<SEC-DOCUMENT>0001615774-18-003647.txt : 20180511
<SEC-HEADER>0001615774-18-003647.hdr.sgml : 20180511
<ACCEPTANCE-DATETIME>20180511172403
ACCESSION NUMBER:		0001615774-18-003647
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180511
FILED AS OF DATE:		20180511
DATE AS OF CHANGE:		20180511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28990
		FILM NUMBER:		18828021

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		011-86-755-2813-6056

	MAIL ADDRESS:	
		STREET 1:		LEVEL 18 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 1801
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>s110125_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNITED
STATES</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">15d-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of May 2018</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number 000-28990&nbsp;</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1801, Level 18</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39
Lung Sum Avenue</FONT></P>

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

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 30%; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 47%; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"> Form 20-F &#9745;</FONT></TD>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 40-F &#9744;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
                            1.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                         Entry into a Material Definitive Agreement.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2018, the Board of Directors of Highway Holdings Limited (the &ldquo;Company&rdquo;) declared a dividend of one preferred
share purchase right (a &ldquo;Right&rdquo;) for each outstanding share of common stock, par value $0.01 per share, of the Company
(the &ldquo;Common Stock&rdquo;). The dividend is payable to the stockholders of record at the close of business on May 11, 2018
(the &ldquo;Record Date&rdquo;). The Rights will also attach to shares of Common Stock issued after the Record Date. Each Right
initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Preferred Stock,
par value $0.01 per share, of the Company (the &ldquo;Preferred Stock&rdquo;) at a price of $10.00 per one one-thousandth of a
share of Preferred Stock (the &ldquo;Purchase Price&rdquo;), subject to adjustment. The description and terms of the Rights are
set forth in a Rights Agreement dated as of May 8, 2018, as the same may be amended from time to time (the &ldquo;Rights Agreement&rdquo;),
between the Company and Computershare Trust Company, N.A., as Rights Agent (the &ldquo;Rights Agent&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
the earlier to occur of (i) 10 business days following a public announcement that a person or group of affiliated or associated
persons has become an Acquiring Person (as defined below) or (ii) 10 business days (or such later date as may be determined by
action of the Board of Directors of the Company prior to such time as any person or group of affiliated or associated persons
becomes an Acquiring Person) following the commencement of, or public announcement of an intention to make, a tender or exchange
offer the consummation of which would result in any person or group of affiliated or associated persons becoming an Acquiring
Person (the earlier of such dates being called the &ldquo;Distribution Date&rdquo;), the Rights will be evidenced, with respect
to certificates representing Common Stock (or book entry shares of Common Stock) outstanding as of the Record Date, by such certificates
(or such book entry shares) together with a copy of a Summary of the Rights (the &ldquo;Summary of Rights&rdquo;). Except in certain
situations, a person or group of affiliated or associated persons becomes an &ldquo;Acquiring Person&rdquo; upon acquiring beneficial
ownership of 15% or more of the outstanding shares of Common Stock. No such person or group having beneficial ownership of 15%
or more of such outstanding shares at the time of the first announcement of adoption of the rights plan reflected in the Rights
Agreement will be deemed an Acquiring Person until such time as such person or group becomes the beneficial owner of additional
shares of Common Stock (other than by reason of a stock dividend, stock split or other corporate action effected by the Company
in which all holders of Common Stock are treated equally).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights Agreement provides that, until the Distribution Date (or earlier redemption or expiration of the Rights), the Rights will
be transferred with, and only with, the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the
Rights), new Common Stock certificates issued after the Record Date upon transfer or new issuances of Common Stock will contain
a notation incorporating the Rights Agreement by reference. Until the Distribution Date (or earlier redemption or expiration of
the Rights), the surrender for transfer of any certificates for shares of Common Stock (or book entry shares of Common Stock)
outstanding as of the Record Date, even without such notation or a copy of the Summary of Rights, will also constitute the transfer
of the Rights associated with the shares of Common Stock represented thereby. As soon as practicable following the Distribution
Date, separate certificates evidencing the Rights (&ldquo;Right Certificates&rdquo;) will be mailed to holders of record of the
Common Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence the
Rights.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights are not exercisable until the Distribution Date. The Rights will expire on May 8, 2028 (the &ldquo;Final Expiration Date&rdquo;),
unless the Final Expiration Date is extended or the Rights are earlier redeemed or exchanged by the Company as described below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of outstanding Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of
Common Stock or subdivisions, consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution
Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share of Preferred Stock will be entitled, when, as and if declared, to a minimum preferential quarterly dividend payment of the
greater of (a) $10.00 per share, and (b) an amount (subject to certain adjustments) equal to 1,000 times the dividend declared
per share of Common Stock. In the event of liquidation, dissolution or winding up of the Company, the holders of the Preferred
Stock will be entitled to a minimum preferential payment of the greater of (a) $10.00 per share (plus any accrued but unpaid dividends),
and (b) an amount equal to 1,000 times the payment made per share of Common Stock. Each share of Preferred Stock will (subject
to certain adjustments) have 1,000 votes, voting together with the Common Stock. Finally, in the event of any merger, consolidation
or other transaction in which outstanding shares of Common Stock are converted or exchanged, each share of Preferred Stock will
be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected by customary anti-dilution
provisions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the nature of the Preferred Stock&rsquo;s dividend, liquidation and voting rights, the value of the one one-thousandth interest
in a share of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that any person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right, other
than Rights beneficially owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive
upon exercise of a Right that number of shares of Common Stock having a market value of two times the exercise price of the Right.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that, after a person or group has become an Acquiring Person, the Company is acquired in a merger or other business
combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provisions will be made so
that each holder of a Right (other than Rights beneficially owned by an Acquiring Person which will have become void) will thereafter
have the right to receive upon the exercise of a Right that number of shares of common stock of the person with whom the Company
has engaged in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times
the exercise price of the Right.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time after any person or group becomes an Acquiring Person and prior to the earlier of one of the events described in the
previous paragraph or the acquisition by such Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board
of Directors of the Company may exchange the Rights (other than Rights owned by such Acquiring Person which will have become void),
in whole or in part, for shares of Common Stock or Preferred Stock (or a series of the Company&rsquo;s preferred stock having
equivalent rights, preferences and privileges), at an exchange ratio of one share of Common Stock, or a fractional share of Preferred
Stock (or other preferred stock) equivalent in value thereto, per Right.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of
at least 1% in such Purchase Price. No fractional shares of Preferred Stock or Common Stock will be issued (other than fractions
of Preferred Stock which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election
of the Company, be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current
market price of the Preferred Stock or the Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time prior to the time an Acquiring Person becomes such, the Board of Directors of the Company may redeem the Rights in whole,
but not in part, at a price of $0.01 per Right (the &ldquo;Redemption Price&rdquo;) payable, at the option of the Company, in
cash, shares of Common Stock or such other form of consideration as the Board of Directors of the Company shall determine. The
redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors
of the Company in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the
Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as the Rights are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement
in any manner. After the Rights are no longer redeemable, the Company may, except with respect to the Redemption Price, amend
the Rights Agreement in any manner that does not adversely affect the interests of holders of the Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including,
without limitation, the right to vote or to receive dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights Agreement, which includes the form of Rights Certificate as <U>Exhibit A</U> and the Summary of Preferred Stock Purchase
Rights as <U>Exhibit B</U>, and the Amended and Restated Memorandum and Articles of Association setting forth the terms of the
Preferred Stock are attached hereto as Exhibit 1.1 and 2.1, respectively, and incorporated herein by reference. The foregoing
descriptions of the Rights and the material terms of the Rights Agreement and the Preferred Stock do not purport to be complete
and are qualified in their entirety by reference to such Exhibits.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 28, 2018, there were 20,000,000 shares of the Company&rsquo;s Common Stock authorized and 3,801,874 shares issued and
outstanding. The Company has authorized 20,000 shares of Series A Preferred Stock, which shares are reserved for issuance pursuant
to the Rights Agreement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
Modification to Rights of Security Holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth below in &ldquo;Amendment to Memorandum and Articles of Association,&rdquo; which information is incorporated
herein by reference.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
to Memorandum and Articles of Association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the adoption of the Rights Agreement described in &ldquo;Material Modification to Rights of Security Holders&rdquo;
above, the Board of Directors approved Amended and Restated Memorandum and Articles of Association of the Company (the &ldquo;Memorandum
and Articles&rdquo;) setting forth, among other things, the rights and preferences of the Preferred Stock. The description of
the rights and preferences of the Series A Preferred Stock in &ldquo;Material Modification to Rights of Security Holders&rdquo;
above is incorporated herein by reference.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Memorandum and Articles also (1) provide that a meeting of shareholders can be called only by the Company&rsquo;s Board of Directors,
Chairman of the Board, Chief Executive Officer, or President and not by shareholders; (2) provide that directors of the Company
may be removed only for cause, and only by the affirmative vote of the holders of at least two-thirds in voting power of the outstanding
shares; and (3) require a vote of at least two-thirds in voting power of the outstanding shares to amend these and certain other
provisions of the Amended and Restated Memorandum and Articles of Association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Memorandum and Articles were filed with the Registrar of Corporate Affairs of the British Virgin Islands and became effective
on May 11, 2018. The Memorandum and Articles are attached hereto as Exhibit 1.1 and incorporated herein by reference. The foregoing
description of the Memorandum and Articles does not purport to be complete and is qualified in its entirety by reference to such
Exhibit.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements and Exhibits.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 88%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><A HREF="s110125_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><A HREF="s110125_ex1-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum and Articles of Association of Highway Holdings Limited</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><A HREF="s110125_ex2-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><A HREF="s110125_ex2-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement, dated as of May 8, 2018, between Highway Holdings Limited and Computershare Trust Company, N.A., as Rights Agent.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIGHWAY HOLDINGS LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 11, 2018</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    ROLAND W. KOHL </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roland
    W. Kohl</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>s110125_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 1.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>BVI
BUSINESS COMPANIES ACT 2004</B></FONT></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"><FONT STYLE="text-transform: uppercase"><B>HIGHWAY
HOLDINGS LIMITED</B></FONT></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">A Company Limited By Shares</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">&nbsp;</P>

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

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

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



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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&nbsp;</P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="img001_v1.jpg" ALT="(HARNEYS LOGO)">&nbsp;</P>




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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">TERRITORY
OF THE British Virgin Islands<BR>
BVI BUSINESS COMPANIES ACT 2004</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">AMENDED
AND RESTATED MEMORANDUM OF ASSOCIATION</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">HIGHWAY
HOLDINGS LIMITED</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">A Company
Limited By Shares</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">NAME</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
name of the Company is Highway Holdings Limited</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">STATUS</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company is a company limited by shares.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company was incorporated on the 20th day of July, 1990 pursuant to the International
                                         Business Companies Act 1984 and immediately prior to its automatic re-registration under
                                         the BVI Business Companies Act 2004, it was governed by the International Business Companies
                                         Act.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">REGISTERED
                                         OFFICE AND REGISTERED AGENT</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At
                                         the date of the notice disapplying Part IV of Schedule 2 of the Act, the first registered
                                         office of the Company is at Craigmuir Chambers, Road Town, Tortola, VG 1110, British
                                         Virgin Islands.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At
                                         the date of the notice disapplying Part IV of Schedule 2 of the Act, the first registered
                                         agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O.
                                         Box 71, Road Town, Tortola, VG 1110, British Virgin Islands.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company may, by Resolution of Shareholders or by Resolution of Directors, change the
                                         location of its registered office or change its registered agent.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                         at any time the Company does not have a registered agent it may, by Resolution of Shareholders
                                         or Resolution of Directors, appoint a registered agent.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CAPACITY
                                         AND POWERS</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to the Act and any other British Virgin Islands legislation, the Company has,</FONT>
                                         <FONT STYLE="font-size: 10pt">irrespective of corporate benefit:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">full
                                         capacity to carry on or undertake any business or activity, do any act or enter into
                                         any transaction; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for
                                         the purposes of paragraph (a), full rights, powers and privileges.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purposes of section 9(4) of the Act, there are no limitations on the business that
                                         the</FONT> <FONT STYLE="font-size: 10pt">Company may carry on.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">NUMBER
                                         AND CLASSES OF SHARES</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shares
                                         in the Company shall be issued in the currency of the United States of America.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company is authorised to issue a maximum of 20,020,000 Shares with a par value of US$0.01
                                         each in the following class and series:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">20,000
                                         Series A Preferred Shares; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">20,000,000
                                         Common Shares.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Such
number of Shares may be increased or decreased by Resolution of Directors, provided that no decrease shall reduce the number of
Series A Preferred Shares to a number less than that of the Series A Preferred Shares then outstanding plus the number of Series
A Preferred Shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of
any outstanding securities issued by the Company convertible into Series A Preferred Shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company may issue fractional Shares and a fractional Share shall have the corresponding
                                         fractional rights, obligations and liabilities of a whole Share of the same class or
                                         series of Shares.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">RIGHTS
                                         OF COMMON SHARES</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
at all times to Clause 7 below, each Common Share in the Company confers upon the Shareholder:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         right to one vote on any Resolution of Shareholders;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         right to an equal share in any dividend paid by the Company; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         right to an equal share in the distribution of the surplus assets of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">RIGHTS
                                         OF SERIES A PREFERRED SHARES</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                         Series A Preferred Share in the Company confers upon the Shareholder the following right
                                         to vote on any Resolution of Shareholders:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject
                                         to the provision for adjustment hereinafter set forth, each Series A Preferred Share
                                         shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of
                                         the Shareholders of the Company. In the event the Company shall at any time on or after
                                         the Distribution Date declare or pay any dividend on Common Shares payable in Common
                                         Shares, or effect a subdivision or combination or consolidation of the outstanding Common
                                         Shares (by reclassification or otherwise than by payment of a dividend in Common Shares)
                                         into a greater or lesser number of Common Shares, then in each such case the number of
                                         votes per share to which holders of Series A Preferred Shares were entitled immediately
                                         prior to such event shall be adjusted by multiplying such number by a fraction the numerator
                                         of which is the number of Common Shares outstanding immediately after such event and
                                         the denominator of which is the number of Common Shares that were outstanding immediately
                                         prior to such event;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">except
                                         as otherwise provided herein, in any other amendment to the Memorandum or Articles creating
                                         a series of Preferred Shares, or by law, the holders of Series A Preferred Shares and
                                         the holders of Common Shares and any other Shares of the Company having general voting
                                         rights shall vote together as one class on all matters submitted to a vote of Shareholders
                                         of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">except
                                         as set forth herein, holders of Series A Preferred Shares shall have no special voting
                                         rights and their consent shall not be required (except to the extent they are entitled
                                         to vote with holders of Common Shares as set forth herein) for taking any corporate action.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                         Series A Preferred Share in the Company confers upon the Shareholder the following rights
                                         in respect of dividends and distributions:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject
                                         to the prior and superior rights of the holders of any shares of any series of Preferred
                                         Shares ranking prior and superior to the Series A Preferred Shares and with respect to
                                         dividends, the holders of Series A Preferred Shares, in preference to the holders of
                                         Common Shares, and of any other shares of any class or series ranking junior to the Series
                                         A Preferred Shares, shall be entitled to receive, when, as and if declared by Resolution
                                         of Directors out of funds legally available for the purpose, quarterly dividends payable
                                         in cash on the last day of January, April, July and October in each year (each such date
                                         being referred to herein as a <B><I>Quarterly Dividend Payment Date</I></B>), commencing
                                         on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction
                                         of a share of Series A Preferred Share, in an amount per share (rounded to the nearest
                                         cent) equal to the greater of (i) US$10.00 or (ii) subject to the provision for adjustment
                                         hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends,
                                         and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends
                                         or other distributions, other than a dividend payable in Common Shares or a subdivision
                                         of the outstanding Common Shares (by reclassification or otherwise), declared on the
                                         Common Shares since the immediately preceding Quarterly Dividend Payment Date or, with
                                         respect to the first Quarterly Dividend Payment Date, since the first issuance of any
                                         share or fraction of a share of Series A Preferred Share. In the event the Company shall
                                         at any time on or after the Distribution Date declare or pay any dividend on the Common
                                         Shares payable in Common Shares, or effect a subdivision or combination or consolidation
                                         of the outstanding Common Shares (by reclassification or otherwise than by payment of
                                         a dividend in Common Shares) into a greater or lesser number of Common Shares, then in
                                         each such case the amount to which holders of Series A Preferred Shares were entitled
                                         immediately prior to such event under clause (ii) of the preceding sentence shall be
                                         adjusted by multiplying such amount by a fraction, the numerator of which is the number
                                         of Common Shares outstanding immediately after such event and the denominator of which
                                         is the number of Common Shares that were outstanding immediately prior to such event.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company shall declare a dividend or distribution on the Series A Preferred Shares as
                                         provided in paragraph (a) of this Clause 7.2 immediately after it declares a dividend
                                         or distribution on the Common Shares (other than a dividend payable in Common Shares);
                                         provided that, in the event no dividend or distribution shall have been declared on the
                                         Common Shares during the period between any Quarterly Dividend Payment Date and the next
                                         subsequent Quarterly Dividend Payment Date, a dividend of US$10.00 per share on the Series
                                         A Preferred Shares shall nevertheless be payable on such subsequent Quarterly Dividend
                                         Payment Date.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">dividends
                                         shall begin to accrue and be cumulative on outstanding Series A Preferred Shares from
                                         the Quarterly Dividend Payment Date next preceding the date of issue of such Series A
                                         Preferred Shares, unless the date of issue of such shares is prior to the record date
                                         for the first Quarterly Dividend Payment Date, in which case dividends on such shares
                                         shall begin to accrue from the date of issue of such shares, or unless the date of issue
                                         is a Quarterly Dividend Payment Date or is a date after the record date for the determination
                                         of holders of Series A Preferred Shares entitled to receive a quarterly dividend and
                                         before such Quarterly Dividend Payment Date, in either of which events such dividends
                                         shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued
                                         but unpaid dividends shall not bear interest. Dividends paid on the Series A Preferred
                                         Shares in an amount less than the total amount of such dividends at the time accrued
                                         and payable on such shares shall be allocated pro rata on a share-by-share basis among
                                         all such shares at the time outstanding. The board of directors may fix a record date
                                         for the determination of holders of Series A Preferred Shares entitled to receive payment
                                         of a dividend or distribution declared thereon, which record date shall be not more than
                                         60 calendar days prior to the date fixed for the payment thereof.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Whenever
                                         quarterly dividends or other dividends or distributions payable on the Series A Preferred
                                         Shares as provided in this Clause are in arrears, thereafter and until all accrued and
                                         unpaid dividends and distributions, whether or not declared, on Series A Preferred Shares
                                         outstanding shall have been paid in full, the Company shall not:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">declare
                                         or pay dividends on or make any other distributions on any Shares ranking junior (either
                                         as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred
                                         Shares;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">declare
                                         or pay dividends on or make any other distributions on any Shares ranking on a parity
                                         (either as to dividends or upon liquidation, dissolution or winding up) with the Series
                                         A Preferred Shares, except dividends paid rateably on the Series A Preferred Shares and
                                         all such parity Shares on which dividends are payable or in arrears in proportion to
                                         the total amounts to which the holders of all such shares are then entitled;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redeem
                                         or purchase or otherwise acquire for consideration Shares ranking junior (either as to
                                         dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares,
                                         other than (A) such redemptions or purchases that may be deemed to occur upon the exercise
                                         of share options, warrants or similar rights or grants, vesting or lapse of restrictions
                                         or the grant of any other performance shares, restricted shares, restricted share units
                                         or other equity awards to the extent that such shares represent all or a portion of (x)
                                         the exercise or purchase price of such options, warrants or similar rights or other equity
                                         awards and (y) the amount of withholding taxes owed by the recipient of such award in
                                         respect of such grant, exercise, vesting or lapse of restrictions; and (B) the repurchase,
                                         redemption, or other acquisition or retirement for value of any such shares from employees,
                                         former employees, directors, former directors, consultants or former consultants of the
                                         Company or their respective estate, spouse, former spouse or family member, pursuant
                                         to the terms of the agreements pursuant to which such shares were acquired, provided
                                         that the Company may at any time redeem, purchase or otherwise acquire shares of any
                                         such junior shares in exchange for Shares of the Company ranking junior (either as to
                                         dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Shares;
                                         or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redeem
                                         or purchase or otherwise acquire for consideration any Series A Preferred Shares, or
                                         any Shares ranking on a parity with the Series A Preferred Shares, except in accordance
                                         with a purchase offer made in writing or by publication (as determined by the board of
                                         directors) to all holders of such shares upon such terms as the board of directors, after
                                         consideration of the respective annual dividend rates and other relative rights and preferences
                                         of the respective series and classes, shall determine in good faith will result in fair
                                         and equitable treatment among the respective series or classes.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company shall not permit any subsidiary of the Company to purchase or otherwise acquire
                                         for consideration any Shares unless the Company could, under this Clause 7.2, purchase
                                         or otherwise acquire such shares at such time and in such manner.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon
                                         any liquidation, dissolution or winding up of the Company (voluntary or otherwise), no
                                         distribution shall be made:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         the holders of Shares ranking junior (either as to dividends or upon liquidation, dissolution
                                         or winding up) to the Series A Preferred Shares unless, prior thereto, the holders of
                                         Series A Preferred Shares shall have received an amount per share equal to or greater
                                         of (i) US$1,000.00, plus an amount equal to accrued and unpaid dividends and distributions
                                         thereon, whether or not declared, to the date of such payment, and (ii) an amount, subject
                                         to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate
                                         amount to be distributed per share to holders of Common Shares, or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         the holders of Shares ranking on a parity (either as to dividends or upon liquidation,
                                         dissolution or winding up) with the Series A Preferred Shares, except distributions made
                                         rateably on the Series A Preferred Shares and all other such parity Shares in proportion
                                         to the total amounts to which the holders of all such shares are entitled upon such liquidation,
                                         dissolution or winding up.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">In
the event the Company shall at any time declare or pay any dividend on Common Shares payable in Common Shares, or effect a subdivision
or combination or consolidation of the outstanding Common Shares (by reclassification or otherwise than by payment of a dividend
in Common Shares) into a greater or lesser number of Common Shares, then in each such case the aggregate amount to which holders
of Series A Preferred Shares were entitled immediately prior to such event under the proviso in clause (A) of the preceding sentence
shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of Common Shares outstanding immediately
after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         case the Company shall enter into any consolidation, merger, combination or other transaction
                                         in which the Common Shares are exchanged for or changed into other Shares or securities,
                                         cash and/or any other property, then in any such case the Series A Preferred Shares shall
                                         at the same time be similarly exchanged or changed in an amount per share (subject to
                                         the provision for adjustment hereinafter set forth) equal to 1,000 times the aggregate
                                         amount of Shares, securities, cash and/or any other property (payable in kind), as the
                                         case may be, into which or for which each share of Common Shares is changed or exchanged.
                                         In the event the Company shall at any time declare or pay any dividend on Common Shares
                                         payable in Common Shares, or effect a subdivision or combination or consolidation of
                                         the outstanding Common Shares (by reclassification or otherwise than by payment of a
                                         dividend in Common Shares) into a greater or lesser number of Common Shares, then in
                                         each such case the amount set forth in the preceding sentence with respect to the exchange
                                         or change of Series A Preferred Shares shall be adjusted by multiplying such amount by
                                         a fraction the numerator of which is the number of Common Shares outstanding immediately
                                         after such event and the denominator of which is the number of Common Shares that were
                                         outstanding immediately prior to such event.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Series A Preferred Shares shall rank, with respect to the payment of dividends and the
                                         distribution of assets, junior to all other series of the Preferred Shares, whether designated
                                         or issued before or after the date of this Amended and Restated Memorandum, unless the
                                         terms of any such series shall provide otherwise.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">REGISTERED
                                         SHARES</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, convert registered Shares to
bearer Shares or exchange registered Shares for bearer Shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">AMENDMENT
                                         OF THE MEMORANDUM AND THE ARTICLES</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company may amend this Memorandum or the Articles by Resolution of Shareholders or by
                                         Resolution of Directors, save that no amendment may be made by Resolution of Directors:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         restrict the rights or powers of the Shareholders to amend this Memorandum or the Articles;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         change the percentage of Shareholders required to pass a Resolution of Shareholders to
                                         amend this Memorandum or the Articles;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                         circumstances where this Memorandum or the Articles cannot be amended by the Shareholders;
                                         or</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         this Clause 9.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         amendment of this Memorandum or the Articles will take effect from the date that the
                                         notice of amendment, or restated Memorandum and Articles incorporating the amendment,
                                         is registered by the Registrar or from such other date as determined pursuant to the
                                         Act.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         rights conferred upon the holders of the Shares of any class may only be varied, whether
                                         or not the Company is in liquidation:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                         the case of Series A Preferred Shares, with the affirmative vote of the holders of two-thirds
                                         of the outstanding Series A Preferred Shares, voting together as a single series; and
                                         otherwise</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">with
                                         the consent of the holders of a majority of the issued Shares of that class or by a resolution
                                         approved at a duly convened and constituted meeting of the Shares of that class by the
                                         affirmative vote of a majority of the votes of the Shares of that class which were present
                                         at the meeting and were voted.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         rights conferred upon the holders of the Shares of any class shall not, unless otherwise
                                         expressly provided by the terms of issue of the Shares of that class, be deemed to be
                                         varied by the creation or issue of further Shares ranking equally with such existing
                                         Shares.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">DEFINITIONS
                                         AND INTERPRETATION</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         this Memorandum of Association and the attached Articles of Association, if not inconsistent
                                         with the subject or context:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Act
</I></B>means the BVI Business Companies Act 2004, as amended from time to time, and includes the BVI Business Companies Regulations
2012 and any other regulations made under the Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Articles
</I></B>means the attached Articles of Association of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Common
Share</I></B> means a common share issued or to be issued by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Distribution
Date </I></B>has the meaning give to such term in the Rights Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Memorandum
</I></B>means this Memorandum of Association of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>person
</I></B>includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations
of persons.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Preferred
Shares </I></B>means the Series A Preferred Shares and any other Shares issued by the Company having preferential rights over
the Common Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Proscribed
Powers</I></B> means the powers to: (a) amend this Memorandum or the Articles; (b) designate committees of directors; (c) delegate
powers to a committee of directors; (d) appoint or remove directors; (e) appoint or remove an agent; (f) approve a plan of merger,
consolidation or arrangement; (g) make a declaration of solvency or to approve a liquidation plan; or (h) make a determination
that immediately after a proposed distribution the value of the Company&rsquo;s assets will exceed its liabilities and the Company
will be able to pay its debts as they fall due.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Resolution
of Directors</I></B> means either:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         resolution approved at a duly convened and constituted meeting of directors of the Company
                                         or of a committee of directors of the Company by the affirmative vote of a majority of
                                         the directors present at the meeting who voted except that where a director is given
                                         more than one vote, he shall be counted by the number of votes he casts for the purpose
                                         of establishing a majority; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         resolution consented to in writing by all directors or by all members of a committee
                                         of directors of the Company, as the case may be.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Resolution
of Shareholders</I></B> means a resolution approved at a duly convened and constituted meeting of the Shareholders by the affirmative
vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Rights
Agreement </I></B>means the agreement dated as of 8 May 2018 between the Company and Computershare Trust Company, N.A., as Rights
Agent, as such agreement may be amended from time to time and relating to rights issued by the Company to acquire Series A Preferred
Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Seal
</I></B>means any seal which has been duly adopted as the common seal of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Series
A Preferred Share</I></B> means a series A preferred share issued or to be issued by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Share
</I></B>means a Common Share or a Series A Preferred Share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Shareholder
</I></B>means a person whose name is entered in the register of members of the Company as the holder of one or more Shares or
fractional Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>written
</I></B>or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital,
magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram,
telex or telecopy, and <B><I>in writing</I></B> shall be construed accordingly.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         this Memorandum and the Articles, unless the context otherwise requires, a reference
                                         to:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         <B><I>Regulation</I></B> is a reference to a regulation of the Articles;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         <B><I>Clause</I></B> is a reference to a clause of this Memorandum;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">voting
                                         by Shareholders is a reference to the casting of the votes attached to the Shares held
                                         by the Shareholder voting;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Act, this Memorandum or the Articles is a reference to the Act or those documents as
                                         amended or, in the case of the Act any re-enactment thereof; and</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         singular includes the plural and vice versa.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                         a period of time is expressed as a number of days, the days on which the period begins
                                         and ends are not included in the computation of the number of days.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         reference to a <B><I>month</I></B> shall be construed as a reference to a period starting
                                         on one day in a calendar month and ending on the numerically corresponding day in the
                                         next calendar month and a reference to a period of several months shall be construed
                                         accordingly.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         words or expressions defined in the Act bear the same meaning in this Memorandum and
                                         the Articles unless the context otherwise requires or they are otherwise defined in this
                                         Memorandum or the Articles.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Headings
                                         are inserted for convenience only and shall be disregarded in interpreting this Memorandum
                                         and the Articles.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Signed for
HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands for the purpose
of disapplying Part IV of Schedule 2 of the Act on My 11, 2018:</FONT></P>

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

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[&#9679;]&nbsp;</FONT></P>

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

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

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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TERRITORY
OF THE British Virgin Islands<BR>
BVI BUSINESS COMPANIES ACT 2004</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">AMENDED
AND RESTATED ARTICLES OF ASSOCIATION</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HIGHWAY
HOLDINGS LIMITED</P>

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

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">DISAPPLICATION OF THE ACT</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following sections of the
Act shall not apply to the Company:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">section 46 (<I>Pre-emptive rights</I>);</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">section 60 (<I>Process for acquisition of own shares</I>);</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">section 61 (<I>Offer to one or more shareholders</I>);</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">section 62 (<I>Shares redeemed otherwise than at the option of company</I>); and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">section 175 (<I>Disposition of assets</I>).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">SHARES</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Every Shareholder is entitled to a certificate signed by a director or officer of the Company,
or any other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by him and the
signature of the director, officer or authorised person and the Seal may be facsimiles.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors
and officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation
made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production
of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution
of Directors.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">If several persons are registered as joint holders of any Shares, any one of such persons may give
an effectual receipt for any distribution.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">Shares and other securities may be issued at such times, to such persons, for such consideration
and on such terms as the directors may by Resolution of Directors determine.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">A Share may be issued for consideration in any form, including money, a promissory note, or other
written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services
rendered or a contract for future services.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">The consideration for a Share with par value shall be not less than the par value of the Share.
If a Share with par value is issued for consideration less than the par value, the person to whom the Share is issued is liable
to pay to the Company an amount equal to the difference between the issue price and the par value.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">No Shares may be issued for a consideration other than money, unless a Resolution of Directors
has been passed stating:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the amount to be credited for the issue of the Shares;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the determination of the directors of the reasonable present cash value of the non-money consideration
for the issue; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">that, in the opinion of the directors, the present cash value of the non-money consideration for
the issue is not less than the amount to be credited for the issue of the Shares.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify">The Company shall keep a register of members containing:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the names and addresses of the persons who hold Shares;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the number of each class and series of Shares held by each Shareholder;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the date on which the name of each Shareholder was entered in the register of members; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the date on which any person ceased to be a Shareholder.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">The register of members may be in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors
otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.10</TD><TD STYLE="text-align: justify">A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3</TD><TD STYLE="text-align: justify">REDEMPTION OF SHARES AND TREASURY SHARES</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company
may not purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased,
redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles
to purchase, redeem or otherwise acquire the Shares without their consent.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of
Directors authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied, on reasonable
grounds, that immediately after the acquisition the value of the Company&rsquo;s assets will exceed its liabilities and the Company
will be able to pay its debts as they fall due.</TD></TR></TABLE>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">Shares that the Company purchases, redeems or otherwise acquires may be cancelled or held as treasury
shares provided that:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the number of Shares purchased, redeemed or otherwise acquired and held as treasury shares, when
aggregated with Shares of the same class already held by the Company as treasury shares, may not exceed 50% of the Shares of that
class previously issued by the Company excluding Shares that have been cancelled; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Series A Preferred Shares purchased redeemed or otherwise acquired shall be cancelled.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Shares which
have been cancelled shall be available for reissue.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">All rights and obligations attaching to a treasury share are suspended and shall not be exercised
by the Company while it holds the Share as a treasury share.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD STYLE="text-align: justify">Treasury shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4</TD><TD STYLE="text-align: justify">MORTGAGES AND CHARGES OF SHARES</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">Shareholders may mortgage or charge their Shares.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">There shall be entered in the register of members at the written request of the Shareholder:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">a statement that the Shares held by him are mortgaged or charged;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the name of the mortgagee or chargee; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register
of members.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Where particulars of a mortgage or charge are entered in the register of members, such particulars
may be cancelled:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the directors shall consider necessary or desirable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant
to this Regulation:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">no transfer of any Share the subject of those particulars shall be effected;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Company may not purchase, redeem or otherwise acquire any such Share; and</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">no replacement certificate shall be issued in respect of such Shares,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">without the
written consent of the named mortgagee or chargee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&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"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">The directors may not resolve to refuse or delay the transfer of a Share pursuant to the enforcement
of a valid security interest created over the Share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5</TD><TD STYLE="text-align: justify">FORFEITURE</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this
Regulation and for this purpose Shares issued for a promissory note, other written obligation to contribute money or property or
a contract for future services are deemed to be not fully paid.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">A written notice of call specifying the date for payment to be made shall be served on the Shareholder
who defaults in making payment in respect of the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">The written notice of call referred to in Regulation 5.2 shall name a further date not earlier
than the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is
to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares,
or any of them, in respect of which payment is not made will be liable to be forfeited.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">Where a written notice of call has been issued pursuant to Regulation 5.2 and the requirements
of the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares
to which the notice relates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been
cancelled pursuant to Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6</TD><TD STYLE="text-align: justify">TRANSFER OF SHARES</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">Shares may be transferred by a written instrument of transfer signed by the transferor and containing
the name and address of the transferee, which shall be sent to the Company for registration or, if the Company&rsquo;s Shares have
been listed on any stock exchange, subject to the compliance, to the extent applicable, with the securities laws of the United
States of America, the states thereof, or any other relevant jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">The transfer of a Share is effective when the name of the transferee is entered on the register
of members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">If the directors of the Company are satisfied that an instrument of transfer relating to Shares
has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">to accept such evidence of the transfer of Shares as they consider appropriate; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">that the transferee&rsquo;s name should be entered in the register of members notwithstanding the
absence of the instrument of transfer.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify">The personal representative of a deceased Shareholder may transfer a Share even though the personal
representative is not a Shareholder at the time of the transfer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">6.5</TD><TD STYLE="text-align: justify">The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder
has failed to pay an amount due in respect of the Share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7</TD><TD STYLE="text-align: justify">MEETINGS AND CONSENTS OF SHAREHOLDERS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">A meeting of members can be called only by the Company&rsquo;s board of directors, the chairman
of the board of directors, or by the Company&rsquo;s chief executive officer. Shareholders may not convene a meeting of members.
Any meetings of the Shareholders shall be held at such times and in such manner and places within or outside the British Virgin
Islands as the board of directors, the chairman of the board of directors, or the Company&rsquo;s chief executive officer (as applicable)
considers necessary or desirable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">An annual meeting of members shall be held for the election of directors on a date and at a time
designated by the directors of the Company and in the manner provided in these Articles. Any other proper business may be transacted
at the annual meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">A failure to hold the annual meeting at the designated time or to elect a sufficient number of
directors to conduct the business of the Company shall not affect otherwise valid corporate acts or cause a forfeiture or dissolution
of the Company. If the annual meeting for election of directors is not held on the date designated therefore, the directors shall
cause the meeting to be held as soon thereafter as convenient. If there be a failure to hold the annual meeting for a period of
30 days after the date designated therefore, or if no date has been designated for a period of 13 months after the last annual
general meeting, a court of competent jurisdiction of the British Virgin Islands (the &ldquo;Court&rdquo;) may summarily order
a meeting to be held upon the application of any member or director and, in connection therewith, issue such orders as may be appropriate,
including without limitation, orders designating the time and place of such meeting, the record date for determining members entitled
to vote, and the form of notice of such meeting. The shares represented by such meeting, either in person or by proxy, and entitled
to vote thereat, shall constitute a quorum for the purpose of such meeting notwithstanding any provision in the Memorandum or these
Articles to the contrary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">Nominations of any person for election to the board of directors at a meeting of members (but only
if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling
such meeting) may be made at such meeting only (i) by or at the direction of the board of directors, or (ii) by a member who (A)
was a member of record listed in the share register of the Company (and, with respect to any beneficial owner, if different, on
whose behalf such nomination is proposed to be made, only if such beneficial owner was the beneficial owner of shares of the Company)
both at the time of giving the notice provided for in this Regulation 7 and at the time of the meeting, (B) is entitled to vote
at the meeting, and (C) has complied with this Regulation 7 as to such nomination. The foregoing clause (ii) shall be the exclusive
means for a member to make any nomination of a person or persons for election to the board of directors to be considered by the
members at a meeting of members.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify">Without qualification, for a member to make any nomination of a person or persons for election
to the board of directors at a meeting of members, the member must (i) provide timely notice thereof in writing and in proper form
to the secretary of the Company and (ii) provide any updates or supplements to such notice at the times and in the forms required
by this Regulation 7. To be timely, a member&rsquo;s notice must be delivered to, or mailed and received at, the principal executive
offices of the Company not less than ninety (90) days nor more than one hundred twenty (120) days prior to the first anniversary
of the preceding year&rsquo;s meeting at which members of the board of directors were elected; provided, however, that if the date
of such meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date or if no meeting
was held in the preceding year, notice by the member to be timely must be so delivered, or mailed and received, not earlier than
the one hundred twentieth (120th) day prior to such meeting and not later than the ninetieth (90th) day prior to such meeting or,
if later, the tenth (10th) day following the day on which public disclosure of the date of such meeting was first made. Without
qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction of the
person calling a meeting for the election of persons to the board of directors, then for a member to make any nomination of a person
or persons for election to the board of directors at such a meeting, the member must (i) provide timely notice thereof in writing
and in proper form to the secretary of the Company at the principal executive offices of the Company and (ii) provide any updates
or supplements to such notice at the times and in the forms required by this Regulation 7. To be timely, a member&rsquo;s notice
for nominations to be made at a meeting must be delivered to, or mailed and received at, the principal executive offices of the
Company not earlier than the one hundred twentieth (120th) day prior to such meeting and not later than the ninetieth (90th) day
prior to such meeting or, if later, the tenth (10th) day following the day on which public disclosure of the date of such meeting
was first made. In no event shall any adjournment or postponement of a meeting of members or the announcement thereof commence
a new time period for the giving of a member&rsquo;s notice as described above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.6</TD><TD STYLE="text-align: justify">To be in proper form for purposes of this Regulation 7, a member&rsquo;s notice to the secretary
of the Company shall set forth:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">The name and address of both the Nominating Person and the person to be nominated for election
to the board of directors and (B) the class and number of shares of the Company that are, directly or indirectly, owned of record
as detailed in the share register of the Company or beneficially owned within the meaning of Rule 13d-3 under the Securities Exchange
Act of 1934 (the &ldquo;Exchange Act&rdquo;) by each of the Nominating Person and director nominee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">As to the Nominating Person and the person to be nominated for election to the board of directors,
any direct or indirect interest of such person in any contract with the Company, any affiliate of the Company or any principal
competitor of the Company, and any pending or threatened litigation in which such person is a party or material participant involving
the Company or any of its officers or directors, or any affiliate of the Company;</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">As to each person whom a Nominating Person proposes to nominate for election as a director, (A)
all information relating to such proposed nominee that is required to be disclosed in a proxy statement or other filings required
to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Regulation
14(a) under the Exchange Act (including, without limitation, such proposed nominee&rsquo;s written consent to being named in the
proxy statement as a nominee and to serving as a director if elected), (B) a description of all direct and indirect compensation
and other material monetary agreements, arrangements and understandings during the past three (3) years, and any other material
relationships, between or among any Nominating Person, on the one hand, and each proposed nominee, his or her respective affiliates
and associates and any other persons with whom such proposed nominee is acting in concert, on the other hand, including, without
limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating
Person were the &ldquo;registrant&rdquo; for purposes of such rule and the proposed nominee were a director or executive officer
of such registrant, (C) a representation that the Nominating Person is a registered Shareholder of the Company entitled to vote
at such meeting and intends to appear in person or by proxy at the meeting to propose such nomination, (D) a representation whether
the Nominating Person intends or is part of a group which intends to solicit proxies or votes from members in support of such nomination,
and (E) a completed and signed questionnaire, representation and agreement as provided in Regulation 7.10; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Company may require any proposed nominee to furnish such other information (A) as may reasonably
be required by the Company to determine the eligibility of such proposed nominee to serve as an independent director of the Company
in accordance with any applicable corporate governance policies that the Company has adopted, (B) that the Company may need to
determine if the election of the nominee will jeopardize the Company&rsquo;s eligibility to continue as a &ldquo;foreign private
issuer&rdquo; under the Exchange Act, and (C) that could be material to a reasonable member&rsquo;s understanding of the independence
or lack of independence of such proposed nominee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.7</TD><TD STYLE="text-align: justify">For purposes of this Regulation 7, the term &ldquo;Nominating Person&rdquo; shall mean (i) the
member providing the notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners,
if different, on whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any other person
with whom such member or such beneficial owner (or any of their respective affiliates or associates) is acting in concert.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.8</TD><TD STYLE="text-align: justify">A member providing notice of any nomination proposed to be made at a meeting shall further update
and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to
this Regulation 7 shall be true and correct as of the record date for determining members entitled to notice of the meeting and
as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update
and supplement shall be delivered to, or mailed and received by, the secretary of the Company at the principal executive offices
of the Company not later than five (5) business days after the record date for determining members entitled to notice of the meeting
(in the case of the update and supplement required to be made as of the record date), and not later than eight (8) business days
prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the
first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement
required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof).</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.9</TD><TD STYLE="text-align: justify">Notwithstanding anything in these Articles to the contrary, no person shall be eligible for election
as a director of the Company (i) if the election of such person as a director would cause the Company to be ineligible to remain
a &ldquo;foreign private issuer,&rdquo; and (ii) if such person was not nominated in accordance with this Regulation 7. The chairman
of the board of directors or any other person designated by the board of directors to preside over the meeting shall, if the facts
warrant, determine that a nomination was not properly made in accordance with this Regulation 7, and if he or she should so determine,
he or she shall so declare such determination to the meeting and the defective nomination shall be disregarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.10</TD><TD STYLE="text-align: justify">To be eligible to be a nominee for election as a director of the Company, the proposed nominee
must deliver (in accordance with the time periods prescribed for delivery of notice under this Regulation 7) to the secretary of
the Company at the principal executive offices of the Company a written questionnaire with respect to the background and qualification
of such proposed nominee (which questionnaire shall be provided by the secretary upon written request) and a written representation
and agreement (in form provided by the secretary upon written request) that such proposed nominee (i) is not and will not become
a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or
entity as to how such proposed nominee, if elected as a director of the Company, will act or vote on any issue or question (a &ldquo;Voting
Commitment&rdquo;) that has not been disclosed to the Company or (B) any Voting Commitment that could limit or interfere with such
proposed nominee&rsquo;s ability to comply, if elected as a director of the Company, with such proposed nominee&rsquo;s fiduciary
duties under applicable law, (ii) is not, and will not become a party to, any agreement, arrangement or understanding with any
person or entity other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in
connection with service or action as a director that has not been disclosed to the Company and (iii) would be in compliance, if
elected as a director of the Company, and will comply with applicable publicly disclosed corporate governance, conflict of interest,
confidentiality and share ownership and trading policies and guidelines of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.11</TD><TD STYLE="text-align: justify">In addition to the requirements of this Regulation 7 with respect to any nomination proposed to
be made at a meeting, each Nominating Person shall comply with all applicable requirements of the Exchange Act with respect to
any such nominations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.12</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing provisions of this Regulation 7, unless otherwise required by law,
if the member (or a qualified representative of the member) does not appear at the meeting to present the proposed nomination,
such proposed nomination shall not be considered, notwithstanding that proxies in respect of such vote may have been received by
the Company. For purposes of this Regulation 7, to be considered a qualified representative of the member, a person must be a duly
authorized officer, manager or partner of such member or must be authorized in writing executed by such member or an electronic
transmission delivered by such member to act for such member as proxy at the meeting of members and such person must produce such
writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.13</TD><TD STYLE="text-align: justify">Upon the written request of Shareholders entitled to exercise 25% or more of the issued voting
Shares of the Company the directors shall convene a meeting of Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.14</TD><TD STYLE="text-align: justify">The director convening a meeting shall give not less than seven (7) days&rsquo; notice of a meeting
of Shareholders to:</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">those Shareholders whose names on the date the notice is given appear as Shareholders in the register
of members of the Company and are entitled to vote at the meeting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the other directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.15</TD><TD STYLE="text-align: justify">The director convening a meeting of Shareholders may fix as the record date for determining those
Shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified
in the notice, being a date not earlier than the date of the notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.16</TD><TD STYLE="text-align: justify">A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders
holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting
and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which
that Shareholder holds.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.17</TD><TD STYLE="text-align: justify">The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder
or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.18</TD><TD STYLE="text-align: justify">Subject to Regulation 7.12, Shareholder may be represented at a meeting of Shareholders by a proxy
who may speak and vote on behalf of the Shareholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.19</TD><TD STYLE="text-align: justify">The instrument appointing a proxy shall be produced at the place designated for the meeting before
the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify
an alternative or additional place or time at which the proxy shall be presented.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.20</TD><TD STYLE="text-align: justify">The instrument appointing a proxy shall be in substantially the following form or such other form
as approved by the directors or as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder
appointing the proxy.</TD></TR></TABLE>

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

<DIV STYLE="margin-right: 0in; margin-left: 35.45pt; padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[ COMPANY NAME ]</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">I/We being a Shareholder of the above
Company HEREBY APPOINT &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip; of
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip; or failing him
&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;of
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip; to be my/our proxy to vote for
me/us at the meeting of Shareholders to be held on the &hellip;&hellip; day of
&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;, 20&hellip;&hellip; and at any adjournment
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Any restrictions on voting to be inserted
here.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signed this &hellip;&hellip; day of &hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;,
20&hellip;&hellip;</P>

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

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

</DIV>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">7.21</TD><TD>The following applies where Shares are jointly owned:</TD>
</TR></TABLE>





<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">if two or more persons hold Shares jointly each of them may be present in person or by proxy at
a meeting of Shareholders and may speak as a Shareholder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint
owners; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">if two or more of the joint owners are present in person or by proxy they must vote as one.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.22</TD><TD STYLE="text-align: justify">A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by
telephone or other electronic means and all Shareholders or their authorised representatives participating in the meeting are able
to hear each other.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.23</TD><TD STYLE="text-align: justify">A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are
present in person or by proxy not less than 50% of the votes of the Shares entitled to vote on Resolutions of Shareholders to be
considered at the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders
and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute
a valid Resolution of Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.24</TD><TD STYLE="text-align: justify">If within two hours from the time appointed for the meeting a quorum is not present, the meeting,
if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business
day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as
the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the
meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to
vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be
dissolved.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.25</TD><TD STYLE="text-align: justify">At every meeting of Shareholders, the chairman of the board of directors shall preside as chairman
of the meeting. If there is no chairman of the board of directors or if that chairman is not present at the meeting, the Shareholders
present shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason,
then the person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as
chairman failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.26</TD><TD STYLE="text-align: justify">The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from
place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting
from which the adjournment took place.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.27</TD><TD STYLE="text-align: justify">At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he
considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced
to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed
resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then
any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately
following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at
any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.28</TD><TD STYLE="text-align: justify">Subject to the specific provisions contained in this Regulation for the appointment of representatives
of persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the
law of the jurisdiction where, and by the documents by which, the person is constituted or derives its existence. In case of doubt,
the directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction
shall otherwise rule, the directors may rely and act upon such advice without incurring any liability to any Shareholder or the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.29</TD><TD STYLE="text-align: justify">Any person other than an individual which is a Shareholder may by resolution of its directors or
other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or
of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder
which he represents as that Shareholder could exercise if it were an individual.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.30</TD><TD STYLE="text-align: justify">The chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than
an individual may call for a notarially certified copy of such proxy or authority which shall be produced within seven (7) days
of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.31</TD><TD STYLE="text-align: justify">Directors of the Company may attend and speak at any meeting of Shareholders and at any separate
meeting of the holders of any class or series of Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">7.32</TD><TD STYLE="text-align: justify">An action that may be taken by the Shareholders must be effected at a duly called meeting of members
of the Company and may not be effected by any consent in writing by such Shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8</TD><TD STYLE="text-align: justify">DIRECTORS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">The first directors of the Company shall be appointed by the first registered agent within 6 months
of the date of incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders or by
Resolution of Directors. If, before the Company has any members, all of the directors appointed by the registered agent resign
or die or otherwise cease to exist, the registered agent may appoint one or more further persons as directors of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">No person shall be appointed as a director or alternate director, or nominated as a reserve director,
of the Company unless he has consented in writing to be a director or alternate director, or to be nominated as a reserve director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">The minimum number of directors shall be one and the maximum number shall be fifteen (15).</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify">The directors shall be divided into three classes designated as Class I, Class II and Class III.
Each class shall consist, as nearly as is possible, of one-third of the number of directors constituting the entire board of directors.
Initial class assignments shall be determined by the board of directors. At each annual meeting of members, successors to the directors
whose terms expired at that annual meeting shall be elected for a three-year term. If the number of directors changes, any increase
or decrease shall be apportioned among the classes such that the number of directors in each class shall remain as nearly equal
as possible, but in no case will a decrease in the number of directors shorten the term of any incumbent director. A director shall
hold office until the annual meeting for the year in which his term expires and until his successor shall be elected and qualified,
subject, however, to such director&rsquo;s prior death, resignation, retirement, disqualification or removal from office.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Subject to
the rights of the holders of any one or more series of Preferred Shares then outstanding, newly created directorships resulting
from any increase in the authorized number of directors or any vacancies in the board of directors resulting from death, resignation,
retirement, disqualification, removal from office or other cause shall, unless otherwise provided by law, be filled solely by the
affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the board of directors.
Any director so chosen shall hold office until the next election of the class for which such director shall have been chosen and
until his successor shall be elected and qualified. No decrease in the authorized number of directors shall shorten the term of
any incumbent director. In the event of a vacancy on the board of directors, the remaining directors, except as otherwise provided
by law, may exercise the powers of the full board of directors until the vacancy is filled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&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"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify">A director may be removed from office:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">only with cause, by Resolution of Shareholders holding at least 66.66% of the votes of the Shares
entitled to vote passed at a meeting of Shareholders called for the purpose of removing the director or for purposes including
the removal of the director or by a written resolution passed by at least 66.66% of the votes of the Shares of the Company entitled
to vote; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">with cause, by Resolution of Directors passed at a meeting of directors called for the purpose
of removing the director or for purposes including the removal of the director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify">A director may resign his office by giving written notice of his resignation to the Company and
the resignation has effect from the date the notice is received by the Company or from such later date as may be specified in the
notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the
Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify">The directors may at any time appoint any person to be a director either to fill a vacancy or as
an addition to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed
the term that remained when the person who has ceased to be a director ceased to hold office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.8</TD><TD STYLE="text-align: justify">A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office
prior to the expiration of his term of office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.9</TD><TD STYLE="text-align: justify">Where the Company only has one Shareholder who is an individual and that Shareholder is also the
sole director of the Company, the sole Shareholder/director may, by instrument in writing, nominate a person who is not disqualified
from being a director of the Company as a reserve director of the Company to act in the place of the sole director in the event
of his death.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.10</TD><TD STYLE="text-align: justify">The nomination of a person as a reserve director of the Company ceases to have effect if:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">before the death of the sole Shareholder/director who nominated him,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">he resigns as reserve director, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the sole Shareholder/director revokes the nomination in writing; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director
of the Company for any reason other than his death.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.11</TD><TD STYLE="text-align: justify">The Company shall keep a register of directors containing:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">the names and addresses of the persons who are directors of the Company or who have been nominated
as reserve directors of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the date on which each person whose name is entered in the register was appointed as a director,
or nominated as a reserve director, of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">the date on which each person named as a director ceased to be a director of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(d)</TD><TD STYLE="text-align: justify">the date on which the nomination of any person nominated as a reserve director ceased to have effect;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(e)</TD><TD STYLE="text-align: justify">such other information as may be prescribed by the Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.12</TD><TD STYLE="text-align: justify">The register of directors may be kept in any such form as the directors may approve, but if it
is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until
a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original
register of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.13</TD><TD STYLE="text-align: justify">The directors may, by Resolution of Directors, fix the emoluments of directors with respect to
services to be rendered in any capacity to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">8.14</TD><TD STYLE="text-align: justify">A director is not required to hold a Share as a qualification to office.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9</TD><TD STYLE="text-align: justify">POWERS OF DIRECTORS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify">The business and affairs of the Company shall be managed by, or under the direction or supervision
of, the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and
supervising, the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection
with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum
or the Articles required to be exercised by the Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify">Each director shall exercise his powers for a proper purpose and shall not act or agree to the
Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or
performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify">If the Company is the wholly owned subsidiary of a parent, a director of the Company may, when
exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the parent
even though it may not be in the best interests of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.4</TD><TD STYLE="text-align: justify">Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.5</TD><TD STYLE="text-align: justify">The continuing directors may act notwithstanding any vacancy in their body.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.6</TD><TD STYLE="text-align: justify">The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">9.7</TD><TD STYLE="text-align: justify">All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all
receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in
such manner as shall from time to time be determined by Resolution of Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10</TD><TD STYLE="text-align: justify">PROCEEDINGS OF DIRECTORS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">The chairman of the board of directors, the Company&rsquo;s chief executive officer, its secretary
or any three directors of the Company then in office may call a meeting of the directors by sending a written notice to each other
director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">The directors of the Company or any committee thereof may meet at such times and in such manner
and places within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">A director is deemed to be present at a meeting of directors if he participates by telephone or
other electronic means and all directors participating in the meeting are able to hear each other.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.4</TD><TD STYLE="text-align: justify">A director shall be given not less than three (3) days&rsquo; notice of meetings of directors,
but a meeting of directors held without three (3) days&rsquo; notice having been given to all directors shall be valid if all the
directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a
director at a meeting shall constitute waiver by that director. The inadvertent failure to give notice of a meeting to a director,
or the fact that a director has not received the notice, does not invalidate the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.5</TD><TD STYLE="text-align: justify">A director of the company (the <B><I>appointing director</I></B>) may appoint any other director
or any other eligible person as his alternate to exercise the appointing director&rsquo;s powers and carry out the appointing director&rsquo;s
responsibilities in relation to the taking of decisions by the directors in the absence of the appointing director.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.6</TD><TD STYLE="text-align: justify">The appointment and termination of an alternate director must be in writing, and written notice
of the appointment and termination must be given by the appointing director to the Company as soon as reasonably practicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.7</TD><TD STYLE="text-align: justify">An alternate director has the same rights as the appointing director in relation to any directors&rsquo;
meeting and any written resolution circulated for written consent. An alternate director has no power to appoint a further alternate,
whether of the appointing director or of the alternate director, and the alternate does not act as an agent of or for the appointing
director.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.8</TD><TD STYLE="text-align: justify">The appointing director may, at any time, voluntarily terminate the alternate director&rsquo;s
appointment. The voluntary termination of the appointment of an alternate shall take effect from the time when written notice of
the termination is given to the Company. The rights of an alternate shall automatically terminate if the appointing director dies
or otherwise ceases to hold office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.9</TD><TD STYLE="text-align: justify">A meeting of directors is duly constituted for all purposes if at the commencement of the meeting
there are present in person or by alternate not less than one-half of the total number of directors, subject to a minimum of two
(2).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.10</TD><TD STYLE="text-align: justify">If the Company has only one director the provisions herein contained for meetings of directors
do not apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the
Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall
record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes
sufficient evidence of such resolution for all purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.11</TD><TD STYLE="text-align: justify">The directors may appoint a director as chairman of the board of directors. At meetings of directors
at which the chairman of the board of directors is present, he shall preside as chairman of the meeting. If there is no chairman
of the board of directors or if the chairman of the board is not present, the directors present shall choose one of their number
to be chairman of the meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">10.12</TD><TD STYLE="text-align: justify">An action that may be taken by the directors or a committee of directors at a meeting may also
be taken by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by
all members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts
each counterpart being signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear
different dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution
by signed counterparts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11</TD><TD STYLE="text-align: justify">COMMITTEES</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify">The directors may, by Resolution of Directors, designate one or more committees, each consisting
of one or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify">The directors have no power to delegate to a committee of directors any of the Proscribed Powers.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify">A committee of directors, where authorised by the Resolution of Directors appointing such committee
or by a subsequent Resolution of Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the
sub-committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify">The meetings and proceedings of each committee of directors consisting of two (2) or more directors
shall be governed <I>mutatis mutandis </I>by the provisions of the Articles regulating the proceedings of directors so far as the
same are not superseded by any provisions in the Resolution of Directors establishing the committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify">Where the directors delegate their powers to a committee of directors they remain responsible for
the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the
power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12</TD><TD STYLE="text-align: justify">OFFICERS AND AGENTS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify">The Company may by Resolution of Directors appoint officers of the Company at such times as may
be considered necessary or expedient. The officers shall perform such duties as are prescribed at the time of their appointment
subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors. The chief financial officer
of the Company shall be considered its treasurer and shall have the same duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify">The compensation of all officers shall be determined by the directors and the directors shall also
have authority to determine the compensation of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify">The officers of the Company shall hold office until their successors are duly appointed, but any
officer elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any
vacancy occurring in any office of the Company may be filled by Resolution of Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.4</TD><TD STYLE="text-align: justify">The directors may, by Resolution of Directors, appoint any person, including a person who is a
director, to be an agent of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.5</TD><TD STYLE="text-align: justify">An agent of the Company shall have such powers and authority of the directors, including the power
and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except
that no agent has any power or authority with respect to the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Proscribed Powers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">to change the registered office or agent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">to fix emoluments of directors; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(d)</TD><TD STYLE="text-align: justify">to authorise the Company to continue as a company incorporated under the laws of a jurisdiction
outside the British Virgin Islands.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.6</TD><TD STYLE="text-align: justify">The Resolution of Directors appointing an agent may authorise the agent to appoint one or more
substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">12.7</TD><TD STYLE="text-align: justify">The directors may remove an agent appointed by the Company and may revoke or vary a power conferred
on him.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13</TD><TD STYLE="text-align: justify">CONFLICT OF INTERESTS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify">A director of the Company shall, forthwith after becoming aware of the fact that he is interested
in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify">For the purposes of Regulation 13.1, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named
individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or
disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation
to that transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">13.3</TD><TD STYLE="text-align: justify">A director of the Company who is interested in a transaction entered into or to be entered into
by the Company may:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">vote on a matter relating to the transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">attend a meeting of directors at which a matter relating to the transaction arises and be included
among the directors present at the meeting for the purposes of a quorum; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">sign a document on behalf of the Company, or do any other thing in his capacity as a director,
that relates to the transaction,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and, subject to compliance
with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction
and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14</TD><TD STYLE="text-align: justify">INDEMNIFICATION</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.1</TD><TD STYLE="text-align: justify">Subject to the limitations hereinafter provided the Company shall indemnify against all expenses,
including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with
legal, administrative or investigative proceedings any person who:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">is or was, at the request of the Company, serving as a director of, or in any other capacity is
or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.2</TD><TD STYLE="text-align: justify">The indemnity in Regulation 14.1 only applies if the person acted honestly and in good faith with
a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe
that their conduct was unlawful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.3</TD><TD STYLE="text-align: justify">For the purposes of Regulation 14.2 and without limitation, a director acts in the best interests
of the Company if he acts in the best interests of the Company&rsquo;s parent in the circumstances specified in Regulation 9.3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.4</TD><TD STYLE="text-align: justify">The decision of the directors as to whether the person acted honestly and in good faith and with
a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was
unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.5</TD><TD STYLE="text-align: justify">The termination of any proceedings by any judgment, order, settlement, conviction or the entering
of a <I>nolle prosequi </I>does not, by itself, create a presumption that the person did not act honestly and in good faith and
with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.6</TD><TD STYLE="text-align: justify">Expenses, including legal fees, incurred by a director in defending any legal, administrative or
investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an
undertaking by or on behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled
to be indemnified by the Company in accordance with Regulation 14.1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.7</TD><TD STYLE="text-align: justify">Expenses, including legal fees, incurred by a former director in defending any legal, administrative
or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of
an undertaking by or on behalf of the former director to repay the amount if it shall ultimately be determined that the former
director is not entitled to be indemnified by the Company in accordance with Regulation 14.1 and upon such terms and conditions,
if any, as the Company deems appropriate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.8</TD><TD STYLE="text-align: justify">The indemnification and advancement of expenses provided by, or granted pursuant to, this section
is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under
any agreement, Resolution of Shareholders, resolution of disinterested directors or otherwise, both as to acting in the person&rsquo;s
official capacity and as to acting in another capacity while serving as a director of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.9</TD><TD STYLE="text-align: justify">If a person referred to in Regulation 14.1 has been successful in defence of any proceedings referred
to in Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">14.10</TD><TD STYLE="text-align: justify">The Company may purchase and maintain insurance in relation to any person who is or was a director,
officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator
of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise,
against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or
would have had the power to indemnify the person against the liability as provided in the Articles.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15</TD><TD STYLE="text-align: justify">RECORDS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.1</TD><TD STYLE="text-align: justify">The Company shall keep the following documents at the office of its registered agent:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Memorandum and the Articles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the register of members, or a copy of the register of members;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">the register of directors, or a copy of the register of directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(d)</TD><TD STYLE="text-align: justify">copies of all notices and other documents filed by the Company with the Registrar in the previous
10 years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.2</TD><TD STYLE="text-align: justify">Until the directors determine otherwise by Resolution of Directors the Company shall keep the original
register of members and original register of directors at the office of its registered agent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.3</TD><TD STYLE="text-align: justify">If the Company maintains only a copy of the register of members or a copy of the register of directors
at the office of its registered agent, it shall:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">within 15 days of any change in either register, notify the registered agent in writing of the
change; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">provide the registered agent with a written record of the physical address of the place or places
at which the original register of members or the original register of directors is kept.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.4</TD><TD STYLE="text-align: justify">The Company shall keep the following records at the office of its registered agent or at such other
place or places, within or outside the British Virgin Islands, as the directors may determine:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">minutes of meetings and Resolutions of Shareholders and classes of Shareholders; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">minutes of meetings and Resolutions of Directors and committees of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.5</TD><TD STYLE="text-align: justify">Where any original records referred to in this Regulation are maintained other than at the office
of the registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered
agent with the physical address of the new location of the records of the Company within 14 days of the change of location.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">15.6</TD><TD STYLE="text-align: justify">The records kept by the Company under this Regulation shall be in written form or either wholly
or partly as electronic records complying with the requirements of the Electronic Transactions Act 2001 as from time to time amended
or re-enacted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16</TD><TD STYLE="text-align: justify">SEAL</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company shall have a Seal
an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal
and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors.
The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except
as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the
signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may
be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide
for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other
means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the
same had been attested to as hereinbefore described.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17</TD><TD STYLE="text-align: justify">DISTRIBUTIONS BY WAY OF DIVIDEND</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">17.1</TD><TD STYLE="text-align: justify">The directors of the Company may, by Resolution of Directors, authorise a distribution by way of
dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution,
the value of the Company&rsquo;s assets will exceed its liabilities and the Company will be able to pay its debts as they fall
due.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">17.2</TD><TD STYLE="text-align: justify">Dividends may be paid in money, shares, or other property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">17.3</TD><TD STYLE="text-align: justify">Notice of any dividend that may have been declared shall be given to each Shareholder as specified
in Regulation 19 and all dividends unclaimed for three (3) years after having been declared may be forfeited by Resolution of Directors
for the benefit of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">17.4</TD><TD STYLE="text-align: justify">No dividend shall bear interest as against the Company and no dividend shall be paid on treasury
shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18</TD><TD STYLE="text-align: justify">ACCOUNTS AND AUDIT</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.1</TD><TD STYLE="text-align: justify">The Company shall keep records that are sufficient to show and explain the Company&rsquo;s transactions
and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.2</TD><TD STYLE="text-align: justify">The Company may by Resolution of Shareholders call for the directors to prepare periodically and
make available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so
as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view
of the assets and liabilities of the Company as at the end of a financial period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.3</TD><TD STYLE="text-align: justify">The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.4</TD><TD STYLE="text-align: justify">The auditors shall be appointed by Resolution of Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.5</TD><TD STYLE="text-align: justify">The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor
of the Company during their continuance in office.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.6</TD><TD STYLE="text-align: justify">The remuneration of the auditors of the Company may be fixed by Resolution of Directors.</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.7</TD><TD STYLE="text-align: justify">The auditors shall examine each profit and loss account and balance sheet required to be laid before
a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">in their opinion the profit and loss account and balance sheet give a true and fair view respectively
of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that
period; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">all the information and explanations required by the auditors have been obtained.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.8</TD><TD STYLE="text-align: justify">The report of the auditors shall be annexed to the accounts and shall be read at the meeting of
Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.9</TD><TD STYLE="text-align: justify">Every auditor of the Company shall have a right of access at all times to the books of account
and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such information and
explanations as he thinks necessary for the performance of the duties of the auditors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">18.10</TD><TD STYLE="text-align: justify">The auditors of the Company shall be entitled to receive notice of, and to attend any meetings
of Shareholders at which the Company&rsquo;s profit and loss account and balance sheet are to be presented.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19</TD><TD STYLE="text-align: justify">NOTICES</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">19.1</TD><TD STYLE="text-align: justify">Any notice, information or written statement to be given by the Company to Shareholders shall be
in writing and may be given by personal service, mail, courier, email, or fax to such Shareholder&rsquo;s address as shown in the
register of members or to such Shareholder&rsquo;s email address or fax number as notified by the Shareholder to the Company in
writing from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">19.2</TD><TD STYLE="text-align: justify">Any summons, notice, order, document, process, information or written statement to be served on
the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office,
or by leaving it with, or by sending it by registered mail addressed to the Company at the offices of the registered agent of the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">19.3</TD><TD STYLE="text-align: justify">Where a notice is sent by post, service of the notice shall be deemed to be effected by properly
addressing, prepaying and posting a letter containing notice, and shall be deemed to be received on the fifth business day following
the day on which the notice was posted. Where a notice is sent by fax or email, notice shall be deemed to be effected by transmitting
the email or fax to the address or number provided by the intended recipient and service of the notice shall be deemed to have
been received on the same day that it was transmitted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20</TD><TD STYLE="text-align: justify">SHAREHOLDER COMPLIANCE OBLIGATIONS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">20.1</TD><TD STYLE="text-align: justify">In this Regulation:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>AML Legislation</I></B>
means any law or regulation in force in the British Virgin Islands which requires the Company to identify a person as a beneficial
owner or controller of the Company;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Compliance Notice</I></B>
means a written notice served by the Company on a Shareholder requiring the Shareholder to provide relevant information under AML
Legislation in relation to the Shares registered in the name of the Shareholder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Specified Shares</I></B>
means the Shares referred to in a Compliance Notice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>suspended</I></B> has
the meaning given to it in Regulation 20.3, and <B><I>suspension</I></B> shall be construed accordingly; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Suspension Notice</I></B>
means a notice issued under Regulation 20.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">20.2</TD><TD STYLE="text-align: justify">If:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">a Compliance Notice has been served on a Shareholder in relation to Specified Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Company has not received in accordance with the terms of such Compliance Notice the information
required therein in respect of any of the Specified Shares within 14 days after the service of such Compliance Notice;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then subject to Regulation
20.4 the board may determine that the Specified Shares shall, upon the issue of a Suspension Notice referring to those Specified
Shares in respect of which information has not been received, be suspended. As soon as practicable after the issue of a Suspension
Notice the Company shall serve a copy of the Suspension Notice on the Shareholder holding the Specified Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">20.3</TD><TD STYLE="text-align: justify">Where any Shares are suspended none of the rights attached to the Specified Shares vested in the
Shareholder may be exercised. This includes but is not limited to any right to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(a)</TD><TD STYLE="text-align: justify">attend or be counted in the quorum or vote either personally or by proxy at any meeting of the
Shareholders or at any separate meeting of the holders of any class of Shares or upon any poll or to exercise any other right or
privilege in relation to any meeting of the Shareholders or any meeting of the holders of any class of Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(b)</TD><TD STYLE="text-align: justify">vote on any Resolution of Shareholders or consent to any other corporate action;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(c)</TD><TD STYLE="text-align: justify">transfer the Specified Shares or any of them;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(d)</TD><TD STYLE="text-align: justify">receive dividends or other distributions in relation to such Shares (whether or not declared before
or after the suspension);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(e)</TD><TD STYLE="text-align: justify">redeem or convert such Shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(f)</TD><TD STYLE="text-align: justify">receive any surplus assets in the liquidation of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">20.4</TD><TD STYLE="text-align: justify">The Company may determine by Resolution of Directors that one or more of the restrictions imposed
on any suspended Shares shall cease to apply at any time.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">20.5</TD><TD STYLE="text-align: justify">If the Company receives in accordance with the terms of the relevant Compliance Notice the information
required therein in respect of any Specified Shares the suspension of those Specified Shares shall cease to apply seven days after
receipt of the information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">20.6</TD><TD STYLE="text-align: justify">Where any Specified Shares are subject to a mortgage or charge which has been recorded in the register
of members under Regulation 4, a copy of any Compliance Notice or Suspension Notice shall be served on the named mortgagee or chargee.
However a failure to serve a copy of any such notice shall not invalidate any suspension under this Regulation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21</TD><TD STYLE="text-align: justify">VOLUNTARY LIQUIDATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the Act, the Company
may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or
jointly with one or more other voluntary liquidators.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22</TD><TD STYLE="text-align: justify">CONTINUATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company may by Resolution
of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under
the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signed for HARNEYS CORPORATE SERVICES LIMITED
of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands for the purpose of disapplying Part IV of Schedule 2
of the Act on May 11 2018:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&#9679;]&nbsp;</P>

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

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

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

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

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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>3
<FILENAME>s110125_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.1</B></P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPUTERSHARE TRUST COMPANY, N.A.,<BR>
as Rights Agent</P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 8, 2018</P>

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


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

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

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid; padding-top: 8pt"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 1.</TD>
    <TD STYLE="padding-top: 8pt">Certain Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 2.</TD>
    <TD STYLE="padding-top: 8pt">Appointment of Rights Agent</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 3.</TD>
    <TD STYLE="padding-top: 8pt">Issue of Right Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 4.</TD>
    <TD STYLE="padding-top: 8pt">Form of Right Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 5.</TD>
    <TD STYLE="padding-top: 8pt">Countersignature and Registration</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 6.</TD>
    <TD STYLE="padding-top: 8pt">Transfer, Split Up, Combination and Exchange of Right Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 7.</TD>
    <TD STYLE="padding-top: 8pt">Exercise of Rights</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 8.</TD>
    <TD STYLE="padding-top: 8pt">Cancellation and Destruction of Right Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 9.</TD>
    <TD STYLE="padding-top: 8pt">Reservation and Availability of Shares of Preferred Stock</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 10.</TD>
    <TD STYLE="padding-top: 8pt">Preferred Stock Record Date</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 11.</TD>
    <TD STYLE="padding-top: 8pt">Adjustment of Purchase Price, Number and Kind of Shares and Number of Rights</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 12.</TD>
    <TD STYLE="padding-top: 8pt">Certificate of Adjusted Purchase Price or Number of Shares</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 13.</TD>
    <TD STYLE="padding-top: 8pt">Consolidation, Merger or Sale or Transfer of Assets or Earning Power</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 14.</TD>
    <TD STYLE="padding-top: 8pt">Fractional Rights and Fractional Shares</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 15.</TD>
    <TD STYLE="padding-top: 8pt">Rights of Action</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 16.</TD>
    <TD STYLE="padding-top: 8pt">Agreement of Right Holders</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 17.</TD>
    <TD STYLE="padding-top: 8pt">Right Certificate Holder Not Deemed a Shareholder</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 18.</TD>
    <TD STYLE="padding-top: 8pt">Concerning the Rights Agent</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 19.</TD>
    <TD STYLE="padding-top: 8pt">Merger or Consolidation or Change of Name of Rights Agent</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 20.</TD>
    <TD STYLE="padding-top: 8pt">Duties of Rights Agent</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 21.</TD>
    <TD STYLE="padding-top: 8pt">Change of Rights Agent</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 22.</TD>
    <TD STYLE="padding-top: 8pt">Issuance of New Right Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 23.</TD>
    <TD STYLE="padding-top: 8pt">Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">33</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TABLE OF CONTENTS (cont.)</U></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid; padding-top: 8pt"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 24.</TD>
    <TD STYLE="padding-top: 8pt">Exchange</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 25.</TD>
    <TD STYLE="padding-top: 8pt">Notice of Certain Events</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 26.</TD>
    <TD STYLE="padding-top: 8pt">Notices</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 27.</TD>
    <TD STYLE="padding-top: 8pt">Supplements and Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 28.</TD>
    <TD STYLE="padding-top: 8pt">Successors</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 29.</TD>
    <TD STYLE="padding-top: 8pt">Benefits of this Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 30.</TD>
    <TD STYLE="padding-top: 8pt">Determinations and Actions by the Board of Directors of the Company</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 31.</TD>
    <TD STYLE="padding-top: 8pt">Severability</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 32.</TD>
    <TD STYLE="padding-top: 8pt">Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 33.</TD>
    <TD STYLE="padding-top: 8pt">Descriptive Headings</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 8pt">Section 34.</TD>
    <TD STYLE="padding-top: 8pt">Counterparts</TD>
    <TD STYLE="text-align: right; padding-top: 8pt">38</TD></TR>
</TABLE>


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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Rights Agreement, dated as of May 8,
2018 (this &ldquo;<U>Agreement</U>&rdquo;), is by and between HIGHWAY HOLDINGS LIMITED (company number: 32576), a company incorporated
under the laws of the British Virgin Islands (the &ldquo;<U>Company</U>&rdquo;), and COMPUTERSHARE TRUST COMPANY, N.A., a federally
chartered trust company, and successor to U.S. Stock Transfer Corporation (the &ldquo;<U>Rights Agent</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, on April 28, 2018, the Board
of Directors of the Company authorized and declared a dividend of one preferred stock purchase right (a &ldquo;<U>Right</U>&rdquo;)
for each share of Common Stock (as hereinafter defined) issued and outstanding as of the close of business (as hereinafter defined)
on May 11, 2018 (the &ldquo;<U>Record Date</U>&rdquo;), and has authorized the issuance of one Right (subject to adjustment as
provided herein) with respect to each share of Common Stock issued by the Company between the Record Date and the earlier of the
Distribution Date and the Expiration Date (as such terms are hereinafter defined), each Right representing the right to purchase
one one-thousandth (1/1,000<SUP>th</SUP>) of one share of Preferred Stock (as hereinafter defined), having the rights and preferences
set forth in the M &amp; A (as hereinafter defined), upon the terms and subject to the conditions hereinafter set forth.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Acquiring Person</U>&rdquo; shall mean any Person who or which, together with all Affiliates and Associates of
such Person, shall be the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding, but shall not include
an Exempt Person. Notwithstanding the foregoing, no Person shall become an &ldquo;<U>Acquiring Person</U>&rdquo; solely as the
result of (i) any unilateral grant of any security by the Company through the exercise of any options, warrants, rights or similar
interests (including restricted stock) granted by the Company to its directors, officers and employees or (ii) an acquisition of
Common Stock by the Company or any subsidiary of the Company that, by reducing the number of shares outstanding, increases the
proportionate number of shares Beneficially Owned by a Person, together with all Affiliates and Associates of such Person, to 15%
or more of the shares of Common Stock then outstanding, unless and until such time as such Person, together with all Affiliates
and Associates of such Person, becomes the Beneficial Owner of any additional share or shares of Common Stock (other than by reason
of a stock dividend, stock split or other corporate action effected by the Company in which all holders of Common Stock are treated
equally), then such Person shall be deemed to be an &ldquo;<U>Acquiring Person,</U>&rdquo; subject to the following sentence of
this <U>Section&nbsp;1(a)</U>, unless, upon consummation of such event, such Person, together with all Affiliates and Associates
of such Person, does not beneficially own 15% or more of the Common Stock then outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, if (i) the
Board of Directors of the Company determines in good faith that a Person who otherwise would be an &ldquo;<U>Acquiring Person,</U>&rdquo;
as defined pursuant to the foregoing provisions of this <U>Section&nbsp;1(a)</U>, became the Beneficial Owner of a number of shares
of Common Stock such that such Person would otherwise be an Acquiring Person inadvertently (including, without limitation, because
(A) such Person was unaware that it, together with all Affiliates and Associates of such Person, Beneficially Owned a percentage
of Common Stock that would cause such Person to be an &ldquo;<U>Acquiring Person</U>&rdquo; or (B) such Person was aware of the
extent of its (and its Affiliates&rsquo; and Associates&rsquo;) Beneficial Ownership of Common Stock but had no actual knowledge
of the consequences of such Beneficial Ownership under this Agreement) and without any intention of obtaining, changing or influencing
control of the Company, then such Person shall not be deemed to be an &ldquo;<U>Acquiring Person</U>&rdquo; or to have become an
&ldquo;<U>Acquiring Person,</U>&rdquo; for all purposes of this Agreement (such that, for the avoidance of doubt, under such circumstances
no Distribution Date shall be deemed to have occurred and no adjustment pursuant to <U>Section&nbsp;11(b)</U> or <U>Section&nbsp;13</U>
shall be made in respect thereof) unless such Person fails to divest itself as soon as practicable if the Company so requests (as
determined in good faith by the Board of Directors of the Company) of a sufficient number of shares of Common Stock so that such
Person would no longer qualify as an Acquiring Person; <U>provided</U>, <U>however</U>, that if such Person, after such determination
and divestment, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 15% or more of the
shares of Common Stock then outstanding by reason of becoming the Beneficial Owner of any additional shares of Common Stock, then
such Person shall be deemed to be an &ldquo;<U>Acquiring Person</U>&rdquo; unless a subsequent determination and divestment is
made; or (ii) as of the date of the first public announcement of the adoption of this Agreement, any Person, together with all
Affiliates and Associates of such Person, is the Beneficial Owner of 15% or more of the Common Stock outstanding, such Person (or
any Affiliate or Associate of such Person) shall not be deemed to be or become an Acquiring Person unless and until such Person
shall, after the first public announcement of the adoption of this Agreement, become the Beneficial Owner of any additional shares
of Common Stock (other than by reason of a stock dividend, stock split or other corporate action effected by the Company in which
all holders of Common Stock are treated equally) unless, upon becoming the Beneficial Owner of such additional shares of Common
Stock, such Person, together with all Affiliates and Associates of such Person, is not the Beneficial Owner of 15% or more of the
shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Person, for all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for the
purposes of determining the particular percentage of the outstanding shares of Common Stock of which any such Person is the Beneficial
Owner, shall include the number of shares of Common Stock not outstanding at the time of such calculation that such Person is otherwise
deemed to beneficially own for the purposes of this Agreement, but the number of shares of Common Stock not outstanding that such
Person is otherwise deemed to beneficially own for the purposes of this Agreement shall not be included for the purpose of computing
the percentage of the outstanding shares of Common Stock beneficially owned by any other Person (unless such other Person is also
deemed to beneficially own for purposes of this Agreement such shares of Common Stock not outstanding).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Affiliate</U>&rdquo; and &ldquo;<U>Associate</U>&rdquo; shall have the meaning ascribed to each such term in Rule
12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Agreement</U>&rdquo; shall have the meaning set forth in the preamble hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Person shall be deemed the &ldquo;<U>Beneficial Owner</U>&rdquo; of and shall be deemed to &ldquo;<U>beneficially own</U>&rdquo;
and to have &ldquo;<U>Beneficial Ownership</U>&rdquo; of any securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that such Person, or any of such Person&rsquo;s Affiliates or Associates, beneficially owns, directly or indirectly, within
the meaning of Rule 13d-3 of the General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that such Person, or any of such Person&rsquo;s Affiliates or Associates, directly or indirectly, has (A) the right to acquire
(whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding
(other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
of securities), written or otherwise, or upon the exercise of conversion rights, exchange rights, rights (in each case, other than
upon the exercise or exchange of the Rights), warrants, options or otherwise; <U>provided</U>, <U>however</U>, that a Person shall
not be deemed the &ldquo;<U>Beneficial Owner</U>&rdquo; of, or to &ldquo;<U>beneficially own,</U>&rdquo; or to have Beneficial
Ownership of, (w) securities tendered pursuant to a tender or an exchange offer made by or on behalf of such Person or any of such
Person&rsquo;s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, (x) securities which
such Person has a right to acquire upon the exercise of the Rights at any time prior to the time that any Person becomes an Acquiring
Person, (y) securities issuable upon the exercise of the Rights from and after the time that any Person becomes an Acquiring Person
if such Rights were acquired by such Person or any of such Person&rsquo;s Affiliates or Associates prior to the Distribution Date
or pursuant to <U>Section&nbsp;3(a)</U> or <U>Section&nbsp;22</U> (&ldquo;<U>Original Rights</U>&rdquo;) or pursuant to <U>Section&nbsp;11(k)</U>
or <U>Section&nbsp;11(p)</U> with respect to an adjustment to Original Rights, or (z) securities which such Person or any of such
Person&rsquo;s Affiliates or Associates may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant
to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person&rsquo;s Affiliates
or Associates) if such agreement has been approved by the Board of Directors of the Company prior to such Person&rsquo;s becoming
an Acquiring Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding, written or otherwise; <U>provided</U>,
<U>however</U>, that a Person shall not be deemed the &ldquo;<U>Beneficial Owner</U>&rdquo; of, or to &ldquo;<U>beneficially own,</U>&rdquo;
or to have &ldquo;<U>Beneficial Ownership</U>&rdquo; of, any security under this clause (B) if such agreement, arrangement or understanding
to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or
consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act and (2)
is not then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that are beneficially owned, directly or indirectly, by any other Person with which such Person, or any of such Person&rsquo;s
Affiliates or Associates, has (x) any agreement, arrangement or understanding, written or otherwise (other than customary arrangements
with underwriters and selling group numbers with respect to a bona fide public offering of securities), for the purpose of acquiring,
holding, voting (except pursuant to a revocable proxy as described in the proviso to <U>Section&nbsp;1(d)(ii)(B)</U>) or disposing
of any securities of the Company) or (y) any agreement, arrangement or understanding (whether or not in writing) to cooperate in
obtaining, changing or influencing control of the issuer of such securities; or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>which are the subject of a derivative transaction entered into by such Person or such Person&rsquo;s Affiliates or Associates,
or derivative security acquired by such Person or such Person&rsquo;s Affiliates or Associates, which (A) gives such Person or
such Person&rsquo;s Affiliates or Associates the economic equivalent of ownership of an amount of such securities due to the fact
that the value of the derivative is explicitly determined by reference to the price or value of such securities, without regard
to whether (1) such derivative conveys any voting rights in such securities to such Person or such Person&rsquo;s Affiliates or
Associates, (2) the derivative is required to be, or capable of being, settled through delivery of such securities, or (3) such
Person or such Person&rsquo;s Affiliates or Associates may have entered into other transactions that hedge the economic effect
of such derivative; and (B) is reported, or required to be reported, in a filing by that Person or any of that Person&rsquo;s Affiliates
or Associates with the Securities and Exchange Commission pursuant to Regulation 13D-G or Regulation 14D under the Exchange Act
in respect of which shares of Common Stock are the &ldquo;<U>subject security</U>&rdquo; (as that term is described in those Regulations).
The number of shares of Common Stock that are deemed beneficially owned will be the notional or other number of shares of Common
Stock specified in the documentation evidencing the derivative position as being subject to be acquired upon the exercise or settlement
of the applicable right or as the basis upon which the value or settlement amount of such right, or the opportunity of the holder
of such right to profit or share in any profit, is to be calculated in whole or in part or, if no such number of shares of Common
Stock is specified in such documentation, as determined by the Board of Directors to be the number of shares of Common Stock to
which the derivative position relates; <U>provided</U>, <U>however</U>, that no Person who is an officer, director or employee
of an Exempt Person shall be deemed, solely by reason of such Person&rsquo;s status or authority as such, to be the &ldquo;<U>Beneficial
Owner</U>&rdquo; of, to have &ldquo;<U>Beneficial Ownership</U>&rdquo; of or to &ldquo;<U>beneficially own</U>&rdquo; any securities
that are &ldquo;<U>beneficially owned</U>&rdquo; (as defined in this <U>Section&nbsp;l(d)</U>), including, without limitation,
in a fiduciary capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Book Entry</U>&rdquo; shall mean an uncertificated book entry for the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Business Day</U>&rdquo; shall mean any day other than a Saturday, Sunday or a day on which banking institutions
in the Commonwealth of Massachusetts are authorized or obligated by law or executive order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>close of business</U>&rdquo; on any given date shall mean 5:00 p.m., Massachusetts time, on such date; <U>provided</U>,
<U>however</U>, that if such date is not a Business Day it shall mean 5:00 p.m., Massachusetts time, on the next succeeding Business
Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Common Stock</U>&rdquo; shall mean the common stock, $0.01 par value per share (or as such par value may be changed
from time to time), of the Company, or any other capital stock of the Company into which such common stock may be reclassified
or exchanged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Common Stock Equivalents</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Company</U>&rdquo; shall have the meaning set forth in the preamble hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>current market price per share</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(f)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Current Value</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(c)</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Distribution Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>equivalent preferred stock</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(d)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Exchange Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Exempt Person</U>&rdquo; shall mean the Company or any subsidiary of the Company, in each case including, without
limitation, in its fiduciary capacity, or any employee benefit plan of the Company or of any subsidiary of the Company, or any
entity or trustee holding (or acting in a fiduciary capacity in respect of) Common Stock for or pursuant to the terms of any such
plan or for the purpose of funding any such plan or funding other employee benefits for employees of the Company or of any subsidiary
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Exchange Ratio</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;24(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Expiration Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Final Expiration Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>invalidation time</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>M &amp; A</U>&rdquo; shall mean the Amended and Restated Memorandum and Articles of Association of the Company,
as such instrument may be further amended, supplemented, modified, revised or replaced after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>NASDAQ</U>&rdquo; shall mean The NASDAQ Stock Market LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Person</U>&rdquo; shall mean any individual, firm, corporation, limited liability company or other entity, and
shall include any successor (by merger or otherwise) of such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Preferred Stock</U>&rdquo; shall mean the Series A Preferred Stock, par value $0.01 per share, of the Company
having the rights and preferences set forth in the M&nbsp;&amp;&nbsp;A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Principal Party</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;13(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Purchase Price</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;4</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Record Date</U>&rdquo; shall have the meaning set forth in the recitals hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Redemption Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Redemption Price</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;23(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Related Person</U>&rdquo; shall mean (i) any subsidiary of the Company or (ii) any employee benefit plan of the
Company, or any entity organized, appointed or established pursuant to the terms of any such plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Right</U>&rdquo; shall have the meaning set forth in the recitals hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Right Certificates</U>&rdquo; shall mean certificates evidencing the Rights in substantially the form attached
hereto as <U>ExhibitA</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Rights Agent</U>&rdquo; shall have the meaning set forth in the preamble hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Section&nbsp;11(c) Trigger Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Securities Act</U>&rdquo; shall mean the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Security</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(f)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Senior Voting Stock</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;13(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Share Acquisition Date</U>&rdquo; shall mean the first date of public announcement (by press release, filing made
with the Securities and Exchange Commission or otherwise) by the Company or an Acquiring Person that an Acquiring Person has become
such for purposes of this Agreement or such earlier date as a majority of the Board of Directors of the Company shall become aware
of the existence of an Acquiring Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Spread</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>subsidiary</U>&rdquo; of a Person shall mean any corporation or other entity of which a majority of the voting
power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Substitution Period</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Summary of Rights</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;3(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Trading Day</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(f)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Trust</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;24(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Trust Agreement</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;24(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Rights Agent</U>. The Company hereby appoints the Rights Agent to act as rights agent for the Company
in accordance with the express terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts
such appointment and hereby certifies that it complies with the applicable requirements governing U.S. transfer agents and registrars.
The Company may, from time to time, appoint such co-Rights Agents as it may deem necessary or desirable, upon ten calendar days&rsquo;
prior written notice to the Rights Agent, setting forth the respective duties of the Rights Agent and any co-Rights Agent. The
Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights
Agents.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Until the earlier of (i) the close of business on the tenth Business Day after the Share Acquisition Date (or, if the tenth
Business Day after the Share Acquisition Date occurs before the Record Date, the close of business on the Record Date) or (ii)
the close of business on the tenth Business Day (or such later date as may be determined by action of the Board of Directors of
the Company prior to such time as any Person becomes an Acquiring Person) after the date of the commencement of, or first public
announcement of the intent to commence, by any Person (other than the Company or a Related Person), a tender or an exchange offer
the consummation of which would result in any Person becoming an Acquiring Person (including any such date that is after the date
of this Agreement and prior to the issuance of the Rights; the earlier of the dates in subsections (i) and (ii) hereof being herein
referred to as the &ldquo;<U>Distribution Date</U>&rdquo;), (x) the Rights will be evidenced (subject to the provisions of <U>Section&nbsp;3(b)</U>)
by the certificates for the Common Stock registered in the names of the holders thereof (or by Book Entry shares in respect of
such Common Stock by notation in accounts reflecting the ownership of such Common Stock), which certificates and Book Entry shares,
as applicable, shall be deemed also to be Right Certificates, (y) the Rights will be transferable only in connection with the transfer
of Common Stock and (z) the transfer of any shares of Common Stock in respect of which the Rights have been issued will also constitute
the transfer of the Rights associated with such shares of Common Stock. As soon as practicable after the Distribution Date, the
Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (or the Rights
Agent will, if requested to do so by the Company and provided with all necessary information and documentation, in form and substance
reasonably satisfactory to the Rights Agent, send), by first class, postage-prepaid mail, to each record holder of Common Stock
as of the close of business on the Distribution Date (other than an Acquiring Person or any Affiliate or Associate of an Acquiring
Person), at the address of such holder shown on the records of the Company or the transfer agent or registrar for the shares of
Common Stock, a Right Certificate, evidencing one Right for each share of Common Stock so held. As of and after the Distribution
Date, the Rights will be evidenced solely by such Right Certificates. The Company shall promptly notify the Rights Agent in writing
upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm the same in writing
within two (2) Business Days. Until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively
for all purposes that the Distribution Date has not occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Record Date or as soon as practicable thereafter, the Company will send a copy of a Summary of Preferred Stock Purchase
Rights, in substantially the form attached hereto as <U>Exhibit B</U> (the &ldquo;<U>Summary of Rights</U>&rdquo;), by first class,
postage-prepaid mail or other means used by the Company to deliver proxy statements to its shareholders, to each record holder
of Common Stock as of the close of business on the Record Date at the address of such holder shown on the records of the Company.
With respect to certificates for the Common Stock (or Book Entry shares of Common Stock) outstanding as of the Record Date, until
the Distribution Date, the Rights will be evidenced by such certificates registered in the names of the holders thereof (or such
Book Entry shares) together with a copy of the Summary of Rights. Until the Distribution Date (or if earlier, the Expiration Date),
the surrender for transfer of any certificate for Common Stock (or any Book Entry shares of Common Stock) outstanding on the Record
Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with the Common
Stock represented thereby.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights shall be issued in respect of all shares of Common Stock issued by the Company (including, without limitation,
upon disposition of Common Stock out of treasury stock or issuance or reissuance of Common Stock out of its authorized maximum
number of shares) after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date, or in certain
circumstances provided in <U>Section&nbsp;22</U>, after the Distribution Date. Certificates issued for Common Stock (including,
without limitation, upon transfer of outstanding Common Stock, disposition of Common Stock out of treasury stock or issuance or
reissuance of Common Stock out of its authorized maximum number of shares) after the Record Date but prior to the earlier of the
Distribution Date and the Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them the following
legend or such substantially similar legend as the Company may deem appropriate and is not inconsistent with the provisions of
this Agreement or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange or quotation system on which the shares of Common Stock may from time to time
be listed or quoted, or to conform to usage:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES
THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN THE RIGHTS AGREEMENT BETWEEN HIGHWAY HOLDINGS LIMITED AND COMPUTERSHARE TRUST
COMPANY, N.A. (OR ANY SUCCESSOR RIGHTS AGENT), AS RIGHTS AGENT, DATED AS OF MAY 8, 2018, AS THE SAME MAY BE SUPPLEMENTED OR AMENDED
FROM TIME TO TIME (THE &ldquo;<U>RIGHTS AGREEMENT</U>&rdquo;), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND
A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF HIGHWAY HOLDINGS LIMITED. THE RIGHTS ARE NOT EXERCISABLE PRIOR
TO THE OCCURRENCE OF CERTAIN EVENTS SPECIFIED IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS
AGREEMENT, SUCH RIGHTS MAY BE REDEEMED, MAY BE EXCHANGED, MAY EXPIRE, MAY BE AMENDED, OR MAY BE EVIDENCED BY SEPARATE CERTIFICATES
AND NO LONGER BE EVIDENCED BY THIS CERTIFICATE. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ACQUIRED
OR BENEFICIALLY OWNED BY ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON
(AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND THEIR TRANSFEREES WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Book Entry shares of
Common Stock, such legend in substantially similar form shall be included in a notice to the record holder of such shares in accordance
with applicable law. With respect to such certificates containing the foregoing legend, or any notice of the foregoing legend delivered
to holders of Book Entry shares, until the Distribution Date, the Rights associated with the Common Stock represented by such certificates
or Book Entry shares shall be evidenced by such certificates or Book Entry shares alone, and the surrender for transfer of any
such certificate or Book Entry share, except as otherwise provided herein, shall also constitute the transfer of the Rights associated
with the Common Stock represented thereby. In the event that the Company purchases or otherwise acquires any Common Stock after
the Record Date but prior to the Distribution Date, any Rights associated with such Common Stock shall be deemed canceled and retired
so that the Company shall not be entitled to exercise any Rights associated with the Common Stock which are no longer outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding this <U>Section&nbsp;3</U>,
neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability
of any part of this Agreement or the rights of any holder of the Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Right Certificates</U>. The Right Certificates (and the forms of election to purchase shares and of assignment
to be printed on the reverse thereof) shall be substantially the same as <U>Exhibit A</U> hereto and may have such marks of identification
or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (which shall not
affect the rights, duties, liabilities, protections, responsibilities or obligations of the Rights Agent as set forth in this Agreement)
and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with
any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or automated quotation system
on which the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of <U>Section&nbsp;22</U>,
the Right Certificates, whenever issued, on their face shall entitle the holders thereof to purchase such number of shares of Preferred
Stock as shall be set forth therein at the price per share set forth therein and in <U>Section 7(b)</U> (the &ldquo;<U>Purchase
Price</U>&rdquo;), but the number of such shares and the Purchase Price shall be subject to adjustment as provided herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Right Certificates shall be executed on behalf of the Company in the manner provided in the by-laws of the Company for
Common Stock certificates. The Right Certificates shall be countersigned by an authorized signatory of the Rights Agent, either
manually or by facsimile signature, and shall not be valid for any purpose unless so countersigned. In case any officer of the
Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature
by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered with the same force and effect as though the person who signed such Right Certificates had
not ceased to be such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any person who,
at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate,
although at the date of the execution of this Agreement any such person was not such an officer. In case any authorized signatory
of the Rights Agent who has countersigned any Right Certificate ceases to be an authorized signatory of the Rights Agent before
issuance and delivery by the Company, such Right Certificate, nevertheless, may be issued and delivered by the Company with the
same force and effect as though the person who countersigned such Right Certificate had not ceased to be an authorized signatory
of the Rights Agent; and any Right Certificate may be countersigned on behalf of the Rights Agent by any person who, at the actual
date of the countersignature of such Right Certificate, is properly authorized to countersign such Right Certificate, although
at the date of the execution of this Agreement any such person was not so authorized.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the Distribution Date, and upon receipt by the Rights Agent of (i) written notice of the Distribution Date pursuant
to <U>Section&nbsp;3(a)</U>, and (ii) a shareholder list and all relevant information and documentation reasonably requested by
the Rights Agent pursuant to <U>Section&nbsp;3(a)</U>, the Rights Agent will keep or cause to be kept, at its office or offices
designated for such purposes and at such other offices as may be required to comply with any applicable law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange or any quotation system on which the Rights
may from time to time be listed or quoted, books for registration and transfer of the Right Certificates issued hereunder. Such
books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on
its face by each of the Right Certificates and the date of each of the Right Certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates</U>.
Subject to the provisions of Section&nbsp;7(e) and Section&nbsp;14, at any time after the close of business on the Distribution
Date, and prior to the close of business on the Expiration Date, any Right Certificate or Right Certificates other than Right Certificates
representing Rights that have become void pursuant to Section&nbsp;11(b) or that have been exchanged pursuant to Section&nbsp;24
may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the registered
holder to purchase a like number of shares of Preferred Stock (or other securities, as the case may be) as the Right Certificate
or Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up,
combine or exchange any such Right Certificate or Right Certificates shall make such request in writing delivered to the Rights
Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined or exchanged at the
office or offices of the Rights Agent designated for such purposes, along with a signature guarantee (if required) and such other
and further documentation as the Company or the Rights Agent may reasonably request. Neither the Rights Agent nor the Company shall
be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate until the registered
holder shall have properly completed and duly executed the certificate contained in the form of assignment on the reverse side
of such Right Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial
Owner), any Affiliates or Associates thereof or of any other Person with which such Beneficial Owner or any of such Beneficial
Owner&rsquo;s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose
of acquiring, holding, voting or disposing of securities of the Company, as the Company or the Rights Agent may reasonably request.
Thereupon or as promptly as practicable thereafter, subject to the provisions of Section&nbsp;7(e) and Section&nbsp;14, the Company
will prepare, execute and deliver to the Rights Agent, and the Rights Agent will countersign and deliver to the Person entitled
thereto, a Right Certificate or Right Certificates, as the case may be, as so requested. As a condition to such transfer, division,
combination or exchange, the Company or the Rights Agent may require payment by the surrendering holder of a sum sufficient to
cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of the Right Certificates.
The Rights Agent shall have no duty or obligation to take any action under any Section of this Agreement that requires the payment
by a Rights holder of applicable taxes and/or charges unless and until it is satisfied that all such taxes and/or charges have
been paid, and the Rights Agent shall promptly forward any such sum collected by it to the Company or to such Person(s) as the
Company may specify by written notice.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of this Agreement,
at any time after the Distribution Date and prior to the Expiration Date, upon receipt by the Company and the Rights Agent of evidence
reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in the case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to them, along with such other and further documentation
as the Company or the Rights Agent may reasonably request and, at the Company&rsquo;s request, reimbursement to the Company and
the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the
Right Certificate if mutilated, the Company will execute and deliver a new Right Certificate of like tenor to the Rights Agent
for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered
holder of any Right Certificate (other than Right Certificates representing Rights that have become void pursuant to <U>Section&nbsp;11(b)</U>
or that have been exchanged pursuant to <U>Section&nbsp;24</U>) may, subject to <U>Section&nbsp;11(b)</U>, exercise the Rights
evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender
of the Right Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed
and duly executed (with such signature duly guaranteed, if required), to the Rights Agent at the office or offices of the Rights
Agent designated for such purposes, together with payment of the Purchase Price for each one one-thousandth of one share of the
Preferred Stock as to which the Rights are exercised, at or prior to the time (the &ldquo;<U>Expiration Date</U>&rdquo;) that is
the earliest of (i) the close of business on May 8, 2028 (the &ldquo;<U>Final Expiration Date</U>&rdquo;), (ii) the time at which
the Rights are redeemed as provided in <U>Section&nbsp;23</U> (the &ldquo;<U>Redemption Date</U>&rdquo;), (iii) the closing of
any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described in <U>Section&nbsp;1(d)(ii)(A)(z)</U>
and <U>Section&nbsp;13(f)</U> at which time the Rights are terminated, or (iv) the time at which such Rights are exchanged as provided
for in <U>Section&nbsp;24</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchase Price for each one one-thousandth of one share of the Preferred Stock purchasable upon the exercise of a Right
shall initially be $10.00, shall be subject to adjustment from time to time as provided in <U>Section&nbsp;11</U> and <U>Section&nbsp;13</U>,
and shall be payable in lawful money of the United States of America in accordance with <U>Section&nbsp;7(c)</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except or otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form
of election to purchase properly completed and duly executed, accompanied by payment of the Purchase Price for the shares of Preferred
Stock to be purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Right Certificate
in accordance with <U>Section&nbsp;6</U> in cash, or by certified check or cashier&rsquo;s check payable to the order of the Company,
the Rights Agent shall thereupon (i) (A) promptly requisition from any transfer agent of the Preferred Stock (or make available
if the Rights Agent is the transfer agent of the Preferred Stock), certificates for the number of shares of the Preferred Stock
to be purchased or, in the case of uncertificated shares or other securities, requisition from the transfer agent a notice setting
forth such number of shares or other securities to be purchased for which registration will be made on the stock transfer books
and in the register of members of the Company (and the Company hereby irrevocably authorizes its transfer agent to comply with
all such requests) or (B) if the Company elects to deposit the shares of Preferred Stock issuable upon the exercise of the Rights
hereunder with a depository agent, promptly requisition from the depositary agent depositary receipts representing such number
of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred
Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company hereby directs
the depositary agent to comply with such request(s), (ii) after receipt of such certificates (or notices or depositary receipts,
as the case may be) cause the same to be delivered to or upon the order of the registered holder of such Right Certificate, registered
in such name or names as designated by such holder, (iii) when necessary to comply with this Agreement, requisition from the Company
or any transfer agent thereof (or make available, if the Rights Agent is the transfer agent) certificates representing the number
of shares of equivalent preferred stock (or, in the case of uncertificated shares, a notice of the number of shares of equivalent
preferred stock for which registration will be made on the stock transfer books and in the register of members of the Company)
to be issued in lieu of the issuance of shares of Preferred Stock in accordance with the provisions of <U>Section&nbsp;11</U>,
(iv) when appropriate, after receipt of such certificates or notices, cause the same to be delivered to or upon the order of the
registered holder of such Right Certificate, registered in such name or names as designated by such holder, (v) when necessary
to comply with this Agreement, promptly requisition from the Company the amount of cash to be paid in lieu of the issuance of fractional
shares in accordance with <U>Section&nbsp;14</U> or in lieu of the issuance of shares of Preferred Stock in accordance with the
provisions of <U>Section&nbsp;11(c)</U>, (vi) when appropriate, after receipt, promptly deliver such cash to or upon the order
of the registered holder of such Right Certificate and (vii) when necessary to comply with this Agreement, deliver any due bill
or other instrument provided to the Rights Agent by the Company for delivery to the registered holder of such Right Certificate
as provided by <U>Section&nbsp;11(n)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case the registered holder of any Right Certificate shall properly exercise less than all the Rights evidenced thereby,
a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to
the registered holder of such Right Certificate or to such holder&rsquo;s duly authorized assigns, subject to the provisions of
<U>Section&nbsp;14</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated
to take any action whatsoever with respect to the purported transfer, split up, combination, exchange or exercise of a Right Certificate
pursuant to <U>Section&nbsp;6</U> or this <U>Section&nbsp;7</U> unless the registered holder shall have (i) properly completed
and duly executed the certificate following the form of assignment or the form of election to purchase, as applicable, set forth
on the reverse side of the Right Certificate surrendered for such transfer, split up, combination, exchange or exercise and (ii)
provided such additional evidence of the identity of the Beneficial Owner (or such former or proposed Beneficial Owner) or Affiliates
or Associates thereof as the Company or the Rights Agent may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Right Certificates</U>. All Right Certificates surrendered for the purpose of exercise,
transfer, split up, combination, redemption or exchange shall, if surrendered to the Company or to any of its stock transfer agents,
be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled
by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel
and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights
Agent shall deliver all cancelled Right Certificates to the Company, or shall, at the written request of the Company, destroy such
cancelled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation and Availability of Shares of Preferred Stock</U>. The Company covenants and agrees that it will cause to
be reserved and kept available out of its authorized maximum number of shares of Preferred Stock, or its shares of Preferred Stock
held in its treasury, the number of shares of the Preferred Stock that will be sufficient to permit the exercise in full of all
outstanding Rights in accordance with this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">So long as the Preferred Stock (and, following
the time that a Person becomes an Acquiring Person, shares of Common Stock) issuable upon the exercise of the Rights may be listed
on a national securities exchange or quoted on a quotation system, the Company shall endeavor to cause, from and after such time
as the Rights become exercisable, all shares reserved for issuance upon the exercise of the Rights to be listed or admitted on
such exchange or quoted on such system upon official notice of issuance upon such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants and agrees that it
will take all such action as may be necessary to ensure that all shares of Preferred Stock (and, following the time that a Person
becomes an Acquiring Person, shares of Common Stock) issued (or evidenced by registration in the register of members of the Company)
upon the exercise of the Rights shall be, at the time of delivery of the certificates for (or registration of) and subject to payment
of the Purchase Price, duly and validly authorized and issued and fully paid and nonassessable shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants and agrees that it
will pay when due and payable any and all federal and state transfer taxes and charges that may be payable in respect of the issuance
or delivery of the Right Certificates and of any certificates representing securities issued upon the exercise of the Rights (or,
if such securities are uncertificated, the registration of such securities on the stock transfer books and in the register of members
of the Company). The Company shall not, however, be required (a) to pay any tax or charge that may be payable in respect of any
transfer involved in the transfer or delivery of the Right Certificates or the issuance or delivery of certificates for (or the
registration of) the Preferred Stock in a name other than that of the registered holder of the Right Certificate evidencing Rights
surrendered for exercise or (b) to issue or deliver any certificates for shares of the Preferred Stock upon the exercise of any
Rights or depository receipts or notices representing securities issued upon the exercise of any Rights until any such tax or charge
shall have been paid (any such tax or charge being payable by the holder of such Right Certificate at the time of surrender) or
until it has been established to the Company&rsquo;s or the Rights Agent&rsquo;s satisfaction that no such tax or charge is due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall, if legally required,
(i) prepare and file, as soon as reasonably practicable following the Distribution Date, a registration statement under the Securities
Act with respect to the securities purchasable upon the exercise of or exchangeable for the Rights on an appropriate form, (ii)
use its best efforts to (A) cause such registration statement to become effective as soon as reasonably practicable after such
filing, and (B) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements
of the Securities Act) until the earlier of the date as of which the Rights are no longer exercisable for such securities and the
Expiration Date. The Company also shall take all such action as may be required or as is appropriate under the securities or blue
sky laws of such jurisdictions as may be necessary or appropriate with respect to the securities purchasable upon the exercise
of or exchangeable for the Rights. The Company may temporarily suspend, for a period not to exceed 120 calendar days following
the Distribution Date, the exercisability of the Rights in order to prepare and file such registration statement and permit it
to become effective. Upon any such suspension of exercisability of the Rights referred to in this paragraph, the Company shall
issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement
at such time as the suspension is no longer in effect, in each case with simultaneous written notice to the Rights Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preferred Stock Record Date</U>. Each Person in whose name any certificate representing shares of the Preferred Stock
(or other securities, as the case may be) is issued (or in which such securities are registered upon the stock transfer books or
in the register of members of the Company) upon the exercise of the Rights shall for all purposes be deemed to have become the
holder of record of the Preferred Stock (or other securities, as the case may be) represented thereby on, and such certificate
(or registration) shall be dated, the date upon which the Right Certificate evidencing such Rights, together with the form of election
to purchase duly completed and executed, was duly surrendered and payment of the Purchase Price (and any applicable taxes or charges)
was made; <U>provided</U>, <U>however</U>, that if the date of such surrender and payment is a date upon which the Preferred Stock
(and/or other securities, as the case may be) transfer books or register of members of the Company are closed, such Person shall
be deemed to have become the record holder of such securities on, and such certificate (or registration) shall be dated, the next
succeeding Business Day on which the Preferred Stock (and/or other securities, as the case may be) transfer books or register of
members of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall
not be entitled to any rights of a shareholder of the Company with respect to shares for which the Rights shall be exercisable,
including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights,
and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Stock
payable in Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock into a smaller
number of shares of Preferred Stock or (D) issue any shares of its authorized maximum shares in a reclassification of the Preferred
Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing
or surviving corporation), except as otherwise provided in this <U>Section&nbsp;11(a)</U>, the Purchase Price in effect at the
time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the
number and kind of shares issuable on such date upon the exercise of a Right, shall be proportionately adjusted so that the holder
of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares that, if such Right
had been exercised immediately prior to such date and at a time when the Preferred Stock transfer books or register of members
of the Company were open, the holder would have owned upon such exercise and been entitled to receive by virtue of such dividend,
subdivision, combination or reclassification; <U>provided</U>, <U>however</U>, that in no event shall the consideration to be paid
upon the exercise of one Right be less than the aggregate par value of the shares of Preferred Stock issuable upon the exercise
of one Right. If an event occurs that would require an adjustment under both this <U>Section&nbsp;11(a)</U> and <U>Section&nbsp;11(b)</U>,
the adjustment provided for in this <U>Section&nbsp;11(a)</U> shall be in addition to, and shall be made prior to, any adjustment
required pursuant to <U>Section&nbsp;11(b)</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 24</U>, in the event any Person becomes an Acquiring Person, each holder of a Right shall thereafter
have a right to receive, upon the exercise thereof at a price equal to the Purchase Price in effect immediately prior to such Person
becoming an Acquiring Person multiplied by the number of one one-thousandths of a share of Preferred Stock for which a Right is
then exercisable, in accordance with the terms of this Agreement, in lieu of the number of one one-thousandths of a share of Preferred
Stock for which a Right otherwise was exercisable immediately prior to the occurrence of such event, such number of shares of Common
Stock as shall equal the result obtained by (A) multiplying such Purchase Price by the number of one one-thousandths of a share
of Preferred Stock for which a Right is then exercisable and dividing that product by (B) 50% of the current market price per share
of the Common Stock (determined pursuant to <U>Section&nbsp;11(f)</U>) on the date of the occurrence of such event; <U>provided</U>,
<U>however</U>, that if the transaction that would otherwise give rise to the adjustment is also subject to the provisions of <U>Section&nbsp;13</U>,
then only the provisions of <U>Section&nbsp;13</U> shall apply and no adjustment shall be made pursuant to this sentence. Notwithstanding
anything in this Agreement to the contrary, however, from and after the time (the &ldquo;<U>invalidation time</U>&rdquo;) when
any Person first becomes an Acquiring Person, any Rights that are or were acquired or beneficially owned by any Acquiring Person
(or any Affiliate or Associate of any Acquiring Person), including, without limitation, any such Rights when held by (1) a transferee
of any Acquiring Person (or any such Affiliate or Associate) who becomes a transferee after the invalidation time, (2) a transferee
of any Acquiring Person (or any such Affiliate or Associate) who became a transferee prior to or concurrently with the invalidation
time pursuant to either (x) a transfer from the Acquiring Person to holders of its equity securities or to any Person with whom
it has any continuing agreement, arrangement or understanding, written or otherwise, regarding the transferred Rights or (y) a
transfer that the Board of Directors of the Company determines is part of a plan, arrangement or understanding, written or otherwise,
that has the purpose or effect of avoiding the provisions of this <U>Section&nbsp;11(b)</U>, or (3) a subsequent transferee of
any Person described in the foregoing clauses (1) or (2), shall be null and void without any further action and any holder of such
Rights shall thereafter have no right to exercise such Rights under any provision of this Agreement. The Company shall use all
reasonable efforts to ensure that the provisions of this <U>Section&nbsp;11(b)</U> are complied with, but shall have no liability
to any holder of the Rights or other Person as a result of its failure to make any determinations with respect to an Acquiring
Person or its Affiliates, Associates or transferees hereunder. No Right Certificate shall be issued pursuant to <U>Section&nbsp;3</U>,
<U>Section&nbsp;6</U> or <U>Section&nbsp;7(d)</U> that represents Rights beneficially owned by an Acquiring Person whose Rights
would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof; no Right Certificate shall be
issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be null and void pursuant to the preceding
sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Right
Certificate delivered to the Rights Agent for transfer to an Acquiring Person or any Associate or Affiliate whose Rights would
be null and void pursuant to the provisions of this paragraph shall be cancelled.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, at its sole option and election, substitute for a share of Common Stock issuable upon the exercise of Rights
in accordance with <U>Section&nbsp;11(b)</U> a number of shares of Preferred Stock or fraction thereof such that the current market
price per share of one share of Preferred Stock multiplied by such number or fraction is equal to the current market price per
share of one share of Common Stock. In the event that there shall not be sufficient shares of Common Stock issued but not outstanding
or authorized maximum number of shares of Common Stock to permit the exercise in full of the Rights in accordance with <U>Section&nbsp;11(b)</U>,
the Board of Directors of the Company shall, with respect to such deficiency, to the extent permitted by applicable law and any
material agreements then in effect to which the Company is a party, (A)&nbsp;determine the excess (such excess, the &ldquo;<U>Spread</U>&rdquo;)
of (1) the value of the shares of Common Stock issuable upon the exercise of a Right in accordance with <U>Section&nbsp;11(b)</U>
(the &ldquo;<U>Current Value</U>&rdquo;) over (2) the Purchase Price (as adjusted in accordance with <U>Section&nbsp;11(b)</U>)
and (B)&nbsp;with respect to each Right (other than Rights that have become null and void pursuant to <U>Section&nbsp;11(b)</U>),
make adequate provision to substitute for the shares of Common Stock issuable in accordance with <U>Section&nbsp;11(b)</U> upon
the exercise of the Right(s) and payment of the applicable Purchase Price, (1) cash, (2) a reduction in such Purchase Price, (3)
shares of Preferred Stock or other equity securities of the Company (including, without limitation, shares or fractions of shares
of Preferred Stock that, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the shares
of Common Stock, are deemed in good faith by the Board of Directors of the Company to have substantially the same value as the
shares of Common Stock (such shares of Preferred Stock and shares or fractions of shares of preferred stock are hereinafter referred
to as &ldquo;<U>Common Stock Equivalents</U>&rdquo;)), (4) debt securities of the Company, (5) other assets or (6) any combination
of the foregoing, having a value that, when added to the value of the shares of Common Stock issued upon the exercise of such Right(s),
shall have an aggregate value equal to the Current Value (less the amount of any reduction in such Purchase Price), where such
aggregate value has been determined by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that if the Company
shall not make adequate provision to deliver value pursuant to clause (B) above within 30 calendar days following the date on which
any Person becomes an Acquiring Person (the date on which any Person becomes an Acquiring Person being the &ldquo;<U>Section&nbsp;11(c)
Trigger Date</U>&rdquo;), then the Company shall be obligated to issue, to the extent permitted by applicable law and any material
agreements then in effect to which the Company is a party, upon the surrender for exercise of a Right and without requiring payment
of such Purchase Price, shares of Common Stock (to the extent available), and then, if necessary, such number or fractions of shares
of Preferred Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal
to the Spread. If, upon any Person becoming an Acquiring Person, the Board of Directors of the Company shall determine in good
faith that it is likely that the authorized maximum number of shares of Common Stock could be increased upon the exercise in full
of the Rights, then, if the Board of Directors of the Company so elects, the 30 calendar day period set forth above may be extended
to the extent necessary, but not more than 90 calendar days after the <U>Section&nbsp;11(c)</U> Trigger Date, in order that the
Company may seek shareholder approval, if necessary, for the increase of its authorized maximum number of shares of Common Stock
(such 30 calendar day period, as it may be extended, is herein called the &ldquo;<U>Substitution Period</U>&rdquo;). To the extent
that the Company determines that some action need be taken pursuant to the second and/or third sentence of this <U>Section&nbsp;11(c)</U>,
the Company (x) shall provide, subject to <U>Section&nbsp;11(b)</U> and the last sentence of this <U>Section&nbsp;11(c)</U>, that
such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration
of the Substitution Period in order to seek any increase of its authorized maximum number of shares and/or to decide the appropriate
form of distribution to be made pursuant to such second sentence and to determine the value thereof. In the event of any such suspension,
the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as
well as a public announcement at such time as the suspension is no longer in effect, in each case with simultaneous written notice
to the Rights Agent. For the purposes of this <U>Section&nbsp;11(c)</U>, the value of the shares of Common Stock shall be the current
market price per share (as determined pursuant to <U>Section&nbsp;11(f)</U>) on the <U>Section&nbsp;11(c)</U> Trigger Date and
the per share or fractional value of any Common Stock Equivalent shall be deemed to equal the current market price per share of
the Common Stock. The Board of Directors of the Company may, but shall not be required to, establish procedures to allocate the
right to receive shares of Common Stock upon the exercise of the Rights among the holders of the Rights pursuant to this <U>Section&nbsp;11(c)</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred
Stock entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred
Stock (or shares having the same rights, privileges and preferences as the Preferred Stock (&ldquo;<U>equivalent preferred stock</U>&rdquo;))
or securities convertible into Preferred Stock or equivalent preferred stock at a price per share of Preferred Stock or equivalent
preferred stock (or having a conversion price per share, if a security convertible into Preferred Stock or equivalent preferred
stock) less than the current market price per share of the Preferred Stock (as defined in <U>Section&nbsp;11(f)</U>) on such record
date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock and
equivalent preferred stock outstanding on such record date plus the number of shares of Preferred Stock and equivalent preferred
stock that the aggregate offering price of the total number of shares of Preferred Stock and/or equivalent preferred stock so to
be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such
current market price and the denominator of which shall be the number of shares of Preferred Stock outstanding on such record date
plus the number of additional shares of Preferred Stock and/or equivalent preferred stock to be offered for subscription or purchase
(or into which the convertible securities so to be offered are initially convertible); <U>provided</U>, <U>however</U>, that in
no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares issuable
upon the exercise of one Right. In case such subscription price may be paid in consideration part or all of which shall be in a
form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company,
whose determination shall be described in a written statement filed with the Rights Agent. Shares of Preferred Stock and equivalent
preferred stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation.
Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights or warrants
are not so issued, the Purchase Price shall be adjusted to be the Purchase Price that would then be in effect if such record date
had not been fixed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case the Company shall fix a record date for the making of a distribution to all holders of Preferred Stock (including
any such distribution made in connection with a consolidation or merger in which the Company is the continuing corporation) of
evidences of indebtedness, cash, assets or stock (other than (i) a regular periodic cash dividend, the record date for which occurs
at a time when there is no Acquiring Person, or (ii) a regular periodic cash dividend, the record date for which occurs at a time
when there is an Acquiring Person, at a rate not in excess of 125% of the rate of the last cash dividend theretofore paid or (iii)
a dividend payable in Preferred Stock) or subscription rights or warrants (excluding those referred to in <U>Section&nbsp;11(d)</U>),
the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the current market price per share of the Preferred Stock
(determined pursuant to <U>Section&nbsp;11(f)</U>) on such record date, less the fair market value (as determined by the Board
of Directors of the Company, whose determination shall be described in a written statement filed with the Rights Agent) of the
portion of the evidences of indebtedness, cash, assets or stock so to be distributed or of such subscription rights or warrants
applicable to one share of Preferred Stock and the denominator of which shall be such current market price per share of the Preferred
Stock (determined pursuant to <U>Section&nbsp;11(f)</U>); <U>provided</U>, <U>however</U>, that in no event shall the consideration
to be paid upon the exercise of one Right be less than the aggregate par value of the shares issuable upon the exercise of one
Right. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution
is not so made, the Purchase Price shall again be adjusted to be the Purchase Price that would then be in effect if such record
date had not been fixed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purpose of any computation hereunder, the &ldquo;<U>current market price per share</U>&rdquo; of any security (a
&ldquo;<U>Security</U>&rdquo;) on any date shall be deemed to be the average of the daily closing prices per share of such Security
for the 30 consecutive Trading Days (as herein defined) immediately prior to such date; <U>provided</U>, <U>however</U>, that in
the event that the current market price per share of the Security is determined during the period following the announcement by
the issuer of such Security of (A) a dividend or distribution on such Security payable in shares of such Security or securities
convertible into shares of such Security (other than the Rights), or (B) any subdivision, combination or reclassification of such
Security, and prior to the expiration of 30 Trading Days after (but not including) the ex-dividend date for such dividend or distribution,
or the record date for such subdivision, combination or reclassification, then, and in each such case, the current market price
per share shall be appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing
price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of
the closing bid and ask prices, regular way, in either case as reported in the principal consolidated transaction reporting system
with respect to securities listed or admitted to trading on NASDAQ or, if the Security is not listed or admitted to trading on
NASDAQ, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal
national securities exchange on which the Security is listed or admitted to trading or, if the Security is not listed or admitted
to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low
ask prices in the over-the-counter market, as reported by such market then in use or such other system then in use, or, if on any
such date the Security is not quoted by such organization, the average of the closing bid and ask prices as furnished by a professional
market maker making a market in the Security selected by the Board of Directors of the Company. The term &ldquo;<U>Trading Day</U>&rdquo;
shall mean a day on which the principal national securities exchange on which the Security is listed or admitted to trading is
open for the transaction of business or, if the Security is not listed or admitted to trading on any national securities exchange,
a Business Day. For the purpose of any computation hereunder, if the Preferred Stock is publicly traded, the &ldquo;<U>current
market price per share</U>&rdquo; of Preferred Stock shall be determined in the same manner as set forth above for Common Stock
in this <U>Section&nbsp;11(f)</U>. If the Preferred Stock is not publicly traded or if the current market price per share of Preferred
Stock cannot be determined in the manner provided above, but the Common Stock is publicly traded, the &ldquo;<U>current market
price per share</U>&rdquo; of Preferred Stock shall be conclusively deemed to be the current market price per share of Common Stock
(appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied
by one thousand. If neither the Common Stock nor the Preferred Stock is publicly held or so listed or traded, the &ldquo;<U>current
market price per share</U>&rdquo; of Preferred Stock shall mean the fair value per share as determined in good faith by the Board
of Directors of the Company, whose determination shall be described in a written statement filed with the Rights Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or a decrease of
at least 1% in the Purchase Price; <U>provided</U>, <U>however</U>, that any adjustments that by reason of this <U>Section&nbsp;11(g)</U>
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under
this <U>Section&nbsp;11</U> shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or other
share (other than Preferred Stock) or ten-millionth of a share of Preferred Stock, as the case may be. Notwithstanding the first
sentence of this <U>Section&nbsp;11(g)</U>, any adjustment required by this <U>Section&nbsp;11</U> shall be made no later than
the earlier of (A) three years from the date of the transaction that mandates such adjustment or (B) the Expiration Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If as a result of an adjustment made pursuant to this <U>Section&nbsp;11</U>, the holder of any Right thereafter exercised
shall become entitled to receive any shares of the Company or of any Principal Party other than shares of the Preferred Stock,
thereafter the number and/or kind of such other securities so receivable upon the exercise of any Right (and/or the Purchase Price
in respect thereof) shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the Preferred Stock (and the Purchase Price in respect thereof) contained in this <U>Section&nbsp;11</U>
and the provisions of <U>Section&nbsp;7</U>, <U>Section&nbsp;9</U>, <U>Section 10</U>, <U>Section 13</U> and <U>Section 14</U>
with respect to the shares of the Preferred Stock shall apply on like terms to any such other securities (and the Purchase Price
in respect thereof).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence
the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share of the Preferred Stock purchasable
from time to time hereunder upon the exercise of the Rights, all subject to further adjustment as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Company shall have exercised its election as provided in <U>Section&nbsp;11(k)</U>, upon each adjustment of the
Purchase Price as a result of the calculations made in <U>Section&nbsp;11(d)</U> and <U>Section&nbsp;11(e)</U>, each Right outstanding
immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price
per one one-thousandth of a share of Preferred Stock, that number of one one-thousandths of a share of Preferred Stock (calculated
to the nearest ten-millionth) obtained by (i) multiplying (x) the number of one one-thousandths of a share of Preferred Stock covered
by a Right immediately prior to this adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the
Purchase Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the
Purchase Price.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number of Rights in substitution
for any adjustment in the number of one one-thousandths of a share of the Preferred Stock purchasable upon the exercise of a Right.
Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of one one-thousandths
of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record
prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest ten-millionth) obtained
by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect
immediately after the adjustment of the Purchase Price. The Company shall make a public announcement of its election to adjust
the number of Rights (with simultaneous written notice thereof to the Rights Agent), indicating the record date for the adjustment
to be made and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase
Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten calendar days later
than the date of the public announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights
pursuant to this <U>Section&nbsp;11(k)</U>, the Company may, as promptly as practicable, cause to be distributed to the holders
of record of the Right Certificates on such record date Right Certificates evidencing, subject to <U>Section&nbsp;14</U>, the additional
Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to
be distributed to such holders of record in substitution and replacement for the Right Certificates held by such holders prior
to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights
to which such holders shall be entitled after such adjustment. Right Certificates so to be distributed shall be issued, executed
and countersigned in the manner provided for herein and shall be registered in the names of the holders of record of the Right
Certificates on the record date specified in the public announcement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Irrespective of any adjustment or change in the Purchase Price, the kinds of securities and/or the number of one one-thousandths
of a share of the Preferred Stock or other securities issuable upon the exercise of the Rights, the Right Certificates theretofore
and thereafter issued may continue to express the Purchase Price per one one-thousandth of a share of Preferred Stock and the number
of one one-thousandths of a share of Preferred Stock that were expressed in the initial Right Certificates issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of
the fraction of a share of the Preferred Stock or of any other securities of the Company issuable upon the exercise of the Rights,
the Company shall take any corporate action that may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue fully paid and nonassessable shares of such Preferred Stock, or other securities as the case may be,
at such adjusted Purchase Price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In any case in which this <U>Section&nbsp;11</U> shall require that an adjustment in the Purchase Price be made effective
as of a record date for a specified event, the Company may elect (with simultaneous written notice of such election to the Rights
Agent) to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record date the
shares of Preferred Stock or other securities of the Company, if any, issuable upon such exercise over and above the shares of
the Preferred Stock and other securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price
in effect prior to such adjustment; <U>provided</U>, <U>however</U>, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder&rsquo;s right to receive such additional shares upon the occurrence of the
event requiring such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything in this <U>Section&nbsp;11</U> to the contrary notwithstanding, the Company shall be entitled to make such adjustments
in the Purchase Price, in addition to those adjustments expressly required by this <U>Section&nbsp;11</U>, as and to the extent
that it, in its sole discretion, shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred
Stock, (ii) issuance wholly for cash of any shares of the Preferred Stock at less than the current market price, (iii) issuance
wholly for cash of any shares of the Preferred Stock or securities that by their terms are convertible into or exchangeable for
Preferred Stock, (iv) stock dividends on the Preferred Stock payable in Preferred Stock or (v) issuance of rights, options or warrants
referred to hereinabove in this <U>Section&nbsp;11</U>, hereafter made by the Company to holders of its Preferred Stock shall not
be taxable to such shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, in the event that at any time after the date of this Agreement
and prior to the Distribution Date, the Company shall (i)&nbsp;declare or pay any dividend on the outstanding Common Stock payable
in Common Stock or (ii)&nbsp;effect a subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise
than by payment of dividends in Common Stock) into a greater or lesser number of shares of Common Stock, then in any such case,
the number of Rights associated with each share of Common Stock then issued and outstanding, or issued thereafter, shall be proportionately
adjusted so that the number of Rights thereafter associated with each share of Common Stock following any such event shall equal
the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior to such event
by a fraction the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence
of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following
the occurrence of such event. The adjustments provided for in this <U>Section&nbsp;11(p)</U> shall be made successively whenever
such a dividend is declared or paid or such a subdivision, combination or consolidation is effected. If an event occurs that would
require an adjustment under <U>Section&nbsp;11(b)</U> and this <U>Section&nbsp;11(p)</U>, the adjustments provided for in this
<U>Section&nbsp;11(p)</U> shall be in addition and prior to any adjustment required pursuant to <U>Section&nbsp;11(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that, after the earlier of the Distribution Date or the Share Acquisition Date, it will not, except as
permitted by <U>Section&nbsp;23</U>, <U>Section&nbsp;24</U> or <U>Section&nbsp;27</U>, take (or permit any subsidiary to take)
any action if, at the time such action is taken, it is reasonably foreseeable that such action will diminish substantially or eliminate
the benefits intended to be afforded by the Rights.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificate of Adjusted Purchase Price or Number of Shares</U>. Whenever an adjustment is made as provided in <U>Section&nbsp;11</U>
and <U>Section&nbsp;13</U>, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief written
statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent and with each transfer agent for
the Common Stock and the Preferred Stock a copy of such certificate and (c) if a Distribution Date has occurred, mail a brief summary
thereof to each holder of a Right Certificate in accordance with <U>Section 26</U>. Notwithstanding the foregoing sentence, the
failure by the Company to make such certification or give such notice shall not affect the validity of such adjustment or the force
and effort of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate
and on any adjustments or statements contained therein and shall have no duty or liability with respect to and shall not be deemed
to have knowledge of any such adjustment or event unless and until it shall have received such certificate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that, following the time at which any Person becomes an Acquiring Person, (i) the Company shall consolidate
with, or merge with and into, any other Person, (ii) any Person shall consolidate with or merge with and into the Company and the
Company shall be the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the
Common Stock shall be changed into or exchanged for stock or other securities of any other Person (or the Company) or cash or any
other property, or (iii) the Company shall sell or otherwise transfer (or one or more of its subsidiaries shall sell or otherwise
transfer), in one or more transactions, assets or earning power (including without limitation securities creating any obligation
on the part of the Company and/or its subsidiaries) aggregating more than 50% of the assets or earning power of the Company and
its subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or more of its direct or indirect
wholly-owned subsidiaries), then, and in each such case, proper provision shall be made so that (A) each holder of a Right (other
than Rights that have become void pursuant to <U>Section&nbsp;11(b)</U>) shall thereafter have the right to receive, upon the exercise
thereof at the Purchase Price in effect immediately prior to such Person becoming an Acquiring Person multiplied by the number
of one one-thousandths of a share of Preferred Stock for which a Right is then exercisable, in accordance with the terms of this
Agreement and in lieu of shares of Preferred Stock or Common Stock, such number of shares of validly issued, fully paid, non-assessable
and freely tradable Senior Voting Stock of the Principal Party (including the Company as successor thereto or as the surviving
corporation), unencumbered and not subject to any liens, encumbrances, rights of call or first refusal or other adverse claims,
as shall be equal to the result obtained by (1) multiplying such Purchase Price by the then number of one one-thousandths of share
of Preferred Stock for which a Right is then exercisable and dividing that product by (2) 50% of the current market price per share
of the Senior Voting Stock of such Principal Party (determined in the manner described in <U>Section&nbsp;11(d)</U>) on the date
of consummation of such consolidation, merger, sale or transfer; (B)&nbsp;the Principal Party shall thereafter be liable for, and
shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant
to this Agreement; (C) the term &ldquo;<U>Company</U>&rdquo; shall thereafter be deemed to refer to such Principal Party, it being
specifically intended that the provisions of <U>Section&nbsp;11</U> shall apply to such Principal Party following the occurrence
of such consolidation, merger, sale or transfer; and (D) such Principal Party shall take such steps (including, but not limited
to, the reservation of a sufficient number of shares of its Senior Voting Stock in accordance with <U>Section&nbsp;9</U>, with
each reference to Preferred Stock in <U>Section&nbsp;9</U> being deemed to be a reference to the shares of its Senior Voting Stock)
in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as
nearly as reasonably may be, in relation to the shares of its Senior Voting Stock thereafter issuable upon the exercise of the
Rights.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Principal Party</U>&rdquo; shall mean (i) in the case of any transaction described in <U>Section&nbsp;13(a)(i)</U>
or <U>Section&nbsp;13(a)(ii)</U>, the Person (including the Company as the continuing or surviving corporation of a transaction
described in <U>Section&nbsp;13(a)(ii)</U>) that is the issuer of any securities into which shares of Common Stock are converted
in such merger or consolidation or, if there is more than one such issuer, the issuer of the shares of common stock which have
the greatest aggregate market value of shares outstanding, and if no securities are so issued (A) the Person that is the other
party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the shares of Common
Stock of which have the greatest aggregate market value of shares outstanding or (B) if the Person that is the other party to the
merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (C) the Person
resulting from the consolidation; and (ii) in the case of any transaction described in <U>Section&nbsp;13(a)(iii)</U>, the Person
that is the other party to such transaction or, if more than one, the Person that is the party receiving the greatest portion of
the assets or earning power (including without limitation securities creating any obligation on the part of the Company and/or
its subsidiaries) transferred pursuant to such transaction or transactions or, if each Person that is a party to such transaction
or transactions receives the same portion of the assets or earning power so transferred or if the Person receiving the greatest
portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of common stock having the
greatest aggregate market value of shares outstanding; <U>provided</U>, <U>however</U>, that in any such case, if the Senior Voting
Stock of such Person is not at such time and has not been continuously over the preceding 12-month period registered under <U>Section&nbsp;12</U>
of the Exchange Act, then (A) if such Person is a direct or an indirect subsidiary of another Person the Senior Voting Stock of
which is and has been so registered, the term &ldquo;<U>Principal Party</U>&rdquo; shall refer to such other Person; or (B) if
such Person is a subsidiary, directly or indirectly, of more than one Person and the Senior Voting Stock of any two or more of
such Persons is and has been so registered, the term &ldquo;<U>Principal Party</U>&rdquo; shall refer to whichever of such Persons
is the issuer of the Senior Voting Stock having the greatest aggregate market value of shares outstanding; or (C) if such Person
is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly,
by the same Person, the rules set forth in clauses (A) and (B) above shall apply to each of the owners having an interest in such
joint venture as if such joint venture were a subsidiary of both or all of such joint venturers and the Principal Party in each
such chain shall bear the obligations set forth in this <U>Section&nbsp;13</U> in the same ratio as their direct or indirect interests
in such joint venture bear to the total of such interests. &ldquo;<U>Senior Voting Stock</U>&rdquo; shall mean the capital stock
or shares (or equity interest) of the Principal Party with the greatest voting power.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not consummate any such consolidation, merger, sale or transfer referenced in clauses (i), (ii) and (iii)
of <U>Section&nbsp;13(a)</U> unless prior thereto the Company and such Principal Party or Parties shall have executed and delivered
to the Rights Agent a supplemental agreement providing for the terms set forth in <U>Section&nbsp;13(a)</U> and <U>Section&nbsp;13(b)</U>
and further providing that, as soon as practicable after the date of any such consolidation, merger or sale or transfer of assets,
the Principal Party or Parties (i) will prepare and file a registration statement under the Securities Act, if necessary, with
respect to the Rights and the securities purchasable upon the exercise of the Rights on an appropriate form, and use its best efforts
(A) to cause such registration statement to become effective as soon as practicable after such filing, (B) to cause such registration
statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration
Date, and (C) to similarly comply with applicable state securities laws, and list (or continue the listing of) the Rights and the
securities purchasable upon the exercise of the Rights on a national securities exchange; (ii) use its best efforts, if the common
stock of the Principal Party shall be listed or admitted to trading on NASDAQ or on another national securities exchange, to list
or admit to trading (or continue the listing of) the Rights and the securities purchasable upon the exercise of the Rights on such
securities exchange, or, if the common stock of the Principal Party shall not be listed or admitted to trading on NASDAQ or another
national securities exchange, to cause the Rights and the securities receivable upon the exercise of the Rights to be authorized
for quotation on any other system then in use; and (iii) will deliver to the holders of the Rights historical financial statements
for the Principal Party or Parties and each of its Affiliates that comply in all respects with the requirements for registration
on Form 10 (or any successor form) under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Principal Party has a provision in any of its authorized securities or in its certificate of incorporation or by-laws
or other instrument governing its affairs, which provision would have the effect of (i) causing such Principal Party to issue (other
than to the holders of the Rights pursuant to this <U>Section&nbsp;13</U>), in connection with, or as a consequence of, the consummation
of a transaction referred to in clauses (i), (ii) and (iii) of <U>Section&nbsp;13(a)</U>, shares of Senior Voting Stock or Senior
Voting Stock equivalents of such Principal Party at less than the then-current market price per share thereof (determined pursuant
to <U>Section&nbsp;11(f)</U>) or securities exercisable for, or convertible into, Senior Voting Stock or Senior Voting Stock equivalents
of such Principal Party at less than such then-current market price or (ii) providing for any special payment, tax or similar provision
in connection with the issuance of the Senior Voting Stock of such Principal Party pursuant to the provisions of this <U>Section&nbsp;13</U>,
then, in such event, the Company hereby covenants and agrees with each holder of the Rights that it shall not consummate any such
transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental
agreement providing that the provision in question of such Principal Party shall have been canceled, waived or amended, or that
the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence
of, the consummation of the proposed transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company covenants and agrees that it shall not, at any time after a Person first becomes an Acquiring Person, enter
into any transaction referred to in clauses (i), (ii) and (iii) of <U>Section&nbsp;13(a)</U> if (i) at the time of or immediately
after such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements
that, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be
afforded by the Rights, (ii) prior to, simultaneously with or immediately after such transaction, the shareholders of the Person
who constitutes, or would constitute, the Principal Party for purposes of <U>Section&nbsp;13(b)</U> shall have received a distribution
of the Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization
of the Principal Party would preclude or limit the exercisability of the Rights. The provisions of this <U>Section&nbsp;13</U>
shall similarly apply to successive mergers or consolidations or sales or other transfers. In the event that a consolidation, merger,
sale or transfer referenced in clauses (i), (ii) or (iii) of <U>Section&nbsp;13(a)</U> occurs at any time after the occurrence
of a Person becoming an Acquiring Person, except for Rights that have become null and void pursuant to <U>Section&nbsp;11(b)</U>,
the Rights that shall not have been previously exercised will cease to be exercisable in the manner provided in <U>Section&nbsp;11(b)</U>
and will thereafter be exercisable in the manner provided in <U>Section&nbsp;13(a)</U>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything contained herein to the contrary, in the event of any merger or other acquisition transaction involving
the Company pursuant to a merger or other acquisition agreement between the Company and any Person (or one or more of such Person&rsquo;s
Affiliates or Associates) which agreement has been approved by the Board of Directors of the Company prior to any Person becoming
an Acquiring Person, this Agreement and the rights of the holders of the Rights hereunder shall be terminated in accordance with
<U>Section&nbsp;7(a)</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of Rights or to distribute Right Certificates that evidence fractional
Rights (except prior to the Distribution Date in accordance with <U>Section&nbsp;11(a)</U>). In lieu of such fractional Rights,
there shall be paid to the registered holders of the Right Certificates, with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this
<U>Section&nbsp;14(a)</U>, the current market value of a whole Right shall be the closing price of the Rights for the Trading Day
immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day
shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and
ask prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on NASDAQ or, if the Rights are not listed or admitted to trading on NASDAQ, as reported
in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities
exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed or admitted to trading on any national
securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low ask prices in the over-the-counter
market, as reported by such market then in use or, if on any such date the Rights are not quoted by any such organization, the
average of the closing bid and ask prices as furnished by a professional market maker making a market in the Rights, selected by
the Board of Directors of the Company. If on any such date, no such market maker is making a market in the Rights, the fair market
value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be used.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions that are integral
multiples of one one-thousandth of a share of Preferred Stock) upon the exercise or exchange of the Rights or to distribute certificates
that evidence fractional shares of Preferred Stock (other than fractions that are integral multiples of one one-thousandth of a
share of Preferred Stock). Fractions of shares of Preferred Stock in integral multiples of one one-thousandth of a share of Preferred
Stock may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the
Company and a depositary selected by it, provided, that such agreement shall provide that the holders of such depositary receipts
shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of shares of the Preferred
Stock represented by such depository receipts. In lieu of fractional shares that are not integral multiples of one one-thousandth
of a share of Preferred Stock, the Company shall pay to the registered holders of the Right Certificates with regard to which such
fractional shares would otherwise be issuable at the time such Rights are exercised an amount in cash equal to the same fraction
of the current market value of a whole share of Preferred Stock. For the purposes of this <U>Section&nbsp;14(b)</U>, the current
market value of a whole share of Preferred Stock shall be the closing price of a share of Preferred Stock (as determined pursuant
to the second sentence of <U>Section&nbsp;11(d)(i)</U>) for the Trading Day immediately prior to the date of such exercise or exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of shares of Common Stock upon the exercise or exchange of the Rights
or to distribute certificates that evidence fractional shares of Common Stock. In lieu of such fractional shares, the Company shall
pay to the registered holders of the Right Certificates with regard to which such fractional shares would otherwise be issuable
an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock. For the purposes of
this <U>Section&nbsp;14(c)</U>, the current market value of a whole share of Common Stock shall be the closing price of a share
of Common Stock (as determined pursuant to the second sentence of <U>Section&nbsp;11(f)</U>) for the Trading Day immediately prior
to the date of such exercise or exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The holder of a Right by the acceptance of the Right expressly waives such holder&rsquo;s right to receive any fractional
Rights or any fractional shares upon the exercise of a Right (except as provided in this <U>Section&nbsp;14</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent, the Company shall (i) promptly
prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and
the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the
form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate
and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for fractional Rights or fractional
shares under any Section of this Rights Agreement relating to the payment of fractional Rights or fractional shares unless and
until the Rights Agent shall have received such a certificate and sufficient monies.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>after the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument
of transfer and with the appropriate forms and certificates properly completed and duly executed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution
Date, the associated share of Common Stock (or Book Entry shares in respect of the Common Stock)) is registered as the absolute
owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates
or the associated Common Stock certificates (or notices provided to the holders of such Book Entry shares of the Common Stock)
made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights
Agent, subject to <U>Section&nbsp;7(e)</U>, shall be affected by any notice to the contrary; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of the Company&rsquo;s or the Rights Agent&rsquo;s inability to perform any
of their respective obligations under this Agreement by reason of any preliminary or permanent injunction or other order, judgment,
decree or ruling (whether interlocutory or final) issued by a court or by a governmental, regulatory, self-regulatory or administrative
agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Right Certificate Holder Not Deemed a Shareholder</U>. No holder, as such, of any Right Certificate shall be entitled
to vote, receive dividends or be deemed for any purpose the holder of the Preferred Stock or any other securities of the Company
that may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any
Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a shareholder
of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders
(except as provided in <U>Section&nbsp;23</U>, <U>Section&nbsp;24</U>, or <U>Section&nbsp;25</U>), or to receive dividends or subscription
rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with
the provisions of this Agreement or exchanged pursuant to the provisions of <U>Section&nbsp;24</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Concerning the Rights Agent</U>. The Company agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other
disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder.
The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability or expense (including,
without limitation, the reasonable fees and expenses of legal counsel), incurred without gross negligence, bad faith or willful
misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), for any action taken, suffered or omitted
to be taken by the Rights Agent in connection with the acceptance, administration and performance of its duties under this Agreement,
including the costs and expenses of defending against any claim of liability and the enforcement of this indemnification. This
<U>Section&nbsp;18</U> and <U>Section&nbsp;20</U> shall survive the termination or expiration of this Agreement, the exercise of
or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights Agent shall be protected and
shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration
of this Agreement in reliance upon any Right Certificate or certificate for the Preferred Stock or for other securities of the
Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate,
statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in <U>Section&nbsp;20</U>.
The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder,
and the Rights Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith,
unless and until it has received such notice in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Merger or Consolidation or Change of Name of Rights Agent</U>. Any Person into which the Rights Agent or any successor
Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which
the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the appropriate business of the Rights
Agent or any successor Rights Agent shall be the successor to the Rights Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided, that such Person would be eligible for appointment
as a successor Rights Agent under the provisions of <U>Section&nbsp;21</U>. In case at the time such successor Rights Agent shall
succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered,
any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates
so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights
Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor
Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in
this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the name of the Rights
Agent shall be changed and at such time any of the Right Certificates shall have been countersigned but not delivered, the Rights
Agent may adopt the countersignature under its prior name and deliver the Right Certificates so countersigned; and in case at that
time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right Certificates
either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force provided
in the Right Certificates and in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duties of Rights Agent</U>. The Rights Agent undertakes the duties and obligations expressly imposed by this Agreement
upon the following terms and conditions, by all of which the Company and the holders of the Right Certificates, by their acceptance
thereof, shall be bound:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent),
and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any
action taken, suffered or omitted by it in accordance with such advice or opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a certificate signed by any one of the Chairman of the Board, the President, any Vice President, the
Treasurer or the Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full and complete authorization
and protection to the Rights Agent for any action taken, suffered or omitted by it under the provisions of this Agreement in reliance
upon such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith
or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order,
judgment, decree or ruling of a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, in
no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if the Rights Agent has been advised of the likelihood of such loss
or damage and regardless of the form of action. Any liability of the Rights Agent under this Agreement will be limited in the aggregate
to the amount of annual fees paid by the Company to the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and
recitals are and shall be deemed to have been made by the Company only.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not have any liability or be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or in respect of the validity
or execution of any Right Certificate (except its countersignature thereof); nor shall it be liable or responsible for any breach
by the Company of any covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be liable or
responsible for any change in the exercisability of the Rights (including any Rights becoming null and void pursuant to <U>Section&nbsp;11(b)</U>)
or any adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in <U>Section&nbsp;3</U>,
<U>Section&nbsp;11</U>, <U>Section&nbsp;13</U>, <U>Section&nbsp;23</U> or <U>Section&nbsp;24</U>, or the ascertaining of the existence
of facts that would require any such change or adjustment (except with respect to the exercise of the Rights evidenced by Right
Certificates after actual notice that such change or adjustment is required); nor shall it by any act hereunder be deemed to make
any representation or warranty as to the maximum authorized shares, or reservation of any shares, of the Preferred Stock to be
issued pursuant to this Agreement or any Right Certificate or as to whether any shares of the Preferred Stock will, when issued,
be validly authorized and issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing by the Rights Agent of the provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties
hereunder from any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Secretary
or the Treasurer of the Company, and to apply to such officers for advice or instructions in connection with its duties, and such
instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in
respect of any action taken, suffered or omitted by it in accordance with instructions of any such officer or for any delay in
acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most
recent instructions received by any such officer. Any application by the Rights Agent for written instructions from the Company
may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted by the Rights
Agent under this Agreement and the date on and/or after which such action shall be taken or suffered or such omission shall be
effective. The Rights Agent shall not be liable for any action taken or suffered by, or omission of, the Rights Agent in accordance
with a proposal included in any such application on or after the date specified in such application (which date shall not be less
than five Business Days after the date any such officer of the Company actually receives such application, unless any such officer
shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case
of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action
to be taken, suffered or omitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of
the Rights or other securities of the Company or become financially interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent under
this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other
Person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the selection and continued employment thereof
(which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, with respect to any Right Certificate surrendered to the Rights Agent for exercise, transfer, split up, combination
or exchange, either (i) the certificate attached to the form of assignment or form of election to purchase, as the case may be,
has either not been completed or indicates that the Rights are beneficially owned by an Acquiring Person or an Affiliate or Associate
thereof or (ii) any other actual or suspected irregularity exists, the Rights Agent shall not take any further action with respect
to such requested exercise or transfer without first consulting with the Company, and will thereafter take further action with
respect thereto only in accordance with the Company&rsquo;s written instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall have no responsibility to the Company, any holders of the Rights or any holders of shares of the
Preferred Stock or other securities for interest or earnings on any monies held by the Rights Agent pursuant to this Agreement,
except as otherwise may specifically be agreed to in a separate writing by the Company and the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including,
but not limited to, a Distribution Date, a Redemption Date, any adjustment of the Purchase Price, the existence of an Acquiring
Person or any other event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically
notified in writing of such event or condition by the Company, and all notices or other instruments required by this Agreement
to be delivered to the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in <U>Section&nbsp;26</U>,
and in the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change of Rights Agent</U>. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties
under this Agreement upon 30 calendar days&rsquo; notice in writing mailed to the Company and to each transfer agent of the Common
Stock and the Preferred Stock by trackable mail, in the event that the Rights Agent or one of its Affiliates is not also the transfer
agent for the Company. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates,
the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the
effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove
the Rights Agent or any successor Rights Agent upon 30 calendar days&rsquo; notice in writing, mailed to the Rights Agent or such
successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and the Preferred Stock, by registered
or certified mail, and to the holders of the Right Certificates by first class mail. If the Rights Agent shall resign or be removed
or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall
fail to make such appointment within a period of 30 calendar days after giving notice of such removal or after it has been notified
in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate
(who shall, with such notice, submit such holder&rsquo;s Right Certificate for inspection by the Company), then the registered
holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, whether appointed by the Company or by such a court, shall be a Person (or an Affiliate of such a Person)
organized and authorized to do business under the laws of the United States, in good standing, that is authorized under such laws
to exercise corporate trust powers or stock transfer powers and is subject to supervision or examination by federal or state authority
and that has, along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least
fifty million dollars ($50,000,000). After appointment, the successor Rights Agent shall be vested with the same powers, rights,
duties and responsibilities as if it had been originally named as Rights Agent without further act or deed. Not later than the
effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and
each transfer agent of the Common Stock and the Preferred Stock, and mail a notice thereof in writing to the registered holders
of the Right Certificates. Failure to give any notice provided for in this <U>Section&nbsp;21</U>, however, or any defect therein,
shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of New Right Certificates</U>. Notwithstanding any of the provisions of this Agreement or of the Rights to the
contrary, the Company may, at its option, issue new Right Certificates evidencing the Rights in such form as may be approved by
the Board of Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class
of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale by the Company of the Common Stock following the Distribution Date
and prior to the Expiration Date, the Company may, with respect to shares of the Common Stock so issued or sold pursuant to (a)
the exercise of stock options, (b) under any employee plan or arrangement, (c) the exercise, conversion or exchange of securities
(other than the Rights), notes or debentures issued by the Company or (d) a contractual obligation of the Company, in each case
existing prior to the Distribution Date, issue Right Certificates representing the appropriate number of Rights in connection with
such issuance or sale.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors of the Company may, at its option, at any time prior to the close of business, on the earlier of
(i) the Share Acquisition Date or (ii) the Final Expiration Date, redeem all but not less than all of the then-outstanding Rights
at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such redemption price being hereinafter referred to as the &ldquo;<U>Redemption Price</U>&rdquo;).
The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors
of the Company in its sole discretion may establish. The Company may, at its option, pay the Redemption Price in cash, shares of
the Common Stock (based on the current market price of the Common Stock at the time of redemption as determined pursuant to <U>Section&nbsp;11(f)</U>)
or any other form of consideration deemed appropriate by the Board of Directors of the Company, or any combination thereof. The
Company may, at its option, combine the payment of the Redemption Price with any other payment being made concurrently to the holders
of the Common Stock and, to the extent that any such other payment is discretionary, may reduce the amount thereof on account of
the concurrent payment of the Redemption Price. If legal or contractual restrictions prevent the Company from paying the Redemption
Price (in the form of consideration deemed appropriate by the Board of Directors of the Company) at the time of redemption, the
Company will pay the Redemption Price, without interest, promptly after such time as the Company ceases to be so prevented from
paying the Redemption Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately upon the effectiveness of the action of the Board of Directors of the Company ordering the redemption of the
Rights pursuant to <U>Section&nbsp;23(a)</U> (or at such later time as the Board of Directors of the Company may establish for
the effectiveness of such redemption) and without any further action and without any notice, the right to exercise the Rights will
terminate and each Right will thereafter represent only the right to receive the Redemption Price, without interest thereon. The
Company shall promptly give public notice of any such redemption (with prompt written notice to the Rights Agent) and, within ten
calendar days after such action causing a redemption of the Rights pursuant to <U>Section&nbsp;23(a)</U> (or such later time as
the Board of Directors of the Company may establish for the effectiveness of such redemption), the Company shall mail a notice
of redemption to all of the holders of the then-outstanding Rights at their last addresses as they appear upon the registry books
of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Stock. Any notice
that is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice
of redemption will state the method by which the payment of the Redemption Price will be made. Notwithstanding the foregoing, the
failure to give, or any defect in, any notice required to be made or given pursuant to this <U>Section&nbsp;23(b)</U> shall not
affect the validity of the redemption of the Rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors of the Company may, at its sole option and election, at any time after any Person becomes an Acquiring
Person, exchange all or part of the then-outstanding and exercisable Rights (which shall not include Rights that have become null
and void pursuant to the provisions of <U>Section&nbsp;11(b)</U>) for shares of the Common Stock at an exchange ratio of one share
of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the date hereof (such exchange ratio being hereinafter referred to as the &ldquo;<U>Exchange Ratio</U>&rdquo;). Notwithstanding
the foregoing, the Board of Directors of the Company shall not be empowered to effect such exchange at any time after any Acquiring
Person, together with all Affiliates and Associates of such Acquiring Person, becomes the Beneficial Owner of 50% or more of the
voting power of the shares of Common Stock then outstanding. From and after the occurrence of an event specified in <U>Section&nbsp;13(a)</U>,
any Rights that theretofore have not been exchanged pursuant to this <U>Section&nbsp;24(a)</U> shall thereafter be only exercisable
in accordance with <U>Section&nbsp;13</U> and may not be exchanged pursuant to this <U>Section&nbsp;24(a)</U>. The exchange of
the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions
as the Board of Directors of the Company may establish at its sole option and election. Prior to effecting an exchange pursuant
to this <U>Section&nbsp;24</U>, the Board of Directors of the Company may direct the Company to enter into a trust agreement in
such form and with such terms as the Board of Directors of the Company shall then approve (the &ldquo;<U>Trust Agreement</U>&rdquo;).
If the Board of Directors of the Company so directs, the Company shall enter into the Trust Agreement and shall issue to the trust
created by such agreement (the &ldquo;<U>Trust</U>&rdquo;) all of the shares of Common Stock issuable pursuant to the exchange,
and all Persons entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends
or distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely upon
compliance with the relevant terms and provisions of the Trust Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights
pursuant to <U>Section&nbsp;24(a)</U>, and without any further action and without any notice, the right to exercise such Rights
shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of the Common
Stock equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give
public notice of any such exchange, and within ten calendar days of such action pursuant to <U>Section&nbsp;24(a)</U>, the Company
shall mail a notice of any such exchange by first class mail to all of the holders of such Rights at their last addresses as they
appear upon the registry books of the Rights Agent. Any notice that is mailed in the manner herein provided shall be deemed given,
whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of Common
Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights that will be exchanged. Any partial
exchange shall be effected pro rata based on the number of Rights (other than Rights that have become void pursuant to the provisions
of <U>Section&nbsp;11(b)</U>) held by each holder of the Rights. Notwithstanding the foregoing, the failure to give, or any defect
in, any notice required to be made or given pursuant to this <U>Section&nbsp;24(b)</U> shall not affect the validity of the exchange
of the Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, at its option, substitute for a share of Common Stock issuable upon the exchange of Rights in accordance
with <U>Section&nbsp;24(a)</U>, (i) a number of shares of Preferred Stock or fraction thereof (or shares of equivalent preferred
stock) such that the current market price per share of one share of Preferred Stock (or one share of equivalent preferred stock)
multiplied by such number or fraction is equal to the current market price per share of one share of Common Stock, (ii) cash, (iii)
debt securities of the Company, (iv) other assets or (v) any combination of the foregoing, in any event having an aggregate value,
as determined in good faith by the Board of Directors of the Company, equal to the current market price per share of one share
of Common Stock (determined pursuant to <U>Section&nbsp;11(f)</U>) on the Trading Day immediately preceding the date of the effectiveness
of the exchange pursuant to this <U>Section&nbsp;24</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 25.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Certain Events</U>. In case the Company shall propose at any time following the earlier of the Distribution
Date or the Share Acquisition Date (a) to pay any dividend payable in stock of any class to the holders of its Preferred Stock
or to make any other distribution to the holders of its Preferred Stock (other than a regular periodic cash dividend at a rate
not in excess of 125% of the rate of the last cash dividend theretofore paid), (b) to offer to the holders of its Preferred Stock
rights, options or warrants to subscribe for or to purchase any additional shares of the Preferred Stock or shares of stock of
any class or any other securities, rights or options, (c) to effect any reclassification of its Preferred Stock (other than a reclassification
involving only the subdivision or combination of outstanding Preferred Stock), (d) to effect any consolidation or merger into or
with, or to effect any sale or other transfer (or to permit one or more of its subsidiaries to effect any sale or other transfer),
in one or more transactions, of more than 50% of the assets or earning power (including, without limitation, securities creating
any obligation on the part of the Company and/or any of its subsidiaries) of the Company and its subsidiaries (taken as a whole)
to any other Person or Persons (other than the Company or one or more of its direct or indirect wholly owned subsidiaries), (e)
to effect the liquidation, dissolution or winding up of the Company, or (f) to declare or pay any dividend on the shares of Common
Stock payable in shares of the Common Stock or to effect a subdivision, combination or consolidation of the shares of Common Stock
(by reclassification or otherwise than by payment of dividends in shares of the Common Stock), then, in each such case, the Company
shall give to the Rights Agent and each holder of a Right Certificate, in accordance with <U>Section&nbsp;26</U>, a notice of such
proposed action, which shall specify the record date for the purposes of such dividend, distribution or offering of rights, options
or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution or winding
up is to take place and the date of participation therein by the holders of the Common Stock and/or the Preferred Stock, if any
such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (a) or (b) above at least
ten calendar days prior to the record date for determining holders of the Preferred Stock for purposes of such action, and in the
case of any such other action, at least ten calendar days prior to the date of the taking of such proposed action or the date of
participation therein by the holders of the Common Stock and/or the Preferred Stock, whichever shall be the earlier. The failure
to give notice required by this <U>Section&nbsp;25</U> or any defect therein shall not affect the legality or validity of the action
taken by the Company or the vote upon any such action. In case the event set forth in <U>Section&nbsp;11(b)</U> or <U>Section&nbsp;13</U>
shall occur, then the Company shall as soon as practicable thereafter give to the Rights Agent and each holder of a Right Certificate
(and, if necessary, each holder of the Common Stock), in accordance with <U>Section&nbsp;26</U>, a notice of the occurrence of
such event, which shall specify the event and the consequences of the event to the holders of the Rights under <U>Section&nbsp;11(b)</U>
and <U>Section&nbsp;13</U>.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Suite 1801 Level 18<BR>
Landmark Lane, Sum Avenue<BR>
Sheung Shiu K3 00000<BR>
New Territories, Hong Kong<BR>
Attention: Chief Financial Officer</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Computershare Trust Company, N.A.<BR>
250 Royall Street<BR>
Canton, Massachusetts 02021<BR>
Attention: <U>Client Services</U></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 27.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Supplements and Amendments</U>. Prior to the time at which the Rights cease to be redeemable pursuant to <U>Section&nbsp;23</U>,
and subject to this <U>Section&nbsp;27</U>, the Company, by action of the Board of Directors of the Company, may from time to time
and in its sole and absolute discretion, and the Rights Agent will if the Company so directs, supplement or amend any provision
of this Agreement in any respect without the approval of any holders of the Rights or Common Stock. From and after the time at
which the Rights cease to be redeemable pursuant to <U>Section&nbsp;23</U>, and subject to this <U>Section&nbsp;27</U>, the Company,
by action of the Board of Directors of the Company, may from time to time and in its sole and absolute discretion, and the Rights
Agent will if the Company so directs, supplement or amend this Agreement in any respect without the approval of any holders of
the Rights or Common Stock, including, without limitation, in order to (a) cure any ambiguity, (b) correct or supplement any provision
contained herein that may be defective or inconsistent with any other provisions herein, (c) shorten or lengthen any time period
hereunder, or (d) otherwise change, amend or supplement any provisions hereunder in any manner that the Company may deem necessary
or desirable; <U>provided</U>, <U>however</U>, that no such supplement or amendment shall (i) adversely affect the interests of
the holders of the Rights, as such (other than the Rights that have become null and void pursuant to <U>Section&nbsp;11(b)</U>
hereof), (ii) cause this Agreement to become amendable other than in accordance with this <U>Section&nbsp;27</U> or (iii) cause
the Rights to again become redeemable. Without limiting the foregoing, the Company, by action of the Board of Directors of the
Company, may at any time when the Rights are redeemable, amend this Agreement to make the provisions of this Agreement inapplicable
to a particular transaction by which a Person might otherwise become an Acquiring Person or to otherwise alter the terms and conditions
of this Agreement as they may apply with respect to any such transaction. Notwithstanding anything contained in this Agreement
to the contrary, no supplement or amendment shall be made that changes the Redemption Price. Any such supplement or amendment shall
be evidenced by a writing signed by the Company and the Rights Agent. Upon the delivery of a certificate from an appropriate officer
of the Company which states that the proposed supplement or amendment is in compliance with the terms of this <U>Section&nbsp;27</U>,
the Rights Agent will execute such supplement or amendment; provided, however, that the Rights Agent may, but shall not be obligated
to, enter into any supplement or amendment that affects the Rights Agent&rsquo;s own rights, duties or obligations under this Agreement.
Notwithstanding anything in this Agreement to the contrary, the limitations on the ability of the Board of Directors of the Company
to amend this Agreement as set forth in this <U>Section&nbsp;27</U> shall not affect the power or ability of the Board of Directors
of the Company to take any other action that is consistent with its fiduciary duties under applicable law..</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 29.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits of this Agreement</U>. Nothing in this Agreement shall be construed to give to any Person other than the Company,
the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders
of the Common Stock) any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and
exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution
Date, the registered holders of the Common Stock).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 30.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Determinations and Actions by the Board of Directors of the Company</U>. The Board of Directors of the Company shall
have the exclusive power and authority to administer this Agreement and to exercise the rights and powers specifically granted
to the Board of Directors of the Company or to the Company, or as may be necessary or advisable in the administration of this Agreement,
including, without limitation, the right and power to (a) interpret the provisions of this Agreement (including, without limitation,
<U>Section&nbsp;27</U>, this <U>Section&nbsp;30</U> and other provisions hereof relating to its powers or authority hereunder)
and (b) make all determinations and calculations deemed necessary or advisable for the administration of this Agreement (including,
without limitation, a determination to redeem or not to redeem the Rights, to exchange or not to exchange the Rights, or to amend
this Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of clause (y) below,
all omissions with respect to the foregoing) that are done or made by the Board of Directors of the Company in good faith, shall
(x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights, as such, and all other Persons
and (y) not subject any director of the Company to any personal liability to the Rights Agent, the holders of the Rights or any
other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 31.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; <U>provided</U>,
<U>however</U>, that nothing contained in this <U>Section&nbsp;31</U> will affect the ability of the Company under the provisions
of <U>Section&nbsp;27</U> to supplement or amend this Agreement to replace such invalid, void or unenforceable term, provision,
covenant or restriction with a legal, valid and enforceable term, provision, covenant or restriction; provided, further, that if
any such excluded term, provision, covenant or restriction shall adversely affect the rights, immunities, duties or obligations
of the Rights Agent, the Rights Agent shall be entitled to resign immediately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 32.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such jurisdiction
applicable to contracts to be made and performed entirely within such State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 33.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Descriptive Headings; References</U>. Descriptive headings of the several sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. Except as otherwise
specifically provided for herein, any reference to any section or exhibit will be deemed to refer to such section of or exhibit
to this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 34.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Agreement executed and/or transmitted electronically shall have the same authority, effect and enforceability
as an original signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Section 35.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Force Majeure</U>. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for
any delays or failures in performance resulting from acts beyond its reasonable control, including, without limitation, acts of
God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss
of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war
or civil unrest.</P>

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

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">HIGHWAY HOLDINGS LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ ROLAND W. KOHL </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Roland W. Kohl</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Chief Executive Officer</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 COLSPAN="2">COMPUTERSHARE TRUST COMPANY, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ KATHLEEN A. HEAGERTY </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Kathleen A. Heagerty </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;&nbsp;Vice President &amp; Manager</TD></TR>
</TABLE>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><U>EXHIBIT A</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Form of Rights Certificate</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certificate No. R-______ _________ Rights</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 0.5in; text-align: justify">NOT EXERCISABLE AFTER MAY 8, 2028 OR
EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT, AT THE OPTION OF THE COMPANY, TO REDEMPTION AT $0.01 PER RIGHT
OR TO EXCHANGE ON THE TERMS SET FORTH IN THE AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE AGREEMENT, RIGHTS BENEFICIALLY
OWNED BY ACQUIRING PERSONS (AS DEFINED IN SECTION 1 OF THE AGREEMENT) OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND
VOID.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HIGHWAY HOLDINGS LIMITED</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-indent: 0.5in">This certifies that ___________________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement, dated as of May 8, 2018, as the same may be amended from
time to time (the &ldquo;<U>Agreement</U>&rdquo;), by and between HIGHWAY HOLDINGS LIMITED, a company incorporated under the laws
of the British Virgin Islands (the &ldquo;<U>Company</U>&rdquo;), and COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered
trust company (the &ldquo;<U>Rights Agent</U>&rdquo;), to purchase from the Company at any time after the Distribution Date (as
such term is defined in the Agreement) and prior to the close of business (as such term is defined in the Agreement) on May 8,
2028, at the office or offices of the Rights Agent, or its successor(s) as Rights Agent, designated for such purposes, one one-thousandth
of one fully paid and non-assessable share of the Series A Preferred Stock, $0.01 par value per share (the &ldquo;<U>Preferred
Stock</U>&rdquo;), of the Company, at a purchase price of $10.00 per one one-thousandth of one share (the &ldquo;<U>Purchase Price</U>&rdquo;),
upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed. The number of Rights
evidenced by this Right Certificate (and the number of one one-thousandths of a share of Preferred Stock that may be purchased
upon the exercise thereof) set forth above, and the Purchase Price per share set forth above, are the number and Purchase Price
as of May 8, 2018, based on the shares of the Preferred Stock as constituted at such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Agreement, the Purchase
Price, the number and kind or class of shares of stock of the Company that may be purchased upon the exercise of the Rights evidenced
by this Right Certificate are subject to modification and adjustment upon the happening of certain events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate is subject to all
of the terms, provisions and conditions of the Agreement, which terms, provisions and conditions are hereby incorporated herein
by reference and made a part hereof and to which Agreement reference is hereby made for a full description of the rights, limitations
of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates.
Copies of the Agreement are on file at the principal executive offices of the Company and the office or offices of the Rights Agent
designated for such purposes. The Company will mail to the holder of the Right Certificate a copy of the Agreement without charge
after receipt of a written request therefor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate, with or without
other Right Certificates, upon surrender at the office or offices of the Rights Agent designated for such purposes, may be exchanged
for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a
like aggregate number of shares of the Preferred Stock as the Rights evidenced by the Right Certificate or Right Certificates surrendered
shall have entitled such holder to purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Right Certificate shall be exercised
in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the
number of whole Rights not exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the Agreement,
the Rights evidenced by this Certificate may, but are not required to, be (i) redeemed by the Company at its option at a redemption
price of $0.01 per Right or (ii) exchanged by the Company in whole or in part for shares of the Preferred Stock or shares of the
Company&rsquo;s Common Stock, par value $0.01 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No fractional shares of the Preferred Stock
will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions that are integral multiples of one
one-thousandth of one share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts),
but in lieu thereof a cash payment will be made as provided in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of this Right Certificate shall
be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Stock or of any other securities
of the Company that may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement or herein
be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent
to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Agreement),
or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall
have been exercised as provided in the Agreement, and the relevant entries have been made in the Company&rsquo;s register of members
accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Right Certificate shall not be valid
or obligatory for any purpose until it shall have been countersigned by the Rights Agent.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WITNESS the facsimile signature of the proper
officers of the Company and its corporate seal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated as of _______________, 20____.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">HIGHWAY HOLDINGS LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"> Name: Roland W. Kohl</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"> Title: &nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Countersigned:</TD>
    <TD COLSPAN="3">COMPUTERSHARE TRUST COMPANY, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: <U></U></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name: </TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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">[Form of Reverse Side of Right Certificate]</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">FORM OF ASSIGNMENT</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">(To be executed by the registered holder
if such holder desires to transfer the Right Certificate)</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-indent: 0.5in">FOR VALUE RECEIVED __________________________
hereby sells, assigns and transfers unto _______________________________________</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Please print name and address of transferee)</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">this Right Certificate, together with all right, title and interest
therein, and does hereby irrevocably constitute and appoint __________________________ Attorney, to transfer the within Right
Certificate on the books of the within-named Company, with full power of substitution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated: _______________ ___, 20__</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Signature must conform in all
respects to the name of holder as written upon the face of this Right Certificate, without alteration or enlargement or any
change whatsoever.)</P>

<P STYLE="font: italic 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">Signature Guaranteed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Signatures must be guaranteed by an &ldquo;<U>eligible
guarantor institution</U>&rdquo; as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended.</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(to be completed if applicable)</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-indent: 0.5in">The undersigned hereby certifies that the
Rights evidenced by this Right Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof
(as defined in the Rights Agreement).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Signature</TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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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">FORM OF ELECTION TO PURCHASE</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">(To be executed by the registered holder
if such holder desires to exercise the Right(s))</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">TO: Highway Holdings Limited</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby irrevocably elects
to exercise __________________________ Rights represented by this Right Certificate to purchase the shares of the Preferred Stock
issuable upon the exercise of such Rights and requests that certificates for such shares be issued in the name of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Please insert social security or other identifying number]
_______________________________________________________________________________</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">&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="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Please print name and address)</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">If such number of Rights shall not be all of the Rights evidenced
by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name of
and delivered to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Please insert social security or other identifying number]_______________________________________________________________________________</P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Please print name and address)</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-indent: 0.5in">Dated: _______________ ___, 20__</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Signature must conform in all
respects to the name of the holder as written upon the face of this Right Certificate, without alteration or enlargement or
any change whatsoever.)</P>

<P STYLE="font: italic 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">Signature Guaranteed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; as defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(to be completed if applicable)</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-indent: 0.5in">The undersigned hereby certifies that the
Rights evidenced by this Right Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof
(as defined in the Agreement).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Signature</TD></TR>
</TABLE>

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


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">HIGHWAY HOLDINGS
LIMITED<BR>
SUMMARY OF PREFERRED STOCK PURCHASE RIGHTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 28, 2018, the Board of Directors
of Highway Holdings Limited (the &ldquo;<U>Company</U>&rdquo;) declared a dividend of one preferred stock purchase right (a &ldquo;<U>Right</U>&rdquo;)
for each outstanding share of common stock, $0.01 value, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;). The dividend is
effective as of May 11, 2018 (the &ldquo;<U>Record Date</U>&rdquo;) with respect to the shareholders of record on that date. The
Rights will also attach to new shares of Common Stock issued after the Record Date. Each Right entitles the registered holder to
purchase from the Company one one-thousandth of a share of the Company&rsquo;s Series A Preferred Stock, $0.01 par value per share
(the &ldquo;<U>Preferred Stock</U>&rdquo;), at a price of $10.00 per one one-thousandth of a share of Preferred Stock (the &ldquo;<U>Purchase
Price</U>&rdquo;), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement, dated as
of May 8, 2018 (the &ldquo;<U>Agreement</U>&rdquo;), by and between the Company and Computershare Trust Company, N.A., as Rights
Agent (the &ldquo;<U>Rights Agent</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the Agreement was filed by the
Company with the Securities and Exchange Commission on May 11, 2018, as an exhibit to a report on Form 6-K. The following summary
description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Agreement, which
is hereby incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until the close of business on the Distribution
Date, the Rights will be evidenced, with respect to any of the Common Stock certificates outstanding as of the Record Date, by
each such Common Stock certificate with a copy of this Summary of Rights. The &ldquo;<U>Distribution Date</U>&rdquo; will be the
earlier of the close of business on</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the tenth business day following a public announcement that a person or group of affiliated or associated persons (an &ldquo;<U>Acquiring
Person</U>&rdquo;) has acquired beneficial ownership of 15% or more of the outstanding shares of the Common Stock (the &ldquo;<U>Share
Acquisition Date</U>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in">(ii)</TD><TD>the tenth business day (or such later date as may be determined by action of the Board of Directors of the Company prior to
such time as any such person or group becomes an Acquiring Person) after the date of the commencement of, or first public announcement
of the intent to commence, by any such person or group, a tender or an exchange offer, the consummation of which would result in
any such person or group becoming an Acquiring Person.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Agreement provides that, until the Distribution
Date (or earlier redemption or expiration of the Rights), the Rights will be transferable only in connection with the transfer
of the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock certificates
issued after the Record Date, upon transfer or new issuance of the Common Stock, will contain a notation incorporating the Agreement
by reference. Until the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer of any
of the Common Stock certificates (or Book Entry shares of Common Stock) outstanding as of the Record Date, even without a copy
of this Summary of Rights, will also constitute the transfer of the Rights associated with the Common Stock represented by such
certificate(s). As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (&ldquo;<U>Right
Certificates</U>&rdquo;) will be mailed to the holders of record of the Common Stock as of the close of business on the Distribution
Date and such separate Right Certificates alone will evidence the Rights.</P>

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

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

<!-- Field: Page; Sequence: 48; Options: NewSection; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rights are not exercisable until the
Distribution Date. The Rights will expire on May 8, 2028 (the &ldquo;<U>Final Expiration Date</U>&rdquo;) unless the Final Expiration
Date is extended or unless earlier redeemed or exchanged by the Company, in each case as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each share of Preferred Stock purchased
upon the exercise of the Rights will have a preferential quarterly dividend rate equal to the greater of $10.00 per share or 1,000
times the dividend declared on one share of the Common Stock. In the event of liquidation of the Company, the holders of the Preferred
Stock will receive a preferential liquidation payment of $1,000 per share, but will be entitled to receive an aggregate liquidation
payment equal to 1,000 times the liquidation payment made on one share of the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each share of Preferred Stock will have
1,000 votes voting together with the Common Stock. Finally, in the event of any merger, consolidation or other transaction in which
shares of the Common Stock are exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the amount received
per one share of Common Stock. Due to the nature of the Preferred Stock dividend, liquidation and voting rights, the value of a
one one-thousandth interest in a share of Preferred Stock purchasable upon the exercise of each Right should approximate the value
of one share of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Purchase Price payable, and the number
of shares of the Preferred Stock or other securities or property issuable, upon the exercise of the Rights are subject to adjustment
from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification
of the Preferred Stock, (ii) upon the grant to the holders of the Preferred Stock of certain rights or warrants to subscribe for
shares of the Preferred Stock or convertible securities at less than the current market price of the Preferred Stock or (iii) upon
the distribution to the holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular periodic cash
dividends out of earnings or retained earnings at a rate not in excess of 125% of the rate of the last cash dividend theretofore
paid or dividends payable in the Preferred Stock) or of subscription rights or warrants (other than those referred to above).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of outstanding Rights and the
number of one one-thousandths of a share of Preferred Stock issuable upon the exercise of each Right are also subject to adjustment
in the event of a stock split of the Common Stock or a stock dividend on the Common Stock payable in shares of the Common Stock
or subdivisions, consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company is acquired
in a merger or other business combination transaction or 50% or more of its assets or earning power are sold after a person or
group has become an Acquiring Person, proper provision will be made so that each holder of a Right will thereafter have the right
to receive, upon the exercise thereof at the Purchase Price, that number of shares of the senior voting stock of the acquiring
company that at the time of such transaction would have a market value of two times the Purchase Price. In the event that any person
or group of affiliated or associated persons becomes an Acquiring Person, proper provision will be made so that each holder of
a Right, other than Rights that were or are beneficially owned by an Acquiring Person (which will thereafter be void), will thereafter
have the right to receive upon the exercise that number of shares of the Common Stock having a market value of two times the Purchase
Price.</P>

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

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

<!-- Field: Page; Sequence: 49; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With certain exceptions, no adjustment in
the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No
fractional shares of Preferred Stock will be issued (other than fractions that are integral multiples of one one-thousandth of
a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts) and, in lieu thereof,
an adjustment in cash will be made based on the market price of the Preferred Stock on the last trading date prior to the date
of exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time prior to the earlier of (i)
the Share Acquisition Date and (ii) the Final Expiration Date, the Board of Directors of the Company may redeem the Rights in whole,
but not in part, at a price of $0.01 per Right (the &ldquo;<U>Redemption Price</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after any person or group becomes
an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the outstanding shares of Common Stock,
the Board of Directors of the Company may exchange the Rights (other than Rights owned by such person or group that will have become
null and void) in whole or in part, at an exchange ratio of one share of Common Stock (or, if there is an insufficient number of
issued but not outstanding or authorized maximum number of shares of Common Stock to permit such exchange, then one one-thousandth
of a share of Preferred Stock) per Right (subject to adjustment).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the action of the Board of Directors
of the Company to redeem or exchange the Rights, the Company shall make announcement thereof, and upon such action, the right to
exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price, or the
shares of Common Stock or Preferred Stock exchangeable for the Rights, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until a Right is exercised, the holder thereof,
as such, will have no rights as a shareholder of the Company, including, without limitation, liquidation rights, the right to vote
or to receive dividends.</P>

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

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


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