<SEC-DOCUMENT>0001104659-21-077046.txt : 20210604
<SEC-HEADER>0001104659-21-077046.hdr.sgml : 20210604
<ACCEPTANCE-DATETIME>20210604162429
ACCESSION NUMBER:		0001104659-21-077046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210602
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210604
DATE AS OF CHANGE:		20210604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terra Property Trust, Inc.
		CENTRAL INDEX KEY:			0001674356
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-56117
		FILM NUMBER:		21996772

	BUSINESS ADDRESS:	
		STREET 1:		805 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-754-5100

	MAIL ADDRESS:	
		STREET 1:		805 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2118395d1_8k.htm
<DESCRIPTION>FORM 8-K
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    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
    SECURITIES AND EXCHANGE COMMISSION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington,&nbsp;D.C.&nbsp;20549</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="7" STYLE="text-align: center"><B>FORM&nbsp;8-K</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
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    <TD COLSPAN="7" STYLE="text-align: center"><B>CURRENT REPORT</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Date of Report (Date of earliest event reported): <B>June 4, 2021 (June 2, 2021)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-size: 18pt"><B>TERRA PROPERTY TRUST,&nbsp;INC.</B></FONT><FONT STYLE="font-size: 14pt"><BR>
</FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B><BR>
(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>000-56117<BR>
</B>(Commission File<BR>
Number)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>81-0963486<BR>
</B>(I.R.S. Employer<B><BR>
</B>Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>550 Fifth Avenue, 6<SUP>th</SUP>&nbsp;Floor<BR>
New York, New York 10036<BR>
</B>(Address of principal executive offices, including zip code)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(212)&nbsp;753-5100</B><BR>
(Registrant&rsquo;s telephone number, including area code)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>N/A<BR>
</B>(Former name or former address, if changed since last report)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Check the appropriate box below if the Form&nbsp;8&#45;K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule&nbsp;425
    under the Securities Act</FONT></TD></TR>
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    <TD COLSPAN="6">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a&#45;12
    under the Exchange Act</FONT></TD></TR>
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    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD></TR>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre&#45;commencement communications pursuant
    to Rule&nbsp;14d&#45;2(b) under the Exchange Act</FONT></TD></TR>
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    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre&#45;commencement
    communications pursuant to Rule&nbsp;13e&#45;4(c) under the Exchange Act</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7"><FONT STYLE="font-size: 10pt">Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading<BR>
Symbol(s)</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (17&nbsp;CFR&nbsp;&sect;230.405) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (17&nbsp;CFR&nbsp;&sect;240.12b-2).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Emerging growth company </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate
    by check mark if the registrant has elected not to use the extended transition period for complying with any new or&#8239;revised
    financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&#8239;</P>
                                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 18%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 1in"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 2, 2021, Terra Property Trust, Inc., a
Maryland corporation (the &ldquo;Company&rdquo;), entered into an Underwriting Agreement (the &ldquo;Underwriting Agreement&rdquo;) with
Ladenburg Thalmann &amp; Co. Inc., on behalf of the underwriters named in Schedule I thereto (the &ldquo;Underwriters&rdquo;), pursuant
to which the Underwriters agreed to purchase from the Company $78.5&nbsp;million aggregate principal amount of the Company&rsquo;s 6.00%
Notes due 2026 (the &ldquo;Notes&rdquo;). The Company expects to use the net proceeds from this offering to make investments in its targeted
investments in accordance with its investment objectives and strategies and for general corporate purposes. The Company has granted the
Underwriters an option to purchase up to an additional $11.5 million in aggregate principal amount of notes. The issuance and sale of
the Notes is expected to occur on June 10, 2021, subject to customary closing conditions. The Notes are expected to be listed on the New
York Stock Exchange under the symbol &ldquo;TPTA&rdquo; and to trade thereon within 30 days of the original issue date.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes were registered with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Company&rsquo;s registration statement on Form S-11 (File No. 333-255321)
(as the same may be amended or supplemented, the &ldquo;Registration Statement&rdquo;), under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;). The material terms of the Notes are described in the Company&rsquo;s final prospectus, as filed with the
Commission on June 4, 2021, pursuant to Rule 424(b)(1) of the Securities Act, which relates to the offer and sale of the Notes.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company made certain customary representations,
warranties and covenants concerning the Company and the Registration Statement in the Underwriting Agreement and also agreed to indemnify
the Underwriters against certain liabilities, including liabilities under the Securities Act. The representations, warranties and covenants
set forth in the Underwriting Agreement were made only for purposes of the Underwriting Agreement, and only as of the specified dates
provided therein. The representations, warranties and covenants in the Underwriting Agreement were made solely for the benefit of the
parties thereto, may be subject to limitations agreed upon by the parties and may be subject to standards of materiality applicable to
the contracting parties that differ from those applicable to investors. In addition, information concerning the subject matter of the
representations, warranties and covenants may change after the date of the Underwriting Agreement, which subsequent information may or
may not be fully reflected in the Company&rsquo;s public disclosures.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A copy of the Underwriting Agreement is filed
as Exhibit&nbsp;1.1 to this Current Report on Form&nbsp;8-K (this&nbsp;&ldquo;Report&rdquo;), and the information in the Underwriting
Agreement is incorporated into this Item 1.01 by this reference. The above description of the Underwriting Agreement is qualified in its
entirety by reference to the Underwriting Agreement incorporated by reference into this Report.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Report does not constitute an offer to sell
or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which, or
to any person to whom, such offer, solicitation or sale would be unlawful.</P>

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

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 1in"><B>Item&nbsp;9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><I>Exhibits</I>.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; white-space: nowrap; width: 89%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><A HREF="tm2118395d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="tm2118395d1_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated June 2, 2021, by and between the Company and Ladenburg Thalmann &amp; Co. Inc., on behalf of the several Underwriters</FONT></A></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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




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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>TERRA PROPERTY TRUST,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font-size: 10pt">June 4, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-variant: small-caps; font-family: Times New Roman, Times, Serif; border-bottom: Black 1pt solid; vertical-align: bottom; width: 47%">/S/
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Gregory M. Pinkus</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Gregory&#8239;M. Pinkus</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary</TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2118395d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 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: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>$78,500,000</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.00% Notes due 2026</B></P>

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;June 2, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladenburg Thalmann &amp; Co. Inc.<BR>
As Representative of the several<BR>
&nbsp;&nbsp;Underwriters named in <U>Schedule I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">640 Fifth Avenue, 4th floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10019</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Terra Property Trust, Inc.,
a corporation incorporated under the laws of Maryland (the &#8220;<B>Company</B>&#8221;), confirms its respective agreements with Ladenburg
Thalmann &amp; Co. Inc. (&#8220;<B>Ladenburg</B>&#8221;) and each of the other underwriters named in <U>Schedule I</U> (collectively,
the &#8220;<B>Underwriters</B>,&#8221; which term shall also include any underwriter substituted as hereinafter provided in Section 10
hereof), for whom Ladenburg is acting as representative (in such capacity, the &#8220;<B>Representative</B>&#8221;), with respect to (i)
the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the respective principal amount of
the Company&#8217;s 6.00% Notes due 2026 (the &#8220;<B>Notes</B>&#8221;), set forth in <U>Schedule I</U>, and (ii) the grant by the Company
to the Underwriters, acting severally and not jointly, of the option to purchase up to an aggregate of $11,500,000 additional principal
amount of notes to cover over-allotments, if any, on the terms set forth in Section 2(b) (this &#8220;<B>Agreement</B>&#8221;). The aforesaid
aggregate $78,500,000 principal amount of Notes (the &#8220;<B>Initial Securities</B>&#8221;) to be purchased by the Underwriters and
all or any part of the $11,500,000 principal amount of Notes subject to the option described in Section 2(b) hereof (the &#8220;<B>Option
Securities</B>&#8221;) are herein called, collectively, the &#8220;<B>Securities</B>.&#8221; The Securities will be issued under the indenture
to be dated as of June 10, 2021 between the Company and U.S. Bank National Association, as trustee (the &#8220;<B>Trustee</B>,&#8221;
as amended and supplemented by that certain Supplemental Indenture to be dated as of June 10, 2021 (such indenture, as so amended and
supplemented, the &#8220;<B>Indenture</B>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands that
the Underwriters propose to make a public offering of the Securities as soon as the Representative deems advisable after this Agreement
has been executed and delivered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed
with the Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) a registration statement on Form&nbsp;S&#45;11
(No. 333-255321), covering the public offering and sale of the Securities, under the Securities Act of 1933, as amended (the
&#8220;<B>1933 Act</B>&#8221;), and the rules&nbsp;and regulations promulgated thereunder (the &#8220;<B>1933 Act
Regulations</B>&#8221;), which registration statement has become effective under the 1933 Act. Such registration statement as of any
time, means such registration statement as amended by any post-effective amendments thereto at such time, including the exhibits and
any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at such time
pursuant to Item 29 of Form&nbsp;S-11 under the 1933 Act or otherwise and the documents otherwise deemed to be a part thereof as of
such time pursuant to Rule&nbsp;430A under the 1933 Act Regulations (&#8220;<B>Rule&nbsp;430A</B>&#8221;), is referred to herein as
the &#8220;<B>Registration Statement</B>;&#8221;&nbsp; provided, however, that the &#8220;Registration Statement&#8221; without
reference to a time means such registration statement as amended by any post-effective amendments thereto as of the time of the
first contract of sale for the Securities, which time shall be considered the &#8220;new effective date&#8221; of such registration
statement with respect to the Securities, including the exhibits and schedules thereto as of such time, the documents incorporated
or deemed incorporated by reference therein at such time pursuant to Item 29 of Form&nbsp;S-11 under the 1933 Act or otherwise and
the documents otherwise deemed to be a part thereof as of such time pursuant to the Rule&nbsp;430A.&nbsp; Any registration statement
filed pursuant to Rule 462(b) of the 1933 Act Regulations is herein referred to as the &#8220;<B>Rule 462(b) Registration
Statement</B>&#8221; and, after such filing, the term &#8220;<B>Registration Statement</B>&#8221; shall include the Rule 462(b)
Registration Statement. The preliminary prospectus contained in the Registration Statement used in connection with the offering of
the Securities, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 29 of
Form&nbsp;S-11 under the 1933 Act or otherwise, are collectively referred to herein as a &#8220;<B>preliminary
prospectus</B>.&#8221;&nbsp; Promptly after execution and delivery of this Agreement, the Company will prepare and file a final
prospectus relating to the Securities in accordance with the provisions of Rule&nbsp;424(b)&nbsp;under the 1933 Act Regulations
(&#8220;<B>Rule&nbsp;424(b)</B>&#8221;).&nbsp; The final prospectus, in the form first furnished to the Underwriters for use in
connection with the offering of the Securities, including the documents incorporated or deemed to be incorporated by reference
therein pursuant to Item 29 of Form S-11 under the 1933 Act, are collectively referred to herein as the
&#8220;<B>Prospectus</B>.&#8221; For purposes of this Agreement, all references to the Registration Statement, any preliminary
prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the
Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor system)
(&#8220;<B>EDGAR</B>&#8221;).</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; text-indent: 0.5in">As used in this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B>Applicable
Time</B>&#8221; means 4:30 p.m., Eastern time, on June 2, 2021 or such other time as agreed by the Company and the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B>General
Disclosure Package</B>&#8221; means any Issuer General Use Free Writing Prospectuses issued at or prior to the Applicable Time, the most
recent preliminary prospectus relating to the Securities (including any documents incorporated therein by reference) that is distributed
to investors prior to the Applicable Time and the information included on <U>Schedule II</U>, all considered together.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B>Issuer
Free Writing Prospectus</B>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433 of the 1933 Act
Regulations (&#8220;<B>Rule 433</B>&#8221;), including without limitation any &#8220;free writing prospectus&#8221; (as defined in
Rule 405 of the 1933 Act Regulations (&#8220;<B>Rule 405</B>&#8221;)) relating to the Securities that is (i) required to be filed
with the Commission by the Company, (ii) a &#8220;road show that is a written communication&#8221; within the meaning of Rule
433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to
Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect the final terms, in
each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company&#8217;s records pursuant to Rule 433(g).</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; text-indent: 0.5in">&#8220;<B>Issuer
General Use Free Writing Prospectus</B>&#8221; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors (other than a &#8220;<I>bona fide</I> electronic road show,&#8221; as defined in Rule 433), as evidenced by its being specified
in <U>Schedule II</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B>Issuer
Limited Use Free Writing Prospectus</B>&#8221; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<B>Testing-the-Waters
Communication</B>&#8221; <FONT STYLE="background-color: white">means any oral or written communication with potential investors undertaken
in reliance on Section 5(d) of the 1933 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&#8220;<B>Written
Testing-the-Waters Communication</B>&#8221; means any Testing-the-Waters Communication that is a written communication within the meaning
of Rule 405 under the 1933 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to financial statements and schedules and other information which is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221;
(or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include
all such financial statements and schedules and other information incorporated or deemed incorporated by reference in the Registration
Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and delivery of this Agreement; and
all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus
shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended (the &#8220;<B>1934 Act</B>&#8221;),
and the rules and regulations of the Commission under the 1934 Act (the &#8220;<B>1934 Act Regulations</B>&#8221;), incorporated or deemed
to be incorporated by reference in the Registration Statement, such preliminary prospectus or the Prospectus, as the case may be, at or
after the execution and delivery of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Representations
and Warranties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representations and Warranties by the Company</I>. The Company represents and warrants to each Underwriter as of the date hereof,
the Applicable Time, the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter,
as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Registration
Statement and Prospectuses</U>. The Company meets the requirements for use of Form S-11 under the 1933 Act for the offering and sale
of the Securities contemplated by this Agreement . Each of the Registration Statement, any Rule 462(b) Registration Statement and
any post-effective amendment thereto has been or will be (A)&nbsp; prepared by the Company in conformity with the requirements of
the 1933 Act and the 1933 Act Regulations in all material respects; (B)&nbsp; filed with the Commission under the 1933 Act;
(C)&nbsp; effective under the 1933 Act; and (D) delivered by the Company to the Representative. The Company has complied to the
Commission&#8217;s satisfaction with all requests of the Commission for additional or supplemental information. No stop order
suspending the effectiveness of the Registration Statement, the Rule 462(b) Registration Statement or any post-effective amendment
thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the
Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the
Company&#8217;s knowledge, contemplated. <FONT STYLE="background-color: white">The Company has complied with each request (if any)
from the Commission for additional information.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">Each of the Registration
Statement, any Rule 462(b) Registration Statement and any post-effective amendment thereto, <FONT STYLE="background-color: white">at the
time of its effectiveness </FONT>conformed and will conform in all material respects, at the time it became effective, to the requirements
of the 1933 Act and the 1933 Act Regulations. The conditions for use of Form S-11 and to use incorporation by reference set forth in the
General Instructions thereto, have been satisfied. Each preliminary prospectus (including the prospectus filed as part of the Registration
Statement as originally filed or as part of any amendment or supplement thereto), any supplement thereto or any prospectus wrapper prepared
in connection therewith, and the Prospectus conformed in all material respects when filed with the Commission pursuant to Rule 424(b)
of the 1933 Act Regulations to the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus delivered to
the Underwriters for use in connection with the offering of the Securities and the Prospectus was or will be identical in all material
respects to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted
by Regulation S&#45;T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">The documents incorporated
or deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, when they
became effective or at the time they were filed with the Commission, complied and will comply in all material respects with the requirements
of the 1934 Act and the 1934 Act Regulations.</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 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Accurate
Disclosure</U>. Neither the Registration Statement, any Rule 462(b) Registration Statement nor any amendment thereto, at the times
they became effective, at the Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of a
material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary in order to make
the statements therein not misleading. As of the Applicable Time, neither (A) the General Disclosure Package nor (B) any individual
Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, and (C) any individual
Written Testing-the-Waters Communication, when considered together with the General Disclosure Package, contained, contains or will
contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus nor any
amendment or supplement thereto (including any prospectus wrapper), as of its date, at the time of any filing with the Commission
pursuant to Rule 424(b), at the Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of
a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The documents incorporated or deemed to be incorporated by
reference in the Registration Statement, the General Disclosure Package and the Prospectus, at the time the Registration Statement
became effective or when such documents incorporated by reference were filed with the Commission, as the case may be, when read
together with the other information in the Registration Statement, the General Disclosure Package and the Prospectus, as the case
may be, did not and will not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto),
any Rule 462(b) Registration Statement, the General Disclosure Package, any individual Issuer Limited Use Free Writing Prospectus or the
Prospectus (or any amendment or supplement thereto (including any prospectus wrapper)), made in reliance upon and in conformity with written
information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein.
For purposes of this Agreement, the only information so furnished shall be the information in the third, twelfth, thirteenth and fourteenth
paragraphs relating to commissions, market making activities, stabilization and penalty bids set forth under the heading &#8220;Underwriting&#8221;
in the Prospectus (collectively, the &#8220;<B>Underwriter Information</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuer Free Writing Prospectuses</U>. Each Issuer Free Writing Prospectus conformed or will conform in all material respects
to the requirements of the 1933 Act and the 1933 Act Regulations on the date of first use, and the Company has complied with all prospectus
delivery and any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the 1933 Act Regulations. The Company
has not made any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus without the prior written consent
of the Representative. The Company has retained in accordance with the 1933 Act Regulations all Issuer Free Writing Prospectuses that
were not required to be filed pursuant to the 1933 Act Regulations. No Issuer Free Writing Prospectus conflicts or will conflict with
the information contained in the Registration Statement, the General Disclosure Package or the Prospectus, including any document incorporated
or deemed incorporated by reference therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded
or modified.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Independent Accountants</U>. The accountants who certified the financial statements and supporting schedules included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus are independent public accountants as required
by the 1933 Act and the 1933 Act Regulations and the 1934 Act, the 1934 Act Regulations, if applicable, and with respect KMPG, LLP, the
Public Company Accounting Oversight Board. KPMG, LLP has not, during the periods covered by the financial statements included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus, provided to the Company any non-audit services,
as such term is defined in Section 10A(g) of the 1934 Act, except as approved by the Company&#8217;s audit committee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Financial
Statements; Non-GAAP Financial Measures</U>. The historical financial statements (including the related notes and supporting
schedules) included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus
comply as to form in all material respects with the requirements of Regulation S-X under the 1933 Act, are accurate in all material
respects and present fairly the financial position of the Company on a consolidated basis at the dates indicated; said financial
statements have been prepared in conformity with accounting principles generally accepted in the United States
(&#8220;<B>GAAP</B>&#8221;) applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present
fairly in accordance with GAAP the information required to be stated therein. The selected financial data included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly the information shown
therein in all material respects and have been compiled on a basis consistent with that of the audited financial statements included
therein. All disclosures included or incorporated by reference in the Registration Statement, the General Disclosure Package or the
Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the
Commission) comply in all material respects with Regulation G of the 1934 Act and Item 10 of Regulation S-K of the 1933 Act, to the
extent applicable. <FONT STYLE="background-color: white">The interactive data in eXtensible Business Reporting Language incorporated
by reference in the Registration Statement, the General Disclosure Package or the Prospectus fairly presents the information called
for in all material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto in
all material respects. Each of the Registration Statement, the General Disclosure Package and the Prospectus discloses all material
off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company
with unconsolidated entities or other persons that may have a material current or future effect on the Company&#8217;s financial
condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant
components of revenues or expenses. Except as disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, (a) neither the Company nor any of its direct and indirect subsidiaries, including each entity disclosed or described in
the Registration Statement, the General Disclosure </FONT>Package and the Prospectus as being a Subsidiary of the Company (each, a
&#8220;<B>Subsidiary</B>&#8221; and, collectively, the &#8220;<B>Subsidiaries</B>&#8221;), has incurred any material liabilities or
obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the
Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock other than
such dividends or distributions that are in the ordinary course and consistent with past practice or any special, one-time dividend
or distribution that in the aggregate is less than $600,000, (c) there has not been any change in the capital stock of the Company
or any of its Subsidiaries, or, other than in the course of business, any grants under any stock compensation plan, and (d) there
has not been any material adverse change in the Company&#8217;s long-term or short-term debt.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change in Business</U>. Since the respective dates as of which information is given in the Registration
Statement, the General Disclosure Package or the Prospectus, except as otherwise stated therein, (A) there has been no material adverse
change in or affecting the business affairs, business, earnings, condition (financial or otherwise), results of operations, stockholders&#8217;
equity, assets, properties, management or prospects of the Company and its Subsidiaries considered as one enterprise (including all of
the properties of the Company and its Subsidiaries), whether or not arising in the ordinary course of business (a &#8220;<B>Material Adverse
Effect</B>&#8221;), (B)&nbsp;there have been no transactions entered into by the Company or any of its Subsidiaries, other than those
in the ordinary course of business, which are material with respect to such entities considered as one enterprise or incurred any liability
or obligation, direct or contingent, that is material to such entities considered as one enterprise, and (C)&nbsp;no officer or director
of the Company has resigned from any position with the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good Standing of the Company</U>. The Company has been duly incorporated and is validly existing in good standing as a corporation
under the laws of the State of Maryland with full power and authority to own its properties and to conduct its business as described in
the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this
Agreement, the Indenture and the Securities. The Company is duly qualified as a foreign corporation to transact business and in good standing
in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of its businesses, except where the failure to be so qualified or in good standing would not, singly or in the aggregate, result in a
Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Capitalization</U>.
The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement, the
General Disclosure Package and the Prospectus under the caption &#8220;Capitalization&#8221; (except for subsequent issuances, if
any, pursuant to this Agreement, pursuant to reservations, agreements or employee benefit plans referred to in the Registration
Statement, the General Disclosure Package and the Prospectus or pursuant to the exercise, redemption, or exchange of convertible or
exchangeable securities, options or warrants referred to in the Registration Statement, the General Disclosure Package and the
Prospectus). The issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued, are
fully paid and non-assessable, conform to the description thereof contained in the Registration Statement, General Disclosure
Package and Prospectus and were issued in compliance with federal and state securities laws and not in violation of any preemptive
right, resale right, right of first refusal or offer or similar right. The issuance of such shares of capital stock of the Company
was exempt from registration or qualification under the 1933 Act and applicable state securities laws. Except as disclosed in the
Registration Statement, the General Disclosure Package and the Prospectus, no options, warrants or other rights to purchase,
agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities or interests for
shares of the Company&#8217;s or its Subsidiaries&#8217; capital stock or exchange any securities for shares of the Company&#8217;s
capital stock outstanding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of Agreements.</U> This Agreement has been duly authorized, executed and delivered by the Company. The Indenture
has been duly authorized by the Company and has been duly qualified under the Trust Indenture Act of 1939, as amended (the &#8220;<B>Trust
Indenture Act</B>&#8221;) and, when duly executed and delivered in accordance with its terms by the Company and the Trustee, will constitute
a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms. All approvals, if any,
of such documents required under the Trust Indenture Act have been obtained and are in full force and effect. The Securities have been
duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for
as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company
enforceable against the Company in accordance with their terms. The Securities will be entitled to the benefits of the Indenture. All
statements relating to the Notes contained in the Registration Statement, the General Disclosure Package and the Prospectus conform, in
all material respects, to the Securities, and the issuance of the Securities is not subject to any preemptive rights, rights of first
refusal or offer or similar rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form 8-A</U>. On or prior to the Closing Date, the Company will file a registration statement on Form 8-A relating to the Securities
pursuant to Section 12(b) of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Registration
Rights</U>. Except as described in the Registration Statement, the General Disclosure Package or the Prospectus, there are no
contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to
file a registration statement under the 1933 Act with respect to any securities of the Company owned or to be owned by such person
or to require the Company to include such securities in the securities registered pursuant to the Registration Statement or in any
securities being registered pursuant to any other registration statement filed by the Company under the 1933 Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Violations and Defaults</U>. Neither the Company nor any of its Subsidiaries is (A) in violation of its charter,
bylaws or similar organizational documents, (B) in default in the performance or observance of any obligation, agreement, covenant or
condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease, license or other agreement
or instrument to which the Company or any Subsidiary is a party or by which it is bound or to which any of the properties or assets of
the Company or any Subsidiary is subject (collectively, &#8220;<B>Agreements and Instruments</B>&#8221;), except for such defaults that
would not, singly or in the aggregate, result in a Material Adverse Effect, or (C) except as disclosed in the Registration Statement,
the General Disclosure Package or the Prospectus, in violation of any federal, state, local or foreign statute, rule, regulation or any
order, judgment, writ or decree of any arbitrator, court or governmental, regulatory or administrative agency, authority or body or any
self-regulatory organization or other non-governmental regulatory authority having jurisdiction over the Company or any of its Subsidiaries
or any of their respective properties, assets or operations (each, a &#8220;<B>Governmental Entity</B>&#8221;), except for such violations
that would not, singly or in the aggregate, result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Absence
of Conflicts</U>. The execution, delivery and performance of this Agreement, the Indenture and the Notes and the consummation of the
transactions contemplated herein, therein and in the Registration Statement, the General Disclosure Package and the Prospectus
(including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities as described therein
under the caption &#8220;<B>Use of Proceeds</B>&#8221;) and the compliance by the Company with its obligations hereunder and
thereunder have been duly authorized by all necessary corporate or other action and do not and will not, whether with or without the
giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined
below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the
Company or any Subsidiary pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or Repayment
Events or liens, charges or encumbrances that would not, singly or in the aggregate, result in a Material Adverse Effect or which
have been waived), nor will such action result in any violation of the provisions of the charter, bylaws or similar organizational
documents of the Company or any of its Subsidiaries, or, except as disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, any applicable law, statute, rule, regulation, judgment, order, writ or decree of any Governmental
Entity. As used herein, a &#8220;<B>Repayment Event</B>&#8221; means any event or condition which gives the holder of any note,
debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition
of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which
the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation of any
term or provision of its charter, by-laws or similar organizational documents, or in violation of any franchise, license, permit, applicable
law, rule, regulation, judgment or decree of any Governmental Entity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employee Benefits</U>. (A) The Company and each of its Subsidiaries or their &#8220;ERISA Affiliates&#8221; (as defined below)
are in compliance in all respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including
the regulations and published interpretations thereunder (&#8220;<B>ERISA</B>&#8221;); (B)&nbsp;no &#8220;reportable event&#8221; (as
defined in ERISA) has occurred with respect to any &#8220;employee benefit plan&#8221; (as defined in ERISA) for which the Company or
any of its Subsidiaries or ERISA Affiliates would have any liability; (C)&nbsp;the Company and each of its Subsidiaries or their ERISA
Affiliates have not incurred and do not reasonably expect to incur liability under Title IV of ERISA with respect to termination of, or
withdrawal from, any &#8220;employee benefit plan&#8221;; and (D)&nbsp;each &#8220;employee benefit plan&#8221; for which the Company
and each of its Subsidiaries or any of their ERISA Affiliates would have any liability that is intended to be qualified under Section&nbsp;401(a)
of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &#8220;<B>Code</B>&#8221;),
is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss
of such qualification; except, in the cases of (A), (B), and (C), as would not reasonably be expected to have a Material Adverse Effect.
&#8220;<B>ERISA Affiliate</B>&#8221; means, with respect to the Company or any of its Subsidiaries, any member of any group of organizations
described in Sections 414(b), (c) or (m)&nbsp;of the Code or Section 4001(b)(1) of ERISA of which the Company or such Subsidiary is a
member.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Absence
of Proceedings</U>. There is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity now
pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary, which is required to be disclosed in
the Registration Statement, the General Disclosure Package and the Prospectus that are not so described, or which would reasonably
be expected to result in a Material Adverse Effect, or would reasonably be expected to materially and adversely affect the
consummation of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder; and
the aggregate of all pending legal or governmental proceedings to which the Company or any Subsidiary is a party or of which any of
their respective properties or assets is the subject which are not described in the Registration Statement, the General Disclosure
Package or the Prospectus, including ordinary routine litigation incidental to the business, would not result in a Material Adverse
Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Accuracy
of Descriptions</U>. The statements made in the Registration Statement, the General Disclosure Package and the Prospectus (including
in each case, the documents incorporated by reference therein) under the caption &#8220;Description of the Notes,&#8221; insofar as it
purports to constitute a summary of the terms of the Securities, and under the captions &#8220;Prospectus Summary&#8212;Emerging Growth
Company Status; and &#8212;Specific Terms of the Notes and the Offering,&#8221; &#8220;Interested Director Transactions&#8221; and &#8220;Certain
U.S. Federal Income Tax Considerations&#8221; insofar as such statements constitute summaries of the terms of statutes, rules or regulations,
legal matters or governmental proceedings or agreements, contracts and other documents, are accurate and fair summaries of the terms
of such statutes, rules or regulations, legal matters or governmental proceedings or agreements, contracts and other documents in all
material respects. All agreements between the Company or any of its Subsidiaries and any other party expressly referenced in the Registration
Statement, the General Disclosure Package and the Prospectus are legal, valid and binding obligations of the Company or such Subsidiary,
as applicable, enforceable against the Company or such Subsidiaries, as applicable, as appropriate, in accordance with their respective
terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium
or similar laws affecting creditors&#8217; rights generally and by general equitable principles and, with respect to equitable relief,
the discretion of the court before which any proceeding therefor may be brought (regardless of whether enforcement is sought in a proceeding
at law or in equity) and, with respect to any indemnification provisions contained therein, except as rights under those provisions may
be limited by applicable law or policies underlying such law. The Company&#8217;s operating policies, investment guidelines and other
policies described in the Registration Statement, General Disclosure Package and Prospectus accurately reflect in all material respects
the current intentions of the Company with respect to the operation of its business, and no material deviation from such guidelines or
policies is currently contemplated.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Accuracy
of Exhibits</U>. There are no legal or governmental proceedings or contracts or other documents of a character required to be described
in the Registration Statement, the General Disclosure Package and the Prospectus or, in the case of documents to be filed as exhibits
to the Registration Statement, which are not described and filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Further Requirements</U>. No consent, approval, authorization, license, certification, clearance, permits or order of, or filing or
registration of or with, any Governmental Entity is necessary or required for the execution, delivery and performance by the Company
or any Subsidiary of its obligations hereunder or under the Indenture or Securities, in connection with the offering, issuance and sale
of the Securities hereunder, or its consummation of the transactions contemplated by this Agreement, the Indenture, the Securities, or
the Registration Statement, the General Disclosure Package and the Prospectus, or the application of the proceeds from the sale of the
Securities as described under &#8220;Use of Proceeds&#8221; in the Registration Statement, General Disclosure Package and Prospectus,
except such as have been obtained or made and except for such as have been obtained or as may be required under the 1933 Act, the 1933
Act Regulations, the rules of the New York Stock Exchange (&#8220;NYSE&#8221;), applicable state or foreign securities laws or the by-laws
and rules of the Financial Industry Regulatory Authority, Inc. (&#8220;<B>FINRA</B>&#8221;) or the failure of which would have neither
(a) a Material Adverse Effect or (b) a material adverse effect on the consummation of the transactions contemplated by this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Possession
of Licenses and Permits</U>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the
Company and its Subsidiaries possess such permits, licenses, approvals, consents, permits, certifications, clearances, orders and other
authorizations (collectively, &#8220;<B>Governmental Licenses</B>&#8221;) issued by the appropriate Governmental Entities necessary to
conduct the business now operated by them, except where the failure so to possess would not, singly or in the aggregate, result in a
Material Adverse Effect. The Company and its Subsidiaries are in compliance with the terms and conditions of all Governmental Licenses,
except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Governmental
Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental
Licenses to be in full force and effect would not, singly or in the aggregate, result in a Material Adverse Effect. Neither the Company
nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Title
to Personal Property</U>. Each of the Company and its Subsidiaries have good and marketable title to all of its assets and personal property
owned by it, free and clear of all liens, encumbrances and defects, except such as are described in the Registration Statement, the General
Disclosure Package and the Prospectus or such as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and its Subsidiaries; and all assets and personal property
held under lease by the Company and its Subsidiaries are held by it under valid, subsisting and enforceable leases, with such exceptions
as do not materially interfere with the use made and proposed to be made of such assets by the Company and its Subsidiaries and the Company
does not have notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company and its
Subsidiaries under any such leases or affecting or questioning the rights of the Company and its Subsidiaries to be in the continued
possession of the leased premises under such leases.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Property</U>.
(i) The Company and its Subsidiaries have good and marketable fee simple title (or in the case of ground leases, a valid leasehold interest)
to all real property owned by them and the improvements (exclusive of improvements owned by tenants or by landlords, if applicable) located
thereon, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any
kind, except such as (A) are described in the Registration Statement, the General Disclosure Package and the Prospectus, (B) will not,
singly or in the aggregate, materially affect the value of such property and do not interfere in any material respect with the use made
and proposed to be made of such property by the Company or any of its Subsidiaries, or (C) would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; (ii) except as otherwise set forth in or described in the Registration Statement,
the General Disclosure Package and the Prospectus and except as would not, individually or in the aggregate, reasonably be expected have
a Material Adverse Effect, all of the leases and subleases of the Company and its Subsidiaries, considered as one enterprise, and under
which the Company or any of its Subsidiaries hold properties described in the Registration Statement, the General Disclosure Package
and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has any notice of any claim of any sort
that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned
above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the leased or subleased
premises under any such lease or sublease; (iii) none of the Company or any of its Subsidiaries has received from any Governmental Entities
any written notice of any condemnation of or zoning change affecting the properties of the Company and its Subsidiaries or any part thereof,
and none of the Company or any of its Subsidiaries knows of any condemnation or zoning change affecting the properties of the Company
and its Subsidiaries which is threatened and, in each case, which if consummated would reasonably be expected to, individually or in
the aggregate, to have a Material Adverse Effect; (iv) each of the properties of the Company and its Subsidiaries complies with all applicable
codes, ordinances, laws and regulations (including without limitation, building and zoning codes, laws and regulations and laws relating
to access to the properties of the Company and its Subsidiaries), except for failures to the extent disclosed in the Registration Statement,
the General Disclosure Package and the Prospectus and except for such failures to comply that would not individually or in the aggregate
reasonably be expected to have a Material Adverse Effect; (v) neither the Company nor any Subsidiary has received written notice of proposed
material special assessment or any proposed change in any property tax, zoning or land use law or availability of water affecting any
property that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and (vi) to the knowledge
of the Company and its Subsidiaries, except as set forth in or described in the Registration Statement, the General Disclosure Package
and the Prospectus or reflected in the pro forma financial statements, and except as would not, individually or in the aggregate, reasonably
be expected have a Material Adverse Effect, there are no uncured events of default, or events that with the giving of notice or passage
of time, or both, would constitute an event of default, by any tenant under any of the terms and provisions of the leases.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Acquisitions or Dispositions</U>. (A) There are no contracts, letters of intent, term sheets, agreements, arrangements or understandings
with respect to the direct or indirect acquisition or disposition by any of the Company or its Subsidiaries of interests in assets or
real property that are required to be described in the Registration Statement, the General Disclosure Package and the Prospectus that
are not so described; and (B) neither the Company nor any of its Subsidiaries has sold any real property to a third party during the
immediately preceding twelve calendar months except as described in the Registration Statement, the General Disclosure Package and the
Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Title
Insurance</U>. Title insurance in favor of the Company and the Subsidiaries has been obtained with respect to each property owned by
any such entity, except where the failure to maintain such title insurance would not have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mortgages;
Deeds of Trust</U>. Except as described in the Registration Statement, the General Disclosure Package or the Prospectus, the Company
has not issued any debt and has no debt outstanding. Except as described in the Registration Statement, the General Disclosure Package
or the Prospectus, none of the properties owned by the Company or its Subsidiaries is encumbered by any credit agreements, mortgages,
deeds of trust, guaranties, side letters, and other documents evidencing, securing or otherwise relating to any secured or unsecured
indebtedness of the Company or any of its Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Environmental
Laws</U>. Except as would not, singly or in the aggregate, result in a Material Adverse Effect, (A) neither the Company nor any of its
Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule
of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree
or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the
release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum
products, asbestos-containing materials, mold or any hazardous materials as defined by or regulated under any Environmental Laws, as
defined below (collectively, &#8220;<B>Hazardous Materials</B>&#8221;) or to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials (collectively, &#8220;<B>Environmental Laws</B>&#8221;), (B) the Company
and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in
compliance with their requirements, and (C) there are no pending or known threatened administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental
Law against the Company or any of its Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Accounting
Controls and Disclosure Controls</U>. The Company and each of its Subsidiaries (A) make and keep accurate books and records and (B) maintain
effective internal control over financial reporting (as defined under Rule 13&#45;a15 and 15d&#45;15 under the rules and regulations
of the Commission under the 1934 Act Regulations) and a system of internal accounting controls sufficient to provide reasonable assurances
that (1)&nbsp;transactions are executed in accordance with management&#8217;s general or specific authorization, (2) transactions are
recorded as necessary to permit preparation of the Company&#8217;s financial statements in conformity with GAAP and to maintain accountability
for its assets, (3) access to the Company&#8217;s assets is permitted only in accordance with management&#8217;s general or specific
authorization, and (4) the recorded accountability for the Company&#8217;s assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. Since the Company&#8217;s incorporation, except as disclosed in the
Registration Statement, the General Disclosure Package and the Prospectus, there has been (A) no material weakness in the Company&#8217;s
internal control over financial reporting (whether or not remediated) and (B) no change in the Company&#8217;s internal control over
financial reporting that has materially affected or is reasonably likely to materially affect the Company&#8217;s internal control over
financial reporting. Since the date of the most recent audited financial statements of the Company, except as disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, the Company has not been advised of (A)&nbsp;any significant deficiencies
in the design or operation of internal controls that could adversely affect the ability of the Company to record, process, summarize
and report financial data, and (B) any fraud, whether or not material, that involves management or other employees who have a significant
role in the internal controls of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or any of the Company&#8217;s directors
or officers, in their respective capacities as such, to comply with all provisions of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated thereunder or implementing provisions thereof (the &#8220;<B>Sarbanes-Oxley Act</B>&#8221;) that are then in
effect and with which the Company is required to comply as of the effectiveness of the Registration Statement, and is actively taking
steps to ensure that it will be in compliance with other provisions of the Sarbanes Oxley Act not currently in effect, upon the effectiveness
of such provisions, or which will become applicable to the Company at all times after the effectiveness of the Registration Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Critical
Accounting Policies</U>. The description of the Company&#8217;s accounting policies included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus accurately and fully describes, in all material respects, (A) the accounting
policies that the Company believes are the most important in the portrayal of the Company&#8217;s financial condition and results of
operations and that require management&#8217;s most difficult, subjective or complex judgments (&#8220;<B>Critical Accounting Policies</B>&#8221;);
(B) the judgments and uncertainties affecting the application of Critical Accounting Policies; and (C) the likelihood that materially
different amounts would be reported under different conditions or using different assumptions and an explanation thereof</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Federal
Tax Status</U>. Commencing with its taxable year ended December 31, 2016, the Company has been and, following the sale of the Securities
will continue to be, organized in conformity with the requirements for qualification and taxation as a real estate investment trust (a
&#8220;<B>REIT</B>&#8221;) under the Code. The ownership and method of operation of the Company as described in the Registration Statement,
the General Disclosure Package and the Prospectus has enabled the Company to meet the requirements for qualification and taxation as
a REIT under the Code for the Company&#8217;s taxable year ended December 31, 2020 and will enable the Company to meet the requirements
for qualification and taxation as a REIT under the Code for the Company&#8217;s taxable years ended thereafter. The Company intends to
qualify as a REIT under the Code for the Company&#8217;s taxable years ended December 31, 2021 and thereafter, does not know of any event
that would reasonably be expected to cause the Company to fail to qualify as a REIT under the Code during any such time and has no intention
of changing its proposed and current method of operation or engaging in activities which would cause it to fail to qualify or make economically
undesirable its qualification as a REIT under the Code. All statements regarding the Company&#8217;s qualification and taxation as a
REIT and descriptions of the Company&#8217;s organization, ownership and method of operation set forth in, or incorporated by reference
into the Registration Statement, the General Disclosure Package and the Prospectus are true, correct and complete in all material respects.
Each of the Company&#8217;s Subsidiaries has been, is, and will be a &#8220;taxable REIT Subsidiary&#8221; within the meaning of Section
856(l) of the Code, and the Company is not aware of any fact that would negatively impact such qualification. Each other Subsidiary of
the Company has been properly treated since formation, and will continue to be properly treated, as a partnership or a disregarded entity
(rather than an association or partnership taxable as a corporation) within the meaning of Section&nbsp;7701 of the Code and all applicable
regulations under the Code and no election has been made to the contrary. The Company has complied with the requirements of the no-action
relief issued on December 7, 2012 by the Division of Swap Dealers and Intermediary Oversight of the Commodities and Futures Trading Commission
with respect to negotiation of mortgage REITs and commodities purchase options.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Taxes</U>. The Company and its current (and with respect to (A) and (B), former) Subsidiaries (A) have paid all material federal,
state, local and foreign taxes (whether imposed directly, through withholding or otherwise and including any interest, additions to tax
or penalties applicable thereto) required to be paid through the date hereof, other than those being contested in good faith by appropriate
proceedings and for which adequate reserves have been provided on the books of the applicable entity, (B) have timely filed all material
tax returns or extensions thereof required to be filed through the date hereof, and all such tax returns are correct and complete in
all material respects, and (C) have established adequate reserves for all taxes that have accrued but are not yet due and payable. The
charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of any income and corporation tax liability
for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not
finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect. No tax deficiency has
been asserted against the Company or any of its current or former Subsidiaries, nor does any such entity know of any tax deficiency that
is likely to be asserted and, if determined adversely to any such entity, would reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<U>Possession
of Intellectual Property</U>. The Company and its Subsidiaries own or possess adequate rights to use all material patents, patent applications,
trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, know-how, software,
systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures) necessary for the conduct of its business as described in the Registration Statement, the General Disclosure Package and
the Prospectus, and has no reason to believe that the conduct of its business will conflict with, and has not received any notice of
any claim of conflict with, any such rights of others. There is no pending or, to the knowledge of the Company, threatened action, suit,
proceeding, or claim by others challenging the rights of the Company or any Subsidiary in or to such rights. There is no pending or,
to the Company&#8217;s knowledge, threatened action, suit, proceeding, or claim by others that the Company or any Subsidiary infringes,
misappropriates, or otherwise violates any such rights of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Insurance</U>.
The Company and its Subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in
such amounts and covering such risks as the Company believes is generally maintained by companies of established repute engaged in the
same or similar business and in such amounts as is commercially reasonable in light of nature of the Company&#8217;s assets and properties
and the value of its assets and properties, in the aggregate, by the Company and its Subsidiaries, and all such insurance is in full
force and effect. The Company has no reason to believe that it will not be able (A)&nbsp;to renew its existing insurance coverage as
and when such policies expire or (B)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate
to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. Neither the Company nor any
of its Subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investment
Company Act</U>. Neither the Company nor any Subsidiary is required, or upon the issuance and sale of the Securities as herein contemplated
and the application of the net proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in the Registration Statement, the
General Disclosure Package and the Prospectus will be required, to register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221;
by an &#8220;investment company&#8221; within the meaning of such terms under the Investment Company Act of 1940, as amended, and the
rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Manipulation</U>. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly
or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or result in the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities, and has taken no action
which would directly or indirectly violate Regulation M or which would constitute a special selling effort as such term is defined under
Regulation M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Foreign
Corrupt Practices Act</U>. None of the Company, any of its Subsidiaries, or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or other person acting on behalf of such entity is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations
thereunder (the &#8220;<B>FCPA</B>&#8221;), including, without limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;foreign official&#8221; (as such term
is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA and the Company and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the
FCPA, and the Company has instituted and maintains policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance by the Company and its Subsidiaries therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Money
Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any Governmental Entity (collectively, the &#8220;<B>Money Laundering Laws</B>&#8221;);
and no action, suit or proceeding by or before any Governmental Entity involving the Company or any Subsidiary with respect to the Money
Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxviii)<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>No
Conflicts with OFAC Laws</U>. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or representative of the Company or any of its Subsidiaries is an individual or entity (&#8220;<B>Person</B>&#8221;)
currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation,
the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control, the United Nations Security Council, the European Union,
Her Majesty&#8217;s Treasury, or other relevant sanctions authority (collectively, &#8220;<B>Sanctions</B>&#8221;), nor is the Company
located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly
use the net proceeds of the sale of the Securities, or lend, contribute or otherwise make available such net proceeds to any Subsidiaries,
joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that,
at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including
any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxxix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Distribution
of Offering Material</U>. The Company and its Subsidiaries have not distributed and, prior to the later to occur of the Closing Time
and the completion of the distribution of the Securities, will not distribute any offering material in connection with the offering and
sale of the Securities other than any preliminary prospectus, the Prospectus, any issuer free writing prospectus, or any other materials,
if any, permitted by the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xl)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restrictions
on Distributions</U>. No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any distributions to
the Company, from making any other distribution on such Subsidiary&#8217;s equity interests, from repaying to the Company any loans or
advances to such Subsidiary from the Company or from transferring any of such Subsidiary&#8217;s property or assets to the Company or
any other Subsidiary of the Company, except as described in or contemplated by the Registration Statement, the General Disclosure Package
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xli)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Equity Awards</U>. Except for grants pursuant to equity incentive plans disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, the Company has not granted to any person or entity, a stock option or other equity-based award to purchase
or receive capital stock pursuant to an equity-based compensation plan or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Finder&#8217;s Fee</U>. Except as disclosed in responses to the FINRA questionnaires completed by the Company in connection with the
offering of the Securities and for the Underwriters&#8217; discounts and commissions payable by the Company to the Underwriters in connection
with the offering of the Securities contemplated herein or as otherwise disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, neither the Company, nor to its knowledge, none of its affiliates, has incurred any liability for any brokerage
commission, finder&#8217;s, consenting or origination fees or similar payments in connection with the offering of the Securities contemplated
hereby or entered into any other agreements, arrangements or understandings that may affect the Underwriter&#8217;s compensation as directed
by FINRA.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xliii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payments
Within Twelve (12) Months</U>. Except as described in the Registration Statement, the General Disclosure Package or the Prospectus, the
Company has not made any direct or indirect payments (in cash, securities or otherwise) with respect to the offering of the Securities
to: (i)&nbsp;any person, as a finder&#8217;s fee, consulting fee or otherwise, in consideration of such person raising capital for the
Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii)&nbsp; any
person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior
to the effective date of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xliv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Certain Relationships</U>. Except as otherwise described in the Registration Statement, the General Disclosure Package and the Prospectus,
no relationship, direct or indirect, exists between or among the Company or its Subsidiaries, on the one hand, and the directors, officers,
stockholders, customers or suppliers of the Company, on the other hand, that is required to be described in the Registration Statement,
the General Disclosure Package and the Prospectus which is not so described and (ii) the Company has not, directly or indirectly, including
through any Subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan,
to or for any executive officer of the Company, or to or for any family member or affiliate of any director or executive officer of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Integration</U>. The Company has not sold or issued any securities that would be integrated with the offering of the Securities contemplated
by this Agreement pursuant to the 1933 Act, the 1933 Act Regulations or the interpretations thereof by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlvi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Lending
Relationship</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company (A)
does not have any material lending or other relationship with any bank or lending affiliate of any Underwriter and (B) does not intend
to use any of the net proceeds from the sale of the Securities to repay any outstanding debt owed to any affiliate of any Underwriter
or other FINRA members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlvii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="background-color: white"><U>No
Ratings</U>. Except as described in the Registration Statement, the General Disclosure package and the Prospectus, the Company has no
debt securities or preferred stock that is rated by any &#8220;nationally recognized statistical </FONT>rating agency&#8221; (as such
term is defined by the Commission for purposes of Rule 436(g)(2) of the 1933 Act).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlviii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="background-color: white"><U>No
FINRA Affiliations</U>. There are no affiliations or associations between any member of FINRA and any of the Company's officers, directors
or 5% or greater securityholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xlix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Statistical
and Market-Related Data</U>. All statistical and market-related data included in the Registration Statement, the General Disclosure Package
and the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate,
and such data agree with the sources from which they are derived, and, to the extent required, the Company has obtained the written consent
to the use of such data from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Emerging
Growth Company</U>. From the time of the initial filing of the Registration Statement to the Commission (or, if earlier, the first date
on which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication)
through the date hereof, the Company has been and is an &#8220;emerging growth company&#8221; as defined in Section 2(a) of the 1933
Act (an &#8220;<B>Emerging Growth Company</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(li)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Testing-the-Waters
Communications</U>. <FONT STYLE="background-color: white">The Company has not distributed any Written Testing-the-Waters
Communications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Officer&#8217;s Certificates</I>. Any certificate signed by any officer of the Company and delivered to the Representative or
counsel for the Underwriters in connection with the offering of the Securities shall be deemed a representation and warranty by the Company
as to matters covered thereby, to each Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Sale
and Delivery to Underwriters; Closing</U><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Initial Securities</I>. Subject to the terms and conditions and upon the basis of the representations, warranties and agreements
herein set forth, the Company agrees to issue and sell to each Underwriter, severally and not jointly, and each Underwriter, severally
and not jointly, agrees, to purchase from the Company, at the price per Note set forth in <U>Schedule I</U>, the principal amount of Initial
Securities set forth opposite such Underwriter&#8217;s name in <U>Schedule&nbsp;I</U>, plus any additional principal of Initial Securities
which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof, subject, in each case, to such
adjustments among the Underwriters as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional
Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Option
Securities</I>. In addition, subject to the terms and conditions and upon the basis of the representations, warranties and
agreements herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to
an additional $11,500,000 principal amount of Option Securities at the price per Note set forth in <U>Schedule I</U>. The option
hereby granted will expire 30&nbsp;days after the date hereof and may be exercised in whole or in part from time to time only for
the purpose of covering overallotments made in connection with the offering and distribution of the Initial Securities upon notice
by the Representative to the Company setting forth the principal amount of Option Securities as to which the several Underwriters
are then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and date of
delivery (a &#8220;<B>Date of Delivery</B>&#8221;) shall be determined by the Representative, but shall not be later than seven full
business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or
any portion of the Option Securities, each of the Underwriters, acting severally and not jointly, will purchase that proportion of
the total number of Option Securities then being purchased which the number of Initial Securities set forth in <U>Schedule I</U>
opposite the name of such Underwriter bears to the total principal amount of Initial Securities, subject, in each case, to such
adjustments as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional Notes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of and Payment for the Securities.</I> Payment of the purchase price for, and electronic delivery of, the Initial Securities
shall be made at the offices of Blank Rome LLP, 1271 Avenue of the Americas, New York, NY 10020, or at such other place as shall be agreed
upon by the Representative and the Company, at 9:00&nbsp;A.M. (Eastern time) on the fifth (sixth<FONT STYLE="background-color: white">,
if the pricing occurs after 4:30 p.m. (Eastern time) on any given day)</FONT> business day after the date hereof (unless postponed in
accordance with the provisions of Section&nbsp;10), or such other time not later than ten business days after such date as shall be agreed
upon by the Representative and the Company (such time and date of payment and delivery being herein called &#8220;<B>Closing Time</B>&#8221;).
In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for,
and electronic delivery of, such Option Securities shall be made at the above&#45;mentioned offices, or at such other place as shall be
agreed upon by the Representative and the Company, on each Date of Delivery as specified in the notice from the Representative to the
Company. Payment shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company
against delivery to the Representative for the respective accounts of the Underwriters of certificates for the Securities to be purchased
by them. It is understood that each Underwriter has authorized the Representative, for its account, to accept delivery of, receipt for,
and make payment of the purchase price for, the Initial Securities and the Option Securities, if any, which it has agreed to purchase.
Ladenburg, individually and not as representative of the Underwriters, may (but shall not be obligated to) make payment of the purchase
price for the Initial Securities and the Option Securities, if any, to be purchased by any Underwriter whose funds have not been received
by the Closing Time or the relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter from its
obligations hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Denominations; Registration</I>. Electronic delivery of the Initial Securities and the Option Securities, if any, shall be in
such denominations and registered in such names as the Representative may request in writing at least one full business day before the
Closing Time or the relevant Date of Delivery, as the case may be. The Initial Securities and any Option Securities shall be delivered
by or on behalf of the Company to the Representative, through the facilities of The Depository Trust Company, for the account of the several
Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Covenants
of the Company</U>. The Company covenants with each Underwriter as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>Compliance with Securities Regulations and Commission Requests</I>. The Company, subject to Section 3(b), will comply with
the requirements of Rule&nbsp;430A,&nbsp; and will notify the Representative immediately, and confirm the notice in writing, (i) when
any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall
have been filed, (ii)&nbsp;of the receipt of any comments from the Commission, (iii)&nbsp;of any request by the Commission for any amendment
to the Registration Statement or any amendment or supplement to the Prospectus including any document incorporated by reference therein
or for additional information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus,
or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening
of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the 1933 Act concerning the Registration
Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering
of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by
Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form
of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it
will promptly file such prospectus. The Company will make every reasonable effort to prevent the issuance of any stop order, prevention
or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Continued
Compliance with Securities Laws</I>. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and the 1934
Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the
Registration Statement, the General Disclosure Package and the Prospectus. If at any time when a prospectus relating to the
Securities is (or, but for the exception afforded by Rule 172 of the 1933 Act Regulations (&#8220;<B>Rule 172</B>&#8221;), would be)
required by the 1933 Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist
as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the
Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or
supplement the General Disclosure Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the
case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii)
amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus, as the case may be, in
order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Company will (A) promptly give the
Representative notice of such event, (B) furnish the Representative with copies of any such documents prior to such proposed filing
or use, as the case may be, (C) promptly prepare any amendment or supplement as may be necessary to correct such statement or
omission or to make the Registration Statement, the General Disclosure Package or the Prospectus comply with such requirements and,
a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or
supplement and (D) promptly file with the Commission any such amendment or supplement; provided that the Company shall not file or
use any such amendment or supplement to which the Representative or counsel for the Underwriters shall reasonably object. The
Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably
request. The Company has given the Representative notice of any filings made pursuant to the 1934 Act or 1934 Act Regulations within
48 hours prior to the Applicable Time; the Company will give the Representative notice of its intention to make any such filing from
the Applicable Time to the Closing Time and will furnish the Representative with copies of any such documents a reasonable amount of
time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or
counsel for the Underwriters shall reasonably object. If at any time when a prospectus relating to the Securities is (or, but for
the exception afforded by Rule 172, would be) required by the 1933 Act to be delivered in connection with sales of the Securities
and following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which
such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, the
General Disclosure Package and the Prospectus relating to the Securities or included or would include an untrue statement of a
material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made at that subsequent time, not misleading, the Company will promptly notify the
Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or
correct such conflict, untrue statement or omission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Registration Statements</I>. The Company has furnished or will deliver to the Representative and counsel for the
Underwriters, without charge, signed electronic copies of the Registration Statement as originally filed and each amendment thereto (including
electronic copies of the exhibits filed therewith <FONT STYLE="background-color: white">or incorporated by reference therein and documents
incorporated or deemed to be incorporated by reference therein</FONT>) and signed electronic copies of all consents and certificates of
experts, and will also deliver to the Representative, without charge, a conformed electronic copy of the Registration Statement as originally
filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment
thereto furnished to the Underwriters will be identical in all material respects to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S&#45;T.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Prospectuses</I>. The Company has delivered to each Underwriter, without charge, as many electronic copies of each
preliminary prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes
permitted by the 1933 Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating
to the Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number
of electronic copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any
amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S&#45;T.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>Blue Sky Qualifications</I>. The Company will use its commercially reasonable efforts, in cooperation with the Underwriters,
to qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic
or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete the distribution
of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to
qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself
to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rule 158</I>. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally
available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters
the benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act (subject to Rule 158 under the 1933 Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Use of Proceeds</I>. The Company will use the net proceeds from the sale of the Securities in the manner set forth in the Registration
Statement, General Disclosure Package and the Prospectus under the caption &#8220;Use of Proceeds.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Listing</I>. The Company will use commercially reasonable efforts to list the Securities on the NYSE within thirty (30) days
following the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Restriction on Sale of Securities</I>. During a period of 90 days from the date of the Prospectus, the Company will not, without
the prior written consent of the Representative, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or
dispose of any debt securities or any securities convertible into or exercisable or exchangeable for debt securities or file any registration
statement under the 1933 Act with respect to any of the foregoing, or (ii) enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the debt securities, whether any
such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of debt securities or such other securities,
in cash or otherwise. The foregoing sentence shall not apply to the Securities to be sold hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Representative, in
its sole discretion, agrees to release or waive the restrictions set forth in a lock-up agreement described in Section 5(k) hereof for
an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business
days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release
through a major news service at least two business days before the effective date of the release or waiver.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Reporting
Requirements</I>. The Company will file all documents required to be filed with the Commission pursuant to the 1934 Act within the
time periods required by the 1934 Act and the 1934 Act Regulations during the period when a Prospectus relating to the Securities is
(or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act. Additionally, the Company
shall report the use of proceeds from the issuance of the Securities as may be required under Rule 463 under the 1933 Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Issuer Free Writing Prospectuses</I>. The Company agrees that, unless it obtains the prior written consent of the Representative,
it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a &#8220;free writing prospectus,&#8221; or a portion thereof, required to be filed by the Company with the Commission or retained
by the Company under Rule 433; provided that the Representative will be deemed to have consented to the Issuer Free Writing Prospectuses
listed on <U>Schedule II</U> and any &#8220;road show that is a written communication&#8221; within the meaning of Rule 433(d)(8)(i) that
has been reviewed by the Representative. The Company represents that it has treated or agrees that it will treat each such free writing
prospectus consented to, or deemed consented to, by the Representative as an &#8220;issuer free writing prospectus,&#8221; as defined
in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely
filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus
there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict
with the information contained in the Registration Statement, the General Disclosure Package, any preliminary prospectus or the Prospectus
or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly
notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Absence of Manipulation</I>. Except as contemplated herein or in the Registration Statement, the General Disclosure Package
and the Prospectus, the Company and will not take, directly or indirectly, any action designed to or that would constitute or that might
reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate
the sale or resale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> <I>Qualification and Taxation as a REIT</I>. The Company will use its best efforts to qualify and continue to qualify for taxation
as a REIT under the Code and will not intentionally take any action to revoke or otherwise terminate the Company&#8217;s REIT election,
unless the Company&#8217;s board of directors determines in good faith that it is no longer in the best interests of the Company and its
stockholders to be so qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Sarbanes-Oxley</I>. <FONT STYLE="background-color: white">The Company will use commercially reasonable efforts to comply in
all material respects with the applicable provisions of the Sarbanes-Oxley Act to the extent such provisions are applicable to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Notification
of Material Events</I>. The Company, during the period when the Prospectus is (or but for the exemption in Rule 172 would be)
required to be delivered under the 1933 Act or the 1934 Act, shall notify the Representative of the occurrence of any material
events respecting its activities, affairs or condition, financial or otherwise, if, but only if, as a result of any such event it is
necessary, in the opinion of counsel, to amend or supplement the Prospectus in order to make the Prospectus not misleading in the
light of the circumstances existing at the time it is (or but for the exemption in Rule 172 would be) delivered to a purchaser, and
the Company will forthwith supply such information as shall be necessary in the opinion of counsel to the Company and the
Underwriters for the Company to prepare any necessary amendment or supplement to the Prospectus so that, as so amended or
supplemented, the Prospectus will not contain an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances existing at the time it is (or but for the exemption in Rule
172 would be) delivered to a purchaser, not misleading.</P>

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

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<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; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white"><I>Testing-the-Waters Materials</I>. If at any time following the distribution of any Written
Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters
Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company
will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication
to eliminate or correct such untrue statement or omission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Emerging Growth Company</I>. The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth
Company at any time prior to the <FONT STYLE="background-color: white">later of (i) completion of the distribution of the Securities within
the meaning of the Securities Act and (ii) completion of the </FONT>90<FONT STYLE="background-color: white">-day restricted period referred
to in Section 3(i).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Expenses</U><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Expenses</I>.
The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including
(i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally
filed and each amendment thereto, (ii)&nbsp;the preparation, issuance and delivery of the certificates for the Securities to the
Underwriters, including any stock, transfer or other taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Securities to the Underwriters, (iii)&nbsp;the fees and disbursements of the Company&#8217;s counsel, accountants and other
advisors, (iv)&nbsp;the preparation, printing and delivery to the Underwriters of copies of each preliminary prospectus, each Issuer
Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic
delivery of any of the foregoing by the Underwriters to investors, (v) the fees and expenses of any transfer agent or registrar for
the Securities, (vi) the costs and expenses of the Company relating to investor presentations on any &#8220;road show&#8221;
undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production
of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations,
travel and lodging expenses of the officers of the Company and any such consultants, and the cost of aircraft and other
transportation chartered or owned by the Company or its affiliates and used in connection with the road show, (vii) the fees and
disbursements incident to the review by FINRA of the terms of the sale of the Securities (including related fees and expenses of
counsel to the Underwriters in an amount not to exceed $5,000), (viii) the fees and expenses incurred in connection with the listing
of the Securities on the NYSE, (ix) fees and expenses of the Representative, including fees and expenses of counsel to the
Underwriters, up to $75,000 in the aggregate, and (x) the costs and expenses (including, without limitation, any damages or other
amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the
Securities made by the Underwriters caused by a breach of the representation contained in the third sentence of Section
1(a)(ii).</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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<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; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Underwriter Expenses</I>. Except to the extent otherwise provided in Section 4(a) or Section 4(c) hereof, the Underwriters will
pay all of their own costs and expenses, including the fees and disbursements of counsel for the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement</I>. If this Agreement is terminated by the Representative in accordance with the provisions of Section&nbsp;5(m)
or Section&nbsp;9(a)(ii) hereof, the Company shall reimburse the Underwriters for all of their actual out&#45;of&#45;pocket expenses,
including the reasonable fees and disbursements of counsel for the Underwriters up to a maximum of $75,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions of Underwriters&#8217; Obligations</U>. The respective obligations of the several Underwriters hereunder are
subject to the accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the
Company or any of its Subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and
other obligations hereunder, and to each of the following additional terms and conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Registration Statement</I>. The Registration Statement, including any Rule 462(b) Registration Statement, has
become effective and at Closing Time no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus
has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company&#8217;s knowledge,
contemplated; and the Company has complied with each request (if any) from the Commission for additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Amendments or Supplements</I>. No prospectus or amendment or supplement to the Registration Statement, the Prospectus, any
preliminary prospectus or any Issuer Free Writing Prospectus shall be filed to which the Underwriters shall have reasonably objected in
writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel and Tax Counsel for the Company</I>. At the Closing Time, the Representative shall have received (i) the
favorable opinion, (ii) a 10b-5 &#8220;negative assurance&#8221; statement and (iii) a REIT tax opinion, each dated as of the Closing
Time, of Alston &amp; Bird, LLP, counsel and tax counsel for the Company, and in form and substance satisfactory to the Representative
and counsel for the Underwriters, to the effect set forth in <U>Exhibits A-1, A-2 and A-3</U> hereto and to such further effect as counsel
to the Underwriters may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Opinion
of Maryland Counsel for the Company</I>. The Underwriters shall have received on the Closing Date the favorable opinion of Venable
LLP, special Maryland counsel for the Company, dated as of the Closing Date, in form and substance satisfactory to the
Representative and counsel for the Underwriters, to the effect set forth in <U>Exhibit B</U> hereto.</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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<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; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Underwriters</I>. At Closing Time, the Representative shall have received the favorable opinion and 10b-5
&#8220;negative assurance&#8221; statement, dated as of the Closing Time, of Blank Rome LLP, counsel for the Underwriters, together with
signed or reproduced copies of such letter for each of the other Underwriters, with respect to such matters as the Underwriters may reasonably
request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Accountant&#8217;s Comfort Letter; Company Financial Information</I>. At the time of the execution of this Agreement, the Representative
shall have received from KPMG, LLP a letter, dated such date, in form and substance satisfactory to the Representative, together with
signed or reproduced copies of such letter for each of the other Underwriters containing statements and information of the type ordinarily
included in accountants&#8217; &#8220;comfort letters&#8221; to underwriters with respect to the financial statements and certain financial
information included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Bring-down Comfort Letter; Company Financial Information</I>. At the Closing Time, the Representative shall have received from
KPMG, LLP a letter, dated as of the Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant
to subsection (e) of this Section, except that the specified date referred to shall be a date not more than three business days prior
to the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Officers&#8217; Certificate</I>. At the Closing Time, there shall not have been, since the date hereof or since the respective
dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any Material Adverse
Effect, and the Representative shall have received a certificate of the Chief Executive Officer and the Chief Financial Officer of the
Company, dated the Closing Time, to the effect set forth in <U>Exhibit C</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>[Reserved]. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Approval of Listing</I>. At the Closing Time, the Securities shall have been approved for listing on the NYSE, subject only
to official notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Objection</I>. FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness
of the underwriting terms and arrangements relating to the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Conditions to the Purchase of Option Securities</I>. In the event that the Underwriters exercise their option provided in Section&nbsp;2(b)
hereof to purchase all or any portion of the Option Securities, the representations and warranties of the Company contained herein and
the statements in any certificates furnished by the Company and any of its Subsidiaries hereunder shall be true and correct as of each
Date of Delivery and, at the relevant Date of Delivery, the Representative shall have received:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Officers&#8217; Certificate</U>. A certificate, dated such Date of Delivery, of the Chief Executive Officer and the Chief Financial
Officer of the Company confirming that the certificate delivered at the Closing Time pursuant to Section&nbsp;5(h) hereof remains true
and correct as of such Date of Delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel and Tax Counsel for Company</U>. The favorable (i) opinion and 10b-5 negative assurance statement and REIT
tax opinion of Alston &amp; Bird, LLP, counsel and tax counsel for the Company and (ii) opinion of Venable LLP , Maryland counsel for
the Company, each in form and substance reasonably satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating
to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by Section&nbsp;5(c)
and 5(d) hereof, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<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>Opinion of Counsel for Underwriters</U>. The favorable opinion and 10b-5 negative assurance statement of Blank Rome LLP, counsel
for the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise
to the same effect as the opinion required by Section&nbsp;5(e) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<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><I><U>[Reserved]</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><I>Additional Documents</I>. At the Closing Time and at each Date of Delivery (if any) counsel for the Underwriters shall have
been furnished with such documents and opinions as they may require for the purpose of enabling them to pass upon the issuance and sale
of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities
as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and counsel for the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement</I><U>.</U> If any condition specified in this Section shall not have been fulfilled when and as required
to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on a Date of Delivery which is
after the Closing Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may be terminated by the
Representative by notice to the Company at any time at or prior to Closing Time or such Date of Delivery, as the case may be, and such
termination shall be without liability of any party to any other party except as provided in Section 4 and except that Sections 1, 6,
7, 8, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 shall survive any such termination and remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification</U><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification of Underwriters</I>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as
such term is defined in Rule 501(b) under the 1933 Act (each, an &#8220;<B>Affiliate</B>&#8221;)), its selling agents and each person,
if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section 20 of the 1934 Act as follows:</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430A, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included in (A) any preliminary prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication,
the General Disclosure Package or the Prospectus (or any amendment or supplement thereto), or (B) <FONT STYLE="background-color: white">in
any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offing
of the Securities (&#8220;<B>Marketing Materials</B>&#8221;), including any road show or investor presentation made to investors by the
Company (whether in person or electronically)</FONT>, or the omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that
(subject to Section 6(d) below) any such settlement is effected with the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>provided, however</U>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising solely out of any untrue statement or
omission made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant
to Rule 430A, any preliminary prospectus, any Issuer Free Writing Prospectus or any preliminary prospectus, any Issuer Free Writing Prospectus,
the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the
Underwriter Information. The indemnity agreement set forth in this Section 6(a) shall be in addition to any liabilities that the Company
may otherwise have.</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; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Indemnification
of Company, Directors and Officers</I>. Each Underwriter severally agrees to indemnify and hold harmless the Company, its directors,
each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described
in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions
made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to
Rule 430A, any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information. The indemnity agreement set
forth in this Section 6(b) shall be in additional to any other liabilities that each Underwriter may otherwise have.</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; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Actions against Parties; Notification</I>. Each indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action (including any governmental investigation) commenced against it in respect of which indemnity may
be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder
to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may
have otherwise than on account of this indemnity agreement. The indemnifying party shall be entitled, to the extent that it shall elect,
jointly with any other indemnifying party similarly notified, to assume the defense of such action, with counsel satisfactory to the indemnified
party, to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees
and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the indemnifying party has failed within
a reasonable time to retain counsel satisfactory to the indemnified party, (iii) the indemnified party shall have reasonably concluded
that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying party,
or (iv) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between
them, and in any such event the reasonable fees and expenses of separate counsel (and any additional local counsels) shall be paid by
the indemnifying party. If the indemnifying party does not elect to assume the defense, then such firm shall be designated in writing
by the Representative, in the case of parties indemnified pursuant to Section 6(a), and by the Company in the case of parties indemnified
pursuant to Section 6(b). No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise
or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this
Section 6 or Section 7 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act
by or on behalf of any indemnified party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Settlement
without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is entered
into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have
received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Contribution</U>. If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on
the one hand, and the Underwriters, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company, on the one hand, and of the Underwriters, on the other hand,
in connection with the statements or omissions, that resulted in such losses, liabilities, claims, damages or expenses, as well as any
other relevant equitable considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities pursuant to
this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities
pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discount received
by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus, bear to the aggregate public offering
price of the Securities as set forth on the cover of the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether any
such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Underwriters and the parties&#8217; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities, claims, damages and expenses
incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement
or omission or alleged omission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this Section 7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which
the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such
Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section
7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and
each Underwriter&#8217;s Affiliates and selling agents shall have the same rights to contribution as such Underwriter, and each director
of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company, subject
in each case to the preceding two paragraphs. The Underwriters&#8217; respective obligations to contribute pursuant to this Section 7
are several in proportion to the number of Initial Securities set forth opposite their respective names in <U>Schedule I</U> and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations, Warranties and Agreements to Survive</U>. All representations, warranties and agreements contained in
this Agreement or in certificates of officers of the Company <FONT STYLE="background-color: white">or any of its Subsidiaries </FONT>submitted
pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter
or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors, any person controlling the Company
and (ii) delivery of and payment for the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination of Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Representative may terminate
this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i) trading generally shall have been suspended
or materially limited on, or by, as the case may be, any of the NYSE, the NYSE Amex LLC, the NASDAQ Stock Market, (ii) trading of any
securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in
securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking
activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation
of hostilities, or any change in financial markets or any calamity or crisis that, in the Representative&#8217;s judgment, is material
and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Representative&#8217;s judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated
in the Time of Sale Prospectus or the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Default
by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at Closing Time or a Date of Delivery to
purchase the Securities which it or they are obligated to purchase under this Agreement (the &#8220;<B>Defaulted
Securities</B>&#8221;), the Representative shall have the right, within 24&nbsp;hours thereafter, to make arrangements for one or
more of the non&#45;defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted
Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representative shall not have
completed such arrangements within such 24&#45;hour period, then:</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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<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 0pt 0.5in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
the principal amount of Defaulted Securities does not exceed 10% of the principal amount of Securities to be purchased on such date,
each of the non&#45;defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the
proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non&#45;defaulting Underwriters,
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if the principal amount of Defaulted Securities exceeds 10% of the principal amount of Securities to be purchased on such date,
this Agreement or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase,
and the Company to sell, the Option Securities to be purchased and sold on such Date of Delivery shall terminate without liability on
the part of any non&#45;defaulting Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No action taken pursuant to
this Section shall relieve any defaulting Underwriter from liability in respect of its default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any such default
which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after the Closing Time, which
does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option Securities,
as the case may be, either the (i) Representative or (ii) the Company shall have the right to postpone Closing Time or the relevant Date
of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement,
the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term &#8220;Underwriter&#8221;
includes any person substituted for an Underwriter under this Section 10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices</U>. All notices and communications hereunder shall be in writing and effective only upon receipt and (A) if
to the Underwriters, shall be sufficient in all respects if delivered, mailed or sent to the Representative in care of Ladenburg Thalmann
&amp; Co. Inc., 640 5th Avenue, 4th Floor, New York, New York 10019, Attention: Equity Syndicate Desk (facsimile no. (631)-794-2330),
with a copy to <U>the</U> Legal Department, with a copy to Blank Rome LLP, 1271 Avenue of the Americas, New York, New York 10020, Attention:
Brad L. Shiffman, Esq. (facsimile no. (212) 885-5001); and (B) if to the Company, shall be sufficient in all respects if delivered, mailed
or sent to the Company at the offices of the Company at 550 Fifth Avenue, 6<SUP>th</SUP> Floor, New York, NY 10036, Attention: Vikram
S. Uppal, with a copy to Alston &amp; Bird LLP, 1201 West Peachtree Street, Suite 4900, Atlanta, GA 30309, Attention: Rosemarie A. Thurston
(facsimile no. ((404) 881-7777).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Research
Analyst Independence</U><I>. </I> The Company acknowledges that the Underwriters&#8217; research analysts and research departments
are required to be independent from their respective investment banking divisions and are subject to certain regulations and
internal policies, and that such Underwriters&#8217; research analysts may hold views and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the offering of the Securities that differ from
the views of their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted
by law, any claims that the Company may have against the Underwriters with respect to any conflict of interest that may arise from
the fact that the views expressed by their independent research analysts and research departments may be different from or
inconsistent with the views or advice communicated to the Company by such Underwriters&#8217; investment banking divisions. The
Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to
applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short
positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this
Agreement.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Advisory or Fiduciary Relationship</U>. The Company and its Subsidiaries acknowledge and agree that (a) the purchase
and sale of the Securities pursuant to this Agreement, including the determination of the public offering price of the Securities and
any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company and its Subsidiaries, on the
one hand, and the several Underwriters, on the other hand, (b) in connection with the offering of the Securities and the process leading
thereto, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company, any of its Subsidiaries,
or their respective stockholders, equity interest holders, creditors, employees or any other party, (c) no Underwriter has assumed or
will assume an advisory or fiduciary responsibility in favor of the Company or its Subsidiaries with respect to the offering of the Securities
or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any of its
Subsidiaries on other matters) and no Underwriter has any obligation to the Company or any of its Subsidiaries with respect to the offering
of the Securities except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may
be engaged in a broad range of transactions that involve interests that differ from those of each of the Company and its Subsidiaries,
and (e) none of the Underwriters or legal counsel for the Underwriters has provided any legal, accounting, regulatory or tax advice to
the Company or its Subsidiaries with respect to the offering of the Securities and the Company and its Subsidiaries have consulted their
own respective legal, accounting, regulatory and tax advisors to the extent they deemed appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Parties</U>. This Agreement shall each inure to the benefit of and be binding upon the Underwriters, the Company and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm
or corporation, other than the Underwriters, the Company and their respective successors and the controlling persons and officers and
directors referred to in Sections&nbsp;6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended
to be for the sole and exclusive benefit of the Underwriters, the Company and their respective successors, and said controlling persons
and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No
purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <U>Trial by Jury</U>. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="background-color: white"><U>Consent to Jurisdiction; Waiver of Immunity</U>. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby (&#8220;<B>Related Proceedings</B>&#8221;) shall be
instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan
or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &#8220;<B>Specified
Courts</B>&#8221;), and each party hereto irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard
to the enforcement of a judgment of any such court (a &#8220;<B>Related Judgment</B>&#8221;), as to which such jurisdiction is non-exclusive)
of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#8217;s
address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>GOVERNING LAW</U>. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>TIME</U>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY
REFER TO NEW YORK CITY TIME.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Partial Unenforceability</U>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all such counterparts shall together constitute one and the same Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effect of Headings</U>. The Section headings herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows</I>]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Very truly yours,</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">TERRA PROPERTY TRUST, INC.</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%; text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">/s/ Vikram S.
                                            Uppal</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 53%"></TD><TD STYLE="width: 5%; text-align: left">Name:</TD><TD STYLE="text-align: justify; width: 42%">Vikram S. Uppal</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">Title:</TD><TD STYLE="text-align: justify">Chief Executive Officer</TD>
</TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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



<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"><FONT STYLE="font-variant: small-caps">Ladenburg Thalmann &amp; Co.
Inc. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For itself and as Representative<BR>
of the several Underwriters named<BR>
in <U>Schedule I</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; width: 47%; text-align: left"><FONT STYLE="font-size: 10pt">/s/
                                            Steve Kaplan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 50%"></TD>
</TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><I>Authorized
                                            Representative</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[<I>Signature Page
to Underwriting Agreement</I>]</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The public offering price per Note shall be $25.00.</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">The purchase price per Note to be paid by the
several Underwriters shall be $24.21875, being an amount equal to the public offering price set forth above less $$0.78125 per Note, subject
to adjustment in accordance with Section 2(b) for interest payable on the Initial Securities but not payable on the Option Securities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Principal Amount<BR>
</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of
                                            Initial Securities</P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left">Ladenburg Thalmann &amp; Co. Inc.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">43,625,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">B. Riley Securities, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Incapital LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,750,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">William Blair &amp; Company L.L.C.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,875,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 35.3pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">78,500,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch. I<FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus dated June 2,
2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus dated June
1, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-255321</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Terra Property Trust, Inc.<BR>
6.00% Notes Due 2026</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">Pricing Term Sheet<BR>
June 2, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This pricing term sheet is
qualified in its entirety by reference to Terra Property Trust, Inc.&#8217;s preliminary prospectus, dated June 1, 2021 (the &#8220;Preliminary
Prospectus&#8221;). The information in this pricing term sheet supplements the Preliminary Prospectus and updates and supersedes the information
in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. Capitalized terms used
and not defined herein have the meanings assigned to them in the Preliminary Prospectus. All references to dollar amounts are references
to U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 42%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="text-align: justify; width: 58%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Terra Property Trust, Inc.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of the Securities:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.00% Notes due 2026 (the &#8220;Notes&#8221;)</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Initial Aggregate Principal Amount Being Offered:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$78,500,000</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Over-Allotment Option to Purchase Additional Notes:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 0">Up to an additional $11,500,000 aggregate principal amount
    of Notes within 30 days</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Initial Public Offering Price:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 0">100% of aggregate principal amount</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Underwriting Discount:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$0.78125 per Note; $2,453,125 total (assuming the over-allotment option
    is not exercised)</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net Proceeds to the Issuer, before Expenses:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$24.21875 per Note; $76,046,875 total (assuming the over-allotment
    option is not exercised)</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issue the Notes in denominations of $25.00 and integral multiples of
    $25.00 in excess thereof</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Principal at Time of Payment:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100% of the aggregate principal amount; the principal amount of each
    Note will be payable on its stated maturity date.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Type of Note:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed rate note</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Coupon Rate:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.00% per annum</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Day Count:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30/360</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trade Date: </FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 3, 2021</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Settlement Date / Original Issue Date:</FONT></TD>
    <TD STYLE="text-align: justify; width: 58%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 10, 2021 (T+5)</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Stated Maturity Date:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 30, 2026, unless earlier repurchased or redeemed</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date Interest Starts Accruing:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">June 10, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every March 30, June 30, September 30 and December 30, commencing September
    30, 2021. If an interest payment date falls on a non-business day, the applicable interest payment will be made on the next business day
    and no additional interest will accrue as a result of such delayed payment.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Periods:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The initial interest period will be the period from and including the
    Original Issue Date to and excluding the initial interest payment date, and the subsequent interest periods will be the periods from and
    including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regular Record Dates for Interest:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, June 15, September 15 and December 15, commencing September
    15, 2021</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Notes may be redeemed in whole or in part at any time or from time
    to time at Issuer&#8217;s option on or after June 30, 2023 upon not less than 30 days nor more than 60 days written notice by mail prior
    to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed
    plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to the date
    fixed for redemption.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Repayment at Option of Holders:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders will not have the option to have the Notes repaid prior to
    the Stated Maturity Date.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Listing:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuer intends to list the Notes on the New York Stock Exchange under
    the symbol &#8220;TPTA&#8221; within 30 days of the Original Issue Date.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">88104K 105 / US88104K1051</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joint Book-Running Managers:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladenburg Thalmann &amp; Co. Inc.<BR>
    B. Riley Securities, Inc.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incapital LLC</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William Blair &amp; Company, L.L.C.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Investors are advised
to carefully consider the investment objectives and risks of Issuer before investing. The Preliminary Prospectus, which has been filed
with the Securities and Exchange Commission (the &#8220;SEC&#8221;), contains this and other information about Issuer and should be read
carefully before investing.</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The information in the
Preliminary Prospectus and in this pricing term sheet is not complete and may be changed. The Preliminary Prospectus and this pricing
term sheet are not offers to sell any securities of Issuer and are not soliciting an offer to buy such securities in any state or jurisdiction
where such offer and sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Issuer has filed a
registration statement including a Preliminary Prospectus with the SEC for the offering to which this communication relates. Before you
invest, you should read the Preliminary Prospectus in that registration statement and other documents the issuer has filed with the SEC
for more complete information about Issuer and this offering. Copies of the Preliminary Prospectus relating to the offering may be obtained
for free by visiting the SEC&#8217;s website at www.sec.gov or may be obtained from of any of the following investment banks: Ladenburg
Thalmann, Attn: Syndicate Department, 640 5th Ave, 4th Floor, New York, NY 10019, or by emailing<U>&nbsp;prospectus@ladenburg.com</U>&nbsp;(telephone
number 1-800-573-2541); B. Riley Securities, Inc., Attn: Prospectus Department, 1300 17th Street North, Suite 1300, Arlington, VA 22209
or by e-mailing <U>prospectuses@brileyfin.com</U> (or by calling (800) 846-5050); Incapital LLC, Attn: Syndicate Department, 1800 N Military
Trail, Suite 400, Boca Raton, FL 33431, or by emailing <U>prospectus_requests@incapital.com</U> (telephone number 1-800-327-1546); or
William Blair &amp; Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago IL 60606, and by telephone at
1-800-621-0687 or email at <U>prospectus@williamblair.com</U>.</B></P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT A-1</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF COUNSEL FOR THE COMPANY </B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT A-2</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEGATIVE ASSURANCE LETTER OF COUNSEL FOR THE
COMPANY</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT A-3</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>REIT TAX OPINION OF COUNSEL
OF THE COMPANY</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OPINION OF MARYLAND COUNSEL FOR THE COMPANY</U></B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OFFICERS&#8217; CERTIFICATE</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#8226;], 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, the Chief
Executive Officer and the Chief Financial Officer of Terra Property Trust, Inc., a Maryland corporation (the &#8220;<B>Company</B>&#8221;),
pursuant to Section 5(h) of the Underwriting Agreement, dated as of June 2, 2021 (the &#8220;<B>Underwriting Agreement</B>&#8221;), by
and among the Company and Ladenburg Thalmann &amp; Co. Inc., as representative of the several underwriters listed in <U>Schedule I</U>
thereto (collectively, the &#8220;<B>Underwriters</B>&#8221;), providing for the sale by the Company to the Underwriters of (i) $78,500,000
principal amount of 6.00% Notes due 2026 (the &#8220;Notes&#8221;), of the Company and (ii) up to an additional $11,500,000 principal
amount of Notes, hereby certify that they are authorized to execute this Officers&#8217; Certificate in the name and on behalf of the
Company. Each of the undersigned also hereby certifies that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the representations and warranties of the Company in Section 1(a) of the Underwriting Agreement are true
and correct with the same force and effect as though expressly made as of the date hereof;</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 STYLE="text-align: justify">the Company has complied with all agreements and satisfied all conditions on its part to be performed
or satisfied under the Underwriting Agreement at or prior to the date hereof;</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">(iii)</TD><TD STYLE="text-align: justify">no stop order suspending the effectiveness of the Registration Statement under the Securities Act of 1933,
as amended, has been issued, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued
and no proceedings for any of those purposes have been instituted or are pending or, to their knowledge, contemplated; 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">(iv)</TD><TD STYLE="text-align: justify">there has not been, since the date of the Underwriting Agreement or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package and the Prospectus, any Material Adverse Effect.</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-align: justify; text-indent: 0.5in">Each of Alston &amp; Bird,
LLP, counsel to the Company, and Blank Rome LLP, counsel to the Underwriters, is entitled to rely upon this Officers&#8217; Certificate
in connection with the respective opinions given by such firms pursuant to the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used but
not defined herein shall have the meanings ascribed to such terms in the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows</I>]</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: 0.75in">IN WITNESS WHEREOF, we have hereunto set our
hands as of the date first written above.</P>

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