the Rights Declaration Date (i)&nbsp;declare or pay any dividend on
Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect a subdivision or combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common Stock, then in each such case the aggregate amount per share to which holders of shares of Series&nbsp;A Preferred
Stock were entitled immediately prior to such event under clause (x)&nbsp;of the preceding sentence shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event, however, that there are not sufficient
assets available to permit payment in full of the Series&nbsp;A Liquidation Preference and the liquidation preferences of all other classes
and series of stock of the Corporation, if any, that rank on a parity with the Series&nbsp;A Preferred Stock in respect thereof, then
the assets available for such distribution shall be distributed ratably to the holders of the Series&nbsp;A Preferred Stock and the holders
of such parity shares in proportion to their respective liquidation preferences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the consolidation of nor merging of the
Corporation with or into any other corporation or corporations, nor the sale or other transfer of all or substantially all of the assets
of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section&nbsp;6.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7. &#8239;&#8239;<U>Consolidation, Merger,&nbsp;etc</U>.
In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding shares of
Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share
of Series&nbsp;A Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to the provision
for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or any other property
(payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged, plus accrued and unpaid
dividends, if any, payable with respect to the Series&nbsp;A Preferred Stock. In the event the Corporation shall at any time after the
Rights Declaration Date (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect a
subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment
of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount
set forth in the preceding sentence with respect to the exchange or change of shares of Series&nbsp;A Preferred Stock shall be adjusted
by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after
such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8. &#8239;<U>Redemption</U>. The shares of
Series&nbsp;A Preferred Stock shall not be redeemable; <U>provided</U>, <U>however</U>, that the foregoing shall not limit the ability
of the Corporation to purchase or otherwise deal in such shares to the extent otherwise permitted hereby and by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;9.&#8239;&#8239; <U>Ranking</U>. Unless otherwise
expressly provided in the Certificate of Incorporation or a Certificate of Designations relating to any other series of preferred stock
of the Corporation, the Series&nbsp;A Preferred Stock shall rank junior to every other series of the Corporation&rsquo;s preferred stock
previously or hereafter authorized, as to the payment of dividends and the distribution of assets on liquidation, dissolution or winding
up and shall rank senior to the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;10. &#8239;<U>Fractional Shares</U>. Series&nbsp;A
Preferred Stock may be issued in whole shares or in any fraction of a share that is one ten-thousandth (1/10,000th) of a share or any
integral multiple of such fraction, which shall entitle the holder, in proportion to such holder&rsquo;s fractional shares, to exercise
voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series&nbsp;A
Preferred Stock. In lieu of fractional shares, the Corporation may elect to make a cash payment as provided in the Rights Agreement for
fractions of a share other than one ten-thousandth (1/10,000th) of a share or any integral multiple thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;11. &#8239;<U>Amendment</U>. At any time
any shares of Series&nbsp;A Preferred Stock are outstanding, the Certificate of Incorporation and the foregoing Sections 1 through 10,
inclusive, and this Section&nbsp;11 of the Certificate of Designations shall not be amended in any manner, including by merger, consolidation
or otherwise, which would materially alter or change the powers, preferences or special rights of the Series&nbsp;A Preferred Stock so
as to affect them adversely without the affirmative vote of the holders of two-thirds or more of the outstanding shares of Series&nbsp;A
Preferred Stock, voting separately as a class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned have signed
this Certificate of Designation on this 19<SUP>th</SUP> day of August&nbsp;2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">KVH INDUSTRIES,&nbsp;INC.</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By</TD><TD STYLE="border-bottom: Black 1pt solid">/s/ Brent Bruun</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name:</TD><TD>Brent C. Bruun</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">Title:</TD><TD STYLE="width: 45%">President and Chief Executive Officer</TD></TR></TABLE>

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

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

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2223782d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>KVH
INDUSTRIES,&nbsp;Inc.</B></FONT></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>and</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>COMPUTERSHARE
TRUST COMPANY, N.A.</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>as
Rights Agent</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Stockholder
Rights Agreement</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Dated
as of August&nbsp;18, 2022</B></FONT></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -1in; padding-left: 1in">Section&nbsp;1. Certain Definitions</TD>
    <TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;2. Appointment of Rights Agent</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;3. Issue of Right Certificates</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;4. Form&nbsp;of Right Certificates</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;5. Countersignature and Registration</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Section&nbsp;7. Exercise of Rights; Exercise Price; Expiration Date of Rights</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;8. Cancellation and Destruction of Right Certificates</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;9. Reservation and Availability of Preferred Stock</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;10. Preferred Stock Record Date</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;11. Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Section&nbsp;12. Certificate of Adjusted Exercise Price or Number of Shares</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;14. Fractional Rights and Fractional Shares</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;15. Rights of Action</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;16. Agreement of Right Holders</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;17. Right Certificate Holder Not Deemed a Stockholder</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;18. Concerning the Rights Agent</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;19. Merger or Consolidation or Change of Name of Rights Agent</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;20. Duties of Rights Agent</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;21. Change of Rights Agent</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;22. Issuance of New Right Certificates</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;23. Redemption; Exemption of a Qualifying Offer</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;24. Exchange</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;25. Notice of Certain Events</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;26. Notices</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;27. Supplements and Amendments</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">47</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;28. Successors</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;29. Determinations and Actions by the Board of Directors</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;30. Benefits of this Agreement</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;31. Severability</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;32. Governing Law</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;33. Counterparts</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;34. Descriptive Headings</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Section&nbsp;35. Force Majeure</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">49</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;A&nbsp;&ndash; Certificate of Designations of Series&nbsp;A
Junior Participating Cumulative Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;B&nbsp;&ndash; Form&nbsp;of Right Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;C &ndash; Form&nbsp;of Summary of Rights</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Agreement, dated as of August&nbsp;18, 2022 between
KVH Industries,&nbsp;Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and Computershare Trust Company, N.A., a federally
chartered trust company (the &ldquo;<U>Rights Agent</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Board of Directors of the Company
desires to provide stockholders of the Company with the opportunity to benefit from the long-term prospects and value of the Company and
to ensure that stockholders of the Company receive fair and equal treatment in the event of any proposed takeover of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, on August&nbsp;18, 2022, the Board of
Directors of the Company authorized and declared a dividend distribution of one Right (as such term is hereinafter defined) for each outstanding
share of Common Stock, par value $0.01 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;) outstanding as of August&nbsp;29,
2022 (the &ldquo;<U>Record Date</U>&rdquo;), and authorized the issuance of one Right for each share of Common Stock of the Company issued
(whether or not originally issued or sold from the Company&rsquo;s treasury, except in the case of treasury shares having associated Rights)
between the Record Date and the earlier of the Distribution Date or the Expiration Date (as such terms are hereinafter defined), each
Right initially representing the right to purchase one ten-thousandth of a share of Series&nbsp;A Junior Participating Cumulative Preferred
Stock of the Company having the rights, powers and preferences set forth on <U>Exhibit&nbsp;A</U> hereto, upon the terms and subject to
the conditions hereinafter set forth (the &ldquo;<U>Rights</U>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company desires to appoint the Rights
Agent to act as rights agent hereunder, in accordance with the terms and conditions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the premises
and the mutual agreements herein set forth, the parties hereby agree as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1. Certain Definitions. For purposes
of this Agreement, the following terms have the meanings indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Acquiring
Person</U>&rdquo; shall mean any Person (as such term is hereinafter defined) who or which, together with all Affiliates (as such term
is hereinafter defined) and Associates (as such term is hereinafter defined) of such Person, shall become the Beneficial Owner (as such
term is hereinafter defined) of 15% or more of the shares of Common Stock of the Company then outstanding after the time of the first
public announcement of the declaration of the Rights dividend, but shall not include (i)&nbsp;the Company, (ii)&nbsp;any Subsidiary (as
such term is hereinafter defined) of the Company, (iii)&nbsp;any employee benefit plan or compensation arrangement of the Company or
any Subsidiary of the Company or (iv)&nbsp;any Person holding shares of Common Stock of the Company organized, appointed or established
by the Company or any Subsidiary of the Company for or pursuant to the terms of any such employee benefit plan or compensation arrangement
(the Persons described in clauses (i)&nbsp;through (iv)&nbsp;above are referred to herein as &ldquo;<U>Exempt Persons</U>&rdquo;). Notwithstanding
the foregoing, no Person who Beneficially Owns, as of the time of the first public announcement of the declaration of the Rights dividend,
15% or more of the shares of Common Stock of the Company then outstanding shall become an Acquiring Person unless such Person shall,
after the time of the public announcement of the declaration of the Rights dividend, increase its Beneficial Ownership of the then-outstanding
Common Stock (other than as a result of an acquisition of shares of Common Stock by the Company) to an amount equal to or greater than
the greater of (x)&nbsp;15% or (y)&nbsp;the sum of (i)&nbsp;the lowest Beneficial Ownership of such Person as a percentage of the outstanding
shares of Common Stock as of any time from and after the time of the public announcement of the declaration of the Rights dividend plus
(ii)&nbsp;0.001%. For the avoidance of doubt, for purposes of this Agreement any exercise, conversion, settlement, unwinding or other
disposition of a derivative security, instrument or transaction referred to in Section&nbsp;1(d)(iv)&nbsp;shall be deemed to be the disposition
of the associated Derivative Common Shares that reduces the Beneficial Ownership of the Person that acquired the derivative security
or instrument or that entered into the derivative transaction, and any acquisition of shares of Common Stock of the Company in connection
with any such exercise, conversion, settlement, unwinding or other disposition shall be deemed to be the subsequent acquisition of Beneficial
Ownership of additional shares of Common Stock of the Company. Notwithstanding the foregoing, no Person shall become an &ldquo;Acquiring
Person&rdquo; as the result of an acquisition or cancellation by the Company of Common Stock of the Company which, by reducing the number
of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 15% or more of the shares of
Common Stock of the Company then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 15% or more of
the shares of Common Stock of the Company then outstanding by reason of share purchases by the Company and shall, after such share purchases
by the Company, become the Beneficial Owner of any additional shares (other than pursuant to a stock split, stock dividend or similar
transaction) of Common Stock of the Company, then such Person shall be deemed to be an &ldquo;Acquiring Person.&rdquo; Notwithstanding
anything to the contrary provided in this Agreement, (x)&nbsp;a Person shall not be deemed to be or to have ever become an &ldquo;Acquiring
Person&rdquo; for any purposes of this Agreement if the Board of Directors of the Company determines at any time that a Person who would
otherwise be an &ldquo;Acquiring Person,&rdquo; has become such without intending to become an &ldquo;Acquiring Person,&rdquo; and such
Person divests as promptly as practicable (or within such period of time as the Board of Directors of the Company determines is reasonable)
a sufficient number of shares of Common Stock of the Company (or, for the avoidance of doubt, with respect to any Derivative Common Shares,
terminates the subject derivative transaction or transactions or disposes of the subject derivative security or securities) so that such
Person would no longer be an &ldquo;Acquiring Person,&rdquo; as defined pursuant to the foregoing provisions of this Section&nbsp;1(a),
and (y)&nbsp;if a bona fide swaps dealer who would otherwise be an &ldquo;Acquiring Person&rdquo; has become so as a result of its actions
in the ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of
evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence
the management or policies of the Company, then, and unless and until the Board shall otherwise determine, such Person shall not be deemed
to be or to have ever become an &ldquo;Acquiring Person&rdquo; for any purposes of this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Adjustment
Shares</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(a)(ii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Affiliate</U>&rdquo;
and &ldquo;<U>Associate</U>&rdquo; shall have the respective meanings ascribed to such terms in Rule&nbsp;12b-2 of the General Rules&nbsp;and
Regulations (the &ldquo;<U>Rules</U>&rdquo;) under the Exchange Act, as in effect on the date of this Agreement; <U>provided</U>, <U>however</U>,
that no Person who is a director or officer of the Company shall be deemed an Affiliate or an Associate of any other director or officer
of the Company solely as a result of his or her position as director or officer of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
Person shall be deemed the &ldquo;<U>Beneficial Owner</U>&rdquo; of, and shall be deemed to &ldquo;<U>Beneficially Own</U>&rdquo; and
have &ldquo;<U>Beneficial Ownership</U>&rdquo; of, any securities:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">which
such Person or any of such Person&rsquo;s Affiliates or Associates, directly or indirectly, Beneficially Owns (as determined pursuant
to Rule&nbsp;13d-3 of the Rules&nbsp;under the Exchange Act, as in effect on the date of this Agreement);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">which
such Person or any of such Person&rsquo;s Affiliates or Associates, directly or indirectly, has:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
legal, equitable or contractual right or obligation to acquire (whether directly or indirectly and whether exercisable immediately or
only after the passage of time, compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within
the control of such Person) or otherwise) (1)&nbsp;upon the exercise of any conversion rights, exchange rights, rights (other than the
Rights), warrants or options, or otherwise; (2)&nbsp;pursuant to the power to revoke a trust, discretionary account or similar arrangement;
(3)&nbsp;pursuant to the power to terminate a repurchase or similar so-called &ldquo;stock borrowing&rdquo; agreement, arrangement or
understanding; or (4)&nbsp;pursuant to the automatic termination of a trust, discretionary account or similar arrangement; <U>provided</U>,
<U>however</U>, that a Person shall not be deemed the &ldquo;Beneficial Owner&rdquo; of, or to &ldquo;Beneficially Own&rdquo; or have
 &ldquo;Beneficial Ownership&rdquo; of, securities (w)&nbsp;tendered pursuant to a tender or exchange offer made by or on behalf of such
Person or any of such Person&rsquo;s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (x)&nbsp;issuable
upon exercise of Rights at any time prior to the occurrence of a Triggering Event; (y)&nbsp;issuable upon exercise of Rights from and
after the occurrence of a Triggering Event, which Rights were acquired by such Person or any of such Person&rsquo;s Affiliates or Associates
prior to the Distribution Date or pursuant to Sections 3(a), 11(i)&nbsp;or 22 hereof; or (z)&nbsp;that a Person or any of such Person&rsquo;s
Affiliates or Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the
Company and such Person (or one or more of its Affiliates or Associates), or any tender, voting or support agreement entered into by such
Person (or one or more of its Affiliates or Associates) in connection therewith, if such agreement has been approved by the Board prior
to there being an Acquiring Person; or</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); <U>provided</U>, <U>however</U>, that
a Person shall not be deemed the &ldquo;Beneficial Owner&rdquo; of, or to &ldquo;Beneficially Own&rdquo; or have &ldquo;Beneficial Ownership&rdquo;
of, any security under this clause (B)&nbsp;if the agreement, arrangement or understanding to vote such security (1)&nbsp;arises solely
from a revocable proxy or consent given in response to a public proxy or consent solicitation made pursuant to a written proxy or consent
solicitation statement filed with the Securities and Exchange Commission in accordance with the Rules&nbsp;of the Exchange Act and (2)&nbsp;is
not also then reportable by such person on Schedule 13D under the Exchange Act (or any comparable or successor report); or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
right to dispose of pursuant to any agreement, arrangement or understanding (whether or not in writing) (other than customary arrangements
with and between underwriters and selling group members with respect to a bona fide public offering of securities); or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">which
are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or
any of such Person&rsquo;s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities)
for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in clause (B)&nbsp;of Section&nbsp;1(d)(ii)&nbsp;hereof)
or disposing of any securities of the Company; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
are the subject of a derivative transaction entered into by such Person or any of such Person&rsquo;s Affiliates or Associates, including,
for these purposes, any derivative security acquired by such Person or any of such Person&rsquo;s Affiliates or Associates that gives
such Person or any of such Person&rsquo;s Affiliates or Associates the economic equivalent of ownership of an amount of securities due
to the fact that the value of the derivative security is explicitly determined by reference to the price or value of such securities,
or that provides such Person or any of such Person&rsquo;s Affiliates or Associates an opportunity, directly or indirectly, to profit
or to share in any profit derived from any change in the value of such securities, in any case without regard to whether (A)&nbsp;such
derivative security conveys any voting rights in such securities to such Person or any of such Person&rsquo;s Affiliates or Associates;
(B)&nbsp;the derivative security is required to be, or capable of being, settled through delivery of such securities; or (C)&nbsp;such
Person or any of such Person&rsquo;s Affiliates or Associates may have entered into other transactions that hedge the economic effect
of such derivative security. In determining the number of shares of Common Stock of the Company that are Beneficially Owned by virtue
of the operation of this Section&nbsp;1(d)(iv), the subject Person will be deemed to Beneficially Own (without duplication) the notional
or other number of shares of Common Stock of the Company that, pursuant to the documentation evidencing the derivative security, may be
acquired upon the exercise or settlement of the applicable security or as the basis upon which the value or settlement amount of such
security, or the opportunity of the holder of such derivative security to profit or share in any profit, is to be calculated, in whole
or in part, and in any case (or if no such number of shares of Common Stock of the Company is specified in such documentation or otherwise)
as determined by the Board in good faith to be the number of shares of Common Stock of the Company to which the derivative security relates.
Such shares of Common Stock of the Company that are deemed so Beneficially Owned pursuant to the operation of this Section&nbsp;1(d)(iv)&nbsp;shall
be referred to herein as &ldquo;<U>Derivative Common Shares</U>&rdquo;;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>however</U>, that (1)&nbsp;no Person engaged in
business as an underwriter of securities shall be deemed the Beneficial Owner of any securities acquired through such Person&rsquo;s participation
as an underwriter in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of such acquisition
and (2)&nbsp;no Person who is a director or an officer of the Company shall be deemed, as a result of his or her position as director
or officer of the Company, the Beneficial Owner of any securities of the Company that are Beneficially Owned by any other director or
officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For all purposes of this Agreement, any calculation
of the number of shares of Common Stock of the Company outstanding at any particular time, including for purposes of determining the percentage
of the outstanding shares of Common Stock of the Company of which any Person is the Beneficial Owner, shall include the number of shares
of Common Stock of the Company not outstanding at the time of such calculation that such Person is otherwise deemed to Beneficially Own
for purposes of this Agreement, but the number of shares of Common Stock of the Company not outstanding that such Person, together with
all Affiliates and Associates of such Person, is otherwise deemed to Beneficially Own for purposes of this Agreement will not be deemed
to be outstanding for the purpose of computing the percentage of outstanding shares of Common Stock of the Company Beneficially Owned
by any other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Book
Entry Shares</U>&rdquo; shall have the meaning set forth in Section&nbsp;3(a).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in the State of New York are authorized
or obligated by law or executive order to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Certificate
of Incorporation</U>&rdquo; when used in reference to the Company shall mean the Amended and Restated Certificate of Incorporation of
the Company filed with the Delaware Secretary of State on March&nbsp;22, 1996, as the same may be amended from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Close
of Business</U>&rdquo; on any given date shall mean 5:00 p.m., New York City time, on such date; <U>provided</U>, <U>however</U>, that
if such date is not a Business Day it shall mean 5:00 p.m., New York City time, on the next succeeding Business Day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Common
Stock</U>&rdquo; when used in reference to the Company shall mean the common stock, par value $0.01 per share, of the Company or any other
shares of capital stock of the Company into which such stock shall be reclassified or changed after the date hereof. &ldquo;Common Stock&rdquo;
when used with reference to any Person other than the Company organized in corporate form shall mean (i)&nbsp;the capital stock or other
equity interest of such Person with the greatest voting power, (ii)&nbsp;the equity securities or other equity interest having power to
control or direct the management of such Person or (iii)&nbsp;if such Person is a Subsidiary of another Person, the Person or Persons
which ultimately control such first-mentioned Person and which have issued any such outstanding capital stock, equity securities or equity
interest. &ldquo;Common Stock&rdquo; when used with reference to any Person not organized in corporate form shall mean units of beneficial
interest which (x)&nbsp;shall represent the right to participate generally in the profits and losses of such Person (including, without
limitation, any flow-through tax benefits resulting from an ownership interest in such Person) and (y)&nbsp;shall be entitled to exercise
the greatest voting power of such Person or, in the case of a limited partnership, shall have the power to remove or otherwise replace
the general partner or partners.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Common
Stock Equivalents</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(a)(iii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Current
Exchange Value</U>&rdquo; shall mean the product of the closing price of a share of Common Stock of the Company on the date of the occurrence
of an Exchange Determination (or the next Trading Day, if such date is not a Trading Day) multiplied by the number of shares of Common
Stock of the Company for which the Right would otherwise be exchangeable (without regard to whether there were sufficient shares of Common
Stock of the Company available therefor).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Current
Value</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(a)(iii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Depositary
Agent</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(c)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Derivative
Common Shares</U>&rdquo; shall have the meaning set forth in Section&nbsp;1(d)(iv).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Distribution
Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;3(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Early
Expiration Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Exchange
Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Exchange
Determination</U>&rdquo; shall have the meaning set forth in Section&nbsp;24(a).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Exempt
Person</U>&rdquo; shall have the meaning set forth in the definition of &ldquo;Acquiring Person.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Exercise
Price</U>&rdquo; shall have the meaning set forth in Section&nbsp;4(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Expiration
Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(a)&nbsp;hereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Fair
Market Value</U>&rdquo; of any securities or other property shall be as determined in accordance with Section&nbsp;11(d)&nbsp;hereof.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Final
Expiration Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Group</U>&rdquo;
shall have the meaning set forth in clause (b)&nbsp;of the definition of &ldquo;Person.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
shall mean (a)&nbsp;an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a
trust, a business trust, a government or political subdivision, any unincorporated organization, or any other association or entity including
any successor (by merger or otherwise) thereof or thereto, and (b)&nbsp;a &ldquo;group&rdquo; as that term is used for purposes of Section&nbsp;13(d)(3)&nbsp;of
the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Preferred
Stock</U>&rdquo; shall mean shares of Series&nbsp;A Junior Participating Cumulative Preferred Stock, par value $0.01 per share, of the
Company having the rights and preferences set forth in the form of Certificate of Designations attached hereto as <U>Exhibit&nbsp;A</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Preferred
Stock Equivalents</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(b)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Principal
Party</U>&rdquo; shall have the meaning set forth in Section&nbsp;13(b)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Redemption
Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;7(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ee)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Redemption
Price</U>&rdquo; shall have the meaning set forth in Section&nbsp;23(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ff)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Registered
Common Stock</U>&rdquo; shall have the meaning set forth in Section&nbsp;13(b)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(gg)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Right
Certificates</U>&rdquo; shall have the meaning set forth in Section&nbsp;3(b)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(hh)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Event</U>&rdquo;
shall have the meaning set forth in Section&nbsp;11(a)(ii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Trigger
Date</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(a)(iii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(jj)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Section&nbsp;13
Event</U>&rdquo; shall mean any event described in clauses (x), (y)&nbsp;or (z)&nbsp;of Section&nbsp;13(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(kk)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Section&nbsp;24
Exchange Ratio</U>&rdquo; shall have the meaning set forth in Section&nbsp;24(a)&nbsp;hereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ll)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Signature
Guarantee</U>&rdquo; shall have the meaning set forth in Section&nbsp;6(a)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(mm)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Spread</U>&rdquo;
shall have the meaning set forth in Section&nbsp;11(a)(iii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(nn)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Stock
Acquisition Date</U>&rdquo; shall mean the date of the first public announcement (which for purposes of this definition shall include,
without limitation, the issuance of a press release or the filing of a publicly-available report or other document with the Securities
and Exchange Commission or any other governmental agency) by the Company, acting pursuant to a resolution adopted by the Board of Directors
of the Company, or by an Acquiring Person, subject in each case to the last paragraph of Section&nbsp;1(a), that an Acquiring Person has
become such.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(oo)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Stockholder
Approval</U>&rdquo; shall mean the approval or ratification by the stockholders of the Company of this Agreement (as amended from time
to time or as contemplated to be in effect following such Stockholder Approval) by a majority of the votes properly cast at the meeting
and entitled to vote generally on the subject matter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(pp)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
shall mean, with reference to any Person, any corporation or other entity of which securities or other ownership interests having ordinary
voting power sufficient, in the absence of contingencies, to elect a majority of the board of directors or other persons performing similar
functions of such corporation or other entity are at the time directly or indirectly Beneficially Owned or otherwise controlled by such
Person either alone or together with one or more Affiliates of such Person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(qq)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Substitution
Period</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(a)(iii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(rr)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Summary
of Rights</U>&rdquo; means a summary of this Agreement substantially in the form attached hereto as <U>Exhibit&nbsp;C</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ss)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Trading
Day</U>&rdquo; shall have the meaning set forth in Section&nbsp;11(d)(i)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(tt)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Triggering
Event</U>&rdquo; shall mean any Section&nbsp;11(a)(ii)&nbsp;Event or any Section&nbsp;13 Event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(uu)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Trust</U>&rdquo;
shall have the meaning set forth in Section&nbsp;24(b)(ii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<U>Trust
Agreement</U>&rdquo; shall have the meaning set forth in Section&nbsp;24(b)(ii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ww)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
additional defined terms have the following meanings:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Definitive Acquisition Agreement</U>&rdquo; shall
mean any agreement entered into by the Company that is conditioned on the approval by the holders of not less than a majority of the outstanding
shares of Common Stock of the Company and is with respect to (i)&nbsp;a share exchange, one-step merger, tender offer and second-step
merger, consolidation, recapitalization, reorganization, business combination or similar transaction involving the Company, or (ii)&nbsp;the
acquisition, directly or indirectly, of assets or earning power aggregating 50% or more of the consolidated assets or earning power of
the Company and its Subsidiaries (taken as a whole).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Exemption Date</U>&rdquo; shall have the meaning
set forth in Section&nbsp;23(d)(vi)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Independent Board Members</U>&rdquo; shall mean
those members of the Board that have been determined by the Board to be independent in accordance with Nasdaq Marketplace Rule&nbsp;5605(a)(2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Outside Meeting Date</U>&rdquo; shall have the
meaning set forth in Section&nbsp;23(d)(vi)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Qualifying Offer</U>&rdquo; shall mean an offer
determined by a majority of the Independent Board Members to have each of the following characteristics:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;a fully financed, all cash tender
offer for all of the outstanding shares of Common Stock, or an exchange offer offering shares of common stock of the offeror, or a combination
thereof, in each such case for any and all of the outstanding shares of Common Stock (whether such shares are outstanding at the commencement
of the offer or become outstanding thereafter upon the exercise or conversion of options or other securities that are outstanding at the
commencement of the offer) at the same per share consideration;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;an offer that has commenced
within the meaning of Rule&nbsp;14d-2(a)&nbsp;under the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;an offer that is subject to
only the minimum tender condition described in Section&nbsp;(vi)&nbsp;immediately below and other customary terms and conditions, which
conditions shall not include any financing, funding or similar conditions or any requirements with respect to the offeror or its agents
or any Person being permitted any due diligence with respect to the books, records, management, accountants or other outside advisors
of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;an offer pursuant to which
the Company has received an irrevocable written commitment of the offeror that the offer will remain open for at least ninety (90) Business
Days and, if a Special Meeting is duly requested in accordance with Section&nbsp;23(d), for at least ten (10)&nbsp;Business Days after
the date of the Special Meeting or, if no Special Meeting is held within ninety (90) Business Days following receipt of the Special Meeting
Demand in accordance with Section&nbsp;23(d), for at least ten (10)&nbsp;Business Days following such ninety (90) Business Day period;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;an offer pursuant to which the
Company has received an irrevocable written commitment of the offeror that, in addition to the minimum time periods specified in Section&nbsp;(iv)&nbsp;immediately
above, the offer, if it is otherwise to expire prior thereto, will be extended for at least twenty (20) Business Days after any increase
in the consideration being offered or after any bona fide alternative offer is commenced within the meaning of Rule&nbsp;14d-2(a)&nbsp;under
the Exchange Act; provided, however, that such offer need not remain open, as a result of Section&nbsp;(iv)&nbsp;immediately above and
this Section&nbsp;(v), beyond (A)&nbsp;the time that any other offer satisfying the criteria for a Qualifying Offer is then required to
be kept open under Section&nbsp;(iv)&nbsp;immediately above and this Section&nbsp;(v)&nbsp;or (B)&nbsp;the expiration date, as such date
may be extended by public announcement (with prompt written notice given by the Company to the Rights Agent) in compliance with Rule&nbsp;14e-1
under the Exchange Act, of any other tender offer for the Common Stock with respect to which the Board has agreed to redeem the Rights
immediately prior to acceptance for payment of Common Stock thereunder (unless such other offer is terminated prior to its expiration
without any Common Stock having been purchased thereunder) or (C)&nbsp;one Business Day after the stockholder vote with respect to approval
of any Definitive Acquisition Agreement has been officially determined and certified by the inspectors of elections;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vi)&nbsp;an offer that is conditioned
on a minimum of at least two-thirds of the outstanding shares of Common Stock not held by the Person making such offer (and such Person&rsquo;s
Related Persons) being tendered and not withdrawn as of the offer&rsquo;s expiration date, which condition shall not be waivable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vii)&nbsp;an offer pursuant to which
the Company has received an irrevocable written commitment of the offeror to consummate, as promptly as practicable upon successful completion
of the offer, a second-step transaction whereby all Common Stock not tendered into the offer will be acquired at the same consideration
per share actually paid pursuant to the offer, subject to stockholders&rsquo; statutory appraisal rights, if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(viii)&nbsp;if the offer includes shares
of common stock of the offeror, an offer pursuant to which the offeror shall permit representatives of the Company (including a nationally
recognized investment banking firm retained by the Board and legal counsel and an accounting firm designated by the Company) to have access
to such offeror&rsquo;s books, records, management, accountants, financial advisors, counsel and any other appropriate outside advisers
for the purposes of permitting such representatives to conduct a due diligence review of the offeror in order to permit the Board to evaluate
the offer and make an informed decision;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ix)&nbsp;an offer (other than an offer
consisting solely of cash consideration) pursuant to which the Company has received the written representation and certification of the
offeror and the written representations and certifications of the offeror&rsquo;s Principal Executive Officer and Principal Financial
Officer, acting in such capacities, that (A)&nbsp;all facts about the offeror that would be material to making an investor&rsquo;s decision
to accept the offer have been fully and accurately disclosed as of the date of the commencement of the offer within the meaning of Rule&nbsp;14d-2(a)&nbsp;under
the Exchange Act, (B)&nbsp;all such new facts will be fully and accurately disclosed on a prompt basis during the entire period during
which the offer remains open, and (C)&nbsp;all required Exchange Act reports will be filed by the offeror in a timely manner during such
period;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)&nbsp;if the offer includes non-cash
consideration (A)&nbsp;the non-cash portion of the consideration offered must consist solely of common stock of a Person that is a publicly-owned
United States entity, (B)&nbsp;such common stock must be freely tradable and listed or admitted to trading on either the NYSE or the Nasdaq,
(C)&nbsp;no stockholder approval of the issuer of such common stock is required to issue such common stock, or, if such approval is required,
such approval has already been obtained, (D)&nbsp;such issuer of such common stock has no other class of voting stock or other voting
securities, and (E)&nbsp;the issuer of such common stock meets the registrant eligibility requirements for use of Form&nbsp;S-3 for registering
securities under the Securities Act, including the filing of all required Exchange Act reports in a timely manner during the twelve calendar
months prior to the date of commencement of such offer; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xi)&nbsp;an offer that is otherwise
in the best interests of the Company and its stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For the purposes of this definition of Qualifying
Offer, &ldquo;fully financed&rdquo; shall mean that the offeror has sufficient funds for the offer and related expenses which shall be
evidenced by (1)&nbsp;firm, unqualified, written commitments from responsible financial institutions having the necessary financial capacity,
accepted by the offeror, to provide funds for such offer subject only to customary terms and conditions, which conditions shall not include
any requirements with respect to such financial institutions or any other Person being permitted any due diligence with respect to the
books, records, management, accountants and other outside advisors of the Company, (2)&nbsp;cash or cash equivalents then available to
the offeror, set apart and maintained solely for the purpose of funding the offer with an irrevocable written commitment being provided
by the offeror to the Board to maintain such availability until the offer is consummated or withdrawn, or (3)&nbsp;a combination of the
foregoing; which evidence has been provided to the Company prior to, or upon, commencement of the offer and is reasonably satisfactory
to the Board. If an offer becomes a Qualifying Offer in accordance with this definition, but subsequently ceases to be a Qualifying Offer
as a result of the failure at a later date to continue to satisfy any of the requirements of this definition, such offer shall cease to
be a Qualifying Offer and the provisions of Section&nbsp;23(d)&nbsp;shall no longer be applicable to such offer, provided that an Exemption
Date shall not have already occurred with respect to such Qualifying Offer pursuant to Section&nbsp;23(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Qualifying Offer Resolution</U>&rdquo; shall have
the meaning set forth in Section&nbsp;23(d)(i)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Special Meeting</U>&rdquo; shall have the meaning
set forth in Section&nbsp;23(d)(i)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Special Meeting Demand</U>&rdquo; shall have the
meaning set forth in Section&nbsp;23(d)(i)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Special Meeting Period</U>&rdquo; shall have the
meaning set forth in Section&nbsp;23(d)(iii)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2. Appointment of Rights Agent. The
Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms and conditions hereof (and
no implied terms and conditions), and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such
co-Rights Agents as it may deem necessary or desirable (the term &ldquo;Rights Agent&rdquo; being used herein to refer, collectively,
to the Rights Agent together with any such co-Rights Agents). In the event the Company appoints one or more co-Rights Agents, the respective
duties of the Rights Agent and any co-Rights Agents shall be as the Company reasonably determines, provided that such duties are consistent
with the terms and conditions of this Agreement. The Company shall give ten (10)&nbsp;days&rsquo; prior written notice to the Rights
Agent of the appointment of one or more co-Rights Agents and the respective duties of the Rights Agent and any such co-Rights Agents.
The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3. Issue of Right Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">From
the date hereof until the earlier of (i)&nbsp;the Close of Business on the tenth calendar day after the Stock Acquisition Date or (ii)&nbsp;the
Close of Business on the tenth Business Day (or such later calendar day, if any, as the Board of Directors of the Company may determine
in its sole discretion) after the date a tender or exchange offer by any Person, other than an Exempt Person, is first published or sent
or given within the meaning of Rule&nbsp;14d-4(a)&nbsp;of the Exchange Act, or any successor rule, if, upon consummation thereof, such
Person would become an Acquiring Person, including any such date which is after the date of this Agreement and prior to the issuance of
the Rights (the earliest of such dates being herein referred to as the &ldquo;<U>Distribution Date</U>&rdquo;), (x)&nbsp;the Rights will
be evidenced (subject to the provisions of Section&nbsp;3(b)&nbsp;hereof) by the certificates for the Common Stock of the Company registered
in the names of the holders of the Common Stock of the Company or, in the case of uncertificated shares of Common Stock of the Company
registered in book entry form (&ldquo;<U>Book Entry Shares</U>&rdquo;), by notation in book entry accounts reflecting the ownership of
such shares (which certificates and notations, as applicable, will also be deemed to be certificates or notations for Rights), and not
by separate certificates or notations, as applicable, and (y)&nbsp;the Rights will be transferable only in connection with the transfer
of the underlying shares of Common Stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
soon as practicable after the Distribution Date, the Rights Agent will, at the Company&rsquo;s expense send, by first-class, insured,
postage prepaid mail, to each record holder of the Common Stock of the Company as of the Close of Business on the Distribution Date, at
the address of such holder shown on the records of the Company, one or more certificates, in substantially the form of <U>Exhibit&nbsp;B</U>
hereto (the &ldquo;<U>Right Certificates</U>&rdquo;), evidencing one Right for each share of Common Stock of the Company so held, subject
to adjustment as provided herein. In the event that an adjustment in the number of Rights per share of Common Stock of the Company has
been made pursuant to Section&nbsp;11(o)&nbsp;hereof, the Company may make the necessary and appropriate rounding adjustments (in accordance
with Section&nbsp;14(a)&nbsp;hereof) at the time of distribution of the Right Certificates, so that Right Certificates representing only
whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after the Close of Business on the
Distribution Date, the Rights will be evidenced solely by such Right Certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
respect to certificates for the Common Stock of the Company and Book Entry Shares, as applicable, outstanding prior to the Close of Business
on the Record Date, the Rights will be evidenced by such certificates for the Common Stock of the Company or Book Entry Shares on or until
the Distribution Date (or the earlier redemption, expiration or termination of the Rights), and the registered holders of the Common Stock
of the Company also shall be the registered holders of the associated Rights. Until the Distribution Date (or the earlier redemption,
expiration or termination of the Rights), the transfer of any shares of Common Stock of the Company (with or without a copy of the Summary
of Rights) outstanding prior to the date of this Agreement shall also constitute the transfer of the Rights associated with the Common
Stock of the Company represented by such certificate or Book Entry Share.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Rights
will be issued in respect of all shares of Common Stock of the Company that are issued (whether as an original issuance or from the Company&rsquo;s
treasury) after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date. Certificates for the Common
Stock of the Company issued after the Record Date, but prior to the earlier of the Distribution Date or the Expiration Date, shall be
deemed also to be certificates for Rights, and shall bear a legend, substantially in the form set forth below:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">This certificate also evidences and entitles the holder hereof
to certain Rights as set forth in a Stockholder Rights Agreement between KVH Industries,&nbsp;Inc. and Computershare Trust Company, N.A.
(or any successor Rights Agent), as Rights Agent, dated as of August&nbsp;18, 2022, as amended, restated, renewed, supplemented or extended
from time to time (the &ldquo;<U>Rights Agreement</U>&rdquo;), the terms of which are hereby incorporated herein by reference and a copy
of which is on file at the principal offices of KVH Industries,&nbsp;Inc. and the stock transfer administration office of the Rights Agent.
Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no
longer be evidenced by this certificate. KVH Industries,&nbsp;Inc. may redeem the Rights at a redemption price of $0.0001 per Right, subject
to adjustment, under the terms of the Rights Agreement. KVH Industries,&nbsp;Inc. will mail to the holder of this certificate a copy of
the Rights Agreement, as in effect on the date of mailing, without charge promptly after receipt of a written request therefor. Under
certain circumstances, Rights issued to or held by Acquiring Persons or any Affiliates or Associates thereof (as defined in the Rights
Agreement), and any subsequent holder of such Rights, may become null and void. The Rights shall not be exercisable, and shall be void
so long as held, by a holder in any jurisdiction where the requisite qualification, if any, to the issuance to such holder, or the exercise
by such holder, of the Rights in such jurisdiction shall not have been obtained or be obtainable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Book Entry Shares, a legend
in substantially similar form will be included in a notice to the record holder of such shares in accordance with applicable law. With
respect to such certificates for shares of Common Stock of the Company or Book Entry Shares, as applicable, containing the foregoing legend,
until the earlier of the Distribution Date or the Expiration Date, (i)&nbsp;the Rights associated with the shares of Common Stock of the
Company represented by such certificates or Book Entry Shares will be evidenced solely by such certificates or Book Entry Shares, (ii)&nbsp;the
registered holders of shares of Common Stock of the Company will also be the registered holders of the associated Rights and (iii)&nbsp;the
surrender for transfer of any such certificates or Book Entry Shares (with or without a copy of the Summary of Rights) will also constitute
the transfer of the Rights associated with the shares of Common Stock of the Company represented thereby. Notwithstanding this Section&nbsp;3(d),
the omission of the legend required hereby, the inclusion of a legend that makes reference to a rights agreement other than this Agreement
or the failure to provide notice thereof will not affect the enforceability of any part of this Agreement or the rights of any holder
of Rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Company purchases or otherwise acquires any shares of Common Stock of the Company after the Record Date but prior to
the Distribution Date, any Rights associated with such Common Stock of the Company shall be deemed canceled and retired so that the Company
shall not be entitled to exercise any Rights associated with the shares of Common Stock of the Company which are no longer outstanding.
The failure to print the legend referred to in Section&nbsp;3(d)&nbsp;on any such certificate representing Common Stock of the Company
or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions of Section&nbsp;7(e)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will make available, or cause to be made available, promptly after the Record Date, a copy of the Summary of Rights to any holder
of Rights who may so request from time to time prior to the Expiration Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4. Form&nbsp;of Right Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Right Certificates (and the forms of election to purchase shares and of assignment and certificate to be printed on the reverse thereof)
shall each be substantially in the form of <U>Exhibit&nbsp;B</U> hereto and may have such marks of identification or designation and such
legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties, liabilities
or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply
with any applicable law, rule&nbsp;or regulation or with any rule&nbsp;or regulation of any stock exchange or the Financial Industry Regulatory
Authority, or to conform to customary usage. The Right Certificates shall be in a machine printable format and in a form reasonably satisfactory
to the Rights Agent. Subject to the provisions of Section&nbsp;11 and Section&nbsp;22 hereof, the Right Certificates, whenever distributed,
shall be dated as of the Record Date, shall show the date of countersignature, and on their face shall entitle the holders thereof to
purchase such number of one ten-thousandths of a share of Preferred Stock as shall be set forth therein at the price set forth therein
(the &ldquo;<U>Exercise Price</U>&rdquo;), but the number of such shares and the Exercise Price shall be subject to adjustment as provided
herein.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Right Certificate issued pursuant to Section&nbsp;3(a)&nbsp;or Section&nbsp;22 hereof that represents Rights Beneficially Owned by (i)&nbsp;an
Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii)&nbsp;a transferee of an Acquiring Person (or of any Associate
or Affiliate of an Acquiring Person) who becomes a transferee after the Acquiring Person becomes such, or (iii)&nbsp;a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming
such and receives such Rights pursuant to either (A)&nbsp;a transfer (whether or not for consideration) from the Acquiring Person to holders
of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any plan, agreement, arrangement or understanding
(whether or not in writing) regarding the transferred Rights, the shares of Common Stock of the Company associated with such Rights or
the Company or (B)&nbsp;a transfer which the Board of Directors of the Company has determined is part of a plan, agreement, arrangement
or understanding which has as a primary purpose or effect the avoidance of Section&nbsp;7(e)&nbsp;hereof, and any Right Certificate issued
pursuant to Section&nbsp;6, Section&nbsp;11 or Section&nbsp;22 upon transfer, exchange, replacement or adjustment of any other Right Certificate
referred to in this sentence, shall contain (to the extent feasible) the following legend:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Rights represented by this Right Certificate are or were
Beneficially Owned by a Person who was or became an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such terms
are defined in the Rights Agreement). This Right Certificate and the Rights represented hereby may become null and void under certain
circumstances as specified in Section&nbsp;7(e)&nbsp;of the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall give notice to the Rights Agent
promptly after it becomes aware of the existence and identity of any Acquiring Person or any Associate or Affiliate thereof. The Company
shall instruct the Rights Agent in writing of the Rights which should be so legended. The failure to print the foregoing legend on any
such Right Certificate or any defect therein shall not affect in any manner whatsoever the application or interpretation of the provisions
of Section&nbsp;7(e)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, the Company and the Rights Agent may at any time and to the extent deemed necessary, desirable
or appropriate, including before or after the Distribution Date, amend this Agreement without the consent of any holder of Rights to provide
for uncertificated Rights in addition to or in place of Rights evidenced by Right Certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5. Countersignature and Registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Right Certificates shall be executed on behalf of the Company by its Chair or Vice Chair of the Board of Directors, its President or any
Vice President and by its Treasurer, any Assistant Treasurer, Secretary or any Assistant Secretary, either manually or by electronic signature,
and shall have affixed thereto the Company&rsquo;s seal which shall be attested to by the Secretary or any Assistant Secretary of the
Company, either manually or by electronic signature. The Right Certificates shall be countersigned, either manually or by electronic signature,
by an authorized signatory of the Rights Agent and shall not be valid for any purpose unless so countersigned, and such countersignature
upon any Right Certificate shall be conclusive evidence, and the only evidence, that such Right Certificate has been duly countersigned
as required hereunder. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer
of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless,
may be countersigned by an authorized signatory of the Rights Agent, and issued and delivered by the Company with the same force and effect
as though the person who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificates may
be signed on behalf of the Company by any person who, at the actual date of the execution of such Right Certificate, shall be a proper
officer of the Company to sign such Right Certificate, although at the date of the execution of this Rights Agreement any such person
was not such an officer.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Following
the Distribution Date, the Rights Agent will keep or cause to be kept, at one of its offices designated as the appropriate place for surrender
of Right Certificates upon exercise or transfer, books for registration and transfer of the Right Certificates issued hereunder. Such
books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face
by each of the Right Certificates and the date of each of the Right Certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6. Transfer, Split Up, Combination
and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Section&nbsp;4(b), Section&nbsp;7(e)&nbsp;and Section&nbsp;14 hereof, at any time after the Close of Business on
the Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Right Certificate or Certificates may be transferred,
split up, combined or exchanged for another Right Certificate or Certificates, entitling the registered holder to purchase a like number
of one ten-thousandths of a share of Preferred Stock (or following a Triggering Event, Common Stock of the Company, cash, property, debt
securities, Preferred Stock or any combination thereof, including any such securities, cash or property following a Section&nbsp;13 Event)
as the Right Certificate or Certificates surrendered then entitled such holder to purchase and at the same Exercise Price. Any registered
holder desiring to transfer, split up, combine or exchange any Right Certificate shall make such request in writing delivered to the Rights
Agent, and shall surrender the Right Certificate or Certificates to be transferred, split up, combined or exchanged, with the form of
assignment and certificate contained therein properly completed and duly executed and with all signatures guaranteed from an eligible
guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association (a &ldquo;<U>Signature
Guarantee</U>&rdquo;), at the office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company
shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate until the registered
holder shall have properly completed and duly executed the certificate contained in the form of assignment on the reverse side of such
Right Certificate accompanied by a Signature Guarantee and shall have provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. Thereupon the Rights Agent
shall, subject to Section&nbsp;4(b), Section&nbsp;7(e)&nbsp;and Section&nbsp;14 hereof, countersign and deliver to the Person entitled
thereto a Right Certificate or Certificates, as the case may be, as so requested. The Company may require payment by the registered holder
of a Right Certificate, of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer,
split up, combination or exchange of Right Certificates. If and to the extent the Company does require payment of any such taxes or charges,
the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not be obligated to deliver any Rights
Certificate unless and until it is satisfied that all such payments have been made, and the Rights Agent shall forward any such sum collected
by it to the Company or to such Persons as the Company specifies by written notice. The Rights Agent shall have no duty or obligation
to take any action with respect to a Rights holder under this Agreement that requires the payment by such Rights holder of applicable
taxes and/or charges unless and until the Rights Agent is satisfied that all such taxes and/or charges have been paid.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation
of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and reimbursement to
the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation
of the Right Certificate, if mutilated, the Company will execute and deliver a new Right Certificate of like tenor to the Rights Agent
for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7. Exercise of Rights; Exercise Price;
Expiration Date of Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;7(e)&nbsp;hereof, the registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the
form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent
at the office or offices of the Rights Agent designated for such purpose, accompanied by a Signature Guarantee and such other documentation
as the Rights Agent may reasonably request together with payment of the aggregate Exercise Price for the total number of one ten-thousandths
of a share of Preferred Stock, (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are
then exercised, at or prior to the earliest of (i)&nbsp;the Close of Business on August&nbsp;18, 2023 (the &ldquo;<U>Final Expiration
Date</U>&rdquo;), (ii)&nbsp;the time at which the Rights are redeemed as provided in Section&nbsp;23 hereof (the &ldquo;<U>Redemption
Date</U>&rdquo;), (iii)&nbsp;the time at which such Rights are exchanged as provided in Section&nbsp;24 hereof (the &ldquo;<U>Exchange
Date</U>&rdquo;), or (iv)&nbsp;the Close of Business on the first day after the Company&rsquo;s 2023 annual meeting of stockholders (including
any adjournments or postponement thereof) if Stockholder Approval has not been obtained on or prior to such date (the &ldquo;<U>Early
Expiration Date</U>&rdquo;) (the earliest of (i), (ii), (iii), or (iv)&nbsp;being herein referred to as the &ldquo;<U>Expiration Date</U>&rdquo;).
Except as set forth in Section&nbsp;7(e)&nbsp;hereof and notwithstanding any other provision of this Agreement, any Person who prior to
the Distribution Date becomes a record holder of shares of Common Stock of the Company may exercise all of the rights of a registered
holder of a Right Certificate with respect to the Rights associated with such shares of Common Stock of the Company in accordance with
the provisions of this Agreement, as of the date such Person becomes a record holder of shares of Common Stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Exercise Price for each one ten-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall initially be $48.00,
shall be subject to adjustment from time to time as provided in Section&nbsp;11 and Section&nbsp;13 hereof and shall be payable in lawful
money of the United States of America in accordance with Section&nbsp;7(c)&nbsp;below.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
promptly as practicable following the Distribution Date, the Company shall deposit with a corporation, trust, bank or similar institution
in good standing organized under the laws of the United States or any State of the United States, which is authorized under such laws
to exercise corporate trust or stock transfer powers and is subject to supervision or examination by a federal or state authority (such
institution is hereinafter referred to as the &ldquo;<U>Depositary Agent</U>&rdquo;), certificates representing the shares of Preferred
Stock that may be acquired upon exercise of the Rights and the Company shall cause such Depositary Agent to enter into an agreement pursuant
to which the Depositary Agent shall issue receipts representing interests in the shares of Preferred Stock so deposited. Upon receipt
of a Right Certificate representing exercisable Rights, with the form of election to purchase and the certificate on the reverse side
thereof properly completed and duly executed, accompanied by payment of the Exercise Price for the shares to be purchased and an amount
equal to any applicable transfer tax by certified check or bank draft payable to the order of the Company or by money order, the Rights
Agent shall, subject to Section&nbsp;20(k)&nbsp;and Section&nbsp;14(b)&nbsp;hereof, thereupon promptly (i)&nbsp;requisition from the Depositary
Agent (or make available, if the Rights Agent is the Depositary Agent) depositary receipts or certificates for the number of one ten-thousandths
of a share of Preferred Stock to be purchased and the Company hereby irrevocably authorizes the Depositary Agent to comply with all such
requests, (ii)&nbsp;when appropriate, requisition from the Company the amount of cash, if any, to be paid in lieu of issuance of fractional
shares in accordance with Section&nbsp;14 hereof, (iii)&nbsp;promptly after receipt of such certificates or depositary receipts, cause
the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as
may be designated by such holder and (iv)&nbsp;when appropriate, after receipt of each certificate or depositary receipts promptly deliver
such cash to or upon the order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue
other securities (including Common Stock of the Company) of the Company, pay cash or distribute other property pursuant to Section&nbsp;11(a)&nbsp;hereof,
the Company will make all arrangements necessary so that such other securities, cash or other property are available for distribution
by the Rights Agent, if and when appropriate. The payment of the Exercise Price may be made by certified or bank check payable to the
order of the Company, or by money order or wire transfer of immediately available funds to the account of the Company (provided that notice
of such wire transfer shall be given by the holder of the related Right to the Rights Agent).</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent and delivered to the registered holder
of such Right Certificate or to his duly authorized assigns, subject to the provisions of Section&nbsp;14 hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event or Section&nbsp;13
Event, any Rights Beneficially Owned by (i)&nbsp;an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii)&nbsp;a
transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who becomes a transferee after the Acquiring
Person becomes such or (iii)&nbsp;a transferee of an Acquiring Person (or of any Associate or Affiliate of an Acquiring Person) who becomes
a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A)&nbsp;a transfer
(whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person
with whom the Acquiring Person has any plan, agreement, arrangement or understanding (whether or not in writing) regarding the transferred
Rights, the shares of Common Stock of the Company associated with such Rights or the Company, or (B)&nbsp;a transfer which the Board of
Directors of the Company has determined is part of a plan, agreement, arrangement or understanding which has as a primary purpose or effect
the avoidance of this Section&nbsp;7(e), shall be null and void without any further action and no holder of such Rights shall have any
rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall use all reasonable
efforts to ensure that the provisions of this Section&nbsp;7(e)&nbsp;and Section&nbsp;4(b)&nbsp;hereof are complied with, but shall have
no liability to any holder of Right Certificates or other Person as a result of its failure to make any determinations with respect to
an Acquiring Person or any Affiliates or Associates of an Acquiring Person or any transferee of any of them hereunder.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with respect
to a registered holder of Rights upon the occurrence of any purported exercise as set forth in this Section&nbsp;7 unless such registered
holder shall have (i)&nbsp;completed and signed the certificate contained in the form of election to purchase set forth on the reverse
side of the Right Certificate surrendered for such exercise, and (ii)&nbsp;provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;8.
Cancellation and Destruction of Right Certificates</FONT>. All Right Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation
and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. Subject to applicable law and regulation, the Rights Agent shall maintain in a retrievable database electronic
records of all cancelled or destroyed stock certificates which have been canceled or destroyed by the Rights Agent. The Rights Agent shall
maintain such electronic records or physical records for the time period required by applicable law and regulation. Upon written
request of the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such
electronic records or physical records relating to Right Certificates cancelled or destroyed by the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;9. Reservation and Availability of
Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Preferred
Stock or any authorized and issued shares of Preferred Stock held in its treasury, the number of shares of Preferred Stock that will be
sufficient to permit the exercise in full of all outstanding and exercisable Rights. Upon the occurrence of any events resulting in an
increase in the aggregate number of shares of Preferred Stock issuable upon exercise of all outstanding Rights in excess of the number
then reserved, the Company shall make appropriate increases in the number of shares so reserved.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall use its reasonable best efforts to cause, from and after such time as the Rights become exercisable, all shares of Preferred
Stock issued or reserved for issuance to be listed, upon official notice of issuance, upon the principal national securities exchange,
if any, upon which the Common Stock of the Company is listed or, if the principal market for the Common Stock of the Company is not on
any national securities exchange, to be eligible for quotation on such system as the Common Stock is then quoted.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall use its reasonable best efforts to (i)&nbsp;file, as soon as practicable following the earliest date after the occurrence
of a Section&nbsp;11(a)(ii)&nbsp;Event on which the consideration to be delivered by the Company upon exercise of the Rights has been
determined in accordance with Section&nbsp;11(a)(iii)&nbsp;hereof, or as soon as required by law following the Distribution Date, as the
case may be, a registration statement under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), with respect
to the securities purchasable upon exercise of the Rights on an appropriate form, (ii)&nbsp;cause such registration statement to become
effective as soon as practicable after such filing and (iii)&nbsp;cause such registration statement to remain effective (with a prospectus
that at all times meets the requirements of the Securities Act) until the earlier of (A)&nbsp;the date as of which the Rights are no longer
exercisable for such securities or (B)&nbsp;the Expiration Date. The Company will also take such action as may be appropriate under, and
which will ensure compliance with, the securities or &ldquo;blue sky&rdquo; laws of the various states in connection with the exercisability
of the Rights. The Company may temporarily suspend, for a period of time not to exceed ninety (90) days after the date determined in accordance
with the provisions of the first sentence of this Section&nbsp;9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon such suspension, the Company shall issue a public announcement stating
that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension
is no longer in effect, in each case with prompt written notice to the Rights Agent. Notwithstanding any such provision of this Agreement
to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite qualification in such jurisdiction shall
have been obtained.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock delivered
upon the exercise of the Rights shall, at the time of delivery of the certificates or depositary receipts for such shares (subject to
payment of the Exercise Price), be duly and validly authorized and issued and fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which
may be payable in respect of the issuance or delivery of the Right Certificates or of any certificates for shares of Preferred Stock and/or
other property upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in
respect of any transfer or delivery of Right Certificates or the issuance or delivery of other securities or property to a person other
than, or in respect of the issuance or delivery of securities or other property in a name other than that of, the registered holder of
the Right Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates for securities or other property
in a name other than that of the registered holder upon the exercise of any Rights until such tax shall have been paid (any such tax being
payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company&rsquo;s satisfaction
that no such tax is due.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;10.
Preferred Stock Record Date</FONT>. Each Person in whose name any certificate for Preferred Stock or other securities (including any fraction
of a share of Preferred Stock or such other securities) is issued upon the exercise of Rights shall for all purposes be deemed to have
become the holder of record of the shares of Preferred Stock or such other securities represented thereby on, and such certificate shall
be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Exercise Price (and
any applicable transfer taxes) was made; provided, however, that if the date of such surrender and payment is a date upon which the transfer
books of the Company for the Preferred Stock or such other securities, as applicable, are closed, such person shall be deemed to have
become the record holder of such shares of Preferred Stock or such other securities on, and such certificate shall be dated, the next
succeeding Business Day on which the transfer books of the Company are open; and further provided, however, that if delivery of shares
of Preferred Stock or such other securities is delayed pursuant to Section&nbsp;9(c), such Person shall be deemed to have become the record
holder of such shares of Preferred Stock or such other securities only when such shares or such other securities first become deliverable.
Prior to the exercise of the Right evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a stockholder
of the Company with respect to shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to
receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any
proceedings of the Company, except as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;11.
Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights</FONT>. The Exercise Price, the number and kind of shares
covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section&nbsp;11.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;In
the event the Company shall at any time after the date of this Agreement (A)&nbsp;declare a dividend on the Preferred Stock payable in
shares of Preferred Stock, (B)&nbsp;subdivide the outstanding Preferred Stock, (C)&nbsp;combine the outstanding Preferred Stock into a
smaller number of shares or (D)&nbsp;issue, change or alter any shares of its capital stock in a reclassification or recapitalization
of the Preferred Stock (including any such reclassification or recapitalization in connection with a consolidation or merger in which
the Company is the continuing or surviving Person), except as otherwise provided in this Section&nbsp;11(a)&nbsp;and Section&nbsp;7(e)&nbsp;hereof,
the Exercise Price in effect at the time of the record date for such dividend or the effective time of such subdivision, combination,
reclassification or recapitalization, and the number and kind of shares of capital stock issuable on such date or at such time, shall
be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number
and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred
Stock transfer books of the Company were open, such holder would have owned upon such exercise and been entitled to receive by virtue
of such dividend, subdivision, combination, reclassification or recapitalization; <U>provided</U>, <U>however</U>, that in no event shall
the consideration to be paid upon the exercise of a Right be less than the aggregate par value of the shares of capital stock of the Company
issuable upon exercise of a Right. If an event occurs which would require an adjustment under both Section&nbsp;11(a)(i)&nbsp;and Section&nbsp;11(a)(ii)&nbsp;hereof,
the adjustment provided for in this Section&nbsp;11(a)(i)&nbsp;shall be in addition to, and shall be made prior to, any adjustment required
pursuant to Section&nbsp;11(a)(ii)&nbsp;hereof.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Section&nbsp;24 hereof, in the event any Person, alone or together with its Affiliates and Associates, shall become
an Acquiring Person, then, promptly following any such occurrence (a &ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Event</U>&rdquo;), proper provision
shall be made so that each holder of a Right, except as provided in Section&nbsp;7(e)&nbsp;hereof, shall thereafter have a right to receive,
upon exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of one ten-thousandths
of a share of Preferred Stock, such number of shares of Common Stock of the Company as shall equal the result obtained by (x)&nbsp;multiplying
the then current Exercise Price by the then number of one ten-thousandths of a share of Preferred Stock for which a Right was exercisable
immediately prior to the first occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event, whether or not such Right was then exercisable, and
dividing that product by (y)&nbsp;50% of the Fair Market Value per share of Common Stock of the Company (determined pursuant to Section&nbsp;11(d))
on the date of the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event (such number of shares being referred to as the &ldquo;<U>Adjustment
Shares</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
lieu of issuing any shares of Common Stock of the Company in accordance with Section&nbsp;11(a)(ii)&nbsp;hereof, the Company, acting by
or pursuant to a resolution of the Board of Directors of the Company, may, and in the event that the number of shares of Common Stock
of the Company which are authorized by the Company&rsquo;s Certificate of Incorporation but not outstanding or reserved for issuance for
purposes other than upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in accordance with the
foregoing subparagraph (ii)&nbsp;of this Section&nbsp;11(a), the Company, acting by or pursuant to a resolution of the Board of Directors
of the Company, shall: (A)&nbsp;determine the excess of (X)&nbsp;the Fair Market Value of the Adjustment Shares issuable upon the exercise
of a Right (the &ldquo;<U>Current Value</U>&rdquo;) over (Y)&nbsp;the Exercise Price attributable to each Right (such excess being referred
to as the &ldquo;<U>Spread</U>&rdquo;) and (B)&nbsp;with respect to all or a portion of each Right (subject to Section&nbsp;7(e)&nbsp;hereof),
make adequate provision to substitute for the Adjustment Shares, upon payment of the Exercise Price, (1)&nbsp;Common Stock of the Company
or equity securities, if any, of the Company other than Common Stock of the Company (including, without limitation, shares, or units of
shares, of Preferred Stock that the Board of Directors of the Company has determined to have the same value as shares of Common Stock
of the Company (such shares of Preferred Stock being referred to herein as &ldquo;<U>Common Stock Equivalents</U>&rdquo;)), (2)&nbsp;cash,
(3)&nbsp;a reduction in the Exercise Price, (4)&nbsp;Preferred Stock Equivalents which the Board of Directors of the Company has deemed
to have the same value as shares of Common Stock of the Company, (5)&nbsp;debt securities of the Company, (6)&nbsp;other assets or securities
of the Company or (7)&nbsp;any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate
value has been determined by the Board of Directors of the Company after receiving the advice of a nationally recognized investment banking
firm selected by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that if the Company shall not have made adequate
provision to deliver value pursuant to clause (B)&nbsp;above within thirty (30) days following the later of (x)&nbsp;the first occurrence
of a Section&nbsp;11(a)(ii)&nbsp;Event and (y)&nbsp;the date on which the Company&rsquo;s right of redemption pursuant to Section&nbsp;23(a)&nbsp;expires
(the later of (x)&nbsp;and (y)&nbsp;being referred to herein as the &ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Trigger Date</U>&rdquo;), then
the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price,
shares of Common Stock of the Company (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate
value equal to the Spread. If the Board of Directors of the Company shall determine in good faith that it is likely that sufficient additional
shares of Common Stock of the Company could be authorized for issuance upon exercise in full of the Rights, the 30-day period set forth
above may be extended to the extent necessary, but not more than ninety (90) days after the Section&nbsp;11(a)(ii)&nbsp;Trigger Date,
in order that the Company may seek stockholder approval for the authorization of such additional shares (such period, as it may be extended,
being referred to herein as the &ldquo;<U>Substitution Period</U>&rdquo;). To the extent that the Company determines that some action
need be taken pursuant to the first and/or second sentences of this Section&nbsp;11(a)(iii), the Company (x)&nbsp;shall provide, subject
to Section&nbsp;7(e)&nbsp;hereof, that such action shall apply uniformly to all outstanding Rights and (y)&nbsp;may suspend the exercisability
of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide
the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any
such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended
and a public announcement at such time as the suspension is no longer in effect. For purposes of this Section&nbsp;11(a)(iii), the value
of the Common Stock of the Company and of the Preferred Stock shall be the Fair Market Value (as determined pursuant to Section&nbsp;11(d)&nbsp;hereof)
per share of the Common Stock of the Company and the Preferred Stock, respectively, on the Section&nbsp;11(a)(ii)&nbsp;Trigger Date, the
value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock of the Company on such date and the value
of any Preferred Stock Equivalent shall be deemed to have the same value as the Preferred Stock on such date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling them (for
a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Stock (or securities
having the same or more favorable rights, privileges and preferences as the shares of Preferred Stock (&ldquo;<U>Preferred Stock Equivalents</U>&rdquo;))
or securities convertible into Preferred Stock or Preferred Stock Equivalents at a price per share of Preferred Stock or per share of
Preferred Stock Equivalents (or having a conversion price per share, if a security convertible into Preferred Stock or Preferred Stock
Equivalents) less than the Fair Market Value (as determined pursuant to Section&nbsp;11(d)&nbsp;hereof) per share of Preferred Stock on
such record date, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock outstanding
on such record date, plus the number of shares of Preferred Stock which the aggregate offering price of the total number of shares of
Preferred Stock and/or Preferred Stock Equivalents to be offered (and the aggregate initial conversion price of the convertible securities
so to be offered) would purchase at such Fair Market Value and the denominator of which shall be the number of shares of Preferred Stock
outstanding on such record date, plus the number of additional shares of Preferred Stock and Preferred Stock Equivalents to be offered
for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); <U>provided</U>, <U>however</U>,
that in no event shall the consideration to be paid upon the exercise of a Right be less than the aggregate par value of the shares of
stock of the Company issuable upon exercise of a Right. In case such subscription price may be paid in a consideration part or all of
which shall be in a form other than cash, the value of such consideration shall be the Fair Market Value thereof determined in accordance
with Section&nbsp;11(d)&nbsp;hereof. Shares of Preferred Stock owned by or held for the account of the Company shall not be deemed outstanding
for the purpose of any such computation. Such adjustments shall be made successively whenever such a record date is fixed; and in the
event that such rights or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be
in effect if such record date had not been fixed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company shall fix a record date for the making of a distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), of evidences of indebtedness,
cash (other than a regular periodic cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend
payable in Preferred Stock, but including any dividend payable in stock other than Preferred Stock) or convertible securities, subscription
rights or warrants (excluding those referred to in Section&nbsp;11(b)), the Exercise Price to be in effect after such record date shall
be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which
shall be the Fair Market Value (as determined pursuant to Section&nbsp;11(d)&nbsp;hereof) per one ten-thousandth of a share of Preferred
Stock on such record date, less the Fair Market Value (as determined pursuant to Section&nbsp;11(d)&nbsp;hereof) of the portion of the
cash, assets or evidences of indebtedness so to be distributed or of such convertible securities, subscription rights or warrants applicable
to one ten-thousandth of a share of Preferred Stock and the denominator of which shall be the Fair Market Value (as determined pursuant
to Section&nbsp;11(d)&nbsp;hereof) per one ten-thousandth of a share of Preferred Stock; <U>provided</U>, <U>however</U>, that in no event
shall the consideration to be paid upon the exercise of a Right be less than the aggregate par value of the shares of stock of the Company
issuable upon exercise of a Right. Such adjustments shall be made successively whenever such a record date is fixed; and in the event
that such distribution is not so made, the Exercise Price shall again be adjusted to be the Exercise Price which would be in effect if
such record date had not been fixed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purpose of this Agreement, the &ldquo;<U>Fair Market Value</U>&rdquo; of any share of Preferred Stock, Common Stock or any other stock
or any Right or other security or any other property shall be determined as provided in this Section&nbsp;11(d).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of a publicly-traded stock or other security, the Fair Market Value on any date shall be deemed to be the average of the daily
closing prices per share of such stock or per unit of such other security for the thirty (30) consecutive Trading Days (as such term is
hereinafter defined) immediately prior to such date; <U>provided</U>, <U>however</U>, that in the event that the Fair Market Value per
share of any share of stock is determined during a period following the announcement by the issuer of such stock of (x)&nbsp;a dividend
or distribution on such stock payable in shares of such stock or securities convertible into shares of such stock or (y)&nbsp;any subdivision,
combination or reclassification of such stock, and prior to the expiration of the 30 Trading Day period after the ex-dividend date for
such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case,
the Fair Market Value shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the
last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular
way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted
to trading on the Nasdaq Stock Market or, if the securities are not listed or admitted to trading on the Nasdaq Stock Market, as reported
in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange
on which such security is listed or admitted to trading; or, if not listed or admitted to trading on any national securities exchange,
the last quoted price (or, if not so quoted, the average of the last quoted high bid and low asked prices) in the over-the-counter market,
as reported by the OTC Bulletin Board, the Pink Sheets or such other system then in use; or, if on any such date no bids for such security
are quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making
a market in such security selected by the Board of Directors of the Company. If on any such date no market maker is making a market in
such security, the Fair Market Value of such security on such date shall be determined reasonably and with utmost good faith to the holders
of the Rights by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that if at the time of such determination there
is an Acquiring Person, the Fair Market Value of such security on such date shall be determined by a nationally recognized investment
banking firm selected by the Board of Directors of the Company, which determination shall be described in a statement filed with the Rights
Agent and shall be binding on the Rights Agent and the holders of the Rights. The term &ldquo;<U>Trading Day</U>&rdquo; shall mean a day
on which the principal national securities exchange on which such security is listed or admitted to trading is open for the transaction
of business or, if such security is not listed or admitted to trading on any national securities exchange, a Business Day.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a security is not publicly held or not so listed or traded, &ldquo;<U>Fair Market Value</U>&rdquo; shall mean the fair value per share
of stock or per other unit of such security, determined reasonably and in good faith to the holders of the Rights by the Board of Directors
of the Company; <U>provided</U>, <U>however</U>, that if at the time of such determination there is an Acquiring Person, the Fair Market
Value of such security on such date shall be determined by a nationally recognized investment banking firm selected by the Board of Directors
of the Company, which determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent
and the holders of the Rights; <U>provided</U>, <U>however</U>, that for the purposes of making any adjustment provided for by Section&nbsp;11(a)(ii)&nbsp;hereof,
the Fair Market Value of a share of Preferred Stock shall not be less than the product of the then Fair Market Value of a share of Common
Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple (as both of such terms are defined in the Certificate of
Designations attached as <U>Exhibit&nbsp;A</U> hereto) applicable to the Preferred Stock and shall not exceed 105% of the product of the
then Fair Market Value of a share of Common Stock multiplied by the higher of the then Dividend Multiple or Vote Multiple applicable to
the Preferred Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of property other than securities, the Fair Market Value thereof shall be determined reasonably and in good faith to the holders
of Rights by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that if at the time of such determination there is
an Acquiring Person, the Fair Market Value of such property on such date shall be determined by a nationally recognized investment banking
firm selected by the Board of Directors of the Company, which determination shall be described in a statement filed with the Rights Agent
and shall be binding upon the Rights Agent and the holders of the Rights.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Anything
herein to the contrary notwithstanding, no adjustment in the Exercise Price shall be required unless such adjustment would require an
increase or decrease of at least 1.0% in the Exercise Price; <U>provided</U>, <U>however</U>, that any adjustments which by reason of
this Section&nbsp;11(e)&nbsp;are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section&nbsp;11 shall be made to the nearest cent or to the nearest one-millionth of a share of Common Stock
of the Company or hundred-millionth of a share of Preferred Stock, as the case may be, or to such other figure as the Board of Directors
of the Company may deem appropriate. Notwithstanding the first sentence of this Section&nbsp;11(e), any adjustment required by this Section&nbsp;11
shall be made no later than the earlier of (i)&nbsp;three (3)&nbsp;years from the date of the transaction which mandates such adjustment
or (ii)&nbsp;the Expiration Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
as a result of any provision of Section&nbsp;11(a)&nbsp;or Section&nbsp;13(a)&nbsp;hereof, the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock of the Company other than Preferred Stock, thereafter the number of such
other shares so receivable upon exercise of any Right shall be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Preferred Stock contained in Section&nbsp;11(a), (b), (c), (d), (e), (g)&nbsp;through
(k)&nbsp;and (m), inclusive, and the provisions of Sections&nbsp;7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall
apply on like terms to any such other shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to
purchase, at the adjusted Exercise Price, the number of one ten-thousandths of a share of Preferred Stock (or other securities or amount
of cash or combination thereof) purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment
as provided herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unless
the Company shall have exercised its election as provided in Section&nbsp;11(i), upon each adjustment of the Exercise Price as a result
of the calculations made in Section&nbsp;11(b)&nbsp;and (c), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of one ten-thousandths of a share of Preferred
Stock (calculated to the nearest hundred-millionth) as the Board of Directors of the Company determines is appropriate to preserve the
economic value of the Rights, including, by way of example, that number obtained by (i)&nbsp;multiplying (x)&nbsp;the number of one ten-thousandths
of a share of Preferred Stock for which a Right may be exercisable immediately prior to this adjustment by (y)&nbsp;the Exercise Price
in effect immediately prior to such adjustment of the Exercise Price and (ii)&nbsp;dividing the product so obtained by the Exercise Price
in effect immediately after such adjustment of the Exercise Price.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in substitution for any
adjustment in the number of shares of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after the
adjustment in the number of Rights shall be exercisable for the number of one ten-thousandths of a share of Preferred Stock for which
a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights
shall become that number of Rights (calculated to the nearest one-millionth) obtained by dividing the Exercise Price in effect immediately
prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The Company
shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if
known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted or
any day thereafter, but, if the Right Certificates have been issued, shall be at least ten (10)&nbsp;days later than the date of the public
announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section&nbsp;11(i),
the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date
Right Certificates evidencing, subject to Section&nbsp;14 hereof, the additional Rights to which such holders shall be entitled as a result
of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement
for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company,
new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Right Certificates so
to be distributed shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company,
the adjusted Exercise Price) and shall be registered in the names of the holders of record of Right Certificates on the record date specified
in the public announcement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Irrespective
of any adjustment or change in the Exercise Price or the number of one ten-thousandths of a share of Preferred Stock issuable upon the
exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Exercise Price per share
and the number of shares which were expressed in the initial Right Certificates issued hereunder without prejudice to any adjustment or
change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Before
taking any action that would cause an adjustment reducing the Exercise Price below the then stated value, if any, of the number of one
ten-thousandths of a share of Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate action which
may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable
shares of Preferred Stock at such adjusted Exercise Price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
any case in which this Section&nbsp;11 shall require that an adjustment in the Exercise Price be made effective as of a record date for
a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right exercised
after such record date the number of one ten-thousandths of a share of Preferred Stock or other capital stock or securities of the Company,
if any, issuable upon such exercise over and above the number of one ten-thousandths of a share of Preferred Stock and other capital stock
or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment;
<U>provided</U>, <U>however,</U> that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such
holder&rsquo;s right to receive such additional shares upon the occurrence of the event requiring such adjustment.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Anything
in this Section&nbsp;11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Exercise Price,
in addition to those adjustments expressly required by this Section&nbsp;11, as and to the extent that in its good faith judgment the
Board of Directors of the Company shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock,
issuance wholly for cash of any shares of Preferred Stock at less than the Fair Market Value, issuance wholly for cash of shares of Preferred
Stock or securities which by their terms are convertible into or exchangeable for shares of Preferred Stock, stock dividends or issuance
of rights, options or warrants referred to hereinabove in this Section&nbsp;11, hereafter made by the Company to holders of its Preferred
Stock, shall not be taxable to such stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company covenants and agrees that it shall not, at any time after the Distribution Date and so long as the Rights have not been redeemed
pursuant to Section&nbsp;23 hereof or exchanged pursuant to Section&nbsp;24 hereof, (i)&nbsp;consolidate with (other than a Subsidiary
of the Company in a transaction that complies with the proviso at the end of this sentence), (ii)&nbsp;merge with or into, or (iii)&nbsp;sell
or transfer (or permit any Subsidiary to sell or transfer), in one transaction or a series of related transactions, assets or earning
power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries taken as a whole, to any other Person
or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies with the proviso
at the end of this sentence) if (x)&nbsp;at the time of or immediately after such consolidation, merger or sale there are any rights,
warrants or other instruments outstanding or agreements or arrangements in effect which would substantially diminish or otherwise eliminate
the benefits intended to be afforded by the Rights, or (y)&nbsp;prior to, simultaneously with or immediately after such consolidation,
merger or sale the stockholders of a Person who constitutes, or would constitute, the &ldquo;Principal Party&rdquo; for the purposes of
Section&nbsp;13(a)&nbsp;hereof shall have received a distribution of Rights previously owned by such Person or any of its Affiliates and
Associates; <U>provided</U>, <U>however</U>, that, subject to the following sentence, this Section&nbsp;11(n)&nbsp;shall not affect the
ability of any Subsidiary of the Company to consolidate with, or merge with or into, or sell or transfer assets or earning power to, any
other Subsidiary of the Company. The Company further covenants and agrees that after the Distribution Date it will not, except as permitted
by Section&nbsp;23, Section&nbsp;24 or Section&nbsp;27 hereof, take (or permit any Subsidiary to take) any action if at the time such
action is taken it is reasonably foreseeable that such action will substantially diminish or otherwise eliminate the benefits intended
to be afforded by the Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, in the event the Company shall at any time after the date of this Agreement and prior to the
Distribution Date (i)&nbsp;declare or pay any dividend on the outstanding Common Stock of the Company payable in shares of Common Stock
of the Company or (ii)&nbsp;effect a subdivision, combination or consolidation of the outstanding shares of Common Stock of the Company
(by reclassification or otherwise than by payment of dividends in shares of Common Stock of the Company) into a greater or lesser number
of shares of Common Stock of the Company, then in any such case (A)&nbsp;the number of one ten-thousandths of a share of Preferred Stock
purchasable after such event upon proper exercise of each Right shall be determined by multiplying the number of one ten-thousandths of
a share of Preferred Stock so purchasable immediately prior to such event by a fraction, the numerator of which is the number of shares
of Common Stock of the Company outstanding immediately prior to such event and the denominator of which is the number of shares of Common
Stock of the Company outstanding immediately after such event, and (B)&nbsp;each share of Common Stock of the Company outstanding immediately
after such event shall have issued with respect to it that number of Rights which each share of Common Stock of the Company outstanding
immediately prior to such event had issued with respect to it. The adjustments provided for in this Section&nbsp;11(o)&nbsp;shall be made
successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is effected.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
exercise of Rights under Section&nbsp;11(a)(ii)&nbsp;shall only result in the loss of rights under Section&nbsp;11(a)(ii)&nbsp;to the
extent so exercised and, unless expressly provided to the contrary elsewhere in this Agreement, such exercise shall not otherwise affect
the rights of holders of Right Certificates under this Rights Agreement, including rights to purchase securities of the Principal Party
following a Section&nbsp;13 Event which has occurred or may thereafter occur, as set forth in Section&nbsp;13 hereof. Upon exercise of
a Right Certificate under Section&nbsp;11(a)(ii), the Rights Agent shall return such Right Certificate duly marked to indicate that such
exercise has occurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;12.
Certificate of Adjusted Exercise Price or Number of Shares</FONT>. Whenever an adjustment is made as provided in Section&nbsp;11 or Section&nbsp;13
hereof, the Company shall (a)&nbsp;promptly prepare a certificate setting forth such adjustment and a brief statement of the facts and
computations accounting for such adjustment, (b)&nbsp;promptly file with the Rights Agent and with each transfer agent for the Preferred
Stock and the Common Stock of the Company a copy of such certificate and (c)&nbsp;mail a brief summary thereof to each holder of a Right
Certificate (or, if prior to the Distribution Date, to each holder of a certificate representing shares of Common Stock of the Company
or Book Entry Shares, as applicable) in accordance with Section&nbsp;26 hereof. The Rights Agent shall be fully protected in relying on
any such certificate and on any adjustment contained therein and shall have no duty or liability with respect to, and shall not be deemed
to have knowledge of any such adjustment unless and until it shall have received such certificate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;13. Consolidation, Merger or Sale
or Transfer of Assets or Earning Power.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that, following the Stock Acquisition Date, directly or indirectly, (x)&nbsp;the Company shall consolidate with, or merge with
and into, any other Person (other than a Subsidiary of the Company in a transaction which is not prohibited by Section&nbsp;11(n)&nbsp;hereof),
and the Company shall not be the continuing or surviving corporation of such consolidation or merger, (y)&nbsp;any Person (other than
a Subsidiary of the Company in a transaction which is not prohibited by the proviso at the end of the first sentence of Section&nbsp;11(n)&nbsp;hereof)
shall consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or surviving corporation
of such merger and, in connection with such merger, all or part of the shares of Common Stock of the Company shall be changed into or
exchanged for stock or other securities of any other Person or cash or any other property, or (z)&nbsp;the Company shall sell, mortgage
or otherwise transfer (or one or more of its Subsidiaries shall sell, mortgage or otherwise transfer), in one transaction or a series
of related transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries
(taken as a whole) to any other Person or Persons (other than the Company or any Subsidiary of the Company in one or more transactions,
each of which is not prohibited by the proviso at the end of the first sentence of Section&nbsp;11(n)&nbsp;hereof), then, and in each
such case, proper provision shall be made so that: (i)&nbsp;each holder of a Right, except as provided in Section&nbsp;7(e)&nbsp;hereof,
shall have the right to receive, upon the exercise thereof at the then current Exercise Price in accordance with the terms of this Agreement,
such number of validly authorized and issued, fully paid and nonassessable shares of freely tradable Common Stock of the Principal Party
(as hereinafter defined in Section&nbsp;13(b)), free and clear of rights of call or first refusal, liens, encumbrances, transfer restrictions
or other adverse claims, as shall be equal to the result obtained by (1)&nbsp;multiplying the then current Exercise Price by the number
of one ten-thousandths of a share of Preferred Stock for which a Right is exercisable immediately prior to the first occurrence of a Section&nbsp;13
Event (without taking into account any adjustment previously made pursuant to Section&nbsp;11(a)(ii)&nbsp;or 11(a)(iii)&nbsp;hereof),
and dividing that product by (2)&nbsp;50% of the Fair Market Value (determined pursuant to Section&nbsp;11(d)&nbsp;hereof) per share of
the Common Stock of such Principal Party on the date of consummation of such consolidation, merger, sale or transfer; (ii)&nbsp;such Principal
Party shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale, mortgage or transfer, all the obligations
and duties of the Company pursuant to this Agreement; (iii)&nbsp;the term &ldquo;Company&rdquo; shall thereafter be deemed to refer to
such Principal Party, it being specifically intended that the provisions of Section&nbsp;11 hereof shall apply to such Principal Party;
and (iv)&nbsp;such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares
of its Common Stock to permit exercise of all outstanding Rights in accordance with this Section&nbsp;13(a)&nbsp;and the making of payments
in cash and/or other securities in accordance with Section&nbsp;11(a)(iii)&nbsp;hereof) in connection with such consummation as may be
necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares
of Common Stock thereafter deliverable upon the exercise of the Rights.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Principal
Party&rdquo; shall mean:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of any transaction described in clause (x)&nbsp;or (y)&nbsp;of the first sentence of Section&nbsp;13(a), the Person that is the
issuer of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if there
is more than one such issuer, the issuer of Common Stock that has the highest aggregate Fair Market Value (determined pursuant to Section&nbsp;11(d)),
and if no securities are so issued, the Person that is the other party to the merger or consolidation, or, if there is more than one such
Person, the Person the Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section&nbsp;11(d));
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of any transaction described in clause (z)&nbsp;of the first sentence of Section&nbsp;13(a), the Person that is the party receiving
the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person that
is a party to such transaction or transactions receives the same portion of the assets or earning power transferred pursuant to such transaction
or transactions or if the Person receiving the largest portion of the assets or earning power cannot be determined, whichever Person the
Common Stock of which has the highest aggregate Fair Market Value (determined pursuant to Section&nbsp;11(d));</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>however</U>, that in any such case described in
clauses (i)&nbsp;or (ii)&nbsp;of Section&nbsp;13(b)&nbsp;hereof, (1)&nbsp;if the Common Stock of such Person is not at such time and has
not been continuously over the preceding 12-month period registered under Section&nbsp;12 of the Exchange Act (&ldquo;<U>Registered Common
Stock</U>&rdquo;) or such Person is not a corporation, and such Person is a direct or indirect Subsidiary or Affiliate of another Person
who has Registered Common Stock outstanding, &ldquo;Principal Party&rdquo; shall refer to such other Person; (2)&nbsp;if the Common Stock
of such Person is not Registered Common Stock or such Person is not a corporation, and such Person is a direct or indirect Subsidiary
of another Person but is not a direct or indirect Subsidiary of another Person which has Registered Common Stock outstanding, &ldquo;Principal
Party&rdquo; shall refer to the ultimate parent entity of such first-mentioned Person; (3)&nbsp;if the Common Stock of such Person is
not Registered Common Stock or such Person is not a corporation, and such Person is directly or indirectly controlled by more than one
Person, and one or more of such other Persons has Registered Common Stock outstanding, &ldquo;Principal Party&rdquo; shall refer to whichever
of such other Persons is the issuer of the Registered Common Stock having the highest aggregate Fair Market Value (determined pursuant
to Section&nbsp;11(d)); and (4)&nbsp;if the Common Stock of such Person is not Registered Common Stock or such Person is not a corporation,
and such Person is directly or indirectly controlled by more than one Person, and none of such other Persons has Registered Common Stock
outstanding, &ldquo;Principal Party&rdquo; shall refer to whichever ultimate parent entity is the corporation having the greatest stockholders&rsquo;
equity or, if no such ultimate parent entity is a corporation, &ldquo;Principal Party&rdquo; shall refer to whichever ultimate parent
entity is the entity having the greatest net assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not consummate any such consolidation, merger, sale or transfer unless prior thereto (x)&nbsp;the Principal Party shall
have a sufficient number of authorized shares of its Common Stock, which have not been issued or reserved for issuance, to permit the
exercise in full of the Rights in accordance with this Section&nbsp;13, and (y)&nbsp;the Company and each Principal Party and each other
Person who may become a Principal Party as a result of such consolidation, merger, sale or transfer shall have executed and delivered
to the Rights Agent a supplemental agreement providing for the terms set forth in Section&nbsp;13(a)&nbsp;and (b)&nbsp;and further providing
that, as soon as practicable after the date of any consolidation, merger, sale or transfer of assets mentioned in Section&nbsp;13(a),
the Principal Party at its own expense will:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prepare
and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of
the Rights on an appropriate form, cause such registration statement to become effective as soon as practicable after such filing and
cause such registration statement to remain effective (with a prospectus that at all times meets the requirements of the Securities Act)
until the Expiration Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">qualify
or register the Rights and the securities purchasable upon exercise of the Rights under the blue sky laws of such jurisdictions as may
be necessary or appropriate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">list
(or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange or
to meet the eligibility requirements for listing on an automated quotation system or such other system on which the Common Stock of the
Company is then traded; and</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">deliver
to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates which comply in all respects
with the requirements for registration on Form&nbsp;10 under the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case the Principal Party which is to be a party to a transaction referred to in this Section&nbsp;13 has a provision in any of its authorized
securities or in its certificate of incorporation or By-Laws or other instrument governing its affairs, which provision would have the
effect of (i)&nbsp;causing such Principal Party to issue (other than to holders of Rights pursuant to this Section&nbsp;13), in connection
with, or as a consequence of, the consummation of a transaction referred to in this Section&nbsp;13, shares of Common Stock of such Principal
Party at less than the then current Fair Market Value (determined pursuant to Section&nbsp;11(d)) or securities exercisable for, or convertible
into, Common Stock of such Principal Party at less than such Fair Market Value, or (ii)&nbsp;providing for any special payment, tax or
similar provisions in connection with the issuance of the Common Stock of such Principal Party pursuant to the provisions of this Section&nbsp;13,
then, in such event, the Company shall not consummate any such transaction unless prior thereto the Company and such Principal Party shall
have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party
shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will
have no effect in connection with, or as a consequence of, the consummation of the proposed transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section&nbsp;13 shall similarly
apply to successive mergers or consolidations or sales or other transfers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;14. Fractional Rights and Fractional
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section&nbsp;11(o)&nbsp;hereof,
or to distribute Right Certificates which evidence fractional Rights. If the Company elects not to issue such fractional Rights, the Company
shall pay, in lieu of such fractional Rights, to the registered holders of the Right Certificates with regard to which such fractional
Rights would otherwise be issuable, an amount in cash equal to the same fraction of the Fair Market Value of a whole Right, as determined
pursuant to Section&nbsp;11(d)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one
ten-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional shares
of Preferred Stock (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock). In lieu of
fractional shares of Preferred Stock that are not integral multiples of one ten-thousandth of a share of Preferred Stock, the Company
may pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal
to the same fraction of the Fair Market Value of one ten-thousandth of a share of Preferred Stock. For purposes of this Section&nbsp;14(b),
the Fair Market Value of one ten-thousandth of a share of Preferred Stock shall be determined pursuant to Section&nbsp;11(d)&nbsp;hereof
for the Trading Day immediately prior to the date of such exercise.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
holder of a Right by the acceptance of the Rights expressly waives his right to receive any fractional Rights or any fractional shares
upon exercise of a Right, except as permitted by this Section&nbsp;14.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company shall (i)&nbsp;promptly
prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payment and the prices
or formulas utilized in calculating such payments and (ii)&nbsp;provide sufficient monies to the Rights Agent in the form of fully collected
funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect to, and will not be deemed
to have knowledge of, any payment for fractional Rights or fractional shares under any Section&nbsp;of this Agreement relating to the
payment of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and sufficient monies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;15.
Rights of Action</FONT>. All rights of action in respect of this Agreement, other than rights of action vested in the Rights Agent pursuant
to Sections 18 and 20 hereof, are vested in the respective registered holders of the Right Certificates (or, prior to the Distribution
Date, the registered holders of the Common Stock of the Company); and any registered holder of any Right Certificate (or, prior to the
Distribution Date, of the Common Stock of the Company), without the consent of the Rights Agent or of the holder of any other Right Certificate
(or, prior to the Distribution Date, of the Common Stock of the Company), may, in such registered holder&rsquo;s own behalf and for such
registered holder&rsquo;s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce,
or otherwise act in respect of, his right to exercise the Right evidenced by such Right Certificate in the manner provided in such Right
Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement by the Company and shall
be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened violations of the
obligations hereunder of the Company. Holders of Rights shall be entitled to recover the reasonable costs and expenses, including attorneys&rsquo;
fees, incurred by them in any action to enforce the provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;16.
Agreement of Right Holders</FONT>. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights
Agent and with every other holder of a Right that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prior
to the Distribution Date, each Right will be transferable only simultaneously and together with the transfer of shares of Common Stock
of the Company;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">after
the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office
or offices of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer and with the
appropriate forms and certificates properly completed and duly executed, accompanied by a Signature Guarantee and such other documentation
as the Rights Agent may reasonably request;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">subject
to Sections 6(a)&nbsp;and 7(f), the Company and the Rights Agent may deem and treat the person in whose name a Right Certificate (or,
prior to the Distribution Date, the associated certificate representing Common Stock of the Company or Book Entry Shares, as applicable)
is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing
on the Right Certificates or the associated certificate representing Common Stock of the Company or Book Entry Shares, as applicable,
made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and, subject to the last sentence of Section&nbsp;7(e),
neither the Company nor the Rights Agent shall be affected by any notice to the contrary; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as the result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or
administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority
prohibiting or otherwise restraining performance of such obligations; <U>provided</U>, <U>however</U>, that the Company must use its best
efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as possible.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;17.
Right Certificate Holder Not Deemed a Stockholder</FONT>. No holder, as such, of any Right Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the shares of Preferred Stock or any other securities of the Company which may at
any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate
be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section&nbsp;25
hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall
have been exercised in accordance with the provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;18. Concerning the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company agrees to pay to the Rights Agent such compensation as shall be agreed to in writing between the Company and the Rights Agent
for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and attorney
fees and disbursements and other disbursements incurred in the preparation, negotiation, execution, administration, delivery and amendment
of this Agreement and the exercise and performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights
Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense
(including the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by it, or to which it may become
subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, (which gross negligence, bad faith,
or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), for any action taken,
suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance
of its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly
or indirectly, or of enforcing its rights under this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance of its duties
hereunder in reliance upon any Right Certificate or certificate representing Common of the Company (or registration on the transfer books
of the Company, including, in the case of uncertificated shares, by notation in book entry accounts reflecting ownership), Preferred Stock,
or other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, or other paper or document believed by it in the absence of bad faith to be genuine and to be duly signed
and executed and, where necessary, guaranteed, verified or acknowledged, by the proper Person or Persons., or otherwise upon the advice
of counsel as set forth in Section&nbsp;20. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed
to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take action
in connection therewith unless and until it has received such notice in writing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Section&nbsp;18
and Section&nbsp;20 shall survive the termination of this Agreement, the resignation, replacement or removal of the Rights Agent and the
exercise, termination and expiration of the Rights. Notwithstanding anything in this Agreement to the contrary, in no event shall the
Rights Agent be liable for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever, even if the
Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;19. Merger or Consolidation or Change
of Name of Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting
from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to
the corporate trust or other stockholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to
the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto, provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section&nbsp;21
hereof. The purchase of all or substantially all of the Rights Agent&rsquo;s assets employed in the performance of the transfer agent
activities shall be deemed a merger or consolidation for purposes of this Section&nbsp;19. In case at the time such successor Rights Agent
shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered,
any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so
countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may
countersign such Right Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such
cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right
Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force
provided in the Right Certificates and in this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT>Section&nbsp;20.
Duties of Rights Agent</FONT>. The Rights Agent undertakes the duties and obligations expressly imposed by this Agreement, and no implied
duties or obligations shall be read into this Agreement against the Rights Agent, upon the following terms and conditions, by all of which
the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion of such counsel
shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall have no liability for or in respect
of, any action taken or omitted by it in the absence of bad faith and in accordance with such advice or opinion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including,
without limitation, the identity of any Acquiring Person and the determination of &ldquo;Fair Market Value&rdquo;) be proved or established
by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect
thereof shall be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by a
person believed by the Rights Agent to be the Chair of the Board of Directors, a Vice Chair of the Board of Directors, the Chief Executive
Officer, the President, a Vice President, the Treasurer, any Assistant Treasurer, the Secretary or an Assistant Secretary of the Company
and delivered to the Rights Agent. Any such certificate shall be full and complete authorization and protection to the Rights Agent, and
the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under this Agreement
in reliance upon such certificate. The Rights Agent shall have no duty to act without such certificate as set forth in this Section&nbsp;20(b).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad
faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). Notwithstanding
anything to the contrary herein, any liability of the Rights Agent under this Agreement shall be limited to the amount of fees (but not
including any reimbursed costs) paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event
for which recovery from the Rights Agent is being sought.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Right
Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall
be deemed to have been made by the Company only.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration
statement filed with the Securities and Exchange Commission or this Agreement, including obligations under applicable regulation or law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Rights with
respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution
and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate
(except its countersignature thereof); nor shall it be liable or responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right Certificate; nor shall it be liable or responsible for any change in the exercisability of
the Rights (including the Rights becoming void pursuant to Section&nbsp;7(e)&nbsp;hereof) or any adjustment required under the provisions
of Sections&nbsp;11, 13 or 23(c)&nbsp;hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates
after receipt of a certificate describing any such adjustment furnished in accordance with Section&nbsp;12 hereof), nor shall it be liable
or responsible for any determination by the Board of Directors of the Company of the Fair Market Value of the Rights or Preferred Stock
pursuant to the provisions hereof; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Common Stock of the Company or Preferred Stock to be issued pursuant to this Agreement or any Right Certificate
or as to whether or not any shares of Common Stock of the Company or Preferred Stock will, when so issued, be validly authorized and issued,
fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all
such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing
by the Rights Agent of the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and certificates
delivered pursuant to any provision hereof from any person believed by the Rights Agent to be the Chair of the Board of Directors, any
Vice Chair of the Board of Directors, the Chief Executive Officer, the President, a Vice President, the Secretary, an Assistant Secretary,
the Treasurer or an Assistant Treasurer of the Company, and is authorized to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken, suffered or omitted to be taken by it in the absence of bad faith in
accordance with instructions of any such officer. Any application by the Rights Agent for written instructions from the Company may, at
the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent
under this Agreement and the date on or after which such action shall be taken or suffered or such omission shall be effective. The Rights
Agent shall not be liable for any action taken, suffered or omitted to be taken by the Rights Agent in accordance with a proposal included
in such application on or after the date specified in such application (which date shall not be less than five (5)&nbsp;Business Days
after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing
to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall
have received written instructions in response to such application specifying the action to be taken, suffered or omitted to be taken.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with
or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under this Agreement. Nothing
herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys or agents and the Rights Agent shall not be answerable or accountable for any act, omission, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence
or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If,
with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of
assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates an affirmative response
to clause (1)&nbsp;or clause (2)&nbsp;thereof, the Rights Agent shall not take any further action with respect to such requested exercise
or transfer without first consulting with the Company; provided, however that Rights Agent shall not be liable for any delays arising
from the duties under this Section&nbsp;20(m).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall have no responsibility to the Company, any holders of Rights or any other Person for interest or earnings on any moneys
held by the Rights Agent pursuant to this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event
or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in writing of such event
or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent must,
in order to be effective, be received by the Rights Agent as specified in Section&nbsp;26 hereof, and in the absence of such notice so
delivered, the Rights Agent may conclusively assume no such event or condition exists.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a)&nbsp;any guaranty of signature by
an &ldquo;eligible guarantor institution&rdquo; that is a member or participant in the Securities Transfer Agents Medallion Program or
other comparable &ldquo;signature guarantee program&rdquo; or insurance program in addition to, or in substitution for, the foregoing;
or (b)&nbsp;any law, act, regulation or any interpretation of the same.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Rights Agent hereunder, the Rights Agent, may (upon notice to the Company of such
ambiguity or uncertainty), in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable
in any way to Company, the holder of any Rights Certificate or any other Person for refraining from taking such action, unless the Rights
Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Rights
Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;21. Change of Rights Agent. The Rights
Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days&rsquo; notice
in writing mailed to the Company by first class mail, <U>provided</U>, <U>however</U>, that in the event any transfer agency relationship
in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be
discharged from its duties under this Agreement as of the effective date of such termination and the Company shall be responsible for
sending any required notice. The Company may remove the Rights Agent or any successor Rights Agent (with or without cause), upon no less
than thirty (30) days&rsquo; notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each
transfer agent of the Common Stock and Preferred Stock, by registered or certified mail, and by giving notice to the holders of the Right
Certificates by any means reasonably determined by the Company to inform such holders of such removal (including, without limitation,
by including such information in one or more of the Company&rsquo;s reports to stockholders or reports or filings with the Securities
and Exchange Commission). If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the
Company), then any registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of
a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a)&nbsp;a corporation
organized and doing business under the laws of the United States, the State of Delaware or the State of New York (or of any other state
of the United States so long as such corporation is authorized to do business as a banking institution in the State of Delaware or the
State of New York), in good standing, which is authorized under such laws to exercise stock transfer or corporate trust powers and is
subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined
capital and surplus of at least $10,000,000 or (b)&nbsp;an Affiliate of a Person described in clause (a)&nbsp;of this sentence. After
appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally
named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights
Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary
for the purpose but such predecessor Rights Agent shall not be required to make any additional expenditure or assume any additional liability
in connection with the foregoing. Not later than the effective date of any such appointment, the Company shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Common Stock of the Company and the Preferred Stock, and give
notice to the holders of the Right Certificates by any means reasonably determined by the Company to inform such holders of such appointment
(including, without limitation, by including such information in one or more of the Company&rsquo;s reports to stockholders or reports
or filings with the Securities and Exchange Commission). Failure to give any notice provided for in this Section&nbsp;21, however, or
any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of
the successor Rights Agent, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;22. Issuance of New Right Certificates.
Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right
Certificates evidencing Rights in such form as may be approved by the Board of Directors of the Company to reflect any adjustment or
change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable
under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or
sale of shares of Common Stock of the Company following the Distribution Date and prior to the redemption or expiration of the Rights,
the Company (a)&nbsp;shall, with respect to shares of Common Stock of the Company so issued or sold pursuant to the exercise of stock
options or under any employee plan or arrangement, or upon the exercise, conversion or exchange of securities hereafter issued by the
Company, and (b)&nbsp;may, in any other case, if deemed necessary or appropriate by the Board of Directors of the Company, issue Right
Certificates representing the appropriate number of Rights in connection with such issuance or sale; <U>provided</U>, <U>however</U>,
that (i)&nbsp;no such Right Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such
issuance would create a significant risk of material adverse tax consequences to the Company or the person to whom such Right Certificate
would be issued, and (ii)&nbsp;no such Right Certificate shall be issued if, and to the extent that, appropriate adjustments shall otherwise
have been made in lieu of the issuance thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;23. Redemption; Exemption of a Qualifying
Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors of the Company may, at its option, redeem all but not less than all of the then outstanding Rights at a redemption
price of $0.0001 per Right, appropriately adjusted to reflect any stock dividend declared or paid, any subdivision or combination of
the outstanding shares of Common Stock of the Company or any similar event occurring after the date of this Agreement (such redemption
price, as adjusted from time to time, being hereinafter referred to as the &ldquo;<U>Redemption Price</U>&rdquo;). The Rights may be
redeemed only until the earlier to occur of (i)&nbsp;the time at which any Person becomes an Acquiring Person or (ii)&nbsp;the Final
Expiration Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights in accordance with Section&nbsp;23 hereof,
and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter
of the holders of Rights shall be to receive the Redemption Price for each Right so held. Promptly after the action of the Board of Directors
of the Company ordering the redemption of the Rights in accordance with Section&nbsp;23 hereof, the Company shall give notice of such
redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to the Rights Agent and to all such
holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the
registry books of the transfer agent for the Common Stock of the Company. Any notice which is mailed in the manner herein provided shall
be deemed given, whether or not the holder receives the notice. The Company promptly shall mail a notice of any such exchange to all
of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is
mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption
will state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates
may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section&nbsp;23
or Section&nbsp;24 hereof or in connection with the purchase or other acquisition of shares of Common Stock of the Company prior to the
Distribution Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may, at its option, pay the Redemption Price in cash, shares of Common Stock of the Company (based on the Fair Market Value of
the Common Stock of the Company as of the time of redemption) or any other form of consideration deemed appropriate by the Board of Directors
of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Exempting
a Qualifying Offer from this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event the Company receives a Qualifying Offer and the Board has not redeemed the outstanding Rights or exempted such offer from the
terms of this Agreement or called a special meeting of stockholders by the end of the ninetieth (90th) Business Day following the commencement,
within the meaning of Rule&nbsp;14d-2(a)&nbsp;under the Exchange Act, of such Qualifying Offer, for the purpose of voting on whether
to exempt such Qualifying Offer from the terms of this Agreement, provided that such Qualifying Offer has not been terminated and continues
to be a Qualifying Offer, holders of record (or their duly authorized proxy) of at least ten percent (10%) of the Common Stock then outstanding
(excluding Common Stock Beneficially Owned by the offeror and the offeror&rsquo;s Affiliates and Associates) may submit to the Board,
not earlier than ninety (90) Business Days nor later than one hundred twenty (120) Business Days following the commencement, within the
meaning of Rule&nbsp;14d-2(a)&nbsp;under the Exchange Act, of such Qualifying Offer a written demand complying with the terms of this
Section&nbsp;23(d)&nbsp;(the &ldquo;<U>Special Meeting Demand</U>&rdquo;) directing the Board to submit to a vote of stockholders at
a special meeting of the stockholders of the Company (a &ldquo;Special Meeting&rdquo;) a resolution authorizing the exemption of such
Qualifying Offer from the provisions of this Agreement (the &ldquo;<U>Qualifying Offer Resolution</U>&rdquo;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
Special Meeting Demand shall be delivered to the Secretary of the Company at the principal executive offices of the Company and must
set forth as to the stockholders of record executing the request (x)&nbsp;the names and addresses of such stockholders, as they appear
on the Company&rsquo;s books and records, (y)&nbsp;the number of shares of Common Stock which are owned of record by each of such stockholders,
and (z)&nbsp;in the case of the shares of Common Stock that are Beneficially Owned by another Person, an executed certification by the
holder of record that such holder has executed such Special Meeting Demand only after obtaining instructions to do so from such Beneficial
Owner and attaching evidence thereof. For purposes of a Special Meeting Demand, the record date for determining holders of record eligible
to make a Special Meeting Demand shall be the ninetieth (90th) Business Day following commencement, within the meaning of Rule&nbsp;14d-2(a)&nbsp;under
the Exchange Act, of a Qualifying Offer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Board receives a Special Meeting Demand complying with the provisions of this Section&nbsp;23(d)&nbsp;the Board shall
take such actions as are necessary or desirable to cause the Qualifying Offer Resolution to be submitted to a vote of stockholders at
a Special Meeting by including a proposal relating to the adoption of the Qualifying Offer Resolution in the proxy materials of the Company
for the Special Meeting. Such Special Meeting shall be convened within ninety (90) Business Days following the Special Meeting Demand
(the &ldquo;<U>Special Meeting Period</U>&rdquo;); provided, however, that if the Company at any time during the Special Meeting Period
and prior to a vote on the Qualifying Offer Resolution enters into a Definitive Acquisition Agreement conditioned on the approval by
holders of a majority of the outstanding shares of Common Stock, the Special Meeting Period may be extended by the Board (and any special
meeting called in connection therewith may be cancelled) if the Qualifying Offer Resolution will be separately submitted to a vote at
the same meeting as the Definitive Acquisition Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board shall set a date for determining the stockholders of record entitled to notice of and to vote at the Special Meeting in accordance
with the Company&rsquo;s certificate of incorporation, bylaws and applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the requirements of applicable law, the Board may take a position in favor of or opposed to the adoption of the Qualifying Offer Resolution,
or no position with respect to the Qualifying Offer Resolution, as it determines to be appropriate in the exercise of its duties. Notwithstanding
anything to the contrary contained in this Agreement, if the Board determines that it is in the best interests of stockholders to seek
an alternative transaction so as to obtain greater value for stockholders than that provided by any Qualifying Offer, the Company shall
be entitled to include information relating to such alternative transaction in the proxy soliciting material prepared by it in connection
with the Special Meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Qualifying Offer continues to be a Qualifying Offer and either (A)&nbsp;the Special Meeting is not convened on or
prior to the last day of the Special Meeting Period (the &ldquo;<U>Outside Meeting Date</U>&rdquo;), or (B)&nbsp;if, at the Special Meeting
at which a quorum is present, a majority of the Common Stock outstanding and entitled to vote as of the record date for the Special Meeting
selected by the Board, not giving effect to any affirmative votes cast by the offeror or any of its Affiliates or Associates, shall vote
in favor of the Qualifying Offer Resolution, then the Qualifying Offer shall be deemed exempt from the application of this Agreement
to such Qualifying Offer so long as it remains a Qualifying Offer, such exemption to be effective on the Close of Business on the tenth
(10th) Business Day after (A)&nbsp;the Outside Meeting Date or (B)&nbsp;the date on which the results of the vote on the Qualifying Offer
Resolution at the Special Meeting are certified as official by the appointed inspectors of election for the Special Meeting, as the case
may be (the &ldquo;<U>Exemption Date</U>&rdquo;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Immediately
upon the Close of Business on the Exemption Date, if any, without any further action and without any notice, the right to exercise the
Rights with respect to the Qualifying Offer will terminate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall promptly notify the Rights Agent in writing upon the occurrence of the Exemption Date and, if such notification is given
orally, the Company shall confirm the same in writing on or prior to the Business Day next following. Until such written notice is received
by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Exemption Date has not occurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything herein to the contrary, no action or vote by stockholders not in compliance with the provisions of this Section&nbsp;23(d)&nbsp;shall
serve to exempt any offer from the terms of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Nothing
in this Section&nbsp;23(d)&nbsp;shall be construed as limiting or prohibiting the Company or any offeror from proposing or engaging in
any acquisition, disposition or other transfer of any securities of the Company, any merger or consolidation involving the Company, any
sale or other transfer of assets of the Company, any liquidation, dissolution or winding-up of the Company, or any other business combination
or other transaction, or any other action by the Company or such offeror; provided, however, that the holders of Rights shall have the
rights set forth in this Agreement with respect to any such acquisition, disposition, transfer, merger, consolidation, sale, liquidation,
dissolution, winding-up, business combination, transaction or action.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;24. Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors of the Company may, at its option, at any time on or after the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event,
exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to
the provisions of Section&nbsp;7(e)&nbsp;hereof) for shares of Common Stock of the Company at an exchange ratio of one share of Common
Stock of the Company per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the date hereof (such exchange ratio being hereinafter referred to as the &ldquo;<U>Section&nbsp;24 Exchange Ratio</U>&rdquo; and such
determination by the Board of Directors of the Company, an &ldquo;<U>Exchange Determination</U>&rdquo;). Notwithstanding the foregoing,
the Board of Directors of the Company shall not be empowered to effect an Exchange Determination at any time after any Person (other
than an Exempt Person), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the
Common Stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Immediately
following an Exchange Determination and without any further action and without any notice, the right to exercise such Rights pursuant
to Section&nbsp;11(a)(ii)&nbsp;shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number
of shares of Common Stock of the Company equal to the number of such Rights held by such holder multiplied by the Section&nbsp;24 Exchange
Ratio; provided, however, that the holder of a Right exchanged pursuant to this Section&nbsp;24 shall continue to have the right to purchase
securities or other property of the Principal Party following a Section&nbsp;13 Event that has occurred or may thereafter occur. The
Company shall promptly give notice of any such exchange in accordance with Section&nbsp;26 hereof and shall promptly mail a notice of
any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent;
<U>provided</U>, <U>however</U>, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such
notice of exchange will state the method by which the exchange of the shares of Common Stock of the Company (or other consideration)
for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange
shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions
of Section&nbsp;7(e)&nbsp;hereof) held by each holder of Rights.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&#8239;<FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
exchange of the Rights pursuant to Section&nbsp;24(a)&nbsp;may be made effective at such time, on such basis and with such conditions
as the Board of Directors of the Company, in its sole discretion, may establish. Without limiting the foregoing, prior to effecting an
exchange pursuant to Section&nbsp;24(a), the Board of Directors of the Company may direct the Company to enter into a trust agreement
in such form and with such terms as the Board of Directors of the Company approves (the &ldquo;<U>Trust Agreement</U>&rdquo;). If the
Board of Directors of the Company so directs, then the Company shall enter into the Trust Agreement and shall issue to the trust created
by such agreement (the &ldquo;<U>Trust</U>&rdquo;) all of the shares of Common Stock of the Company (or other consideration) issuable
pursuant to the exchange (or any portion thereof that has not theretofore been issued in connection with the exchange). From and after
the time at which such shares of Common Stock of the Company (or other consideration) are issued or paid to the Trust, all stockholders
then entitled to receive shares of Common Stock of the Company (or other consideration) pursuant to the exchange will be entitled to
receive such shares or consideration (and any dividends or distributions made thereon after the date on which such shares or consideration
are deposited into the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Following
an Exchange Determination, the Company may implement such procedures as it deems appropriate, in its sole discretion, to minimize the
possibility that any shares of Common Stock of the Company (or other consideration) issuable or payable pursuant to this Section&nbsp;24
are received by Persons whose Rights are null and void pursuant to Section&nbsp;7(e). Prior to effecting any exchange, the Company may
require, or cause the trustee of the Trust to require, as a condition thereof, that any registered holder of Rights provide such evidence
(including the identity of the Beneficial Owner (or former Beneficial Owner) thereof and the Affiliates or Associates of such Beneficial
Owner or former Beneficial Owner) as the Company may reasonably request in order to determine if such Rights are null and void pursuant
to Section&nbsp;7(e). If such registered holder does not comply with the foregoing requirements, then the Company will be entitled to
conclusively deem such Rights to be Beneficially Owned by an Acquiring Person (or an Affiliate or Associate of an Acquiring Person or
any transferee of an Acquiring Person or any Affiliate or Associate of such transferee or any nominee of any of the foregoing) and, accordingly,
such Rights will be null and void and not exchangeable in connection herewith. Any shares of Common Stock of the Company (or other consideration)
issued at the direction of the Board of Directors of the Company in connection with the exchange will be duly and validly authorized
and issued and fully paid and nonassessable, and the Company will be deemed to have received as consideration for such issuance a benefit
having a value that is at least equal to the aggregate par value of the shares of Common Stock of the Company (or other consideration)
so issued. The failure to give, or any defect in, any notice required by this Section&nbsp;24 will not affect the legality or validity
of the action taken by the Board of Directors of the Company or of such exchange.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that there are not sufficient shares of Common Stock of the Company issued but not outstanding or authorized but unissued to
permit any exchange of Rights as contemplated in accordance with Section&nbsp;24(a), then the Company will either take such action as
may be necessary to authorize additional shares of Common Stock of the Company for issuance upon exchange of the Rights or, alternatively,
at the option of the Board of Directors, with respect to each Right (i)&nbsp;pay cash in an amount equal to the Current Exchange Value
in lieu of issuing shares of Common Stock of the Company in exchange therefor; (ii)&nbsp;issue debt or equity securities (or a combination
thereof) having a value equal to the Current Exchange Value in lieu of issuing shares of Common Stock of the Company in exchange for
each such Right, where the value of such securities will be determined by the Board of Directors of the Company based upon the advice
of a nationally recognized investment banking firm selected by the Board of Directors of the Company, which determination shall be described
in a written statement filed with the Rights Agent and will be binding on the Rights Agent and the holders of Rights; or (iii)&nbsp;deliver
any combination of cash, property, shares of Common Stock of the Company, Preferred Stock, Preferred Stock Equivalents or other securities
having a value equal to the Current Exchange Value in exchange for each Right. To the extent that the Company determines that some action
need be taken pursuant to this Section&nbsp;24(d), then the Board of Directors of the Company may temporarily suspend the exercisability
of the Rights for a period of up to one hundred and twenty (120) days following the date on which the Exchange Determination has occurred
in order to seek any authorization of additional shares of Common Stock of the Company or to decide the appropriate form of distribution
to be made pursuant to the above provision and to determine the value thereof. Upon any such suspension, the Company will issue a public
announcement stating, and notify the Rights Agent in writing, that the exercisability of the Rights has been temporarily suspended, as
well as issue a public announcement, and notify the Rights Agent in writing, at such time as the suspension is no longer in effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not be required to issue fractions of Common Stock of the Company or to distribute certificates which evidence fractional
shares of Common Stock of the Company. If the Company elects not to issue such fractional shares of Common Stock of the Company, the
Company shall pay, in lieu of such fractional shares of Common Stock of the Company, to the registered holders of the Right Certificates
with regard to which such fractional shares of Common Stock of the Company would otherwise be issuable, an amount in cash equal to the
same fraction of the Fair Market Value of a whole share of Common Stock of the Company. For the purposes of this paragraph&nbsp;(e),
the Fair Market Value of a whole share of Common Stock of the Company shall be the closing price of a share of Common Stock of the Company
(as determined pursuant to the second sentence of Section&nbsp;11(d)(i)&nbsp;hereof) for the Trading Day immediately prior to the date
of the Exchange Determination.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;25. Notice of Certain Events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case the Company shall propose, at any time after the Distribution Date, (i)&nbsp;to pay any dividend payable in stock of any class to
the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular periodic cash
dividend out of earnings or retained earnings of the Company), or (ii)&nbsp;to offer to the holders of Preferred Stock rights or warrants
to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights
or options, or (iii)&nbsp;to effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision
of outstanding shares of Preferred Stock), or (iv)&nbsp;to effect any consolidation or merger into or with, or to effect any sale, mortgage
or other transfer (or to permit one or more of its Subsidiaries to effect any sale, mortgage or other transfer), in one transaction or
a series of related transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to, any other Person (other than a Subsidiary of the Company in one or more transactions each of which is not prohibited by the proviso
at the end of the first sentence of Section&nbsp;11(n)&nbsp;hereof), or (v)&nbsp;to effect the liquidation, dissolution or winding up
of the Company, or (vi)&nbsp;to declare or pay any dividend on the Common Stock of the Company payable in Common Stock of the Company
or to effect a subdivision, combination or consolidation of the Common Stock of the Company (by reclassification or otherwise than by
payment of dividends in Common Stock of the Company) then in each such case, the Company shall give to each holder of a Right Certificate
and to the Rights Agent, in accordance with Section&nbsp;26 hereof, a notice of such proposed action, which shall specify the record
date for the purposes of such stock dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation,
merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders
of the shares of Common Stock of the Company and/or Preferred Stock, if any such date is to be fixed, and such notice shall be so given
in the case of any action covered by clause (i)&nbsp;or (ii)&nbsp;above at least twenty (20) days prior to the record date for determining
holders of the shares of Preferred Stock for purposes of such action, and in the case of any such other action, at least twenty (20)
days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the shares of Common
Stock of the Company and/or Preferred Stock, whichever shall be the earlier; <U>provided</U>, <U>however</U>, no such notice shall be
required pursuant to this Section&nbsp;25 as a result of any Subsidiary of the Company effecting a consolidation or merger with or into,
or effecting a sale or other transfer of assets or earnings power to, any other Subsidiary of the Company in a manner not inconsistent
with the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case any Section&nbsp;11(a)(ii)&nbsp;Event shall occur, then, in any such case, the Company shall as soon as practicable thereafter give
to each registered holder of a Right Certificate and to the Rights Agent, in accordance with Section&nbsp;26 hereof, a notice of the
occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under Section&nbsp;11(a)(ii)&nbsp;hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;26. Notices. Notices or demands authorized
by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently
given or made if sent by first-class mail, postage prepaid, by email (with confirmation of transmission) or by nationally-recognized
overnight courier addressed (until another address is filed in writing with the Rights Agent) as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">KVH Industries,&nbsp;Inc.<BR>
50 Enterprise Center</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Middletown, RI 02842<BR>
Email: ffeingold@kvh.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Section&nbsp;21,
any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate to or
on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, by facsimile transmission or by
nationally-recognized overnight courier addressed (until another address is filed in writing with the Company) as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Computershare Trust Company, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">150 Royall Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Canton, MA 02021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Facsimile No.: (781) 575-2549</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate (or, prior to the Distribution Date, to
the holder of any certificate representing shares of Common Stock of the Company) shall be sufficiently given or made if sent by first-class
mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;27. Supplements and Amendments. Prior
to the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event, the Company may in its sole and absolute discretion, and the Rights Agent shall,
if the Board of Directors of the Company so directs, supplement or amend any provision of this Agreement as the Board of Directors of
the Company may deem necessary or desirable without the approval of any holders of certificates representing shares of Common Stock of
the Company. From and after the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event, the Company and the Rights Agent shall, if the Board
of Directors of the Company so directs, supplement or amend this Agreement without the approval of any holder of Right Certificates in
order (i)&nbsp;to cure any ambiguity, (ii)&nbsp;to correct or supplement any provision contained herein which may be defective or inconsistent
with any other provisions herein, (iii)&nbsp;to shorten or lengthen any time period hereunder, or (iv)&nbsp;to change or supplement the
provisions hereof in any manner which the Board of Directors of the Company may deem necessary or desirable and which shall not adversely
affect the interests of the holders of Right Certificates (other than an Acquiring Person or any Affiliate or Associate of an Acquiring
Person); <U>provided</U>, <U>however</U>, that from and after the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event this Agreement may
not be supplemented or amended to lengthen, pursuant to clause (iii)&nbsp;of this sentence, (A)&nbsp;a time period relating to when the
Rights may be redeemed at such time as the Rights are not then redeemable or (B)&nbsp;any other time period unless such lengthening is
for the purpose of protecting, enhancing or clarifying the rights of, and the benefits to, the holders of Rights (other than an Acquiring
Person or any Affiliate or Associate of an Acquiring Person). Upon the delivery of such certificate from an appropriate officer of the
Company which states that the proposed supplement or amendment is in compliance with the terms of this Section&nbsp;27, the Rights Agent
shall execute such supplement or amendment. No supplement or amendment to this Agreement shall be effective unless duly executed by the
Rights Agent and the Company. Notwithstanding anything in this Agreement to the contrary, the Rights Agent may, but shall not be obligated
to, enter into any supplement or amendment that adversely affects the Rights Agent&rsquo;s own rights, duties, immunities or obligations
under this Agreement. Prior to the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event, the interests of the holders of Rights shall be
deemed coincident with the interests of the holders of Common Stock of the Company. Notwithstanding any other provision hereof, the Rights
Agent&rsquo;s consent must be obtained regarding any amendment or supplement pursuant to this Section&nbsp;27 which alters the Rights
Agent&rsquo;s rights or duties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;28. Successors. All the covenants
and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;29. Determinations and Actions by
the Board of Directors. The Board of Directors of the Company shall have the exclusive power and authority to administer this Agreement
and to exercise all rights and powers specifically granted to the Board of Directors or to the Company, or as may be necessary or advisable
in the administration of this Agreement, including, without limitation, the right and power to (i)&nbsp;interpret the provisions of this
Agreement and (ii)&nbsp;make all determinations and computations deemed necessary or advisable for the administration of this Agreement
(including a determination to redeem or not redeem the Rights or to amend the Agreement). Without limiting any of the rights and immunities
of the Rights Agent, all such actions, calculations, interpretations and determinations which are done or made by the Board of Directors
in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;30. Benefits of this Agreement. Nothing
in this Agreement shall be construed to give to any person or corporation other than the Company, the Rights Agent and the registered
holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock of the Company) any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent
and the registered holders of the Right Certificates (and, prior to the Distribution Date, registered holders of the Common Stock of
the Company).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;31. Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated; <U>provided</U>, <U>however</U>, that notwithstanding anything in this Agreement to the
contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable
and the Board of Directors of the Company determines in its good faith judgment that severing the invalid language from the Agreement
would adversely affect the purpose or effect of the Agreement, the right of redemption set forth in Section&nbsp;23 hereof shall be reinstated
and shall not expire until the Close of Business on the tenth day following the date of such determination by the Board of Directors;
further, provided, however, that if such excluded provision shall materially and adversely affect the rights, immunities, liabilities,
duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;32. Governing Law. This Agreement,
each Right and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware
and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made
and to be performed entirely within such State. The courts of the State of Delaware and of the United States of America located in the
State of Delaware (the &ldquo;<U>Delaware Courts</U>&rdquo;) shall have exclusive jurisdiction over any litigation arising out of or
relating to this Agreement and the transactions contemplated hereby, and any Person commencing or otherwise involved in any such litigation
shall waive any objection to the laying of venue of such litigation in the Delaware Courts and shall not plead or claim in any Delaware
Court that such litigation brought therein has been brought in an inconvenient forum. Notwithstanding the foregoing, the Company and
the Rights Agent may mutually agree to a jurisdiction other than Delaware for any litigation directly between the Company and the Rights
Agent arising out of or relating to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;33. Counterparts. This Agreement
may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument. Delivery of an executed signature page&nbsp;of the Agreement
by facsimile or other customary means of electronic transmission (e.g., &ldquo;pdf&rdquo;) shall be effective as delivery of a manually
executed counterpart hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;34. Descriptive Headings. Descriptive
headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;35. Force Majeure. Notwithstanding
anything to the contrary contained herein, the Rights Agent will not have any liability for not performing, or a delay in the performance
of, any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control of the Rights Agent (including
any act or provision or any present or future law or regulation or governmental authority, any act of God, epidemics, pandemics, war,
civil or military disobedience or disorder, riot, rebellion, terrorism, insurrection, fire, earthquake, storm, flood, strike, work stoppage,
interruptions or malfunctions of computer facilities, loss of data due to power failures or mechanical difficulties, labor dispute, accident
or failure or malfunction of any utilities communication or computer services or similar occurrence).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Remainder of page&nbsp;intentionally left blank]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as an instrument under seal, all as of the day and year first above written.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">KVH INDUSTRIES,&nbsp;INC.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Brent Bruun</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Brent C. Bruun</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: President and Chief Executive Officer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Computershare Trust Company, N.A., as Rights Agent</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Rachel Fisher</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Rachel Fisher</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Sr. Contract Negotiation Specialist</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KVH INDUSTRIES,&nbsp;INC. a corporation organized and existing under
the General Corporation Law of the State of Delaware (the &ldquo;<U>Corporation</U>&rdquo;), in accordance with the provisions of Section&nbsp;103
thereof,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the authority conferred upon the Board
of Directors by the Corporation&rsquo;s Amended and Restated Certificate of Incorporation (the &ldquo;<U>Certificate of Incorporation</U>&rdquo;),
and Section&nbsp;151(g)&nbsp;of the General Corporation Law of the State of Delaware, on August&nbsp;18, 2022, the Board of Directors
adopted the following resolution determining it desirable and in the best interests of the Corporation and its stockholders for the Corporation
to create a series of 3,000 shares of preferred stock designated as &ldquo;Series&nbsp;A Junior Participating Cumulative Preferred
Stock&rdquo;:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESOLVED, that pursuant to the authority vested
in the Board of Directors of this Corporation, in accordance with the provisions of the Certificate of Incorporation, a series of preferred
stock, par value $0.01 per share, of the Corporation be and hereby is created, and that the designation and number of shares thereof
and the voting and other powers, preferences and relative, participating, optional or other rights of the shares of such series and the
qualifications, limitations and restrictions thereof are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Series&nbsp;A Junior Participating Cumulative
Preferred Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Designation
and Amount</U>. There shall be a series of preferred stock that shall be designated as &ldquo;Series&nbsp;A Junior Participating Cumulative
Preferred Stock&rdquo; (the &ldquo;<U>Series&nbsp;A Preferred Stock</U>&rdquo;), and the number of shares initially constituting such
series shall be 3,000; <U>provided</U>, <U>however</U>, that if more than a total of 3,000 shares of Series&nbsp;A Preferred Stock
shall be issuable upon the exercise of Rights (the &ldquo;<U>Rights</U>&rdquo;) issued pursuant to the Stockholder Rights Agreement dated
as of August&nbsp;18, 2022, between the Corporation and Computershare Trust Company, N.A., as Rights Agent (the &ldquo;<U>Rights Agreement</U>&rdquo;),
the Board of Directors of the Corporation, pursuant to Section&nbsp;151(g)&nbsp;of the General Corporation Law of the State of Delaware,
may direct by resolution or resolutions that a certificate be properly executed, acknowledged, filed and recorded, in accordance with
the provisions of Section&nbsp;103 thereof, providing for the total number of shares of Series&nbsp;A Preferred Stock authorized to be
issued to be increased (to the extent that the Certificate of Incorporation then permits) to the largest number of whole shares (rounded
up to the nearest whole number) issuable upon exercise of such Rights.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dividends
and Distributions.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the rights of the holders of any shares of any class or series of preferred stock (or any similar stock) ranking prior and superior
to the Series&nbsp;A Preferred Stock with respect to dividends, the holders of shares of Series&nbsp;A Preferred Stock, in preference
to the holders of shares of Common Stock and of any other class or series of stock ranking junior to the Series&nbsp;A Preferred Stock,
shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly
dividends payable in cash on the first day of March, June, September&nbsp;and December&nbsp;in each year (each such date being referred
to herein as a &ldquo;<U>Quarterly Dividend Payment Date</U>&rdquo;), commencing on the first Quarterly Dividend Payment Date after the
first issuance of a share or fraction of a share of Series&nbsp;A Preferred Stock, in an amount per share (rounded to the nearest cent)
equal to the greater of (a)&nbsp;$1.00 or (b)&nbsp;subject to the provisions for adjustment hereinafter set forth, 10,000 times the aggregate
per share amount of all cash dividends, and 10,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or
other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock
(by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or,
with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series&nbsp;A
Preferred Stock. The multiple of cash and non-cash dividends declared on the Common Stock to which holders of the Series&nbsp;A Preferred
Stock are entitled, which shall be 10,000 initially but which shall be adjusted from time to time as hereinafter provided, is hereinafter
referred to as the &ldquo;<U>Dividend Multiple</U>.&rdquo; In the event the Corporation shall at any time after August&nbsp;18, 2022
(the &ldquo;<U>Rights Declaration Date</U>&rdquo;) (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock,
or (ii)&nbsp;effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise
than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the Dividend Multiple thereafter applicable to the determination of the amount of dividends which holders of shares of Series&nbsp;A
Preferred Stock shall be entitled to receive shall be the Dividend Multiple applicable immediately prior to such event multiplied by
a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator
of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything else contained in this paragraph (A), the Corporation shall, out of funds legally available for that purpose, declare a dividend
or distribution on the Series&nbsp;A Preferred Stock as provided in this paragraph (A)&nbsp;immediately after it declares a dividend
or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend
or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next
subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series&nbsp;A Preferred Stock shall nevertheless be
payable on such subsequent Quarterly Dividend Payment Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Dividends
shall begin to accrue and be cumulative on outstanding shares of Series&nbsp;A Preferred Stock from the Quarterly Dividend Payment Date
next preceding the date of issue of such shares of Series&nbsp;A Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the
date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for
the determination of holders of shares of Series&nbsp;A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly
Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series&nbsp;A Preferred Stock in
an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on
a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix in accordance with applicable law
a record date for the determination of holders of shares of Series&nbsp;A Preferred Stock entitled to receive payment of a dividend or
distribution declared thereon, which record date shall be not more than such number of days prior to the date fixed for the payment thereof
as may be allowed by applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3. <U>Voting Rights</U>. In addition
to any other voting rights required by law, the holders of shares of Series&nbsp;A Preferred Stock shall have the following voting rights:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the provision for adjustment hereinafter set forth, each share of Series&nbsp;A Preferred Stock shall entitle the holder thereof to
10,000 votes on all matters submitted to a vote of the stockholders of the Corporation. The number of votes which a holder of a share
of Series&nbsp;A Preferred Stock is entitled to cast, which shall initially be 10,000 but which may be adjusted from time to time as
hereinafter provided, is hereinafter referred to as the &ldquo;<U>Vote Multiple</U>.&rdquo; In the event the Corporation shall at any
time after the Rights Declaration Date (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect
a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment
of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the Vote Multiple
thereafter applicable to the determination of the number of votes per share to which holders of shares of Series&nbsp;A Preferred Stock
shall be entitled shall be the Vote Multiple immediately prior to such event multiplied by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise provided herein or by law, the holders of shares of Series&nbsp;A Preferred Stock and the holders of shares of Common Stock
and the holders of shares of any other capital stock of this Corporation having general voting rights, shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever,
at any time or times, dividends payable on any shares of Series&nbsp;A Preferred Stock shall be in arrears in an amount equal to at least
six full quarterly dividends (whether or not declared and whether or not consecutive), the holders of record of the outstanding shares
of Series&nbsp;A Preferred Stock shall have the exclusive right, voting separately as a single class, to elect two directors of the Corporation
at a special meeting of stockholders of the Corporation or at the Corporation&rsquo;s next annual meeting of stockholders, and at each
subsequent annual meeting of stockholders, as provided below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the vesting of such right of the holders of shares of Series&nbsp;A Preferred Stock, the maximum authorized number of members of the
Board of Directors shall automatically be increased by two and the two vacancies so created shall be filled by vote of the holders of
the outstanding shares of Series&nbsp;A Preferred Stock as hereinafter set forth. A special meeting of the stockholders of the Corporation
then entitled to vote shall be called by the Chair of the Board of Directors or the President of the Corporation, if requested in writing
by the holders of record of not less than 5% of the shares of Series&nbsp;A Preferred Stock then outstanding. At such special meeting,
or, if no such special meeting shall have been called, then at the next annual meeting of stockholders of the Corporation, the holders
of the shares of Series&nbsp;A Preferred Stock shall elect, voting as above provided, two directors of the Corporation to fill the aforesaid
vacancies created by the automatic increase in the number of members of the Board of Directors. At any and all such meetings for such
election, the holders of a majority of the outstanding shares of Series&nbsp;A Preferred Stock shall be necessary to constitute a quorum
for such election, whether present in person or proxy, and such two directors shall be elected by the vote of at least a majority of
the shares of Series&nbsp;A Preferred Stock held by such stockholders present or represented at the meeting, the holders of Series&nbsp;A
Preferred Stock being entitled to cast a number of votes per share of Series&nbsp;A Preferred Stock as is specified in paragraph (A)&nbsp;of
this Section&nbsp;3. Each such additional director shall not be a member of a class of the Board of Directors of the Corporation (if
any), but shall serve until the next annual meeting of stockholders for the election of directors, or until his successor shall be elected
and shall qualify, or until his right to hold such office terminates pursuant to the provisions of this Section&nbsp;3(C). Any director
elected by holders of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;may be removed at any annual or
special meeting, by vote of a majority of the stockholders voting as a class who elected such director, with or without cause. In case
any vacancy shall occur among the directors elected by the holders of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C),
such vacancy may be filled by the remaining director so elected, or his successor then in office, and the director so elected to fill
such vacancy shall serve until the next meeting of stockholders for the election of directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
right of the holders of shares of Series&nbsp;A Preferred Stock, voting separately as a class, to elect two members of the Board of Directors
of the Corporation as aforesaid shall continue until, and only until, such time as all arrears in dividends (whether or not declared)
on the Series&nbsp;A Preferred Stock shall have been paid or declared and set apart for payment, at which time such right shall terminate,
except as herein or by law expressly provided subject to revesting in the event of each and every subsequent default of the character
above-mentioned. Upon any termination of the right of the holders of the Series&nbsp;A Preferred Stock as a class to vote for directors
as herein provided, the term of office of all directors then in office elected by the holders of shares of Series&nbsp;A Preferred Stock
pursuant to this Section&nbsp;3(C)&nbsp;shall terminate immediately. Whenever the term of office of the directors elected by the holders
of shares of Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;shall terminate and the special voting powers vested
in the holders of the Series&nbsp;A Preferred Stock pursuant to this Section&nbsp;3(C)&nbsp;shall have expired, the maximum number of
members of the Board of Directors of the Corporation shall be such number as may be provided for in the By-Laws of the Corporation, irrespective
of any increase made pursuant to the provisions of this Section&nbsp;3(C). The voting rights granted by this Section&nbsp;3(C)&nbsp;shall
be in addition to any other voting rights granted to the holders of the Series&nbsp;A Preferred Stock in this Section&nbsp;3.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(D)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as otherwise required by applicable law or as set forth herein, holders of Series&nbsp;A Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth
herein) for taking any corporate action.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4. Certain Restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
dividends or distributions payable on the Series&nbsp;A Preferred Stock as provided in Section&nbsp;2 are in arrears, thereafter and
until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series&nbsp;A Preferred Stock outstanding
shall have been paid in full, the Corporation shall not:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series&nbsp;A Preferred Stock;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">declare
or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series&nbsp;A Preferred Stock, except dividends paid ratably on the Series&nbsp;A Preferred Stock
and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">except
as permitted in subsection 4(A)(iv)&nbsp;below, redeem, purchase or otherwise acquire for consideration shares of any stock ranking on
a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series&nbsp;A Preferred Stock, provided that
the Corporation may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock
of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series&nbsp;A Preferred
Stock; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">purchase
or otherwise acquire for consideration any shares of Series&nbsp;A Preferred Stock, or any shares of any stock ranking on a parity (either
as to dividends or upon liquidation, dissolution or winding up) with the Series&nbsp;A Preferred Stock, except in accordance with a purchase
offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the
Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective
series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under subsection (A)&nbsp;of this Section&nbsp;4, purchase or otherwise acquire such
shares at such time and in such manner.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5. <U>Reacquired Shares</U>. Any
shares of Series&nbsp;A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired
promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued shares of preferred
stock and may be reissued as part of a new series of preferred stock to be created by resolution or resolutions of the Board of Directors,
subject to the conditions and restrictions on issuance set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6. <U>Liquidation, Dissolution or
Winding Up</U>. Upon any liquidation, dissolution or winding up of the Corporation (voluntary or otherwise), no distribution shall be
made (x)&nbsp;to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series&nbsp;A Preferred Stock unless, prior thereto, the holders of shares of Series&nbsp;A Preferred Stock shall have received
an amount (the &ldquo;<U>Series&nbsp;A Liquidation Preference</U>&rdquo;) equal to accrued and unpaid dividends and distributions thereon,
whether or not declared, to the date of such payment, plus an amount equal to the greater of (1)&nbsp;$10,000.00 per share or (2)&nbsp;an
aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 10,000 times the aggregate amount
of all cash or other property to be distributed per share to holders of Common Stock upon such liquidation, dissolution or winding up
of the Corporation, or (y)&nbsp;to the holders of stock ranking on a parity (either as to dividends or upon liquidation, dissolution
or winding up) with the Series&nbsp;A Preferred Stock, except distributions made ratably on the Series&nbsp;A Preferred Stock and all
other such parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation,
dissolution or winding up. In the event the Corporation shall at any time after the Rights Declaration Date (i)&nbsp;declare or pay any
dividend on Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the aggregate amount per share to which holders of shares
of Series&nbsp;A Preferred Stock were entitled immediately prior to such event under clause (x)&nbsp;of the preceding sentence shall
be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such
event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event, however, that there are not sufficient
assets available to permit payment in full of the Series&nbsp;A Liquidation Preference and the liquidation preferences of all other classes
and series of stock of the Corporation, if any, that rank on a parity with the Series&nbsp;A Preferred Stock in respect thereof, then
the assets available for such distribution shall be distributed ratably to the holders of the Series&nbsp;A Preferred Stock and the holders
of such parity shares in proportion to their respective liquidation preferences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the consolidation of nor merging of the
Corporation with or into any other corporation or corporations, nor the sale or other transfer of all or substantially all of the assets
of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section&nbsp;6.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7. <U>Consolidation, Merger,&nbsp;etc</U>.
In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding shares
of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each
share of Series&nbsp;A Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to the
provision for adjustment hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or any other
property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged, plus accrued
and unpaid dividends, if any, payable with respect to the Series&nbsp;A Preferred Stock. In the event the Corporation shall at any time
after the Rights Declaration Date (i)&nbsp;declare or pay any dividend on Common Stock payable in shares of Common Stock, or (ii)&nbsp;effect
a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment
of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount
set forth in the preceding sentence with respect to the exchange or change of shares of Series&nbsp;A Preferred Stock shall be adjusted
by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after
such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8. <U>Redemption</U>. The shares
of Series&nbsp;A Preferred Stock shall not be redeemable; <U>provided</U>, <U>however</U>, that the foregoing shall not limit the ability
of the Corporation to purchase or otherwise deal in such shares to the extent otherwise permitted hereby and by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;9. <U>Ranking</U>. Unless otherwise
expressly provided in the Certificate of Incorporation or a Certificate of Designations relating to any other series of preferred stock
of the Corporation, the Series&nbsp;A Preferred Stock shall rank junior to every other series of the Corporation&rsquo;s preferred stock
previously or hereafter authorized, as to the payment of dividends and the distribution of assets on liquidation, dissolution or winding
up and shall rank senior to the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;10. <U>Fractional Shares</U>. Series&nbsp;A
Preferred Stock may be issued in whole shares or in any fraction of a share that is one ten-thousandth (1/10,000th) of a share or any
integral multiple of such fraction, which shall entitle the holder, in proportion to such holder&rsquo;s fractional shares, to exercise
voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series&nbsp;A
Preferred Stock. In lieu of fractional shares, the Corporation may elect to make a cash payment as provided in the Rights Agreement for
fractions of a share other than one ten-thousandth (1/10,000th) of a share or any integral multiple thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;11. <U>Amendment</U>. At any time
any shares of Series&nbsp;A Preferred Stock are outstanding, the Certificate of Incorporation and the foregoing Sections 1 through 10,
inclusive, and this Section&nbsp;11 of the Certificate of Designations shall not be amended in any manner, including by merger, consolidation
or otherwise, which would materially alter or change the powers, preferences or special rights of the Series&nbsp;A Preferred Stock so
as to affect them adversely without the affirmative vote of the holders of two-thirds or more of the outstanding shares of Series&nbsp;A
Preferred Stock, voting separately as a class.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate No.&nbsp;R-______ Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOT EXERCISABLE AFTER AUGUST 18, 2023 OR EARLIER
IF NOTICE OF REDEMPTION IS GIVEN. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF KVH INDUSTRIES,&nbsp;INC., AT $0.0001 PER RIGHT,
ON THE TERMS SET FORT<FONT STYLE="text-transform: uppercase">H IN THE StockHOLDER RIGHTS AGREEMENT BETWEEN </FONT>KVH INDUSTRIES,&nbsp;INC<FONT STYLE="text-transform: uppercase">.
AND Computershare Trust Company, N.A., </FONT>AS RIGHTS AGENT, DATED AS OF AUGUST 18, 2022 (THE &ldquo;<U>RIGHTS AGREEMENT</U>&rdquo;).
UNDER CERTAIN CIRCUMSTANCES SPECIFIED IN SECTION&nbsp;7(e)&nbsp;OF THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON
OR AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF
SUCH RIGHTS MAY&nbsp;BECOME NULL AND VOID.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This certifies that ________________, or registered
assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms,
provisions and conditions of the Stockholder Rights Agreement dated as of August&nbsp;18, 2022 (the &ldquo;<U>Rights Agreement</U>&rdquo;)
between KVH Industries,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;) and Computershare Trust Company, N.A., as Rights Agent (the &ldquo;<U>Rights
Agent</U>&rdquo;), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement)
and prior to the close of business on August&nbsp;18, 2023 at the office or offices of the Rights Agent designated for such purpose,
or its successors as Rights Agent, one ten-thousandth of a fully paid, non-assessable share of the Series&nbsp;A Junior Participating
Cumulative Preferred Stock (the &ldquo;<U>Preferred Stock</U>&rdquo;) of the Company, at a purchase price of $________ per one ten-thousandth
of a share (the &ldquo;<U>Exercise Price</U>&rdquo;), upon presentation and surrender of this Right Certificate with the Form&nbsp;of
Election to Purchase and the related Certificate duly executed. The number of Rights evidenced by this Right Certificate (and the number
of shares which may be purchased upon exercise thereof) set forth above, and the Exercise Price per share set forth above, are the number
and Exercise Price as of <B>_______________</B>, based on the Preferred Stock as constituted at such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the occurrence of a Section&nbsp;11(a)(ii)&nbsp;Event
(as such term is defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are beneficially owned by (i)&nbsp;an
Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement), (ii)&nbsp;a transferee
of any such Acquiring Person or Associate or Affiliate thereof, or (iii)&nbsp;under certain circumstances specified in the Rights Agreement,
a transferee of a Person who, after such transfer, became an Acquiring Person or an Affiliate or Associate of an Acquiring Person, such
Rights shall become null and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence
of such Section&nbsp;11(a)(ii)&nbsp;Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Rights Agreement, the Exercise
Price and the number of shares of Preferred Stock or other securities which may be purchased upon the exercise of the Rights evidenced
by this Right Certificate are subject to modification and adjustment upon the happening of certain events.</P>

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

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

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

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

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate is subject to all of the
terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference
and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates, which limitations
of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights
Agreement. Copies of the Rights Agreement are on file at the principal office of the Company and the designated office of the Rights
Agent and are also available upon written request to the Company or the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate, with or without other
Right Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, may be exchanged for another
Right Certificate or Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of
shares of Preferred Stock as the Rights evidenced by the Right Certificate or Certificates surrendered shall have entitled such holder
to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another
Right Certificate or Certificates for the number of whole Rights not exercised. If this Right Certificate shall be exercised in whole
or in part pursuant to Section&nbsp;11(a)(ii)&nbsp;of the Rights Agreement, the holder shall be entitled to receive this Right Certificate
duly marked to indicate that such exercise has occurred as set forth in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under certain circumstances, subject to the provisions
of the Rights Agreement, the Board of Directors of the Company at its option may exchange all or any part of the Rights evidenced by
this Certificate for shares of the Company&rsquo;s Common Stock or Preferred Stock at an exchange ratio (subject to adjustment) specified
in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the Rights Agreement,
the Rights evidenced by this Certificate may be redeemed by the Board of Directors of the Company at its option at a redemption price
of $0.0001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board of Directors).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is not obligated to issue fractional
shares of stock upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one ten-thousandth
of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts). If the Company elects
not to issue such fractional shares, in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of this Right Certificate, as such,
shall be entitled to vote or receive dividends or be deemed for any purpose the holder of shares of Preferred Stock, Common Stock or
any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the
Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate
shall have been exercised as provided in the Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate shall not be valid or obligatory
for any purpose until it shall have been countersigned by an authorized signatory of the Rights Agent.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WITNESS the electronic signature of the proper
officers of the Company as a document under corporate seal.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Attested:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;KVH
    INDUSTRIES,&nbsp;INC.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[Secretary or Assistant
    Secretary]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: [Chair, Vice Chair, President
    or Vice President]</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Countersigned:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Computershare Trust
    Company, N.A.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 62; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form&nbsp;of Reverse Side of Right Certificate]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(To be executed by the registered holder if
such<BR>
holder desires to transfer the Right Certificate.)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FOR VALUE RECEIVED ___________________________
hereby sells, assigns and transfers unto ____________________________________ (Please print name and address of transferee) ____________________________________
this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ___________________
Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of substitution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Dated: _________,
__</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">______________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Signature</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Signatures must be medallion guaranteed by an
 &ldquo;eligible guarantor institution&rdquo; as defined in Rule&nbsp;17Ad-15 promulgated under the Securities Exchange Act of 1934, as
amended.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby certifies by checking the
appropriate boxes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Rights evidenced by this Right Certificate ______ are ______ are not being transferred by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">after
due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly acquire the Rights
evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of any such
Person.</FONT></P>

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

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

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

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

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

<!-- Field: Page; Sequence: 63; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The signature to the foregoing Assignment and
Certificate must correspond to the name as written upon the face of this Right Certificate in every particular, without alteration or
enlargement or any change whatsoever.</P>

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

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

<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(To be executed if holder desires to<BR>
exercise the Right Certificate.)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby irrevocably elects to exercise
_______ Rights represented by this Right Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights
(or such other securities of the Company or of any other person which may be issuable upon the exercise of the Rights) and requests that
certificates for such shares be issued in the name of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please insert social security or other identifying taxpayer number:
__________________</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(Please print name and address)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such number of Rights shall not be all the
Rights evidenced by this Right Certificate or if the Rights are being exercised pursuant to Section&nbsp;11(a)(ii)&nbsp;of the Rights
Agreement, a new Right Certificate for the balance of such Rights shall be registered in the name of and delivered to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please insert social security or other identifying taxpayer number:
__________________</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please print name and address)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Dated: _________,
________________________________<BR>
Signature</FONT></P>

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

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

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

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

<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby certifies by checking the
appropriate boxes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Rights evidenced by this Right Certificate ____ are ____ are not being exercised by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">after
due inquiry and to the best knowledge of the undersigned, the undersigned ____ did ____ did not directly or indirectly acquire the Rights
evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of any such
Person.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The signature to the foregoing Election to Purchase
and Certificate must correspond to the name as written upon the face of this Right Certificate in every particular, without alteration
or enlargement or any change whatsoever.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;18, 2022, the Board of Directors
of KVH Industries,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;) adopted a stockholder rights plan, as set forth in the Stockholder Rights
Agreement, dated August 18, 2022 between the Company and Computershare Trust Company, N.A., as Rights Agent (the &ldquo;<U>Rights Agreement</U>&rdquo;).&nbsp;
The Rights Agreement is intended to protect the Company and its stockholders from efforts to obtain control of the Company that the Board
of Directors determines are not in the best interests of the Company and its stockholders, and to enable all stockholders to realize
the long-term value of their investment in the Company. The Rights Agreement is not intended to interfere with any merger, tender or
exchange offer or other business combination approved by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following description of the terms of the
Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which has been
filed with the Securities and Exchange Commission as an exhibit to a Registration Statement on Form&nbsp;8-A dated August&nbsp;19,
2022. A copy of the Rights Agreement is available free of charge from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Rights Dividend:</B> Pursuant to
the terms of the Rights Agreement, the Board of Directors declared a dividend distribution of one Preferred Stock Purchase Right (a &ldquo;<U>Right</U>&rdquo;)
for each outstanding share of common stock, par value $0.01 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;) to stockholders
of record as of the close of business on August&nbsp;29, 2022 (the &ldquo;<U>Record Date</U>&rdquo;).&nbsp;In addition, one Right will
automatically attach to each share of Common Stock issued between the Record Date and the earlier of the Distribution Date (as defined
below) and the expiration date of the Rights. Each Right entitles the registered holder thereof to purchase from the Company a unit consisting
of one ten-thousandth of a share (a &ldquo;<U>Unit</U>&rdquo;) of Series&nbsp;A Junior Participating Cumulative Preferred Stock, par
value $0.01 per share, of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;) at a cash exercise price of $48.00 per Unit (the &ldquo;<U>Exercise
Price</U>&rdquo;), subject to adjustment, under certain conditions specified in the Rights Agreement and summarized below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Distribution Date:</B> Initially,
the Rights are not exercisable and are attached to and trade with all shares of Common Stock outstanding as of, and issued subsequent
to, the Record Date.&nbsp; The Rights will separate from the Common Stock and will become exercisable upon the earlier of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>the close of business on
                                            the tenth calendar day following the first public announcement that a person or group of
                                            affiliated or associated persons has become an &ldquo;<U>Acquiring Person</U>&rdquo; by acquiring
                                            beneficial ownership of 15% or more of the outstanding shares of Common Stock, other than
                                            as a result of repurchases of stock by the Company or certain inadvertent actions by a stockholder
                                            (the date of said announcement being referred to as the &ldquo;<U>Stock Acquisition Date</U>&rdquo;);
                                            or</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>the close of business on
                                            the tenth business day (or such later day as the Board of Directors may determine) following
                                            the commencement of a tender offer or exchange offer that could result upon its consummation
                                            in a person or group becoming an Acquiring Person (the earlier of such dates being herein
                                            referred to as the &ldquo;<U>Distribution Date</U>&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of the Rights Agreement, beneficial
ownership is defined to include ownership of securities that are subject to a derivative transaction and acquired derivative securities.
Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed
beneficial ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until the Distribution Date (or earlier redemption, exchange or expiration
of the Rights), (1)&nbsp;the Rights will be evidenced by the Common Stock certificates (or, with respect to any uncertificated shares
of Common Stock registered in book entry form (&ldquo;<U>Book Entry Shares</U>&rdquo;), by notation in book entry) and will be transferred
with and only with such shares of Common Stock, (2)&nbsp;new Common Stock certificates or Book Entry Shares issued after the Record Date
will contain a notation incorporating the Rights Agreement by reference, and (3)&nbsp;the surrender for transfer of any certificates
for Common Stock or Book Entry Shares will also constitute the transfer of the Rights associated with the Common Stock represented thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As soon as practicable after the Distribution Date, one or more certificates
evidencing Rights (the &ldquo;<U>Right Certificates</U>&rdquo;) will be mailed to holders of record of Common Stock as of the close of
business on the Distribution Date and, thereafter, the separate Right Certificates alone will represent the Rights.&nbsp; Except as otherwise
determined by the Board of Directors, only shares of Common Stock or Series&nbsp;A Preferred Stock issued prior to the Distribution Date
will be issued with Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subscription and Merger Rights: </B>In the event that a Stock Acquisition
Date occurs, proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates or affiliates,
whose Rights shall become null and void) will thereafter have the right to receive upon exercise, in lieu of a number of shares of Preferred
Stock, that number of shares of Common Stock of the Company (or, in certain circumstances, including if there are insufficient shares
of Common Stock to permit the exercise in full of the Rights, Units of Preferred Stock, other securities, cash or property, or any combination
of the foregoing) having a market value of two times the Exercise Price of the Right (such right being referred to as the &ldquo;<U>Subscription
Right</U>&rdquo;).&nbsp; In the event that, at any time following the Stock Acquisition Date:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>the Company consolidates
                                            with, or merges with and into, any other person, and the Company is not the continuing or
                                            surviving corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>any person consolidates
                                            with the Company, or merges with and into the Company and the Company is the continuing or
                                            surviving corporation of such merger and, in connection with such merger, all or part of
                                            the shares of Common Stock are changed into or exchanged for stock or other securities of
                                            any other person or cash or any other property; or</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>50% or more of the Company&rsquo;s
                                            assets or earning power is sold, mortgaged or otherwise transferred,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">each holder of a Right (other than an Acquiring Person or its associates
or affiliates, whose Rights shall become null and void) will thereafter have the right to receive, upon exercise, common stock of the
acquiring company having a market value equal to two times the Exercise Price of the Right (such right being referred to as the &ldquo;<U>Merger
Right</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holder of a Right will continue to have the
Merger Right whether or not such holder has exercised the Subscription Right.&nbsp; Rights that are or were beneficially owned by an
Acquiring Person may (under certain circumstances specified in the Rights Agreement) become null and void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until a Right is exercised, the holder will have no rights as a stockholder
of the Company (beyond those as an existing stockholder), including the right to vote or to receive dividends.&nbsp; While the distribution
of the Rights will not be taxable to stockholders or to the Company, stockholders may, depending upon the circumstances, recognize taxable
income in the event that the Rights become exercisable for shares of Common Stock, other securities of the Company, other consideration
or for common stock of an acquiring company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Exchange Feature:</B> At any time
after a person becomes an Acquiring Person, the Board of Directors may, at its option, exchange all or any part of the then outstanding
and exercisable Rights for shares of Common Stock at an exchange ratio specified in the Rights Agreement.&nbsp; Notwithstanding the foregoing,
the Board of Directors generally will not be empowered to effect such exchange at any time after any person becomes the beneficial owner
of 50% or more of the Common Stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Adjustments:</B> The Exercise Price
payable, and the number of shares of Common Stock or other securities or property issuable, upon exercise of the Rights are subject to
adjustment from time to time to prevent dilution:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>in the event of a stock
                                            dividend on, or a subdivision, combination or reclassification of, the Preferred Stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>if holders of the Preferred
                                            Stock are granted certain rights or warrants to subscribe for Preferred Stock or convertible
                                            securities at less than the current market price of the Preferred Stock; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>upon the distribution to
                                            holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular
                                            quarterly cash dividends) or of subscription rights or warrants (other than those referred
                                            to above).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With certain exceptions, no adjustment in the Exercise Price will
be required until cumulative adjustments amount to at least 1% of the Exercise Price.&nbsp; The Company is not obligated to issue fractional
shares.&nbsp; If the Company elects not to issue fractional shares, in lieu thereof an adjustment in cash will be made based on the fair
market value of the Preferred Stock on the last trading date prior to the date of exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Redemption:</B> The Rights may be
redeemed in whole, but not in part, at a price of $0.0001 per Right (payable in cash, Common Stock or other consideration deemed appropriate
by the Board of Directors) by the Board of Directors only until the earlier of (1)&nbsp;the time at which any person becomes an Acquiring
Person or (2)&nbsp;the expiration date of the Rights Agreement.&nbsp; Immediately upon the action of the Board of Directors ordering
redemption of the Rights, the Rights will terminate and thereafter the only right of the holders of Rights will be to receive the redemption
price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Amendment: </B>The Rights Agreement
may be amended by the Board of Directors in its sole discretion at any time prior to the time at which any person becomes an Acquiring
Person.&nbsp; After such time the Board of Directors may, subject to certain limitations set forth in the Rights Agreement, amend the
Rights Agreement only to cure any ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes that
do not adversely affect the interests of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expiration Date: </B>The Rights are not exercisable until the Distribution
Date and will expire at the close of business on August&nbsp;18, 2023; provided that if the Company&rsquo;s stockholders have not ratified
the Rights Agreement by the close of business on the first day after the Company&rsquo;s 2023 annual meeting of stockholders (including
any adjournments or postponement thereof), the Rights will expire at such time, in each case, unless previously redeemed or exchanged
by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Qualifying Offer</B>: If the Company receives a <B>&ldquo;</B><U>Qualifying
Offer</U>&rdquo; (as defined in the Rights Agreement) that has not been terminated and continues to be a Qualifying Offer for the period
hereinafter described and the Board has not redeemed the outstanding Rights, exempted such Qualifying Offer from the terms of the Rights
Agreement or called a special meeting for stockholders to vote on whether to exempt the Qualifying Offer from the terms of the Rights
Agreement within ninety (90) business days following the commencement of such Qualifying Offer, and if, within ninety (90) to one hundred
twenty (120) business days following commencement of such Qualifying Offer, the Company receives a notice in compliance with the Rights
Agreement from holders of record (or their duly authorized proxy) of at least ten percent (10%) of the Common Stock (excluding shares
beneficially owned by the offeror and its Affiliates and Associates) requesting a special meeting of the Company&rsquo;s stockholders
to vote on a resolution to exempt the Qualifying Offer (the &ldquo;<U>Qualifying Offer Resolution</U>&rdquo;) from the terms of the Rights
Agreement, then the Board must call and hold such a special meeting (the &ldquo;<U>Special Meeting</U>&rdquo;) by the ninetieth (90th)
business day following receipt of the stockholder notice (the &ldquo;<U>Outside Meeting Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If prior to holding a vote on the Qualifying Offer Resolution at the
Special Meeting, the Company enters into an agreement conditioned on the approval by holders of a majority of the outstanding shares
of Common Stock with respect to a share exchange, one-step merger, tender offer and back-end merger, consolidation, recapitalization,
reorganization, business combination or a similar transaction involving the Company or the direct or indirect acquisition of more than
fifty percent (50%) of the Company&rsquo;s consolidated total assets or earning power, the Outside Meeting Date may be extended by the
Board of Directors so that stockholders vote on whether to exempt the qualifying offer at the same time as they vote on such agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Board does not hold the Special Meeting by the Outside Meeting
Date to vote on the exemption of the Qualifying Offer, the Qualifying Offer will be deemed exempt from the Rights Agreement ten (10)&nbsp;business
days after the Outside Meeting Date. If the Board does hold a Special Meeting and stockholders vote at such meeting in favor of exempting
the Qualifying Offer from the terms of the Rights Agreement, the Qualifying Offer will be deemed exempt from the Rights Agreement ten
(10)&nbsp;business days after the votes are certified as official by the inspector of elections.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;Qualifying Offer&rdquo;, in summary terms, is an offer determined
by a majority of the independent members of the Board (as such independence is determined by the Board in accordance with the listing
rules&nbsp;of the Nasdaq) to have the following characteristics, among others, which are generally intended to preclude offers that are
coercive, abusive or highly contingent:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>is a fully financed all-cash
                                            tender offer or an exchange offer offering shares of common stock of the offeror, or a combination
                                            thereof, for any and all of the outstanding shares of Common Stock (whether such shares are
                                            outstanding at the commencement of the offer or become outstanding thereafter upon the exercise
                                            or conversion of options or other securities that are outstanding at the commencement of
                                            the offer);</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>is an offer that is subject
                                            only to the minimum tender condition described below and other customary terms and conditions,
                                            which conditions shall not include any financing, funding or similar condition or any requirements
                                            with respect to the offeror or its agents or any other Person being permitted any due diligence
                                            with respect to the books, records, management, accountants and other outside advisors of
                                            the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>is an offer pursuant to
                                            which the Company has received an irrevocable written commitment of the offeror that the
                                            offer will remain open for at least ninety (90) business days and, if a Special Meeting is
                                            duly requested by stockholders in accordance with the terms of the Rights Agreement, for
                                            at least ten (10)&nbsp;business days after the date of the Special Meeting or, if no Special
                                            Meeting is held within ninety (90) business days following receipt of the Special Meeting
                                            notice delivered in accordance with the Rights Agreement, for at least ten (10)&nbsp;business
                                            days following such ninety (90) business day period;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>an offer that is conditioned
                                            on a minimum of at least two-thirds of the outstanding shares of Common Stock not held by
                                            the Person making such offer (and such Persons Related Persons) being tendered and not withdrawn
                                            as of the offer&rsquo;s expiration date, which condition shall not be waivable;</TD></TR></TABLE>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>an offer pursuant to which
                                            the Company has received an irrevocable written commitment by the offeror to consummate as
                                            promptly as practicable upon successful completion of the offer a second-step transaction
                                            whereby all Common Stock not tendered into the offer will be acquired at the same consideration
                                            per share actually paid pursuant to the offer, subject to statutory appraisal rights, if
                                            any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>an offer that is otherwise
                                            in the best interests of the Company and its stockholders.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As discussed in the Rights Agreement, additional
requirements apply to offers not consisting solely of cash consideration. Notwithstanding the inclusion of a Qualifying Offer provision
in the Rights Agreement, the Board reserves the right to reject any Qualifying Offer or any other tender or exchange offer or other acquisition
proposal, or take any other action with respect to any Qualifying Offer or any tender or exchange offer or other acquisition proposal
that the Board believes is necessary or appropriate in the exercise of its fiduciary duties.</P>

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

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