<SEC-DOCUMENT>0001615774-16-008447.txt : 20161117
<SEC-HEADER>0001615774-16-008447.hdr.sgml : 20161117
<ACCEPTANCE-DATETIME>20161117112131
ACCESSION NUMBER:		0001615774-16-008447
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20161117
DATE AS OF CHANGE:		20161117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aqua Metals, Inc.
		CENTRAL INDEX KEY:			0001621832
		STANDARD INDUSTRIAL CLASSIFICATION:	SECONDARY SMELTING & REFINING OF NONFERROUS METALS [3341]
		IRS NUMBER:				471169572
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-213501
		FILM NUMBER:		162004244

	BUSINESS ADDRESS:	
		STREET 1:		1010 ATLANTIC AVENUE
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94501
		BUSINESS PHONE:		(510) 479-7635

	MAIL ADDRESS:	
		STREET 1:		1010 ATLANTIC AVENUE
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94501
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>s104732_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule&nbsp;424(b)(5)<BR>
Registration No.&nbsp;333-213501</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PROSPECTUS SUPPLEMENT<BR>
(to the Prospectus dated September&nbsp;26, 2016)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pg1img1_424b5.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,000,000
</B></FONT><B>Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are selling 2,000,000
shares of our common stock. Our common stock is listed on the NASDAQ Capital Market under the symbol &ldquo;AQMS.&rdquo; On November
15, 2016, the last reported sales price of our common stock on the NASDAQ Capital Market was $11.37 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves a high degree of risk. Before making an investment decision, you should carefully review and consider all of the information
set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein,
including the risks and uncertainties described under &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3 of this</B>
<B>prospectus supplement and the risk factors incorporated by reference into this prospectus supplement and the accompanying prospectus.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Share</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public Offering Price</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">20,000,<FONT STYLE="font-size: 10pt">000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriting
    Discount (1)</FONT></TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 14%">0.70</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">$</TD><TD STYLE="font-size: 10pt; text-align: right; width: 14%">1,400,000</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds to Us (Before
    Expenses)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9.30</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">18,600,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">In addition, we have agreed to reimburse the representative of the underwriters for up to $45,000
of its out-of-pocket fees and expenses. We have also agreed to issue to the representative of the underwriters warrants to purchase
aggregate shares of our common stock in an amount up to 2% of the shares of common stock sold in the this offering (including the
over-allotment option to the extent exercised), with an exercise price equal to 100% of the per-share public offering price. See
&ldquo;Underwriting&rdquo; for additional information about the underwriter compensation arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have granted the underwriters
a 45-day option to purchase up to 300,000 additional shares of common stock from us at the public offering price, less the underwriting
discount, set forth above to cover over-allotments, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The underwriters expect
to deliver the shares against payment through the facilities of the Depository Trust Company on or about November 21, 2016.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The date of this prospectus
supplement is 16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 2016.</FONT></P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-i</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT SUMMARY</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-10</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-12</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">UNDERWRITING</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-16</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">S-17</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 90%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_002"><FONT STYLE="font-size: 10pt">ABOUT AQUA METALS, INC.</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_003"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_004"><FONT STYLE="font-size: 10pt">NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_005"><FONT STYLE="font-size: 10pt">THE SECURITIES WE MAY OFFER</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_007"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_010"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_011"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><A HREF="#b_012"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><A HREF="#b_013"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the accompanying base prospectus is part of a registration statement that we filed with the Securities and Exchange Commission
(the&nbsp;&ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration process. Each time we conduct an offering to sell securities
under the accompanying base prospectus we will provide a prospectus supplement that will contain specific information about the
terms of that offering, including the price, the amount of securities being offered and the plan of distribution. The shelf registration
statement was initially filed with the SEC on September 2, 2016, and was declared effective by the SEC on September&nbsp;26, 2016.
This prospectus supplement describes the specific details regarding this offering and may add, update or change information contained
in the accompanying base prospectus. The accompanying base prospectus provides general information about us and our securities,
some of which, such as the section entitled &ldquo;Plan of Distribution,&rdquo; may not apply to this offering. This prospectus
supplement and the accompanying base prospectus are an offer to sell only the securities offered hereby, but only under circumstances
and in jurisdictions where it is lawful to do so. We are not making offers to sell or solicitations to buy our common stock in
any jurisdiction in which an offer or solicitation is not authorized or in which the person making that offer or solicitation is
not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If information in this
prospectus supplement is inconsistent with the accompanying base prospectus or the information incorporated by reference with an
earlier date, you should rely on this prospectus supplement. This prospectus supplement, together with the base prospectus, the
documents incorporated by reference into this prospectus supplement and the accompanying base prospectus and any free writing prospectus
we have authorized for use in connection with this offering include all material information relating to this offering. We have
not, and the underwriters have not, authorized anyone to provide you with different or additional information and you must not
rely on any unauthorized information or representations. You should assume that the information appearing in this prospectus supplement,
the accompanying base prospectus, the documents incorporated by reference in this prospectus supplement and the accompanying base
prospectus and any free writing prospectus we have authorized for use in connection with this offering is accurate only as of the
respective dates of those documents. Our business, financial condition, results of operations and prospects may have changed since
those dates. <B>You should carefully read this prospectus supplement, the accompanying base prospectus and the information and
documents incorporated herein by reference herein and therein, as well as any free writing prospectus we have authorized for use
in connection with this offering, before making an investment decision. See &ldquo;Incorporation of Certain Documents by Reference&rdquo;
and &ldquo;Where You Can Find More Information&rdquo; in this prospectus supplement and in the accompanying base prospectus</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the accompanying base prospectus contain summaries of certain provisions contained in some of the documents described herein,
but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by
the full text of the actual documents, some of which have been filed or will be filed and incorporated by reference herein. See
&ldquo;Where You Can Find More Information&rdquo; in this prospectus supplement. We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference into this
prospectus supplement or the accompanying base prospectus were made solely for the benefit of the parties to such agreement, including,
in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation,
warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made.
Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state
of our affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the accompanying base prospectus contain and incorporate by reference certain market data and industry statistics and forecasts
that are based on Company-sponsored studies, independent industry publications and other publicly available information. Although
we believe these sources are reliable, estimates as they relate to projections involve numerous assumptions, are subject to risks
and uncertainties, and are subject to change based on various factors, including those discussed under &ldquo;Risk Factors&rdquo;
in this prospectus supplement and the accompanying base prospectus and under similar headings in the documents incorporated by
reference herein and therein. Accordingly, investors should not place undue reliance on this information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise stated
or the context requires otherwise, all references in this prospectus supplement to the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our&rdquo; and &ldquo;Aqua Metals&rdquo; refer to Aqua Metals, Inc., a Delaware corporation, and its wholly-owned
subsidiaries. We own the trademark applications for our corporate name &ldquo;Aqua Metals&rdquo; and the terms &ldquo;AquaRefining&rdquo;,
&ldquo;AquaRefinery&rdquo; and &ldquo;AquaRefine&rdquo;. All other trademarks, trade names and service marks included or incorporated
by reference into this prospectus supplement, the accompanying base prospectus and any applicable free writing prospectus are the
property of their respective owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, unless otherwise stated or the
context requires otherwise, all information in this prospectus supplement assumes that the option to purchase up to 300,000 additional
shares of common stock that we have granted to the underwriters is not exercised.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_002"></A><B>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>This prospectus summary
highlights information contained elsewhere in this prospectus supplement, the accompanying base prospectus and the documents incorporated
by reference herein and therein. This summary does not contain all of the information that you should consider before deciding
to invest in our securities. You should read this entire prospectus supplement and the accompanying base prospectus carefully,
including the section entitled &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3 and our consolidated financial statements
and the related notes and the other information incorporated by reference into this prospectus supplement and the accompanying
base prospectus, before making an investment decision.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are engaged in the business
of recycling lead through a novel, proprietary and patent-pending process that we developed and named &ldquo;AquaRefining&rdquo;.
Lead is a globally traded commodity with a worldwide market value in excess of $20 billion. Lead acid batteries, or LABs, are the
primary use of all lead produced in the world. Because the chemical properties of lead allow it to be recycled and reused indefinitely,
LABs are also the primary source of all lead production. As such, LABs are almost 100% recycled for purposes of capturing the lead
contained therein for re-use. We believe that our proprietary AquaRefining process will provide for the recycling of LABs and the
production of a pure grade lead with a significantly lower cost of production, and with fewer environmental and regulatory issues,
than conventional methods of lead production.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In recent years, many lead
mines have become exhausted and recycled lead has become increasingly important to LAB production. Recycled lead surpassed mined
lead in the 1990s and now represents more than 50% of the lead content in new LABs. Whether it is produced from lead ore or recycled
LABs, lead has historically been produced by smelting. Smelting is a high-temperature, endothermic chemical reduction, making it
inefficient, energy intensive and often a highly polluting process. As a consequence of its environmental and health issues, lead
smelting has become increasingly regulated in developed countries. In the US, regulatory non-compliance has forced the closure
of large high-capacity lead smelters in Vernon, California, Frisco, Texas and Herculaneum, Missouri over the last four years. Herculaneum
was the last remaining primary lead-mine operation (i.e., smelting lead from ore) in the US, though secondary lead smelters that
process recycled lead continue to operate in the US. In response, there has been an expansion of LAB smelting capacity in Mexico
and other less regulated countries. The resulting transportation of used LABs from where they originate in the US to smelters in
Mexico, the Philippines and elsewhere is an increasingly significant logistical and global environmental cost.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">AquaRefining uses an aqueous
solvent and a novel electro-chemical process to produce pure lead (i.e., higher than 99.99% purity). We believe that AquaRefining
can significantly reduce production costs as compared with alternative methods of producing pure lead. This cost reduction is partly
because our novel electro-chemical process requires less energy than the endothermic high temperature (1400&deg;C) chemical reduction
that is at the core of smelting. It is also partly because our process does not generate toxic high temperature dust and gas, or
the lead containing slag and dross that are unavoidable byproducts of smelting, and which require capital and energy intensive
processes to meet environmental compliance. We also have the ability to locate smaller recycling facilities in areas closer to
the source of used LABs, thereby reducing transport costs and supply chain bottlenecks. AquaRefining is a water-based ambient temperature
process. On this basis, we believe that it significantly reduces environmental emissions, health concerns. In permitting our first
facility, we have demonstrated AquaRefining&rsquo;s simplified permitting needs as compared with lead smelting and our ability
to co-locate with battery collection and distribution facilities. We believe that the combined advantages offered by AquaRefining
represent a potential step change in lead recycling technology, one that can deliver advantages in economics, footprint and logistics
while greatly reducing the environmental impact of lead recycling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The modular nature of AquaRefining
makes it possible to start LAB recycling at a much smaller scale than is possible with smelters, thereby significantly reducing
the investment risk associated with building a lead production facility. Our plan is to actively explore distributed recycling
in the US by establishing our own initial recycling operation near Reno, Nevada. This plan is based on our belief that Reno has
become a significant hub of the West Coast&rsquo;s LAB distribution infrastructure and yet is very poorly served by the LAB recycling
industry. From our initial recycling facility near Reno, we intend to expand first throughout the US and then overseas. We will
seek to own our own recycling facilities but will also evaluate joint ventures and licensing in respect of our technologies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our principal executive offices are located
at 1010 Atlantic Avenue, Alameda, California 94501, and our telephone number is (510)&nbsp;479-7635. Our website is www.aquametals.com.
Information contained in, or accessible through, our website does not constitute part of this prospectus supplement and inclusions
of our website address in this prospectus supplement are inactive textual references only.</P>

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

</DIV>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>The following is a brief
summary of some of the terms of the offering and is qualified in its entirety by reference to the more detailed information appearing
elsewhere in this prospectus supplement and the accompanying base prospectus. For a more complete description of the terms of our
common stock, see &ldquo;Description of Our Capital Stock&rdquo; in the accompanying base prospectus.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 29%"><FONT STYLE="font-size: 10pt">Common stock offered by us</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 70%; text-align: justify">2,000,000<FONT STYLE="font-size: 10pt"> shares of our common
stock (2,300,000 shares if the underwriters exercise their over-allotment option in full).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Offering price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">$10.00 per share of common stock.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Common stock to be outstanding after this offering</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">17,578,725<FONT STYLE="font-size: 10pt"> shares (17,878,725 shares if
the underwriters exercise their over-allotment option in full). </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">We estimate that our net proceeds from
this offering will be approximately $18,470,000 (or approximately $21,260,000 if the underwriters exercise their over-allotment
option in full), after deducting the underwriting discount and the estimated offering expenses payable by us. We expect to use
the net proceeds from this offering for working capital and general corporate purposes. See &ldquo;Use of Proceeds&rdquo; on page&nbsp;S-11.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our common stock involves
significant risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-3 and the other information included or incorporated
by reference in this prospectus supplement and the accompanying base prospectus for a discussion of factors you should carefully
consider before deciding to invest in our common stock. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">NASDAQ Capital Market symbol</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;AQMS&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
number of shares of our common stock expected to be outstanding after this offering is based on 15,578,725</FONT> <FONT STYLE="font-size: 10pt">shares
of common stock outstanding as of November 15, 2016, and excludes the following: </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">898,228
shares of common stock issuable upon exercise of options outstanding as of November 15, 2016, which have a weighted average exercise
price of $4.81 per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">460,909
shares of common stock reserved for issuance and available for future grant under our 2014 Stock Incentive Plan as of November
15, 2016;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,769,122 shares of common stock issuable upon exercise of warrants outstanding as of November
15, 2016, which have a weighted average exercise price of $6.57 per share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">702,247 shares of common stock issuable upon conversion of $5 million of outstanding principal
under a convertible note issued to Interstate Battery Systems International, Inc., which is convertible into shares of our common
stock at a conversion price of $7.12 per share.</TD></TR></TABLE>

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

</DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_003"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Investing in our common
stock involves a high degree of risk. Before purchasing our common stock, you should read and consider carefully the following
risk factors as well as all other information contained and incorporated by reference in this prospectus supplement and the accompanying
base prospectus, including our consolidated financial statements and the related notes. Each of these risk factors, either alone
or taken together, could adversely affect our business, operating results and financial condition, as well as adversely affect
the value of an investment in our common stock. There may be additional risks that we do not presently know of or that we currently
believe are immaterial, which could also impair our business and financial position. If any of the events described below were
to occur, our financial condition, our ability to access capital resources, our results of operations and/or our future growth
prospects could be materially and adversely affected and the market price of our common stock could decline. As a result, you could
lose some or all of any investment you may make in our common stock.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risks Relating to Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Since we have a
limited operating history and only recently commenced limited lead-producing operations, it is difficult for potential investors
to evaluate our business</I></B><I>.</I> &emsp;We formed our corporation in June 2014 and only commenced limited lead-producing
operations in late October 2016. To date, our operations have consisted of the development and limited testing of our AquaRefining
process, the development of our business plan, the raise of our present working capital and the development of our initial LAB
recycling facility in the Tahoe Regional Industrial Center (&ldquo;TRIC&rdquo;), located in McCarran, Nevada. Our limited operating
history makes it difficult for potential investors to evaluate our technology or prospective operations. As an early stage company,
we are subject to all the risks inherent in the initial organization, financing, expenditures, complications and delays in a new
business. Investors should evaluate an investment in us in light of the uncertainties encountered by developing companies in a
competitive environment. There can be no assurance that our efforts will be successful or that we will ultimately be able to attain
profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>We may need additional
financing to execute our business plan and fund operations, which additional financing may not be available on reasonable terms
or at all</I></B><I>.</I> &emsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>As of September 30, 2016, we had
approximately $11.6 million of working capital. As of the date of this prospectus supplement, we believe that we have working capital
sufficient to fund our current business plan over the next 12 months, including attainment of production at the rate of 120 tons
of recycled lead per day. However, we will require additional capital in order to fund our proposed development of additional AquaRefining
recycling facilities. We intend to seek additional funds through various financing sources, including the private sale of our equity
and debt securities, licensing fees for our technology, joint ventures with capital partners and project financing of our recycling
facilities. However, there can be no guarantees that such funds will be available on commercially reasonable terms, if at all.
If such financing is not available on satisfactory terms, we may be unable to further pursue our business plan and we may be unable
to continue operations, in which case you may lose your entire investment.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our business model
is new and has not been proven by us or anyone else</I></B><I>.</I>&emsp;We are engaged in the business of producing recycled lead
through a proprietary, patent-pending electro-chemical technology. While the production of recycled lead is an established business,
to date all recycled lead has been produced by way of traditional smelting processes. To our knowledge, no one has successfully
produced recycled lead in commercial quantities other than by way of smelting. We have tested our AquaRefining process on a small
scale, and on October 28, 2016 we commenced limited production of recycled lead at our TRIC facility. However there can be no assurance
that we will be able to produce lead in commercial quantities at a cost of production that will provide us with an adequate profit
margin. The uniqueness of our AquaRefining process presents potential risks associated with the development of a business model
that is untried and unproven.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>While the testing
of our AquaRefining process has been successful to date, there can be no assurance that we will be able to replicate the process,
along with all of the expected economic advantages, on a large commercial scale</I></B><I>.&emsp;</I> As of the date of this prospectus
supplement, we have built and operated both a small-scale unit of our AquaRefining process and a full size production prototype.
In addition, on October 28, 2016, we commenced limited operations at our TRIC facility through the processing of recycled lead
through a single AquaRefining module. While we believe that our development, testing and limited production to date has proven
the concept of our AquaRefining process, we have not undertaken the processing of used LABs nor have we commenced the production
of lead in large commercial quantities. We expect to commence the commercial recycling of used LABs during the fourth quarter of
2016 and increase our production of lead to 120 tonnes per day in early 2017. However, there can be no assurance that as we commence
large scale operations at our TRIC facility that we will not incur unexpected costs or hurdles that might restrict the desired
scale of our intended operations or negatively impact our projected gross profit margin.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our intellectual
property rights may not be adequate to protect our business</I></B><I>.&emsp;</I>We currently do not hold any patents for our products.
To date, we have filed five international applications, two U.S. patent applications, and have 20 foreign applications pending,
relating to certain elements of the technology underlying our AquaRefining process and related apparatus and chemical formulations.
Although we expect to continue filing, where applicable, patent applications related to our technology, no assurances can be given
that any patent will be issued on our patent applications or any other application that we may file in the future or that, if such
patents are issued, they will be sufficiently broad to adequately protect our technology. In addition, we cannot assure you that
any patents that may be issued to us will not be challenged, invalidated, or circumvented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Even if we are issued
patents, they may not stop a competitor from illegally using our patented processes and materials. In such event, we would incur
substantial costs and expenses, including lost time of management in addressing and litigating, if necessary, such matters. Additionally,
we rely upon a combination of trade secret laws and nondisclosure agreements with third parties and employees having access to
confidential information or receiving unpatented proprietary know-how, trade secrets and technology to protect our proprietary
rights and technology. These laws and agreements provide only limited protection. We can give no assurance that these measures
will adequately protect us from misappropriation of proprietary information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our processes may
infringe on the intellectual property rights of others, which could lead to costly disputes or disruptions</I></B><I>.&emsp;</I>
The applied science industry is characterized by frequent allegations of intellectual property infringement. Though we do not expect
to be subject to any of these allegations, any allegation of infringement could be time consuming and expensive to defend or resolve,
result in substantial diversion of management resources, cause suspension of operations or force us to enter into royalty, license,
or other agreements rather than dispute the merits of such allegation. If patent holders or other holders of intellectual property
initiate legal proceedings, we may be forced into protracted and costly litigation. We may not be successful in defending such
litigation and may not be able to procure any required royalty or license agreements on acceptable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our business strategy
includes licensing arrangements and entering into joint ventures and strategic alliances. Failure to successfully integrate such
licensing arrangements, joint ventures, or strategic alliances into our operations could adversely affect our business</I></B><I>.&emsp;</I>
We propose to commercially exploit our AquaRefining process, in part, by licensing our technology to third parties and entering
into joint ventures and strategic relationships with parties involved in the manufacture and recycling of LABs. Licensing programs,
joint ventures and strategic alliances may involve significant other risks and uncertainties, including distraction of management&rsquo;s
attention away from normal business operations, insufficient revenue generation to offset liabilities assumed and expenses associated
with the transaction, and unidentified issues not discovered in our due diligence process, such as product quality, technology
issues and legal contingencies. In addition, we may be unable to effectively integrate any such programs and ventures into our
operations. Our operating results could be adversely affected by any problems arising during or from any licenses, joint ventures
or strategic alliances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>If we are unable
to manage future expansion effectively, our business, operations and financial condition may suffer significantly, resulting in
decreased productivity</I></B><I>.&emsp;</I> If our AquaRefining process proves to be commercially valuable, it is likely that
we will experience a rapid growth phase that could place a significant strain on our managerial, administrative, technical, operational
and financial resources. Our organization, procedures and management may not be adequate to fully support the expansion of our
operations or the efficient execution of our business strategy. If we are unable to manage future expansion effectively, our business,
operations and financial condition may suffer significantly, resulting in decreased productivity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Certain industry
participants may have the ability to restrict our access to used LABs and otherwise focus significant competitive pressure on us</I></B><I>.&emsp;</I>
We believe that our primary competition will come from operators of existing smelters and other parties invested in the existing
supply chain for smelting, both of which may resist the change presented by our AquaRefining process. Competition from such incumbents
may come in the form of restricted access to used LABs. We believe that LAB manufacturers who also maintain their own smelting
operations control approximately 50% of the market for used LABs. We will require access to used LABs at market prices in order
to carry out our business plan. If those LAB manufacturers and others involved in the reverse supply chain for used LABs attempt
to restrict our access to used LABs that may adversely affect our prospects and future growth. There can be no assurance that we
will be able to effectively withstand the pressures applied by our competition.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>We may experience
significant fluctuations in raw material prices and the price of our principal product, either of which could have a material adverse
effect on our liquidity, growth prospects and results of operations</I></B><I>.&emsp;</I> Spent LAB&rsquo;s are our primary raw
material and we believe that in recent years the cost of used LABS has been volatile at times. Our principal product, recycled
lead, has also experienced price volatility from time to time as well. For example, the market price of lead on the London Metal
Exchange, or LME, rose from a trading range of $1,000 to $1,200 per metric ton during 2005 to $2,200 per metric ton during 2014.
In 2015, the LME market price for lead ranged from $1,554 to $2,139 per ton<FONT STYLE="color: #548DD4">.</FONT> The price per
ton of lead on January 1, 2015 was $1,844 while the price on December 31, 2015 was $1,801 per ton. The price per ton of lead on
September 30, 2016 was $2,106. While we intend to pursue supply and tolling arrangements and hedge transactions as appropriate
to offset any price volatility, the volatile nature of prices for used LABs and recycled lead could have an adverse impact on our
liquidity, growth prospects and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>The global economic
conditions could negatively affect our prospects for growth and operating results</I></B><I>.</I> Our prospects for growth and
operating results will be directly affected by the general global economic conditions of the industries in which our suppliers,
partners and customer groups operate. We believe that the market price of our principal product, recycled lead, is relatively volatile
and reacts to general global economic conditions. Lead prices decreased from $2,139 per ton on May 5, 2015 to a low of $1,554 per
ton on November 23, 2015 because of fluctuations in the market. A month later, the price per ton increased back up to $1,801 per
ton and, as noted above, the price per ton was $2,106 on September 30, 2016. Our business will be highly dependent on the economic
and market conditions in each of the geographic areas in which we operate. These conditions affect our business by reducing the
demand for LABs and decreasing the price of lead in times of economic down turn and increasing the price of used LABs in times
of increasing demand of LABs and recycled lead. There can be no assurance that global economic conditions will not, at times, negatively
impact our liquidity, growth prospects and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>We are subject to
the risks of conducting business outside the United States</I></B><I>.</I> A part of our strategy involves our pursuit of growth
opportunities in certain international market locations. We intend to pursue the development and ownership of recycling facilities
in certain foreign jurisdictions, including Mexico, China and India, among others countries, however it is more likely that we
will enter into licensing or joint venture arrangements with local partners who will be primarily responsible for the day-to-day
operations. Any expansion outside of the US will require significant management attention and financial resources to successfully
develop and operate any such facilities, including the sales, supply and support channels, and we cannot assure you that we will
be successful or that our expenditures in this effort will not exceed the amount of any resulting revenues. Our international operations
expose us to risks and challenges that we would otherwise not face if we conducted our business only in the United States, such
as:</P>

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

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increased cost of enforcing our intellectual property rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">heightened price sensitivities from customers in emerging markets;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to establish or contract for local manufacturing, support and service functions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">localization of our LABs and components, including translation into foreign languages and the associated expenses;</FONT></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><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">compliance with multiple, conflicting and changing governmental laws and regulations;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">foreign currency fluctuations;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">laws favoring local competitors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">weaker legal protections of contract terms, enforcement on collection of receivables and intellectual property rights and mechanisms for enforcing those rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">market disruptions created by public health crises in regions outside the United States;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">difficulties in staffing and managing foreign operations, including challenges presented by relationships with workers&rsquo; councils and labor unions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issues related to differences in cultures and practices; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">changing regional economic, political and regulatory conditions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Government regulation
and environmental, health and safety concerns may adversely affect our business</I></B><I>.</I> Our operations in the United States
will be subject to the Federal, state and local environmental, health and safety laws applicable to the reclamation of lead acid
batteries. Depending on how any particular operation is structured, our facilities will probably have to obtain environmental permits
or approvals to operate, including those associated with air emissions, water discharges, and waste management and storage. We
may face opposition from local residents or public interest groups to the installation and operation of our facilities. Failure
to secure (or significant delays in securing) the necessary approvals could prevent us from pursuing some of our planned operations
and adversely affect our business, financial results and growth prospects. In addition to permitting requirements, our operations
are subject to environmental health, safety and transportation laws and regulations that govern the management of and exposure
to hazardous materials such as the lead and acids involved in battery reclamation. These include hazard communication and other
occupational safety requirements for employees, which may mandate industrial hygiene monitoring of employees for potential exposure
to lead. Failure to comply with these requirements could subject our business to significant penalties (civil or criminal) and
other sanctions that could adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The nature of our operations
involve risks, including the potential for exposure to hazardous materials such as lead, that could result in personal injury and
property damage claims from third parties, including employees and neighbors, which claims could result in significant costs or
other environmental liability. Our operations also pose a risk of releases of hazardous substances, such as lead or acids, into
the environment, which can result in liabilities for the removal or remediation of such hazardous substances from the properties
at which they have been released, liabilities which can be imposed regardless of fault, and our business could be held liable for
the entire cost of cleanup even if we were only partially responsible. Like any manufacturer, we are also subject to the possibility
that we may receive notices of potential liability in connection with materials that were sent to third-party recycling, treatment,
and/or disposal facilities under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended
(&ldquo;CERCLA&rdquo;), and comparable state statutes, which impose liability for investigation and remediation of contamination
without regard to fault or the legality of the conduct that contributed to the contamination, and for damages to natural resources.
Liability under CERCLA is retroactive, and, under certain circumstances, liability for the entire cost of a cleanup can be imposed
on any responsible party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As our business expands
outside of the United States, our operations will be subject to the environmental, health and safety laws of the countries where
we do business, including permitting and compliance requirements that address the similar risks as do the laws in the United States,
as well as international legal requirements such as those applicable to the transportation of hazardous materials. Depending on
the country or region, these laws could be as stringent as those in the US, or they could be less stringent or not as strictly
enforced. In some countries in which we are interested in expanding our business, such as Mexico and China, the relevant environmental
regulatory and enforcement frameworks are in flux and subject to change. Compliance with these requirements will cause our business
to incur costs, and failure to comply with these requirements could adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event we are unable
to present and operate our AquaRefining process and operations as safe and environmentally responsible, we may face opposition
from local governments, residents or public interest groups to the installation and operation of our facilities.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risks Related to Owning Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Prior to the completion
of our initial public offering in July 2015, there was no public trading market for our common stock.</I></B> Our common stock
has traded on the Nasdaq Capital Market, under the symbol &ldquo;AQMS&rdquo;, since July 31, 2015. Since that date, our common
stock has been relatively thinly traded. There can be no assurance that we will be able to successfully develop a liquid market
for our common shares. The stock market in general, and early stage public companies in particular, has experienced extreme price
and volume fluctuations that have often been unrelated or disproportionate to the operating performance of such companies. If we
are unable to develop a market for our common shares, you may not be able to sell your common shares at prices you consider to
be fair or at times that are convenient for you, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Control by management
may limit your ability to influence the outcome of director elections and other transactions requiring stockholder approval</I></B>.
As of November 15, 2016, and after giving effect to the completion of this offering, our directors and executive officers
will beneficially own approximately 20.8% of our outstanding common stock. In addition, one other stockholder, Interstate
Battery Systems International, Inc.(or Interstate Battery), owns or has the right to acquire additional shares of our common stock,
representing approximately 18% of our common stock that would be outstanding following such issuances. As a result, in addition
to their board seats and offices, our directors, executive officers and Interstate Battery acting together will have significant
influence over corporate actions requiring stockholder approval, including the following actions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to elect or defeat the election of our directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to amend or prevent amendment of our certificate of incorporation or bylaws;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to effect or prevent a merger, sale of assets or other corporate transaction; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to control the outcome of any other matter submitted to our stockholders for vote.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Such persons&rsquo; stock
ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of our company,
which in turn could reduce our stock price or prevent our stockholders from realizing a premium over our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.35pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>We are an &ldquo;emerging
growth company&rdquo; under the JOBS Act of 2012 and we cannot be certain if the reduced disclosure requirements applicable to
emerging growth companies will make our common stock less attractive to investors</I></B><I>.</I> We are an &ldquo;emerging growth
company,&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012 (&ldquo;JOBS Act&rdquo;), and we may take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging
growth companies&rdquo; including, but not limited to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">extended transition periods available for complying with new or revised accounting standards.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have chosen to &ldquo;opt
out&rdquo; of the extended transition periods available for complying with new or revised accounting standards, but we intend to
take advantage of all of the other benefits available under the JOBS Act, including the exemptions discussed above. We cannot predict
if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common
stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more
volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will remain an &ldquo;emerging
growth company&rdquo; for up to 2020, although we will lose that status sooner if our revenues exceed $1 billion, if we issue more
than $1 billion in non-convertible debt in a three-year period, or if the market value of our common stock that is held by non-affiliates
exceeds $700 million as of any June&nbsp;30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our status as an
&ldquo;emerging growth company&rdquo; under the JOBS Act may make it more difficult to raise capital as and when we need it</I></B><I>.</I>
Because of the exemptions from various reporting requirements provided to us as an &ldquo;emerging growth company,&rdquo; we may
be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may
be unable to compare our business with other companies in our industry if they believe that our reporting is not as transparent
as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition
and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>We have not paid
dividends in the past and have no immediate plans to pay dividends</I></B><I>.</I> We plan to reinvest all of our earnings, to
the extent we have earnings, in order to develop our recycling centers and cover operating costs and to otherwise become and remain
competitive. We do not plan to pay any cash dividends with respect to our securities in the foreseeable future. We cannot assure
you that we would, at any time, generate sufficient surplus cash that would be available for distribution to the holders of our
common stock as a dividend. Therefore, you should not expect to receive cash dividends on our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Shares eligible
for future sale may adversely affect the market for our common stock</I></B><I>.</I> Of the 15,578,725 shares of our common stock
outstanding as of the date of this prospectus supplement, approximately 11,439,250 shares are held by &ldquo;non-affiliates&rdquo;
and are freely tradable without restriction pursuant to Rule 144. In addition, we have filed with the SEC a Registration Statement
on Form S-3 for purposes of registering the resale of 4,431,205 share of restricted common stock sold in our May 2016 financing,
including 3,009,625 shares of common stock issuable to Interstate Battery upon exercise of its warrants and conversion of its convertible
note. Any substantial sale of our common stock pursuant to Rule 144 or pursuant to any resale prospectus may have a material adverse
effect on the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>You will experience
immediate dilution in the book value per share of the common stock you purchase. </I></B>Because the price per share of our common
stock being offered is substantially higher than the book value per share of our common stock, you will suffer substantial dilution
in the net tangible book value of the common stock you purchase in this offering. If you purchase shares of common stock in this
offering, you will suffer immediate and substantial dilution of $7.01 per share in the net tangible book value of the common
stock you purchase in this offering. See &ldquo;Dilution&rdquo; on page S-12 for a more detailed discussion of the dilution
you will incur if you purchase shares of our common stock in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our management will
have broad discretion over the use of the net proceeds from this offering, and we may not use these proceeds effectively or in
a manner with which you agree. </I></B>We intend to use the net proceeds from this offering for working capital and general corporate
purposes. Our management will have broad discretion in the application of the net proceeds we receive from this offering, and you
will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used effectively or
in a manner with which you agree. The net proceeds may be used for corporate purposes that do not increase our operating results
or market value. Until the net proceeds are used, they may be placed in investments that do not produce income or that lose value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our charter documents
and Delaware law may inhibit a takeover that stockholders consider favorable</I></B><I>.</I> Provisions of our certificate of incorporation
and bylaws and applicable provisions of Delaware law may delay or discourage transactions involving an actual or potential change
in control or change in our management, including transactions in which stockholders might otherwise receive a premium for their
shares, or transactions that our stockholders might otherwise deem to be in their best interests. The provisions in our certificate
of incorporation and bylaws:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limit who may call stockholder meetings;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">do not permit stockholders to act by written consent;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">do not provide for cumulative voting rights; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provide that all vacancies may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, Section 203
of the Delaware General Corporation Law may limit our ability to engage in any business combination with a person who beneficially
owns 15% or more of our outstanding voting stock unless certain conditions are satisfied. This restriction lasts for a period of
three years following the share acquisition. These provisions may have the effect of entrenching our management team and may deprive
you of the opportunity to sell your shares to potential acquirers at a premium over prevailing prices. This potential inability
to obtain a control premium could reduce the price of our common stock.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Our bylaws designate
the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain litigation that may be initiated by
our stockholders, which could limit our stockholders&rsquo; ability to obtain a favorable judicial forum for disputes with the
Company</I></B><I>.</I> Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court
of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought
on our behalf, (ii) any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees
to us or our stockholders, (iii) any action asserting a claim against us or any our directors, officers or other employees arising
pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws, or (iv) any action
asserting a claim against us or any our directors, officers or other employees governed by the internal affairs doctrine. This
forum selection provision in our bylaws may limit our stockholders&rsquo; ability to obtain a favorable judicial forum for disputes
with us or any our directors, officers or other employees.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus supplement,
the accompanying base prospectus and the documents we have filed with the SEC that are incorporated by reference herein and therein
contain forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities
Exchange Act of 1934, as amended (the&nbsp;&ldquo;Exchange Act&rdquo;). In addition, from time to time we or our representatives
have made or will make forward-looking statements in various other filings that we make with the SEC or in other documents, including
press releases or other similar announcements. Forward-looking statements concern our current plans, intentions, beliefs, expectations
and statements of future economic performance. Statements containing terms such as &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;believe,&rdquo;
&ldquo;do not believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;anticipate&rdquo;
and other phrases of similar meaning are considered to be forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are based on our assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ
materially from those reflected in or implied by these forward-looking statements. Factors that might cause actual results to differ
include, among others, those set forth under &ldquo;Risk Factors&rdquo; in this prospectus supplement and those discussed in &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operation&rdquo; in our most recent Annual Report on Form&nbsp;10-K
and subsequent Quarterly Reports on Form&nbsp;10-Q and in our future periodic reports filed with the SEC, all of which are incorporated
by reference herein. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this prospectus
supplement, the accompanying base prospectus or the documents we have filed with the SEC that are incorporated by reference herein
and therein, which reflect management&rsquo;s views and opinions only as of their respective dates. We assume no obligation to
update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such
forward-looking statements, except to the extent required by applicable securities laws. You are advised, however, to consult any
additional disclosures we have made or will make in the filings we make with the SEC, including reports on Forms 10-K, 10-Q and
8-K. All subsequent forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained in this prospectus supplement, the accompanying base prospectus or any related
issuer free writing prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
estimate that our net proceeds from this offering will be approximately $18,470,000 (or approximately $21,260,000 if the underwriters
exercise their over-allotment option in full), after deducting the underwriting discount and estimated offering expenses payable
by us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We expect to use the net
proceeds from this offering for working capital and general corporate purposes, including the acceleration of our AquaRefining
product development and licensing efforts inclusive of pre-sales and post-sales support staff and infrastructure, enhancement of
processes to further improve our operating margins and regulatory activities. This represents our best estimate of the manner in
which we will use the net proceeds we receive from this offering based upon the current status of our business, but we have not
reserved or allocated amounts for specific purposes and we cannot specify with certainty how or when we will use any of the net
proceeds. Amounts and timing of our actual expenditures will depend on numerous factors, including our success in the large scale
recycling of used LABs, operational decisions concerning the expansion of production of recycled lead at our TRIC facility and
the amount of cash we use in our operations. Our management will have broad discretion in applying the net proceeds from this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pending the uses described
above, we intend to invest the net proceeds from this offering in short-term, investment-grade interest-bearing securities such
as money market accounts, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government<FONT STYLE="font-family: Times New Roman, Times, Serif">.
</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you invest in our common
stock, you will experience immediate dilution to the extent of the difference between the price per share you pay in this offering
and the net tangible book value per share of our common stock after this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our net tangible book
value as of September&nbsp;30, 2016 was approximately $34.1 million, or approximately $2.19 per share. Net tangible book value
is determined by subtracting our total liabilities from our total tangible assets, and net tangible book value per share is determined
by dividing our net tangible book value by the number of outstanding shares of our common stock. After giving effect to the sale
of 2,000,000 shares of our common stock in this offering at the public offering price of $10.00 per share, and after deducting
the underwriting discount of $0.70 per share and estimated offering expenses payable by us of $130,000, our adjusted net tangible
book value as of September&nbsp;30, 2016 would have been approximately $52.6 million, or approximately $2.99 per share. This represents
an immediate increase in net tangible book value of approximately $0.80 per share to our existing stockholders and an immediate
dilution in net tangible book value of approximately $7.01 per share to investors participating in this offering. The following
table illustrates this calculation on a per share basis:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Public offering price per share of common stock</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><P STYLE="margin: 0">&nbsp;</P>


</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><P STYLE="margin: 0">10.00</P>


</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; text-indent: 0.25in">Net tangible book value per share as of September&nbsp;30, 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.19</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; text-indent: 0.25in">Increase per share attributable to investors participating in this offering</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><P STYLE="margin: 0">0.80</P>


</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjusted net tangible book value per share after giving effect to this offering</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><P STYLE="margin: 0">2.99</P>


</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Dilution per share to investors participating in this offering</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><P STYLE="margin: 0">7.01</P>


</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the underwriters exercise
in full their option to purchase an additional 300,000 shares of common stock at the public offering price of $10.00 per share,
our adjusted net tangible book value as of September&nbsp;30, 2016, after giving effect to this offering, would have been approximately
$3.09 per share, representing an increase in net tangible book value of approximately $0.90 per share to existing stockholders
and immediate dilution in net tangible book value of approximately $6.91 per share to investors participating in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
above discussion and table is based on 15,578,725</FONT> <FONT STYLE="font-size: 10pt">shares of common stock outstanding as of
November 15, 2016, and excludes the following: </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">898,228
shares of common stock issuable upon exercise of options outstanding as of November 15, 2016, which have a weighted average exercise
price of $4.81 per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">460,909
shares of common stock reserved for issuance and available for future grant under our 2014 Stock Incentive Plan as of November
15, 2016;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3,769,122
shares of common stock issuable upon exercise of warrants outstanding as of November 15, 2016, which have a weighted average
exercise price of $6.57 per share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">702,247 shares of common stock issuable upon conversion of $5 million of outstanding principal
under a convertible note issued to Interstate Battery Systems International, Inc., which is convertible into shares of our common
stock at a conversion price of $7.12 per share.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The above illustration
of dilution per share to investors participating in this offering assumes no exercise of outstanding options or warrants to purchase
our common stock and no conversion of our outstanding convertible note. The exercise of outstanding options or warrants, or the
conversion of our outstanding convertible note, having an exercise or conversion price less than the offering price would increase
dilution to investors participating in this offering. In addition, we may choose to raise additional capital depending on market
conditions, our capital requirements and strategic considerations, even if we believe we have sufficient funds for our current
or future operating plans. To the extent that additional capital is raised through our sale of equity or convertible debt securities,
the issuance of these securities could result in further dilution to our stockholders.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_007"></A><B>UNDERWRITING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are offering the shares
of common stock described in this prospectus supplement through the underwriter, National Securities Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have entered into an
underwriting agreement with the underwriter prior to the closing of this offering. Subject to the terms and conditions of the
underwriting agreement, we will agree to sell to the underwriter, and the underwriter will agree to purchase, at the public offering
price less the underwriting discounts and commissions set forth on the cover page of this prospectus supplement, shares of our
common stock.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The underwriter is committed
to purchase all the shares of common stock offered by us, other than those covered by the option to purchase additional shares
described below, if they purchase any shares. The underwriting agreement provides that the underwriter&rsquo;s obligations to
purchase shares of our common stock are subject to conditions contained in the underwriting agreement. A copy of the underwriting
agreement has been filed as an exhibit to the Current Report on Form 8-K that we filed on November 16, 2016 and is incorporated
by reference to the registration statement of which this prospectus is a part.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have been advised by
the underwriter that the underwriter proposes to offer shares of our common stock directly to the public at the public offering
price set forth on the cover page of this prospectus supplement and to certain dealers that are members of the Financial Industry
Regulatory Authority (FINRA). Any securities sold by the underwriter to such securities dealers will be sold at the public offering
price less a selling concession not in excess of $0.35 per share. After the public offering of the shares, the offering price
and other selling terms may be changed by the underwriter.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">None of our securities
included in this offering may be offered or sold, directly or indirectly, nor may this prospectus supplement and any other offering
material in connection with the offer and sales of any of our common stock be distributed or published in any jurisdiction, except
under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons who
receive this prospectus supplement are advised to inform themselves about and to observe any restrictions relating to this offering
of our common stock and the distribution of this prospectus supplement. This prospectus supplement is neither an offer to sell
nor a solicitation of any offer to buy any of our common stock included in this offering in any jurisdiction where that would not
be permitted or legal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The underwriter has advised
us that it does not intend to confirm sales to any accounts over which they exercise discretionary authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Underwriter&rsquo;s Discount and Expenses
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the per share underwriting discount to the public offering price of the shares offered pursuant to this prospectus supplement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Per Share</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Without Exercise<BR>
 of Option to<BR>
 Purchase<BR>
 Additional<BR>
 Common Shares</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">With Exercise <BR>
of Option to<BR>
 Purchase<BR>
 Additional<BR>
 Common Shares</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Underwriting discount for common stock to be paid by us</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">0.70</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,400,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1,610,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
we and the underwriter have agreed that the underwriter will not receive any discount for the shares of common stock purchased
by Interstate Battery, if any, in the offering, and only be entitled to a 3.0% discount (or $0.30&nbsp;per share) for the participation
of four other investors with which we have a pre-existing relationship.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We estimate that the total
expenses of the offering, excluding the underwriting discount, will be approximately $130,000. This includes $45,000 of the out-of-pocket fees and expenses of the underwriter,
including the legal fees of the underwriter&rsquo;s counsel. These expenses are payable by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After deducting fees due
to the underwriters and our estimated offering expenses, we expect our net proceeds from this offering to be approximately $18,470,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have granted to the
underwriter an option, exercisable not later than 45 days after the date of this prospectus, to purchase up to an additional 300,000
shares of our common stock (up to 15% of the shares firmly committed in this offering) at the public offering price, less the underwriting
discount, set forth on the cover page of this prospectus supplement. The underwriter may exercise the option solely to cover over-allotments,
if any, made in connection with this offering. If any additional shares of our common stock are purchased pursuant to the over-allotment
option, the underwriter will offer these additional shares of our common stock on the same terms as those on which the other shares
of common stock are being offered hereby.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to issue
to the underwriter and its designees a warrant to purchase shares of our common stock in an aggregate amount up to 2% of the shares
of common stock sold in this offering (including the over-allotment option). This warrant is exercisable at $10.00 per share
(100% of the price of the common stock sold in this offering), commencing six months after the closing date of this offering and
expiring three years from the effective date of this offering. The warrant and the shares of common stock underlying the warrant
have been deemed compensation by FINRA and are therefore subject to a 180 day lock-up pursuant to Rule 5110(g)(1) of FINRA. National
Securities Corporation (or permitted its assignees under the Rule) will not sell, transfer, assign, pledge, or hypothecate this
warrant or the securities underlying this warrant, nor will it engage in any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of this warrant or the underlying securities for a period of 180 days from
the effective date of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
we and the underwriter have agreed that the underwriter will not be entitled to receive warrants with respect to any shares of
common stock purchased by Interstate Battery or four other investors with which we have a pre-existing relationship.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify
the underwriter and its officers and directors against certain liabilities, including certain liabilities arising under the Securities
Act, and to contribute to payments that the underwriter may be required to make for these liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Short Positions and Penalty Bids</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The underwriter may engage
in over-allotment, syndicate covering transactions, and penalty bids or purchases for the purpose of pegging, fixing or maintaining
the price of the common stock, in accordance with Regulation M under the Securities Exchange Act of 1934.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-allotment
involves sales by the underwriter of shares in excess of the number of shares the underwriter is obligated to purchase, which
creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a
covered short position, the number of shares over-allotted by an underwriter is not greater than the number of shares that it
may purchase in the over-allotment option. In a naked short position, the number of shares involved is greater than the number
of shares in the over-allotment option. The underwriter may close out any short position by either exercising its over-allotment
option and/or purchasing shares in the open market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicate
covering transactions involve purchases of the common stock in the open market after the distribution has been completed in order
to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriter will consider,
among other things, the price of shares available for purchase in the open market as compared to the price at which it may purchase
shares through the over-allotment option. If an underwriter sells more shares than could be covered by the over-allotment option,
a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more
likely to be created if an underwriter is concerned that there could be downward pressure on the price of the shares in the open
market after pricing that could adversely affect investors who purchase in the offering.</P>



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalty
bids permit an underwriter to reclaim a selling concession from a syndicate member when the shares originally sold by the syndicate
member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing
or retarding a decline in the market price of the common stock. As a result, the price of the common stock may be higher than the
price that might otherwise exist in the open market. These transactions may be effected on the NASDAQ Capital Market, and if commenced,
they may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Neither we nor the underwriter
make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may
have on the price of the common stock. In addition, neither we nor the underwriter make any representation that the underwriter
will engage in these transactions or that any transaction, once commenced, will not be discontinued without notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A prospectus in electronic
format may be made available on the Internet sites or through other online services maintained by the underwriter, or by its affiliates.
In those cases, prospective investors may view offering terms online and, depending upon the underwriter, prospective investors
may be allowed to place orders online. The underwriter may agree with us to allocate a specific number of shares for sale to online
brokerage account holders. Any such allocation for online distributions will be made by the underwriter on the same basis as other
allocations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other than the prospectus
in electronic format, the information on the underwriter&rsquo;s website and any information contained in any other website maintained
by the underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been
approved and/or endorsed by us or the underwriter in its capacity as underwriter and should not be relied upon by investors.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_008"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The validity of the securities
offered by this prospectus supplement will be passed upon for us by Greenberg Traurig, LLP, Irvine, California. Golenbock Eiseman
Assor Bell &amp; Peskoe LLP, New York, New York, is acting as counsel for the underwriter in connection with this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_009"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Aqua Metals,&nbsp;Inc. and its wholly-owned subsidiaries included in the Company&rsquo;s Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2015 have been audited by Armanino&nbsp;LLP, an independent registered public accounting firm,
as stated in their report which is incorporated by reference herein, and has been so incorporated in reliance upon such report
and upon the authority of such firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_010"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The SEC permits us to &ldquo;incorporate
by reference&rdquo; the information and reports we file with it. This means that we can disclose important information to you by
referring to another document. The information that we incorporate by reference is considered to be part of this prospectus supplement,
and later information that we file with the SEC automatically updates and supersedes this information. We incorporate by reference
the documents listed below, except to the extent information in those documents is different from the information contained in
this prospectus supplement, and all future documents filed with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange
Act (other than the portions thereof deemed to be furnished to the SEC pursuant to Item 9 or Item 12) until we terminate the offering
of these securities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed on March 28, 2016;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which was filed on May&nbsp;19, 2016;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, which was filed on August&nbsp;10, 2016;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, which was filed on November&nbsp;7, 2016;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Reports on Form 8-K, which were filed on March 25,
    2016, May 24, 2016, November&nbsp;1, 2016,  November&nbsp;7, 2016 and November 16, 2016;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The description of our common stock in our Form 8-A12B, which was filed on July 24, 2015, and any amendments or reports filed for the purpose of updating this description; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All documents we file with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of this offering made by way of this prospectus.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that any
statement in this prospectus supplement is inconsistent with any statement that is incorporated by reference and that was made
on or before the date of this prospectus supplement, the statement in this prospectus supplement shall supersede such incorporated
statement. The incorporated statement shall not be deemed, except as modified or superseded, to constitute a part of this prospectus
supplement or the registration statement. Statements contained in this prospectus supplement as to the contents of any contract
or other document are not necessarily complete and, in each instance, we refer you to the copy of each contract or document filed
as an exhibit to our various filings made with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may request a copy
of these filings, at no cost, by writing or telephoning us at the following address or telephone number:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aqua Metals, Inc.<BR>
Attn: Investor Relations<BR>
1010 Atlantic Avenue<BR>
Alameda, California 94501<BR>
(510) 479-7635</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_011"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have filed with the
SEC a registration statement under the Securities Act (SEC File No. 333-213501) that registers the securities offered hereby. The
registration statement, including the exhibits and schedules attached thereto and the information incorporated by reference therein,
contains additional relevant information about the securities and our Company, which we are allowed to omit from this prospectus
supplement pursuant to the rules and regulations of the SEC. In addition, we file annual, quarterly and current reports and proxy
statements and other information with the SEC. You may read and copy any document that we file at the SEC&rsquo;s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public
Reference Room. Our SEC filings are also available on the SEC&rsquo;s website at www.sec.gov. Copies of certain information filed
by us with the SEC are also available on our website at www.imprimispharma.com. We have not incorporated by reference into this
prospectus supplement the information on our website and it is not a part of this document.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pg21img1_424b5.jpg" ALT=""></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2,000,000 Shares of Common Stock</B></P>

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>National Securities Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>November 16, 2016</B></P>

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


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

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

<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$100,000,000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>AQUA
METALS, INC.</B></FONT></P>

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: justify; text-indent: 0.5in">We may issue securities
from time to time in one or more offerings of up to $100,000,000 in aggregate offering price. This prospectus describes the general
terms of these securities and the general manner in which these securities will be offered. We will provide the specific terms
of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific manner in which
these securities will be offered and may also supplement, update or amend information contained in this document. You should read
this prospectus and any applicable prospectus supplement before you invest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer these
securities in amounts, at prices and on terms determined at the time of offering. The securities may be sold directly to you, through
agents, or through underwriters and dealers. If agents, underwriters or dealers are used to sell the securities, we will name them
and describe their compensation in a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
listed on The NASDAQ Capital Market under the symbol &ldquo;AQMS&rdquo;. On August&nbsp;31, 2016, the last reported sale price
of our common stock on The NASDAQ Capital Market was $9.24 per share.</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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: justify; text-indent: 0.5in"><B>Investing in these
securities involves significant risks. See &ldquo;Risk Factors&rdquo; included in any accompanying prospectus supplement and in
the documents incorporated by reference in this prospectus for a discussion of the factors you should carefully consider before
deciding to purchase these securities. </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"></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></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"></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-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this prospectus is September
26, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">&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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><FONT STYLE="font-variant: small-caps"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 93%"><A HREF="#b_001"><FONT STYLE="font-size: 10pt; font-variant: small-caps">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_002"><FONT STYLE="font-size: 10pt; font-variant: small-caps">ABOUT AQUA METALS, INC.</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_003"><FONT STYLE="font-size: 10pt; font-variant: small-caps">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_004"><FONT STYLE="font-size: 10pt; font-variant: small-caps">NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_005"><FONT STYLE="font-size: 10pt; font-variant: small-caps">THE SECURITIES WE MAY OFFER</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_006"><FONT STYLE="font-size: 10pt; font-variant: small-caps">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_007"><FONT STYLE="font-size: 10pt; font-variant: small-caps">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_008"><FONT STYLE="font-size: 10pt; font-variant: small-caps">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_009"><FONT STYLE="font-size: 10pt; font-variant: small-caps">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_010"><FONT STYLE="font-size: 10pt; font-variant: small-caps">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_011"><FONT STYLE="font-size: 10pt; font-variant: small-caps">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#b_012"><FONT STYLE="font-size: 10pt; font-variant: small-caps">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_013"><FONT STYLE="font-size: 10pt; font-variant: small-caps">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps">18</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="b_001"></A><FONT STYLE="text-transform: uppercase"><B>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This prospectus is
part of a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the &ldquo;SEC,&rdquo;
utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may from time to time sell any
combination of the securities described in this prospectus in one or more offerings for an aggregate initial offering price of
up to $100,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This prospectus provides
you with a general description of the securities we may offer. From time to time, we may provide one or more prospectus supplements
that will contain specific information about the terms of the offering. The prospectus supplement may also add, update or change
information contained in this prospectus. You should read both this prospectus and any accompanying prospectus supplement together
with the additional information described under the heading &ldquo;Where You Can Find More Information&rdquo; beginning on page&nbsp;19
of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">We have not authorized
anyone to provide you with information different from that contained in or incorporated by reference in this prospectus, any accompanying
prospectus supplement or in any related free writing prospectus filed by us with the SEC. We do not take any responsibility for,
and cannot provide any assurance as to the reliability of, any information other than the information contained or incorporated
by reference in this prospectus, any accompanying prospectus supplement or in any related free writing prospectus filed by us with
the SEC. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an
offer to buy any securities other than the securities described in the accompanying prospectus supplement or an offer to sell or
the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should
assume that the information appearing in this prospectus, any prospectus supplement, the documents incorporated by reference and
any related free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of
operations and prospects may have changed materially since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Unless the context
otherwise indicates, references in this prospectus to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer, collectively,
to Aqua Metals, Inc., a Delaware corporation and its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="b_002"></A><FONT STYLE="text-transform: uppercase"><B>ABOUT
AQUA METALS, INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">We are engaged in
the business of recycling lead through a novel, proprietary and patent-pending process that we developed and named &ldquo;AquaRefining&rdquo;.
Lead is a globally traded commodity with a worldwide market value in excess of $20 billion. Lead acid batteries, or LABs, are the
primary use of all lead produced in the world. Because the chemical properties of lead allow it to be recycled and reused indefinitely,
LABs are also the primary source of all lead production. As such, LABs are almost 100% recycled for purposes of capturing the lead
contained therein for re-use. We believe that our proprietary AquaRefining process will provide for the recycling of LABs and the
production of a pure grade lead with a significantly lower cost of production, and with fewer environmental and regulatory issues,
than conventional methods of lead production.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In recent years, many
lead mines have become exhausted and recycled lead has become increasingly important to LAB production. Recycled lead surpassed
mined lead in the 1990s and now represents more than 50% of the lead content in new LABs. Whether it is produced from lead ore
or recycled LABs, lead has historically been produced by smelting. Smelting is a high-temperature, endothermic chemical reduction,
making it inefficient, energy intensive and often a highly pollutive process. As a consequence of its environmental and health
issues, lead smelting has become increasingly regulated in developed countries. In the US, regulatory non-compliance has forced
the closure of large high-capacity lead smelters in Vernon, California, Frisco, Texas and Herculaneum, Missouri over the last three
years. Herculaneum was the last remaining primary lead-mine operation (i.e., smelting lead from ore) in the US, though secondary
lead smelters that process recycled lead continue to operate in the US. In response, there has been an expansion of LAB smelting
capacity in Mexico and other less regulated countries. The resulting transportation of used LABs from where they originate in the
US to smelters in Mexico, the Philippines and elsewhere is an increasingly significant logistical and global environmental cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">AquaRefining uses
an aqueous solvent and a novel electro-chemical process to produce pure lead (i.e., higher than 99.99% purity). We believe that
AquaRefining can significantly reduce production costs as compared with alternative methods of producing pure lead. This cost reduction
is partly because our novel electro-chemical process requires less energy than the endothermic high temperature (1400&deg;C) chemical
reduction that is at the core of smelting. It is also partly because our process does not generate toxic high temperature dust
and gas, or the lead containing slag and dross that are unavoidable byproducts of smelting, and which require capital and energy
intensive processes to meet environmental compliance. We also have the potential to locate multiple smaller recycling facilities
in areas closer to the source of used LABs, thereby reducing transport costs and supply chain bottlenecks. AquaRefining is a water-based
ambient temperature process. On this basis, we believe that it significantly reduces environmental emissions, health concerns and
permitting needs as compared with lead smelting. We believe that the combined advantages offered by AquaRefining represent a potential
step change in lead recycling technology, one that can deliver advantages in economics, footprint and logistics while greatly reducing
the environmental impact of lead recycling.</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-align: justify; text-indent: 24.5pt">The modular nature
of AquaRefining makes it possible to start LAB recycling at a much smaller scale than is possible with smelters, thereby significantly
reducing the investment risk associated with building a lead production facility. Our plan is to actively explore distributed recycling
in the US by establishing our own initial recycling operation near Reno, Nevada. This plan is based on our belief that Reno has
become a significant hub of the West Coast&rsquo;s LAB distribution infrastructure and yet is very poorly served by the LAB recycling
industry. From our initial recycling facility near Reno, we intend to expand first throughout the US and then overseas. We will
seek to own our own recycling facilities but will also evaluate joint ventures and licensing in respect of our technologies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Our principal executive
offices are located at 1010 Atlantic Avenue, Alameda, California 94501, and our telephone number is (510)&nbsp;479-7635.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_003"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves significant risks. You should carefully consider the risks and uncertainties described in this prospectus and any accompanying
prospectus supplement, including the risk factors in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly
Report on Form 10-Q or Current Report on Form 8-K, <FONT STYLE="background-color: white">together with all of the other information
appearing in or incorporated by reference into this prospectus and any applicable prospectus supplement</FONT>, before making an
investment decision pursuant to this prospectus and any accompanying prospectus supplement relating to a specific offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business, financial
condition and results of operations could be materially and adversely affected by any or all of these risks or by additional risks
and uncertainties not presently known to us or that we currently deem immaterial that may adversely affect us in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="b_004"></A><B>NOTE
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains,
and any accompanying prospectus supplement will contain, forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation
Reform Act of 1993. Also, documents that we incorporate by reference into this prospectus, including documents that we subsequently
file with the Commission, will contain forward-looking statements. Forward-looking statements are those that predict or describe
future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements
as statements containing the words &quot;may,&quot; &quot;will,&quot; &quot;could,&quot; &quot;should,&quot; &quot;expect,&quot;
&quot;anticipate,&quot; &quot;intend,&quot; &quot;estimate,&quot; &quot;believe,&quot; &quot;project,&quot; &quot;plan,&quot; &quot;assume&quot;
or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying
words. All statements contained or incorporated by reference in this prospectus and any prospectus supplement regarding our business
strategy, future operations, projected financial position, potential strategic transactions, proposed participation or casino projects,
projected sales growth, estimated future revenues, cash flows and profitability, projected costs, potential outcome of litigation,
potential sources of additional capital, future prospects, future economic conditions, the future of our industry and results that
might be obtained by pursuing management's current plans and objectives are forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not place
undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties
and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available
to us and speak only as of the date on the cover of this prospectus, the date of any prospectus supplement, or, in the case of
forward-looking statements incorporated by reference, the date of the filing that includes the statement. Over time, our actual
results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference
might be significant and materially adverse to our security holders. Except as required by law, we undertake no obligation to update
publicly any forward-looking statements, whether as a result of new information, future events or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have identified
some of the important factors that could cause future events to differ from our current expectations and they are described in
this prospectus and supplements to this prospectus under the caption &quot;Risk Factors,&quot; as well as in our most recent Annual
Report on Form 10-K, including under the captions &quot;Risk Factors&quot; and &quot;Management's Discussion and Analysis of Financial
Condition and Results of Operations,&quot; and in other documents that we may file with the Commission, all of which you should
review carefully. Please consider our forward-looking statements in light of those risks as you read this prospectus and any prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="b_005"></A><FONT STYLE="text-transform: uppercase"><B>THE
SECURITIES WE MAY OFFER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">We may offer and sell,
from time to time in one or more offerings, any combination of common stock, warrants, units and debt securities having an aggregate
initial offering price not exceeding $100,000,000.&nbsp;&nbsp;In this prospectus, we refer to the common stock, warrants, units
and debt securities that we may offer collectively as &ldquo;securities.&rdquo;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are authorized to
issue 50,000,000 shares of $0.001 par value common stock. Holders of shares of common stock are entitled to one vote per share
on all matters to be voted upon by the stockholders generally. Stockholders are entitled to receive such dividends as may be declared
from time to time by the board of directors out of funds legally available therefore, and in the event of liquidation, dissolution
or winding up of the company to share ratably in all assets remaining after payment of liabilities. The holders of shares of common
stock have no preemptive, conversion, subscription rights or cumulative voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">This prospectus provides
a general description of the securities we may offer other than our common stock.&nbsp;&nbsp;Each time we sell any of our securities
under this prospectus, we will, to the extent required by law, provide a prospectus supplement that will contain specific information
about the terms of the offering.&nbsp;&nbsp;The prospectus supplement may also add, update or change information in this prospectus.&nbsp;&nbsp;For
more information, see &ldquo;About this Prospectus.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_006"></A>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">We may offer and sell,
from time to time in one or more offerings, any combination of common stock, warrants, units and debt securities having an aggregate
initial offering price not exceeding $100,000,000.&nbsp;&nbsp;In this prospectus, we refer to the common stock, warrants, units
and debt securities that we may offer collectively as &ldquo;securities.&rdquo;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the indentures
will limit the amount of debt securities that we may issue. The applicable indenture will provide that debt securities may be issued
up to an aggregate principal amount authorized from time to time by us and may be payable in any currency or currency unit designated
by us or in amounts determined by reference to an index.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title and type of the debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will be senior or subordinated debt securities, and, with respect to
debt securities issued under the subordinated indenture the terms on which they are subordinated&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate principal amount of the debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which we will sell the debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the maturity date or dates of the debt securities and the right, if any, to extend such date or
dates&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rate or rates, if any, per year, at which the debt securities will bear interest, or the method
of determining such rate or rates&#894;</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">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates from which such interest will accrue, the interest payment dates on which such
interest will be payable or the manner of determination of such interest payment dates and the related record dates&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the right, if any, to extend the interest payment periods and the duration of that extension&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the manner of paying principal and interest and the place or places where principal and interest
will be payable&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions for a sinking fund, purchase fund or other analogous fund, if any&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any redemption dates, prices, obligations and restrictions on the debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency, currencies or currency units in which the debt securities will be denominated and
the currency, currencies or currency units in which principal and interest, if any, on the debt securities may be payable&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any conversion or exchange features of the debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether and upon what terms the debt securities may be defeased&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any events of default or covenants in addition to or in lieu of those set forth in the indenture&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will be issued in definitive or global form or in definitive form only
upon satisfaction of certain conditions&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will be guaranteed as to payment or performance&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the debt securities of the series will be secured by any collateral and, if so, a general description
of the collateral and the terms and provisions of such collateral security, pledge or other agreements&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms of the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will also describe any applicable material U.S. federal income tax consequences. When we refer to &ldquo;principal&rdquo;
in this section with reference to the debt securities, we are also referring to &ldquo;premium, if any.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Debt securities may
bear interest at a fixed rate or a floating rate. Debt securities bearing no interest or interest at a rate that at the time of
issuance is below the prevailing market rate (original issue discount securities) may be sold at a discount below their stated
principal amount.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the successor entity, if any, is a U.S. corporation, limited liability company, partnership or
trust (subject to certain exceptions provided for in the senior indenture)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the successor entity assumes our obligations on the senior debt securities and under the senior
indenture&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">immediately after giving effect to the transaction, no default or event of default shall have occurred
and be continuing&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain other conditions are met.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to pay interest on any senior debt securities of such series when due and payable, if that
default continues for a period of 90 days (or such other period as may be specified for such series)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to pay principal on the senior debt securities of such series when due and payable whether
at maturity, upon redemption, by declaration or otherwise (and, if specified for such series, the continuance of such failure for
a specified period)&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">default in the performance of or breach of any of our covenants or agreements in the senior indenture
applicable to senior debt securities of such series, other than a covenant breach which is specifically dealt with elsewhere in
the senior indenture, and that default or breach continues for a period of 90 days after we receive written notice from the trustee
or from the holders of 25% or more in aggregate principal amount of the senior debt securities of such series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain events of bankruptcy or insolvency, whether or not voluntary&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other event of default provided for in such series of senior debt securities as may be specified
in the applicable prospectus supplement.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon certain conditions,
declarations of acceleration may be rescinded and annulled and past defaults may be waived by the holders of a majority in aggregate
principal amount of all the senior debt securities of such series affected by the default, each series voting as a separate class.
Furthermore, prior to a declaration of acceleration and subject to various provisions in the senior indenture, the holders of a
majority in aggregate principal amount of a series of senior debt securities, by notice to the trustee, may waive an existing default
or event of default with respect to such senior debt securities and its consequences, except a default in the payment of principal
of or interest on such senior debt securities or in respect of a covenant or provision of the senior indenture which cannot be
modified or amended without the consent of the holders of each such senior debt security. Upon any such waiver, such default shall
cease to exist, and any event of default with respect to such senior debt securities shall be deemed to have been cured, for every
purpose of the senior indenture&#894; but no such waiver shall extend to any subsequent or other default or event of default or
impair any right consequent thereto. For information as to the waiver of defaults, see &ldquo;&mdash;Modification and Waiver.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder gives the trustee written notice of a continuing event of default&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holders of at least 25% in aggregate principal amount of such series of senior debt securities
make a written request to the trustee to pursue the remedy in respect of such event of default&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the requesting holder or holders offer the trustee indemnity satisfactory to the trustee against
any costs, liability or expense&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the trustee does not comply with the request within 60 days after receipt of the request and the
offer of indemnity&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">during such 60-day period, the holders of a majority in aggregate principal amount of such series
of senior debt securities do not give the trustee a direction that is inconsistent with the request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we pay or cause to be paid, as and when due and payable, the principal of and any interest on all
senior debt securities of such series outstanding under the senior indenture&#894; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all senior debt securities of such series have become due and payable or will become due and payable
within one year (or are to be called for redemption within one year) and we deposit in trust a combination of cash and U.S. government
or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the
debt securities of that series on their various due dates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under current U.S.
federal income tax law, the deposit and our legal release from the senior debt securities would be treated as a taxable event,
and beneficial owners of such debt securities would generally recognize any gain or loss on such senior debt securities. Purchasers
of the senior debt securities should consult their own advisers with respect to the tax consequences to them of such deposit and
discharge, including the applicability and effect of tax laws other than the U.S. federal income tax law.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We deposit in trust for your benefit and the benefit of all other direct holders of the senior
debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate
enough cash to make interest, principal and any other payments on the senior debt securities of that series on their various due
dates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There is a change in current U.S. federal income tax law or an IRS ruling that lets us make the
above deposit without causing you to be taxed on the senior debt securities any differently than if we did not make the deposit
and instead repaid the senior debt securities ourselves when due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We deliver to the trustee a legal opinion of our counsel confirming the tax law change or ruling
described above.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We must deposit in trust for your benefit and the benefit of all other direct holders of the senior
debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate
enough cash to make interest, principal and any other payments on the senior debt securities of that series on their various due
dates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We must deliver to the trustee a legal opinion of our counsel confirming that under current U.S.
federal income tax law we may make the above deposit without causing you to be taxed on the senior debt securities any differently
than if we did not make the deposit and instead repaid the senior debt securities ourselves when due.</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-align: justify; text-indent: 0.5in">If we accomplish covenant
defeasance, you can still look to us for repayment of the senior debt securities if there were a shortfall in the trust deposit.
In fact, if one of the events of default occurred (such as our bankruptcy) and the debt securities become immediately due and payable,
there may be such a shortfall. Depending on the events causing the default, you may not be able to obtain payment of the shortfall.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to comply with the requirements of the SEC in order to effect or maintain the qualification of
the indenture under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to convey, transfer, assign, mortgage or pledge any assets as security for the senior debt securities
of one or more series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to evidence the succession of a corporation, limited liability company, partnership or trust to
us, and the assumption by such successor of our covenants, agreements and obligations under the senior indenture&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to add to our covenants such new covenants, restrictions, conditions or provisions for the protection
of the holders, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an event of default&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to cure any ambiguity, defect or inconsistency in the senior indenture or in any supplemental indenture
or to conform the senior indenture or the senior debt securities to the description of senior debt securities of such series set
forth in this prospectus or any applicable prospectus supplement&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to provide for or add guarantors with respect to the senior debt securities of any series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to establish the form or forms or terms of the senior debt securities as permitted by the senior
indenture&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to evidence and provide for the acceptance of appointment under the senior indenture by a successor
trustee, or to make such changes as shall be necessary to provide for or facilitate the administration of the trusts in the senior
indenture by more than one trustee&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to add to, delete from or revise the conditions, limitations and restrictions on the authorized
amount, terms, purposes of issue, authentication and delivery of any series of senior debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any change to the senior debt securities of any series so long as no senior debt securities
of such series are outstanding&#894; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any change that does not adversely affect the rights of any holder in any material respect.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other amendments and
modifications of the senior indenture or the senior debt securities issued may be made, and our compliance with any provision of
the senior indenture with respect to any series of senior debt securities may be waived, with the consent of the holders of a majority
of the aggregate principal amount of the outstanding senior debt securities of all series affected by the amendment or modification
(voting together as a single class)&#894; provided, however, that each affected holder must consent to any modification, amendment
or waiver that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extends the final maturity of any senior debt securities of such series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the principal amount of any senior debt securities of such series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the rate or extends the time of payment of interest on any senior debt securities of such
series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the amount payable upon the redemption of any senior debt securities of such series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes the currency of payment of principal of or interest on any senior debt securities of such
series&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the principal amount of original issue discount securities payable upon acceleration of
maturity or the amount provable in bankruptcy&#894;</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">&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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">waives a default in the payment of principal of or interest on the senior debt securities&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes the provisions relating to the waiver of past defaults or changes or impairs the right
of holders to receive payment or to institute suit for the enforcement of any payment or conversion of any senior debt securities
of such series on or after the due date therefor&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">modifies any of the provisions of these restrictions on amendments and modifications, except to
increase any required percentage or to provide that certain other provisions cannot be modified or waived without the consent of
the holder of each senior debt security of such series affected by the modification&#894; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the above-stated percentage of outstanding senior debt securities of such series whose
holders must consent to a supplemental indenture or to modify or amend or to waive certain provisions of or defaults under the
senior indenture.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all of the indebtedness of that person for money borrowed&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all of the indebtedness of that person evidenced by notes, debentures, bonds or other securities
sold by that person for money&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all of the lease obligations that are capitalized on the books of that person in accordance with
generally accepted accounting principles&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all indebtedness of others of the kinds described in the first two bullet points above and all
lease obligations of others of the kind described in the third bullet point above that the person, in any manner, assumes or guarantees
or that the person in effect guarantees through an agreement to purchase, whether that agreement is contingent or otherwise&#894;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: justify; 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: 43.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all renewals, extensions or refundings of indebtedness of the kinds described in the first, second
or fourth bullet point above and all renewals or extensions of leases of the kinds described in the third or fourth bullet point
above&#894;</TD></TR></TABLE>

<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">unless, in the case of any particular indebtedness,
renewal, extension or refunding, the instrument creating or evidencing it or the assumption or guarantee relating to it expressly
provides that such indebtedness, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities.
Our senior debt securities constitute senior indebtedness for purposes of the subordinated debt indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_007"></A>DESCRIPTION
OF WARRANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants
for the purchase of shares of common stock, debt securities, and/or units from time to time. We may issue warrants independently
or together with common stock and/or debt securities, and the warrants may be attached to or separate from those securities.&nbsp;&nbsp;If
we issue warrants, they will be evidenced by warrant agreements or warrant certificates issued under one or more warrant agreements,
which will be contracts between us and the holders of the warrants or an agent for the holders of the warrants. We encourage you
to read the prospectus supplement that relates to any warrants we may offer, as well as the complete warrant agreement or warrant
certificate that contain the terms of the warrants.&nbsp;&nbsp;If we issue warrants, the forms of warrant agreements and warrant
certificates, as applicable, relating to the warrants will be filed as exhibits to the registration statement that includes this
prospectus, or as an exhibit to a filing with the SEC that is incorporated by reference into this prospectus.</P>

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


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    <!-- 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"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_008"></A>DESCRIPTION
OF UNITS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue units
comprised of one or more of the other securities described in this prospectus in any combination from time to time. Each unit will
be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will
have the rights and obligations of a holder of each included security. If we issue units, they will be evidenced by unit agreements
or unit certificates issued under one or more unit agreements, which will be contracts between us and the holders of the units
or an agent for the holders of the units. The unit agreement under which a unit is issued may provide that the securities included
in the unit may not be held or transferred separately, at any time or at any time before a specified date. We encourage you to
read the prospectus supplement that relates to any units we may offer, as well as the complete unit agreement or unit certificate
that contain the terms of the units.&nbsp;&nbsp;If we issue units, the forms of unit agreements and unit certificates, as applicable,
relating to the units will be filed as exhibits to the registration statement that includes this prospectus, or as an exhibit to
a filing with the SEC that is incorporated by reference into this prospectus.</P>

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


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    <!-- 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"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_009"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell our securities
from time to time in any manner permitted by the Securities Act of 1933, as amended, or the Securities Act, including any one or
more of the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to or through underwriters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to or through broker-dealers (acting as agent or principal);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in &ldquo;at the market&rdquo; offerings, within the meaning of Rule 415(a)(4) of the Securities
Act, to or through a market maker or into an existing trading market, on an exchange or otherwise; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly to purchasers, through a specific bidding or auction process or otherwise.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities may
be sold at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, at prices relating to
the prevailing market prices or at negotiated prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Offers to purchase
offered securities may be solicited by agents designated by us from time to time. Any agent involved in the offer or sale of the
offered securities in respect of which this prospectus is delivered will be named, and any commissions payable by us will be set
forth, in the applicable prospectus supplement. Unless otherwise set forth in the applicable prospectus supplement, any agent will
be acting on a reasonable best efforts basis for the period of its appointment. Any agent may be deemed to be an underwriter, as
that term is defined in the Securities Act, of the offered securities so offered and sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will set forth in
a prospectus supplement the terms of the offering of our securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name or names of any agents, underwriters or dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the purchase price of our securities being offered and the proceeds we will receive from the sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any over-allotment options under which underwriters may purchase additional securities from us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any agency fees or underwriting discounts and commissions and other items constituting agents&rsquo;
or underwriters&rsquo; compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the public offering price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any securities exchanges on which such securities may be listed.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If offered securities
are sold to the public by means of an underwritten offering, either through underwriting syndicates represented by managing underwriters
or directly by the managing underwriters, we will execute an underwriting agreement with an underwriter or underwriters, and the
names of the specific managing underwriter or underwriters, as well as any other underwriters, will be set forth in the applicable
prospectus supplement. In addition, the terms of the transaction, including commissions, discounts and any other compensation of
the underwriters and dealers, if any, will be set forth in the applicable prospectus supplement, which prospectus supplement will
be used by the underwriters to make resales of the offered securities. If underwriters are utilized in the sale of the offered
securities, the offered securities will be acquired by the underwriters for their own account and may be resold from time to time
in one or more transactions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">transactions on The NASDAQ Capital Market or any other organized market where the securities may
be traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the over-the-counter market;</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; 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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in negotiated transactions; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">under delayed delivery contracts or other contractual commitments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">We may grant to the
underwriters options to purchase additional offered securities to cover over-allotments, if any, at the public offering price with
additional underwriting discounts or commissions, as may be set forth in the applicable prospectus supplement. If we grant any
over-allotment option, the terms of the over-allotment option will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">We may authorize agents
or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering
price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified
date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these
contracts in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">We may indemnify agents,
underwriters and dealers against specified liabilities, including liabilities incurred under the Securities Act, or to contribution
by us to payments they may be required to make in respect of such liabilities. Agents, underwriters or dealers, or their respective
affiliates, may be customers of, engage in transactions with or perform services for us or our respective affiliates, in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">Unless otherwise specified
in the applicable prospectus supplement, each class or series of securities will be a new issue with no established trading market,
other than our common stock, which is traded on The NASDAQ Capital Market. We may elect to list any other class or series of securities
on any exchange and, in the case of our common stock, on any additional exchange. However, unless otherwise specified in the applicable
prospectus supplement, we will not be obligated to do so. It is possible that one or more underwriters may make a market in a class
or series of securities, but the underwriters will not be obligated to do so and may discontinue any market making at any time
without notice. We cannot give any assurance as to the liquidity of the trading market for any of the offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">Any underwriter may
engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation
M under the Securities Exchange Act of 1934, as amended. Over-allotment involves sales in excess of the offering size, which create
a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not
exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities,
either through exercise of the over-allotment option or in the open market after the distribution is completed, to cover short
positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold
by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price
of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">To comply with the
securities laws of certain states, if applicable, the securities offered by this prospectus will be offered and sold in those states
only through registered or licensed brokers or dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.8pt">In compliance with
guidelines of the Financial Industry Regulatory Authority, or FINRA, the maximum consideration or discount to be received by any
FINRA member or independent broker dealer may not exceed 8% of the aggregate amount of the securities offered pursuant to this
prospectus and any applicable prospectus supplement.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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"><A NAME="b_010"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the
issuance of the securities offered by this prospectus has been passed upon for us by Greenberg Traurig, LLP, Irvine, California.</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"><A NAME="b_011"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2015 have been so
incorporated in reliance on the report of Armanino LLP, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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><A NAME="b_012"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly
and current reports and other information with the SEC. You may read and copy any document we file at the SEC's Public Reference
Room located at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference
room by calling the SEC at 1-800-SEC-0330. Our filings with the SEC also are available from the SEC's internet site at http://www.sec.gov,
which contains reports, proxy and information statements, and other information regarding issuers that file electronically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is
part of a registration statement that we filed with the SEC. As permitted by SEC rules, this prospectus and any accompanying prospectus
supplement that we may file, which form a part of the registration statement, do not contain all of the information that is included
in the registration statement.&nbsp;&nbsp;The registration statement contains more information regarding us and our securities,
including certain exhibits. You can obtain a copy of the registration statement from the SEC at the address listed above or from
the SEC&rsquo;s website.</P>

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


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    <DIV STYLE="page-break-before: always; 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"><A NAME="b_013"></A><FONT STYLE="text-transform: uppercase"><B>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC permits us
to &ldquo;incorporate by reference&rdquo; the information and reports we file with it. This means that we can disclose important
information to you by referring to another document. The information that we incorporate by reference is considered to be part
of this prospectus, and later information that we file with the SEC automatically updates and supersedes this information. We incorporate
by reference the documents listed below, except to the extent information in those documents is different from the information
contained in this prospectus, and all future documents filed with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange
Act (other than the portions thereof deemed to be furnished to the SEC pursuant to Item 9 or Item 12) until we terminate the offering
of these securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed on
March 28, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which was filed on May&nbsp;19,
2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, which was filed on August&nbsp;10,
2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Current Reports on Form 8-K, which were filed on March 25, 2016 and May 24, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The description of our common stock in our Form 8-A12B, which was filed on July 24, 2015, and any
amendments or reports filed for the purpose of updating this description; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">All documents we file with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act
after the date of this prospectus and prior to the termination of this offering made by way of this prospectus.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
any statement in this prospectus is inconsistent with any statement that is incorporated by reference and that was made on or before
the date of this prospectus, the statement in this prospectus shall supersede such incorporated statement. The incorporated statement
shall not be deemed, except as modified or superseded, to constitute a part of this prospectus or the registration statement. Statements
contained in this prospectus as to the contents of any contract or other document are not necessarily complete and, in each instance,
we refer you to the copy of each contract or document filed as an exhibit to our various filings made with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may request a copy
of these filings, at no cost, by writing or telephoning us at the following address or telephone number:</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">Aqua Metals, Inc.<BR>
Attn: Investor Relations<BR>
1010 Atlantic Avenue<BR>
Alameda, California 94501<BR>
(510) 479-7635</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">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
