<SEC-DOCUMENT>0001144204-17-047778.txt : 20170913
<SEC-HEADER>0001144204-17-047778.hdr.sgml : 20170913
<ACCEPTANCE-DATETIME>20170913060658
ACCESSION NUMBER:		0001144204-17-047778
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170907
ITEM INFORMATION:		Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170913
DATE AS OF CHANGE:		20170913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN SHARED HOSPITAL SERVICES
		CENTRAL INDEX KEY:			0000744825
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				942918118
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08789
		FILM NUMBER:		171082199

	BUSINESS ADDRESS:	
		STREET 1:		2 EMBARCADERO CENTER
		STREET 2:		SUITE 410
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		415-788-5300

	MAIL ADDRESS:	
		STREET 1:		2 EMBARCADERO CENTER
		STREET 2:		SUITE 410
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v475026_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>WASHINGTON, D.C. 20549</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</B></P>

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

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    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date of report (Date of earliest event reported):&nbsp;&nbsp;September 7, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><B>AMERICAN SHARED HOSPITAL SERVICES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in
    charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt"><B>California</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-08789</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt"><B>94-2918118</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
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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>Two Embarcadero Center, Suite 410, San
Francisco, CA 94111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</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">Registrant&rsquo;s telephone number, including
area code <B>415-788-5300</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0; color: #231F20">Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.05 Amendments to the Registrant&rsquo;s Code of Ethics,
or Waiver of a Provision of the Code of Ethics.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On September 7, 2017, the Board of Directors
(the &ldquo;<U>Board</U>&rdquo;) of American Shared Hospital Services (the &ldquo;<U>Company</U>&rdquo;) amended the Company&rsquo;s
Code of Business Conduct and Ethics (the &ldquo;<U>Code</U>&rdquo;) that applies to all of the Company&rsquo;s directors, officers
and employees. The amended Code provides, among other things, that (i) all directors, officers and employees must familiarize themselves
with the Company&rsquo;s insider trading policy, (ii) the unauthorized use or distribution of Company proprietary information is
prohibited, (iii) the use of Company assets for any purpose other than those consistent with the Code is prohibited and (iv) all
officers and directors have a duty to advance the Company&rsquo;s corporate interests when presented with a corporate opportunity.
The amended Code also sets out the Company&rsquo;s updated anti-bribery and whistleblower policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The description above does not purport
to be complete and is qualified in its entirety by reference to the text of the Company&rsquo;s amendments to the Code, a redline
of which is filed as Exhibit 14.01 to this Current Report on Form 8-K and incorporated by reference 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"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-indent: -62pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-indent: -62pt"><A HREF="v475026_ex14-01.htm" STYLE="-sec-extract: exhibit">Exhibit
14.01 &nbsp;Amended Code of Business Conduct and Ethics</A></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;<B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>American Shared Hospital Services</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">September 12, 2017</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Ernest A. Bates, M.D. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Ernest A. Bates, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chairman and CEO</FONT></TD></TR>
</TABLE>
<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; text-align: center">EXHIBIT INDEX</P>

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

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

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    <TD STYLE="width: 15%; padding: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Exhibit No. </FONT></TD>
    <TD STYLE="width: 85%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center"><A HREF="v475026_ex14-01.htm"><FONT STYLE="font-size: 10pt">14.01</FONT></A></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><A HREF="v475026_ex14-01.htm"><FONT STYLE="font-size: 10pt">Amended Code of Business Conduct and Ethics</FONT></A></TD></TR>
</TABLE>


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

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


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<FILENAME>v475026_ex14-01.htm
<DESCRIPTION>EXHIBIT 14.01
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 14.01</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center; text-indent: 0in"><STRIKE>Adopted
May 28, 2004</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: double"><U>Amended
as of September 2017</U></FONT></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"><B>1.</B></TD><TD><B><STRIKE>1.</STRIKE>&#9;Introduction</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Code of Business Conduct and Ethics
(&ldquo;<B>Code</B>&rdquo;) has been adopted by <STRIKE>our</STRIKE><FONT STYLE="text-underline-style: double"><U>the</U></FONT>
Board of Directors <FONT STYLE="text-underline-style: double"><U>(the &ldquo;<B>Board</B>&rdquo;) of American Shared Hospital Services
(together with its subsidiaries, the &ldquo;<B>Company</B>&rdquo;),</U></FONT> and summarizes the standards that must guide our
actions. While covering a wide range of business practices and procedures, these standards cannot and do not cover every issue
that may arise, or every situation where ethical decisions must be made, but rather set forth key guiding principles that represent
Company policies and establish conditions for employment at the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We must strive to foster a culture of honesty
and accountability. Our commitment to the highest level of ethical conduct should be reflected in all of the Company&rsquo;s business
activities <STRIKE>inc luding</STRIKE><FONT STYLE="text-underline-style: double"><U>including</U></FONT>, but not limited to, relationships
with employees, customers, suppliers, competitors, the government <STRIKE>and</STRIKE><FONT STYLE="text-underline-style: double"><U>,</U></FONT>
the public, <STRIKE>including</STRIKE><FONT STYLE="text-underline-style: double"><U>and</U></FONT> our shareholders. All of our
employees, officers and directors must conduct themselves according to the language and spirit of this Code and seek to avoid even
the appearance of improper behavior. Even <STRIKE>well- intentioned</STRIKE><FONT STYLE="text-underline-style: double"><U>well-intentioned</U></FONT>
actions that violate the law or this Code may result in negative consequences for the Company and for the individuals involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One of our Company&rsquo;s most valuable assets is our reputation
for integrity, professionalism and fairness. We should all recognize that our actions are the foundation of our reputation and
adhering to this Code and applicable law is imperative.</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"><B>2.</B></TD><TD><B><I><STRIKE>2.</STRIKE>&#9;</I>Compliance with Laws, Rules and Regulations</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are strongly committed to conducting
our business affairs with honesty and integrity and in full compliance with all applicable laws, rules and regulations. No employee,
officer or director of the Company shall commit an illegal or unethical act, or instruct others to do so, for any reason.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you believe that any practice raises
questions as to compliance with this Code or applicable law, rule or regulation or if you otherwise have questions regarding any
law, rule or regulation, please contact the <STRIKE>Nominating Committee</STRIKE><FONT STYLE="text-underline-style: double"><U>Chief
Financial Officer or any member</U></FONT> of the Board <STRIKE>of Directors</STRIKE>.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>3.</B></TD><TD><B>Trading on Inside Information</B></TD></TR></TABLE>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in; margin-right: 0">Using non-public, Company
information to trade in securities, or providing a family member, friend or any other person with a &ldquo;tip&rdquo;, is illegal.
All <STRIKE>such</STRIKE> non-public<FONT STYLE="text-underline-style: double"><U>, Company</U></FONT> information should be considered
inside information and should never be used for personal gain. <FONT STYLE="text-underline-style: double"><U>You are required to
familiarize yourself and comply with the Company&rsquo;s Policy On Insider Information and Trading, copies of which are available
to all employees, officers and directors. You should contact the Chief Financial Officer with any questions about your ability
to buy or sell securities.</U></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-right: 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"><B>4.</B></TD><TD><B>Protection of Confidential Proprietary Information</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Confidential proprietary information generated
and gathered in our business is a valuable Company asset. Protecting this information plays a vital role in our continued growth
and ability to compete, and all proprietary information should be maintained in strict confidence, except when disclosure is authorized
by the Company or required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Proprietary
information includes all non-public information that might be useful to competitors or that could be harmful to the Company, its
customers or its suppliers if disclosed. Intellectual property, such as trade secrets, patents, trademarks and copyrights, as well
as business, research and new product plans, objectives and strategies, records, databases, salary and benefits data, employee
medical information, customer, employee and suppliers lists and any unpublished financial or pricing information must also be protected.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Unauthorized
use or distribution of proprietary information violates Company policy and could be illegal. Such use or distribution could result
in negative consequences for both the Company and the individuals involved, including potential legal and disciplinary actions.
We respect the property rights of other companies and their proprietary information and require our employees, officers and directors
to observe such rights.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Your obligation to protect the Company&rsquo;s
proprietary and confidential information continues even after you leave the Company, and you must return all proprietary information
in your possession upon leaving the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>The
provisions of this Section 4 are qualified in their entirety by reference to Section 11.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>5.</B></TD><TD><B>Conflicts of Interest</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our employees, officers and directors have
an obligation to act in the best interest of the Company. All employees, officers and directors should endeavor to avoid situations
that present a potential or actual conflict between their interest and the interest of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;conflict of interest&rdquo;
occurs when a person&rsquo;s private interest interferes in any way, or even appears to interfere, with the interest of the Company,
including its subsidiaries and affiliates. A conflict of interest <STRIKE>can</STRIKE><FONT STYLE="text-underline-style: double"><U>may</U></FONT>
arise when an employee, officer or director takes an action or has an interest that may make it difficult for him or her to perform
his or her work objectively and effectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Conflicts of interest may also arise when
an employee, officer or director (or his or her family members) receives improper personal benefits as a result of the employee&rsquo;s,
officer&rsquo;s or director&rsquo;s position in the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although it would not be possible to describe
every situation in which a conflict of interest may arise, the following are examples of situations <STRIKE>which</STRIKE><FONT STYLE="text-underline-style: double"><U>that</U></FONT>
may constitute a conflict of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0.5in">&bull;</TD><TD>Working, in any capacity, for a competitor, customer or
supplier while employed by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD>Accepting gifts of more than modest value or receiving
personal discounts <FONT STYLE="text-underline-style: double"><U>(if such discounts are not generally offered to the public)</U></FONT>
or other benefits as a result of your position in the Company from a competitor, customer or supplier.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD>Competing with the Company for the purchase or sale of
property, <FONT STYLE="text-underline-style: double"><U>products,</U></FONT> services or other interests.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD STYLE="padding-right: 24.2pt">Having an interest in a transaction
involving the Company<FONT STYLE="text-underline-style: double"><U>, a competitor</U></FONT>, a customer or supplier (other than
as an employee, officer or director of the Company and not including routine investments in publicly traded companies).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-right: 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: 0.5in">&bull;</TD><TD>Receiving a <STRIKE>non arm&rsquo;s- length</STRIKE> loan
or guarantee of an obligation as a result of your position with the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD>Directing business to a supplier owned or managed by, or
which employs, a relative or friend.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Situations involving a conflict of interest
may not always be obvious or easy to resolve. You should report actions that may involve a conflict of interest to <STRIKE>any
Corporate</STRIKE><FONT STYLE="text-underline-style: double"><U>the Chief Financial</U></FONT> Officer <FONT STYLE="text-underline-style: double"><U>or
any member of the Board</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to avoid conflicts of interests,
<STRIKE>each of the</STRIKE> senior executive officers <FONT STYLE="text-underline-style: double"><U>and directors</U></FONT> must
disclose to the Nominating <FONT STYLE="text-underline-style: double"><U>and Corporate Governance</U></FONT> Committee of the Board
<STRIKE>of Directors</STRIKE> any material transaction or relationship that reasonably could be expected to give rise to such a
conflict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>6.</B></TD><TD><B>Protection and Proper Use of Company Assets</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Protecting Company assets against loss,
theft or other misuse is the responsibility of every employee, officer and director. Loss, theft and misuse of Company assets directly
impact <STRIKE>the Company&rsquo;s</STRIKE><FONT STYLE="text-underline-style: double"><U>our</U></FONT> profitability. Any suspected
loss, misuse or theft should be reported to <STRIKE>any Corporate</STRIKE><FONT STYLE="text-underline-style: double"><U>the Chief
Financial</U></FONT> Officer <FONT STYLE="text-underline-style: double"><U>or any member of the Board</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>The
sole purpose of the Company&rsquo;s tangible and intangible assets (e.g., equipment, supplies, technology, etc.) is the conduct
of our business. They may only be used for Company business consistent with Company guidelines.</U></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>7.</B></TD><TD><B>Corporate Opportunities</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Employees, officers and directors are prohibited
from taking for themselves business opportunities that <STRIKE>arise</STRIKE><FONT STYLE="text-underline-style: double"><U>are
discovered</U></FONT> through the use of corporate property, information or position. No <STRIKE>emplo yee</STRIKE><FONT STYLE="text-underline-style: double"><U>employee</U></FONT>,
officer or director may use corporate property, information or position for personal gain, and no employee, officer or director
may compete with the Company. Competing with the Company may involve engaging in the same line of business as the Company, or any
situation where the employee, officer or director takes away from the Company opportunities for sales or purchases of products,
services or interests. <FONT STYLE="text-underline-style: double"><U>Employees, officers and directors owe a duty to the Company
to advance its legitimate interests when the opportunity to do so arises.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>8.</B></TD><TD><B>Fair Dealing</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each employee, officer and director of the
Company should endeavor to deal fairly with customers, suppliers, competitors, the public and one another at all times and in accordance
with ethical business practices. No one should take unfair advantage of anyone through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts or any other unfair dealing practice. <FONT STYLE="text-underline-style: double"><U>No
bribes, kickbacks or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of
obtaining or retaining business or obtaining any other favorable action. The Company and any employee, officer or director involved
may be subject to disciplinary action as well as potential civil or criminal liability for violation of this policy.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Occasional
business gifts to, or entertainment of, non-government employees in connection with business discussions or the development of
business relationships are generally deemed appropriate in the conduct of Company business. However, these gifts should be given
infrequently and their value should be modest. Gifts or entertainment in any form that would likely result in a feeling or expectation
of personal obligation should not be extended or accepted.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Practices
that are acceptable in a commercial business environment may be against the law or the policies governing federal, state or local
government employees. Therefore, no gifts or business entertainment of any kind may be given to any government employee without
the prior approval of the Chief Financial Officer.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Except
in certain limited circumstances, the Foreign Corrupt Practices Act (&ldquo;FCPA&rdquo;) prohibits giving anything of value directly
or indirectly to any &ldquo;foreign official&rdquo; for the purpose of obtaining or retaining business. When in doubt as to whether
a contemplated payment or gift may violate the FCPA, contact the Chief Financial Officer before taking any action.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>9.</B></TD><TD><B>Quality of Public Disclosures</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has a responsibility to provide
full and accurate information in our public disclosures, in all material respects, about the Company&rsquo;s financial condition
and results of operations. Our reports and documents filed with or submitted to the Securities and Exchange <STRIKE>Commissio n</STRIKE><FONT STYLE="text-underline-style: double"><U>Commission</U></FONT>
and our other public communications shall include full, fair, accurate, timely and understandable disclosure.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>10.</B></TD><TD><B>Compliance with This <STRIKE>Co de</STRIKE><FONT STYLE="text-underline-style: double"><U>Code</U></FONT> and Reporting of
Any Illegal or Unethical Behavior</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All employees, directors and officers are
expected to comply with all of the provisions of this Code. The Code will be strictly enforced <STRIKE>throughout the Company</STRIKE>
and violations will be dealt with <STRIKE>immedia tely</STRIKE><FONT STYLE="text-underline-style: double"><U>promptly</U></FONT>,
including <FONT STYLE="text-underline-style: double"><U>by subjecting persons who violate its provisions to</U></FONT> corrective
and/or disciplinary action such as dismissal or removal from office. Violations of the Code that involve illegal behavior will
be reported to the appropriate authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Situations which may involve a violation
of ethics, laws<FONT STYLE="text-underline-style: double"><U>, rules, regulations</U></FONT> or this Code may not always be clear
and may require <STRIKE>difficult</STRIKE><FONT STYLE="text-underline-style: double"><U>the exercise of</U></FONT> judgment <FONT STYLE="text-underline-style: double"><U>or
the making of difficult decisions</U></FONT>. Employees<FONT STYLE="text-underline-style: double"><U>, officers and directors</U></FONT>
should <FONT STYLE="text-underline-style: double"><U>promptly</U></FONT> report any concerns <STRIKE>or questions </STRIKE>about
<STRIKE>violations of</STRIKE><FONT STYLE="text-underline-style: double"><U>a violation of ethics,</U></FONT> laws, rules, regulations
or this Code to <STRIKE>their supervisor, any Corporate Officer, any Executive Officer, the Nominating Committee, or in the case
of accounting, internal accounting controls or auditing matters, the Audit Committee</STRIKE><FONT STYLE="text-underline-style: double"><U>any
officer or any member</U></FONT> of the Board <STRIKE>of Directors</STRIKE>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any concerns about <STRIKE>violations of</STRIKE><FONT STYLE="text-underline-style: double"><U>a
violation of ethics,</U></FONT> laws, rules, regulations or this Code by any senior executive officer or director should be reported
promptly to the Nominating <FONT STYLE="text-underline-style: double"><U>and Corporate Governance</U></FONT> Committee.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.75pt 0pt 0; text-indent: 0.5in">The Company encourages all employees,
officers and directors to report any suspected violations promptly and intends to thoroughly investigate any good faith reports
of violations. The Company will not tolerate any kind of retaliation for reports or complaints regarding misconduct that were made
in good <STRIKE>fait h.</STRIKE><FONT STYLE="text-underline-style: double"><U>faith. </U></FONT>Open communication of issues and
concerns by all employees without fear of retribution or retaliation is vital to the successful implementation of this Code. <STRIKE>You</STRIKE>
<FONT STYLE="text-underline-style: double"><U>All employees, officers and directors</U></FONT> are required to cooperate in <FONT STYLE="text-underline-style: double"><U>any</U></FONT>
internal investigations of misconduct and unethical behavior.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">The Company recognizes the need
for this Code to be applied equally to everyone it covers. The <STRIKE>Controller</STRIKE><FONT STYLE="text-underline-style: double"><U>Chief
Financial Officer</U></FONT> of the Company will have primary authority and responsibility for the enforcement of this Code, subject
to the supervision of the Nominating <FONT STYLE="text-underline-style: double"><U>and Corporate Governance</U></FONT> Committee,
<STRIKE>or, in the case of accounting, internal accounting controls or auditing matters, the Audit Committee of the Board of Directors,</STRIKE>
and the Company will devote the necessary resources to enable the <STRIKE>Controller</STRIKE><FONT STYLE="text-underline-style: double"><U>Chief
Financial Officer</U></FONT> to establish such procedures as may be reasonably necessary to create a culture of accountability
and facilitate compliance with the Code. Questions concerning this Code should be directed to the <STRIKE>Controller</STRIKE><FONT STYLE="text-underline-style: double"><U>Chief
Financial Officer</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>The
provisions of this Section 10 are qualified in their entirety by reference to Section 11.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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"><B>11.</B></TD><TD><FONT STYLE="text-underline-style: double"><B><U>Reporting Violations to a Governmental Agency</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: double"><U>Notwithstanding
anything contained in this Code or otherwise, you have the right to:</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"></P>

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<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: 0.5in">&bull;</TD><TD><FONT STYLE="text-underline-style: double"><U>Report possible violations of state or federal law or regulation that have occurred,
are occurring, or are about to occur to any governmental agency or entity, or self-regulatory organization;</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD><FONT STYLE="text-underline-style: double"><U>Cooperate voluntarily with, or respond to any inquiry from, or provide testimony
before any self-regulatory organization or any other federal, state or local regulatory or law enforcement authority;</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD><FONT STYLE="text-underline-style: double"><U>Make reports or disclosures to law enforcement or a regulatory authority without
prior notice to, or authorization from, the Company; and</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 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: 0.5in">&bull;</TD><TD><FONT STYLE="text-underline-style: double"><U>Respond truthfully to a valid subpoena.</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>You
have the right to not be retaliated against for reporting, either internally to the Company or to any governmental agency or entity
or self-regulatory organization, information which you reasonably believe relates to a possible violation of law. It is a violation
of federal law to retaliate against anyone who has reported such potential misconduct either internally or to any governmental
agency or entity or self-regulatory organization. Retaliatory conduct includes discharge, demotion, suspension, threats, harassment,
and any other manner of discrimination in the terms and conditions of employment because of any lawful act you may have performed.
It is unlawful for the Company to retaliate against you for reporting possible misconduct either internally or to any governmental
agency or entity or self-regulatory organization.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Notwithstanding
anything contained in this Code or otherwise, you may disclose confidential Company information, including the existence and terms
of any confidential agreements between yourself and the Company (including employment or severance agreements), to any governmental
agency or entity or self-regulatory organization.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>The
Company cannot require you to withdraw reports or filings alleging possible violations of federal, state or local law or regulation,
and the Company may not offer you any kind of inducement, including payment, to do so.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Your
rights and remedies as a whistleblower protected under applicable whistleblower laws, including a monetary award, if any, may not
be waived by any agreement, policy form, or condition of employment, including by a predispute arbitration agreement.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Even
if you have participated in a possible violation of law, you may be eligible to participate in the confidentiality and retaliation
protections afforded under applicable whistleblower laws, and you may also be eligible to receive an award under such laws.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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"><B>12.</B></TD><TD><B><STRIKE>11. </STRIKE>Waivers and Amendments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.5in">Any <STRIKE>waivers</STRIKE><FONT STYLE="text-underline-style: double"><U>waiver</U></FONT>
of the provisions in this Code for executive officers or directors may only be granted by the Board <STRIKE>of Directors </STRIKE>and
will be <STRIKE>promptly</STRIKE> disclosed to the Company&rsquo;s shareholders<STRIKE>. Any waivers</STRIKE> <FONT STYLE="text-underline-style: double"><U>within
the period required by applicable law, rule or regulation. Any waiver</U></FONT> of this Code for other employees may only be granted
by the Nominating <FONT STYLE="text-underline-style: double"><U>and Corporate Governance</U></FONT> Committee of the Board <STRIKE>of
Directors</STRIKE>. Amendments <FONT STYLE="text-underline-style: double"><U>to this Code must be approved by the Nominating and
Corporate Governance Committee of the Board and amendments</U></FONT> of the provisions in this Code applicable to the CEO and
the senior financial officers will also be promptly disclosed to the Company&rsquo;s shareholders.</P>

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

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

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