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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_903_edei--WrittenCommunications_c20200805__20200805_zLcpIpQl7Pf"><ix:nonNumeric contextRef="From2020-08-05to2020-08-05" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span> Written
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90C_edei--SolicitingMaterial_c20200805__20200805_zybQjZUIF39c"><ix:nonNumeric contextRef="From2020-08-05to2020-08-05" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span> Soliciting material
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_901_edei--PreCommencementTenderOffer_c20200805__20200805_zS5YxHKzVBqg"><ix:nonNumeric contextRef="From2020-08-05to2020-08-05" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_902_edei--PreCommencementIssuerTenderOffer_c20200805__20200805_zfnKjsaEdaWi"><ix:nonNumeric contextRef="From2020-08-05to2020-08-05" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
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Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Wingdings; margin: 0pt 0; text-align: right"></p>

<p style="font: 10pt Wingdings; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
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provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0"></td><td style="width: 0.75in"><b>Item&#160;8.01.</b></td><td><b>Other Events. </b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 5, 2020, 2U, Inc. (the &#8220;Company&#8221;) entered
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of the several underwriters named therein (the &#8220;Underwriters&#8221;), pursuant to which the Company agreed to issue and sell
6,800,000 shares of its common stock, par value $0.001 per share (&#8220;Common Stock&#8221;), at a public offering price of $45.50
per share (the &#8220;Offering&#8221;). Under the terms of the Underwriting Agreement, the Company granted the Underwriters the
option, for 30 days from the date of the Underwriting Agreement, to purchase up to 1,020,000 additional shares of Common Stock
at the public offering price, less the underwriting discount.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company estimates that the proceeds from the Offering, after
deducting underwriting discounts and estimated offering expenses payable by the Company, will be approximately $299.7 million (or
approximately $344.8 million if the Underwriters exercise in full their option to purchase additional shares of Common Stock).
The Company intends to use the net proceeds of the offering for working capital and other general corporate purposes, which may
include capital expenditures, potential acquisitions, growth opportunities and strategic transactions. However, the Company has
not designated any specific uses and has no current agreement with respect to any acquisition or strategic transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offering is expected to close on or about August 10, 2020,
subject to customary closing conditions. The Offering was made pursuant to the Company&#8217;s effective registration statement
on Form S-3 (Registration Statement No. 333-227546), filed with the Securities and Exchange Commission on September 26, 2018, including
the prospectus contained therein, and a prospectus supplement filed with the Securities and Exchange Commission .</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriting Agreement contains customary representations,
warranties, covenants and agreements by the Company, customary conditions to closing and indemnification obligations of the Company
and the Underwriters, including for liabilities under the Securities Act of 1933, as amended. The representations, warranties,
covenants and agreements contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific
dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting
parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Underwriting Agreement is attached as Exhibit
1.1 hereto and is incorporated herein by reference. The foregoing description of the Underwriting Agreement does not purport to
be complete and is qualified in its entirety by reference to such exhibit.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the opinion of Latham &amp; Watkins LLP relating to
the validity of the securities issued by the Company in the Offering is filed herewith as Exhibit 5.1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report on Form 8-K does not and shall not constitute
an offer to sell or a solicitation of an offer to buy any shares of Common Stock, nor shall there be any offer, solicitation or
sale of such shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d) Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>



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<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit <br />
Number</b></span></td>
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    <td style="border-bottom: black 1pt solid; text-align: left; width: 85%; vertical-align: bottom"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit Description</b></span></td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
<tr>
    <td style="vertical-align: top"><a href="tm2026493d4_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">1.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm2026493d4_ex1-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Underwriting Agreement, dated as of August 5, 2020, between 2U, Inc. and Morgan Stanley &amp; Co. LLC, as representative of the several underwriters named therein.</span></a></td></tr>
<tr>
    <td style="vertical-align: top"><a href="tm2026493d4_ex5-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">5.1</span></a></td>
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    <td style="vertical-align: top"><a href="tm2026493d4_ex5-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Opinion of Latham &amp; Watkins LLP.</span></a></td></tr>
<tr>
    <td style="vertical-align: top"><a href="tm2026493d4_ex5-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">23.1</span></a></td>
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    <td style="vertical-align: top"><a href="tm2026493d4_ex5-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Consent of Latham &amp; Watkins LLP (included in Exhibit 5.1 hereto).</span></a></td></tr>
<tr>
    <td style="vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td style="vertical-align: bottom">&#160;</td>
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        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">Cover Page Interactive Data File (embedded
within the Inline XBRL document).&#160;</p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 207.15pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 207.15pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 207.15pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 207.15pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.9pt 0pt 5pt; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.9pt 0pt 5pt; text-indent: 0.5in">&#160;</p>

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<tr style="vertical-align: top">
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    <td colspan="2" style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><b>2U, Inc.</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 5%"><span style="font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Name:</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Paul S. Lalljie</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font: 10pt Times New Roman, Times, Serif">Date: August 10, 2020</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Title:</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer </span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2U,&nbsp;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>COMMON STOCK<BR>
(PAR VALUE $0.001 PER SHARE)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;5, 2020</P>

<P STYLE="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: right">August&nbsp;5, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036</P>

<P STYLE="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-indent: 0.5in">2U,&nbsp;Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several underwriters named in Schedule II hereto (the &ldquo;<B>Underwriters</B>&rdquo;),
for whom Morgan Stanley&nbsp;&amp; Co. LLC (&ldquo;<B>Morgan Stanley</B>&rdquo;) is acting as manager (the &ldquo;<B>Manager</B>&rdquo;),
the number of shares of its common stock, par value $0.001 per share, set forth in Schedule I hereto (the &ldquo;<B>Firm Shares</B>&rdquo;).
The Company also proposes to issue and sell to the several Underwriters not more than the number of additional shares of its common
stock, par value $0.001 per share, set forth in Schedule I hereto (the &ldquo;<B>Additional Shares</B>&rdquo;) if and to the extent
that Morgan Stanley shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of common
stock granted to the Underwriters in Section&nbsp;2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively
referred to as the &ldquo;<B>Shares</B>.&rdquo; The shares of common stock, par value $0.001 per share, of the Company to be outstanding
after giving effect to the sales contemplated hereby are hereinafter referred to as the &ldquo;<B>Common Stock</B>.&rdquo; If the
firm or firms listed in Schedule II hereto include only the Manager listed in Schedule I hereto, then the terms &ldquo;Underwriters&rdquo;
and &ldquo;Managers&rdquo; as used herein shall each be deemed to refer to such firm or firms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has filed with the Securities
and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-227546),
including a preliminary prospectus, relating to the securities (the &ldquo;<B>Shelf Securities</B>&rdquo;), including the Shares,
to be issued from time to time by the Company. The registration statement as amended to the date of this Agreement, including the
information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule&nbsp;430A or
Rule&nbsp;430B under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), is hereinafter referred
to as the &ldquo;<B>Registration Statement</B>,&rdquo; and the related prospectus covering the Shelf Securities dated September&nbsp;26,
2018 in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company
to meet requests of purchasers pursuant to Rule&nbsp;173 under the Securities Act) is hereinafter referred to as the &ldquo;<B>Basic
Prospectus</B>.&rdquo; The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Shares in
the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet
requests of purchasers pursuant to Rule&nbsp;173 under the Securities Act) is hereinafter referred to as the &ldquo;<B>Prospectus</B>,&rdquo;
and the term &ldquo;<B>preliminary prospectus</B>&rdquo; means any preliminary prospectus relating to the Shares filed with the
Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act. For purposes of this Agreement, &ldquo;<B>free writing prospectus</B>&rdquo;
has the meaning set forth in Rule&nbsp;405 under the Securities Act, &ldquo;<B>Time of Sale Prospectus</B>&rdquo; means the Basic
Prospectus and all documents and pricing information set forth opposite the caption &ldquo;Time of Sale Prospectus&rdquo; in Schedule
I hereto, and &ldquo;<B>broadly available road show</B>&rdquo; means a &ldquo;bona fide electronic road show&rdquo; as defined
in Rule&nbsp;433(h)(5)&nbsp;under the Securities Act that has been made available without restriction to any person. As used herein,
the terms &ldquo;Registration Statement,&rdquo; &ldquo;Basic Prospectus,&rdquo; &ldquo;preliminary prospectus,&rdquo; &ldquo;Time
of Sale Prospectus&rdquo; and &ldquo;Prospectus&rdquo; shall include the documents, if any, incorporated by reference therein as
of the date hereof. The terms &ldquo;<B>supplement</B>,&rdquo; &ldquo;<B>amendment</B>&rdquo; and &ldquo;<B>amend</B>&rdquo; as
used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary prospectus
or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), that are deemed to be incorporated by reference therein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties</I>. The Company represents and warrants to and agrees with each of the Underwriters that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect,
and no proceedings for such purpose or pursuant to Section&nbsp;8A under the Securities Act are pending before or, to the Company&rsquo;s
knowledge, threatened by the Commission. If the Registration Statement is an automatic shelf registration statement as defined
in Rule&nbsp;405 under the Securities Act, the Company is a well-known seasoned issuer (as defined in Rule&nbsp;405 under the Securities
Act) eligible to use the Registration Statement as an automatic shelf registration statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(i)&nbsp;Each
document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus
or the Prospectus complied or will comply, in each case, when so filed, in all material respects with the Exchange Act and the
applicable rules&nbsp;and regulations of the Commission thereunder, (ii)&nbsp;each part of the Registration Statement, when such
part became effective, did not contain, and each such part, as amended or supplemented, if applicable, as of the date of such amendment
or supplement, will not contain any 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, (iii)&nbsp;the Registration Statement as of the date hereof
does not contain any 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, (iv)&nbsp;the Registration Statement and the Prospectus comply and, as amended or
supplemented, if applicable, as of the date of such amendment or supplement, will comply in all material respects with the Securities
Act and the applicable rules&nbsp;and regulations of the Commission thereunder, (v)&nbsp;the Time of Sale Prospectus does not,
and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective
purchasers and at the Closing Date (as defined in Section&nbsp;4), the Time of Sale Prospectus, as then amended or supplemented
by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi)&nbsp;each broadly
available road show, if any, used or referenced by the Company, when considered together with the Time of Sale Prospectus, at the
time of its use, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading and (vii)&nbsp;the Prospectus,
in the form used by the Underwriters to confirm sales, does not contain and, as amended or supplemented, if applicable, on the
Closing Date will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus
or the Prospectus based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through
the Manager expressly for use therein, it being understood and agreed that the only such information furnished by or on behalf
of any Underwriter through the Manager consists of the information described as such in Section&nbsp;8(b).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is not an &ldquo;ineligible issuer&rdquo; in connection with the offering pursuant to Rules&nbsp;164, 405 and 433 under
the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule&nbsp;433(d)&nbsp;under the
Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the
applicable rules&nbsp;and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or
is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act or that was prepared by or on behalf of or used
or referred to by the Company complies or, if filed after the effective date of this Agreement, will comply when filed, in all
material respects with the requirements of the Securities Act and the applicable rules&nbsp;and regulations of the Commission thereunder.
Except for the free writing prospectuses, if any, identified in Schedule I hereto forming part of the Time of Sale Prospectus,
and electronic road shows, if any, each furnished to Morgan Stanley before first use, the Company has not prepared, used or referred
to, and will not, without Morgan Stanley&rsquo;s prior consent, prepare, use or refer to, any free writing prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of its subsidiaries has, since the date of the latest audited financial statements included or incorporated
by reference in the Time of Sale Prospectus and the Prospectus, sustained any material loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree otherwise than as set forth or contemplated in the Time of Sale Prospectus and the Prospectus; and, since
the respective dates as of which information is given in the Time of Sale Prospectus and the Prospectus, there has not been any
change in the capital stock or long-term debt of the Company or any of its subsidiaries (other than as a result of the exercise
of stock options or the award of stock options in the ordinary course of business pursuant to the Company&rsquo;s stock plans that
are described in the Time of Sale Prospectus and the Prospectus) or any material adverse change or effect, or any development involving
a prospective material adverse change or effect, in or affecting the properties, general affairs, business, management, consolidated
financial position, consolidated stockholders&rsquo; equity or consolidated results of operations or prospects of the Company and
its subsidiaries, taken as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;), otherwise than as set forth or contemplated
in the Time of Sale Prospectus and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor its subsidiaries own any real property. The Company and its subsidiaries have good and marketable title to all
personal property owned by them (without considering Intellectual Property, which is defined in and covered by paragraph (v)&nbsp;below),
in each case free and clear of all liens, encumbrances and defects except such as are described in the Time of Sale Prospectus
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 any real property and buildings held under
lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by
the Company and its subsidiaries.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with the corporate power and authority to own or lease its properties and conduct its business as described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, and has been duly qualified as a foreign corporation for the transaction
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts
any business so as to require such qualification, except where the failure to so qualify or be in good standing would not be reasonably
expected, individually or in the aggregate, to have a Material Adverse Effect; and each subsidiary of the Company has been duly
organized and is validly existing as an entity in good standing under the laws of its jurisdiction of organization, and each such
subsidiary has been listed on an exhibit incorporated by reference to the Company&rsquo;s Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 2019. The Company has no &ldquo;significant subsidiaries,&rdquo; as defined in Rule&nbsp;1-02(w)&nbsp;of
Regulation S-X of the Exchange Act, except as listed on Exhibit&nbsp;21.1 to the Company&rsquo;s Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2019.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has an authorized capitalization as set forth in the Time of Sale Prospectus and the Prospectus and all of the shares of
capital stock of the Company outstanding prior to the issuance of the Shares have been duly authorized and are validly issued,
fully paid and non-assessable and the authorized capital stock of the Company conforms as to legal matters to the description thereof
contained in the Time of Sale Prospectus and the Prospectus; and all of the issued shares of capital stock of each subsidiary of
the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of all liens, encumbrances, equities or claims except for liens, encumbrances, equities or claims
on such shares made in connection with obligations disclosed or contemplated in the Time of Sale Prospectus and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will
be validly issued, fully paid and non-assessable, and the issuance of the Shares will not be subject to any preemptive or similar
rights that have not been complied with or otherwise effectively waived.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance and sale of the Shares to be purchased by the Underwriters, and the execution and delivery of and compliance by the Company
with this Agreement and the consummation of the transactions herein contemplated, will not conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default under, (A)&nbsp;any indenture, mortgage, deed of trust,
loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the
Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries
is subject, (B)&nbsp;the certificate of incorporation (or certificate of organization, as the case may be) or by-laws of the Company
or any of its subsidiaries, or (C)&nbsp;any statute or any order, rule&nbsp;or regulation of any court or governmental agency or
body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except, with respect to clauses
(A)&nbsp;and (C), for such conflicts, breaches, violations or defaults as would not be reasonably expected, individually or in
the aggregate, to have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification
of or with any such court or governmental agency or body is required for the issuance and sale of the Shares or the consummation
by the Company of the transactions contemplated by this Agreement, except for such consents, approvals, authorizations, orders,
registrations or qualifications as may be required under state securities or Blue Sky laws, or the NASDAQ Global Select Market
LLC (the &ldquo;<B>Exchange</B>&rdquo;) in connection with the offer and sale of the Shares by the Underwriters.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of its subsidiaries is (i)&nbsp;in violation of its certificate of incorporation (or certificate of organization,
as the case may be) or by-laws, (ii)&nbsp;in violation of any statute or any judgment, order, rule&nbsp;or regulation of any court
or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii)&nbsp;in
default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of
its properties may be bound except, in the case of clauses (ii)&nbsp;and (iii), for such violations or defaults as would not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
statements set forth in the Time of Sale Prospectus and the Prospectus under the caption &ldquo;Description of Capital Stock,&rdquo;
insofar as they purport to constitute a summary of the terms of the Common Stock, and under the captions &ldquo;Material U.S. Federal
Income Tax Considerations to Non-U.S. Holders&rdquo; and &ldquo;Underwriting,&rdquo; insofar as they purport to describe the provisions
of the laws, regulations and documents referred to therein, are accurate, complete and fair in all material respects; and the statements
set forth in the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2019 under Item 1.
Business and under the caption &ldquo;Education Laws and Regulations,&rdquo; insofar as they purport to describe the provisions
of the laws, regulations and documents referred to therein, are accurate, complete and fair in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Other
than as set forth in the Time of Sale Prospectus and the Prospectus, there are no legal or governmental proceedings pending to
which the Company or any of its subsidiaries is a party or of which any property or assets of the Company or any of its subsidiaries
is the subject which, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate
reasonably be expected to have a Material Adverse Effect; and, to the Company&rsquo;s knowledge, no such proceedings are threatened
or contemplated by governmental authorities or threatened by others.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or
filed pursuant to Rule&nbsp;424 under the Securities Act, complied when so filed in all material respects with the Securities Act
and the applicable rules&nbsp;and regulations of the Commission thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is not required, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof
as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus will not be required, to register
as an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act of 1940, as amended, and the rules&nbsp;and
regulations of the Commission thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">KPMG
LLP, who has certified certain financial statements of the Company and its subsidiaries, is an independent registered public accounting
firm with respect to the Company and its subsidiaries as required by the Public Accounting Oversight Board and the Securities Act
and the rules&nbsp;and regulations of the Commission thereunder; and Deloitte LLP, who has certified certain financial statements
of Trilogy Education Services,&nbsp;Inc. (&ldquo;<B>Trilogy</B>&rdquo;), are independent public accountants with respect to Trilogy
under Rule&nbsp;101 of the American Institute of Certified Public Accountants Code of Professional Conduct and its interpretations
and rulings, which is accepted by the Commission for the audits of acquiree financial statements pursuant to Section&nbsp;3-05
of Regulation S-X.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
financial statements of the Company and its subsidiaries included or incorporated by reference in the Registration Statement, the
Time of Sale Prospectus and the Prospectus, together with the related schedules and notes, present fairly the financial position
of the Company and its subsidiaries at the dates indicated and the statement of operations, stockholders&rsquo; equity and cash
flows of the Company and its subsidiaries for the periods specified; the financial statements of the Company and its subsidiaries
included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus comply with
the applicable requirements of the Securities Act and have been prepared in conformity with U.S. generally accepted accounting
principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout the periods involved except as disclosed therein;
the supporting schedules included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, if any, present fairly in accordance with GAAP the information required to be stated therein; the selected financial
data and the summary financial information included or incorporated by reference in the Registration Statement, the Time of Sale
Prospectus and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that
of the audited financial statements included or incorporated by reference therein, except as disclosed therein. To the extent included
or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the pro forma financial
information and the related notes thereto included or incorporated by reference therein have been prepared in accordance with the
applicable requirements of the Securities Act and comply with Regulation G of the Exchange Act, and Item 10 of Regulation S-K of
the Securities Act, to the extent applicable, and the assumptions underlying such pro forma financial information are reasonable
and are set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus in all material respects. All other
financial and accounting-related information and data included or incorporated by reference in the Registration Statement, the
Time of Sale Prospectus and the Prospectus (including the information set forth in or incorporated by reference in the Registration
Statement, the Time of Sale Prospectus and the Prospectus under the caption &ldquo;Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations&mdash;Key Business and Financial Performance Metrics&rdquo;) has been derived from
the accounting records of the Company and its subsidiaries and presents fairly in all material respects the information shown thereby.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated
in connection therewith.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company maintains a system of internal control over financial reporting (as such term is defined in Rule&nbsp;13a-15(f)&nbsp;under
the Exchange Act) that (i)&nbsp;complies with the requirements of the Exchange Act, (ii)&nbsp;has been designed by the Company&rsquo;s
principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP
and (iii)&nbsp;is sufficient to provide reasonable assurance that (A)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorization, (B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements
in conformity with GAAP and to maintain accountability for assets, (C)&nbsp;access to assets is permitted only in accordance with
management&rsquo;s general or specific authorization and (D)&nbsp;the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as set forth in the Time
of Sale Prospectus and the Prospectus, the Company&rsquo;s internal control over financial reporting is effective and the Company
is not aware of any material weaknesses in its internal control over financial reporting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Since
the date of the latest audited financial statements included or incorporated by reference in the Time of Sale Prospectus and the
Prospectus, there has been no change in the Company&rsquo;s internal control over financial reporting that has materially and adversely
affected, or is reasonably likely to materially and adversely affect, the Company&rsquo;s internal control over financial reporting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company maintains disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act)
that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that
material information relating to the Company and its subsidiaries is made known to the Company&rsquo;s principal executive officer
and principal financial officer by others within those entities; and such disclosure controls and procedures are effective.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement has been duly authorized, executed and delivered by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as set forth in the Time of Sale Prospectus and the Prospectus, the Company and its subsidiaries own or have the right to use pursuant
to license, sublicense, agreement or permission, or can acquire on reasonable terms adequate rights to, the patents, trademarks,
service marks, patent applications, trade names, copyrights, trade secrets, domain names, information, know-how, proprietary rights
and processes (collectively, &ldquo;<B>Intellectual Property</B>&rdquo;) necessary for the conduct of their respective businesses
as described in the Time of Sale Prospectus and the Prospectus and, to the Company&rsquo;s knowledge, necessary in connection with
the products and services under development, without any known conflict with or infringement of the intellectual property rights
of others, and have taken all reasonable steps necessary to secure interests in such Intellectual Property and have taken all reasonable
steps necessary to secure assignment of such Intellectual Property from its employees and contractors; except as set forth in the
Time of Sale Prospectus and the Prospectus, to the Company&rsquo;s knowledge, there has not been any infringement by any third
party of any Intellectual Property or other similar rights of the Company or any of its subsidiaries; except as set forth in the
Time of Sale Prospectus and the Prospectus, there are no outstanding options, licenses or agreements of any kind relating to the
Intellectual Property of the Company that would have been required to be set forth in the Time of Sale Prospectus and the Prospectus;
except as set forth in the Time of Sale Prospectus and the Prospectus, neither the Company nor any of its subsidiaries is a party
to or bound by any options, licenses or agreements with respect to the Intellectual Property of any other person or entity that
that would have been required to be set forth in the Time of Sale Prospectus and the Prospectus; none of the technology employed
by the Company has been obtained or is being used by the Company or its subsidiaries in violation of any contractual obligation
binding on the Company or any of its subsidiaries or, to the Company&rsquo;s knowledge, any of its directors or executive officers
or any of its employees or otherwise in violation of the rights of any persons; neither the Company nor any of its subsidiaries
has received any communications alleging that the Company or any of its subsidiaries has violated, infringed or conflicted with,
or, by conducting its business as set forth in the Time of Sale Prospectus and the Prospectus, would violate, infringe or conflict
with any of the Intellectual Property of any other person or entity other than any such violations, infringements or conflicts
which, individually or in the aggregate, have not had, and are not reasonably likely to result in, a Material Adverse Effect; and
the Company and its subsidiaries have taken and will maintain reasonable measures to prevent the unauthorized dissemination or
publication of their confidential information and, to the extent contractually required to do so, the confidential information
of third parties in their possession.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and its subsidiaries have (A)&nbsp;paid all federal, state, local and foreign taxes required to be paid through the date
hereof, except any such taxes being contested in good faith and for which adequate reserves have been established by the Company
or such subsidiary, as appropriate, in accordance with GAAP, or except where the failure to pay such taxes would not reasonably
be expected to have a Material Adverse Effect, and (B)&nbsp;filed all tax returns required to be filed through the date hereof
except for those returns for which a request for extension has been filed, and there is no tax deficiency that has been, nor does
the Company or any of its subsidiaries have any notice or knowledge of any such tax deficiency that could reasonably be expected
to be, asserted against the Company or any of its subsidiaries, except where the failure to file such tax returns or such deficiencies,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all
declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are
necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described
in the Time of Sale Prospectus and the Prospectus, except where the failure to so possess or to have made such declarations or
filing, individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect; and neither the
Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit
or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in
the ordinary course except where such revocation or modification, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the Company&rsquo;s knowledge,
is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with,
the employees of any of the Company&rsquo;s or any of its subsidiaries&rsquo; principal suppliers, manufacturers, contractors or
customers, in each case, except as would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor
any of its subsidiaries has received any notice of cancellation or termination with respect to any collective bargaining agreement
to which it is a party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;Each
employee benefit plan, within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement Income Security Act of 1974, as
amended (&ldquo;<B>ERISA</B>&rdquo;), for which the Company or any member of its &ldquo;Controlled Group&rdquo; (defined as any
organization which is a member of a controlled group of corporations within the meaning of Section&nbsp;414 of the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;)), would have any liability (each, a &ldquo;<B>Plan</B>&rdquo;) has been
maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules&nbsp;and regulations, including
but not limited to, ERISA and the Code, except for noncompliance that would not reasonably be expected to result in material liability
to the Company or its subsidiaries; (B)&nbsp;no prohibited transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Code, excluding transactions effected pursuant to a statutory or administrative exemption, has occurred with respect to
any Plan that could reasonably be expected to result in a material liability to the Company or its subsidiaries; (C)&nbsp;neither
the Company nor any member of its Controlled Group has ever maintained or contributed to or participated in a Plan that is subject
to the funding rules&nbsp;of Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA) or a &ldquo;multiemployer plan&rdquo; within
the meaning of Section&nbsp;4001(a)(3)&nbsp;of ERISA; and (D)&nbsp;there is no pending audit or investigation by the Internal Revenue
Service, the U.S. Department of Labor or any other governmental agency or any foreign regulatory agency with respect to any Plan
that could reasonably be expected to result in material liability to the Company or its subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;The
Company and its subsidiaries (1)&nbsp;are in compliance with any and all applicable federal, state, local and foreign laws, rules,
regulations, requirements, decisions, orders and other legally enforceable requirements relating to the protection of human health
or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
&ldquo;<B>Environmental Laws</B>&rdquo;), (2)&nbsp;have received and are in compliance with all permits, licenses, certificates
or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses,
and (3)&nbsp;have not received notice of any actual or potential liability (including, without limitation, such liability of a
third party that could reasonably be expected to adversely affect the Company or any of its subsidiaries) under or relating to
any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances
or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result
in any such notice; (B)&nbsp;there are no costs or liabilities associated with Environmental Laws of or relating to the Company
or its subsidiaries, except in the case of each of (A)&nbsp;and (B)&nbsp;above, for any such failure to comply, or failure to receive
required permits, licenses or approvals, or receipt of notice or cost or liability, as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; and (C)&nbsp;(1)&nbsp;there are no proceedings that are pending, or that
are known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a governmental
entity is also a party, other than such proceedings regarding which the Company reasonably believes no monetary sanctions of $100,000
or more will be imposed, (2)&nbsp;the Company and its subsidiaries are not aware of any issues regarding compliance with Environmental
Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants
or contaminants, that could reasonably be expected to have a Material Adverse Effect, and (3)&nbsp;none of the Company and its
subsidiaries anticipates material capital expenditures relating to any Environmental Laws.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as would not reasonably be expected to have a Material Adverse Effect, neither the Company nor any of the subsidiaries has violated
(A)&nbsp;any federal, state or local law or foreign law relating to discrimination in hiring, promotion or pay of employees, (B)&nbsp;any
applicable wage or hour laws or (C)&nbsp;any provision of ERISA or the rules&nbsp;and regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as are adequate to protect
the Company and its subsidiaries and their respective businesses and is ordinary and customary for comparable companies in the
same or similar businesses; and neither the Company nor any of its subsidiaries has (A)&nbsp;received notice from any insurer
or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue
such insurance or (B)&nbsp;any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its
business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
are no persons with registration rights or other similar rights to have any equity or debt securities registered for sale under
the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as may be described
in the Time of Sale Prospectus and the Prospectus. The holders of outstanding shares of the Company&rsquo;s capital stock are not
entitled to preemptive or other rights to subscribe for the Shares that have not been complied with or otherwise effectively waived.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">None
of the Company or any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries has (1)&nbsp;made, offered, promised or authorized
(i)&nbsp;any unlawful contribution, gift, entertainment or anything else of value or other unlawful expense or (ii)&nbsp;any direct
or indirect unlawful payment; or (2)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of
1977, the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption laws. Neither the Company
nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any
applicable anti-corruption laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with the requirements of
applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT
ACT of 2001, and the rules&nbsp;and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions
in which the Company and its subsidiaries conduct business (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the
Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">None
of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of its subsidiaries is an individual or person (&ldquo;<B>Person</B>&rdquo;) that is, or is owned or controlled
by one or more Persons that are currently the subject or the target of sanctions administered or enforced by the U.S. Government,
including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;),
or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo;
or &ldquo;blocked person,&rdquo; the European Union, Her Majesty&rsquo;s Treasury, the United Nations Security Council, or other
relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), and the Company will not directly or indirectly use
the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other Person (i)&nbsp;to fund or facilitate any activities of or business with any person,
or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii)&nbsp;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. The Company and each of its subsidiaries have not knowingly engaged in, are not now
knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that
at the time of the dealing or transaction is or was the subject of Sanctions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(hh)&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Nothing
has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included
or incorporated by reference in the Registration Statement, the Time of Prospectus and the Prospectus is not based on or derived
from sources that are reliable and accurate in all material respects, and the Company has obtained the written consent to the
use of such data from such sources to the extent required by any statute or any order, rule&nbsp;or regulation of any court or
governmental agency or body having any jurisdiction over the Company or any of its subsidiaries or any of their properties, or
any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s board of directors meets the independence requirements of, and has established an audit committee and a compensation
committee, in each case, that meets the independence requirements of, the rules&nbsp;and regulations of the Commission and the
Exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as would not reasonably be expected to have a Material Adverse Effect, (i)&nbsp;the Company and its subsidiaries have used all
software distributed under a &ldquo;free,&rdquo; &ldquo;open source&rdquo; or similar licensing model (including but not limited
to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public
License) (&ldquo;<B>Open Source Software</B>&rdquo;) in compliance with all license terms applicable to such Open Source Software
and (ii)&nbsp;neither the Company nor any of its subsidiaries uses or distributes any Open Source Software in any manner that requires
or has required (A)&nbsp;the Company or any of its subsidiaries to permit reverse engineering of any software code or other technology
owned by the Company or any of its subsidiaries or (B)&nbsp;any software code or other technology owned by the Company or any of
its subsidiaries to be (1)&nbsp;disclosed or distributed in source code form, (2)&nbsp;licensed for the purpose of making derivative
works or (3)&nbsp;redistributed at no charge.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(kk)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has operated its business in a manner compliant in all material respects with all privacy, data security and data protection
laws and regulations, all contractual obligations and all Company policies applicable to the Company&rsquo;s collection, handling,
usage, disclosure and storage of all personally identifiable data (&ldquo;<B>Personal Data</B>&rdquo;), along with all other data,
including without limitation,&nbsp;IP addresses, mobile device identifiers and website usage activity data (&ldquo;<B>Device and
Activity Data</B>&rdquo;). In addition, in collecting, handling, using, disclosing and/or storing Device and Activity Data, the
Company complies in all material respects with all applicable industry guidelines and codes of conduct. The Company has implemented
and maintains policies and procedures designed to ensure the integrity, security and confidentiality of all Personal Data and all
Device and Activity Data collected, handled, used, disclosed and/or stored in connection with the Company&rsquo;s operation of
its business. The Company complies in all material respects with, has policies and procedures in place designed to ensure privacy,
data security and data protection laws are complied with and takes appropriate steps which are reasonably designed to assure compliance
in all material respects with such policies and procedures. Such policies and procedures comply in all material respects with all
laws and regulations applicable to the Company as well as all contractual obligations applicable to the Company. The Company has
required and does require all third parties to which it provides any Personal Data or Device and Activity Data to maintain the
privacy and security of such Personal Data or Device and Activity Data, as applicable, including by contractually requiring such
third parties to protect such Personal Data or Device and Activity Data, as applicable, from unauthorized access by and/or disclosure
to any unauthorized third parties. The Company has not experienced any security incident that has compromised the privacy and/or
security of any Personal Data.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ll)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has not and, to its knowledge, no one acting on its behalf has, (A)&nbsp;taken and will not take, directly or indirectly,
any action which is designed to or which has constituted or which would reasonably be expected to cause or result in stabilization
or manipulation of the price of any security of the Company or any of its subsidiaries to facilitate the sale or resale of the
Shares, (B)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares, or (C)&nbsp;paid
or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company other than
as contemplated in this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(mm)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Since
the date as of which information is given in the Time of Sale Prospectus and the Prospectus, and except as may otherwise be disclosed
in the Time of Sale Prospectus and the Prospectus, the Company has not (A)&nbsp;issued or granted any securities, other than pursuant
to employee benefit plans, stock option plans or other employee compensation plans disclosed in the Time of Sale Prospectus and
the Prospectus or pursuant to outstanding options, rights or warrants, (B)&nbsp;incurred any material liability or obligation,
direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (C)&nbsp;entered
into any material transaction not in the ordinary course of business or (D)&nbsp;declared or paid any dividends on its capital
stock.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(nn)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of its subsidiaries has any securities rated by any &ldquo;nationally recognized statistical rating organization,&rdquo;
as such term is defined in Section&nbsp;3(a)(62) of the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(oo)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules&nbsp;and guidelines applicable thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(pp)&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company (i)&nbsp;has not alone engaged in any Testing-the-Waters Communication with any person and (ii)&nbsp;has not authorized
anyone other than Morgan Stanley to engage in Testing-the-Waters Communications. The Company reconfirms that Morgan Stanley has
been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters
Communication that is a written communication within the meaning of Rule&nbsp;405 under the Securities Act. &ldquo;<B>Testing-the-Waters
Communication</B>&rdquo; means any communication with potential investors undertaken in reliance on Section&nbsp;5(d)&nbsp;or
Rule&nbsp;163B of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Agreements
to Sell and Purchase. </I>The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of
the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally
and not jointly, to purchase from the Company the respective numbers of Firm Shares set forth in Schedule&nbsp;II hereto opposite
its name at $44.1669 per share (the &ldquo;<B>Purchase Price</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of the representations and
warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters
the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to the number of Additional
Shares set forth in Schedule I hereto at the Purchase Price, provided, however, that the amount paid by the Underwriters for any
Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm
Shares but not payable on such Additional Shares. Morgan Stanley may exercise this right on behalf of the Underwriters in whole
or from time to time in part by giving written notice not later than 30 days after the date of the Prospectus. Any exercise notice
shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such shares are to be purchased.
Each purchase date must be at least two business days after the written notice is given and may not be earlier than the Closing
Date or later than ten business days after the date of such notice. Additional Shares may be purchased as provided in Section&nbsp;4
hereof solely for the purpose of covering sales of Shares in excess of the number of the Firm Shares. On each day, if any, that
Additional Shares are to be purchased (an &ldquo;<B>Option Closing Date</B>&rdquo;), each Underwriter agrees, severally and not
jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as Morgan Stanley
may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date
as the number of Firm Shares set forth in Schedule&nbsp;II hereto opposite the name of such Underwriter bears to the total number
of Firm Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Public
Offering</I>. The Company is advised by Morgan Stanley that the Underwriters propose to make a public offering of their respective
portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in Morgan Stanley&rsquo;s
judgment is advisable. The Company is further advised by Morgan Stanley that the Shares are to be offered to the public upon the
terms set forth in the Time of Sale Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Payment
and Delivery. </I>Payment for the Firm Shares shall be made to the Company in Federal or other funds immediately available in New
York City on the closing date and time set forth in Schedule I hereto, or at such other time on the same or such other date, not
later than the fifth business day thereafter, as may be agreed upon in writing by Morgan Stanley and the Company. The time and
date of such payment are hereinafter referred to as the &ldquo;<B>Closing Date</B>.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for any Additional Shares shall
be made to the Company in Federal or other funds immediately available in New York City on the date specified in the corresponding
notice described in Section&nbsp;2 or at such other time on the same or on such other date, in any event not later than the tenth
business day thereafter, as may be agreed upon in writing by Morgan Stanley and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Firm Shares and Additional Shares shall
be registered in such names and in such denominations as Morgan Stanley shall request not later than one full business day prior
to the Closing Date or the applicable Option Closing Date, as the case may be, for the respective accounts of the several Underwriters,
with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters duly paid, against payment of
the Purchase Price therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Conditions
to the Underwriters&rsquo; Obligations</I>. The several obligations of the Underwriters to purchase and pay for the Shares on the
Closing Date are subject to the following conditions:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subsequent
to the execution and delivery of this Agreement and prior to the Closing Date:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant
to Section&nbsp;8A under the Securities Act shall be pending before or threatened by the Commission; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">there
shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise,
or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time
of Sale Prospectus that, in Morgan Stanley&rsquo;s judgment, is so material and adverse as to make it, in Morgan Stanley&rsquo;s
judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus and the
Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed on behalf of the Company
by an executive officer of the Company, to the effect set forth in Section&nbsp;5(a)&nbsp;above and to the effect that the representations
and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has
complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or
before the Closing Date. The officer signing and delivering such certificate may rely upon the best of his or her knowledge as
to proceedings threatened.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Latham&nbsp;&amp; Watkins LLP,
outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Manager.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on the Closing Date an opinion of Hogan Lovells LLP, regulatory counsel for the Company, dated
the Closing Date, in form and substance reasonably satisfactory to the Manager.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Goodwin Procter LLP, counsel for
the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Manager.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on each of the date hereof and the Closing Date a letter, dated the date hereof or the Closing
Date, as the case may be, in form and substance satisfactory to the Underwriters, from KPMG LLP, independent public accountants
of the Company, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo;
to underwriters with respect to the financial statements and certain financial information contained in or incorporated by reference
into the Registration Statement, the Time of Sale Prospectus and the Prospectus; <I>provided</I> that the letter delivered on the
Closing Date shall use a &ldquo;cut-off date&rdquo; not earlier than the date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on each of the date hereof and the Closing Date a letter, dated the date hereof or the Closing
Date, as the case may be, in form and substance satisfactory to the Underwriters, from Deloitte LLP, independent public accountants
of Trilogy, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo;
to underwriters with respect to the consolidated financial statements of Trilogy incorporated by reference into the Registration
Statement, the Time of Sale Prospectus and the Prospectus, and a review, as specified by the <FONT STYLE="color: #222222">Public
Company Accounting Oversight Board&rsquo;s</FONT> AU 4105,&nbsp;Interim Financial Information (updated for and as of such periods
as may be applicable as of the date of the letter), of the unaudited interim financial statements of Trilogy contained in or incorporated
by reference into the Registration Statement, the Time of Sale Prospectus and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received on each of the date hereof and the Closing Date a certificate of the Chief Financial Officer of
the Company, in his capacity as such, dated the date hereof or the Closing Date, as the case may be, in form and substance satisfactory
to the Underwriters containing statements and information with respect to certain financial information included or incorporated
by reference into the Time of Sale Prospectus and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
&ldquo;lock-up&rdquo; agreements, each substantially in the form of Exhibit&nbsp;A hereto, between Morgan Stanley and each executive
officer and director of the Company relating to restrictions on sales and certain other dispositions of shares of Common Stock
or certain other securities, delivered to Morgan Stanley on or before the date hereof, shall be in full force and effect on the
Closing Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
&ldquo;Listing of Additional Shares&rdquo; application related to the Shares shall have been submitted to the Exchange and the
Exchange shall have informed the Company that it has completed its review of such submission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Underwriters shall have received such other documents as the Underwriters may reasonably request with respect to the good standing
of the Company, the due authorization, execution and authentication of the Firm Shares to be sold on the Closing Date and other
matters related to the execution and authentication of such Firm Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the following conditions and/or
delivery to Morgan Stanley on the applicable Option Closing Date of the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered
on the Closing Date pursuant to Section&nbsp;5(b)&nbsp;hereof remains true and correct as of such Option Closing Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">an
opinion and negative assurance letter of Latham&nbsp;&amp; Watkins LLP, outside counsel for the Company, dated the Option Closing
Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion
and negative assurance letter required by Section&nbsp;5(c)&nbsp;hereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">an
opinion and negative assurance letter of Hogan Lovells LLP, regulatory counsel for the Company, dated the Option Closing Date,
relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required
by Section&nbsp;5(d)&nbsp;hereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">an
opinion and negative assurance letter of Goodwin Procter LLP, counsel for the Underwriters, dated the Option Closing Date, relating
to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion and negative
assurance letter required by Section&nbsp;5(e)&nbsp;hereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from KPMG LLP, independent public
accountants of the Company, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to
Section&nbsp;5(f)&nbsp;hereof; <I>provided</I> that the letter delivered on the Option Closing Date shall use a &ldquo;cut-off
date&rdquo; not earlier than three business days prior to such Option Closing Date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from Deloitte LLP, independent public
accountants of Trilogy, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section&nbsp;5(g)&nbsp;hereof;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
certificate of the Chief Financial Officer of the Company, dated the Option Closing Date, to the same effect as the certificate
required by Section&nbsp;5(h)&nbsp;hereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
other documents as Morgan Stanley may reasonably request with respect to the good standing of the Company, the due authorization
and issuance of the Additional Shares to be sold on such Option Closing Date and other matters related to the issuance of such
Additional Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Covenants
of the Company</I>. The Company covenants with each Underwriter as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
furnish to Morgan Stanley, without charge, a signed copy of the Registration Statement (including exhibits thereto and documents
incorporated by reference therein) and to deliver to each of the Underwriters during the period mentioned in Section&nbsp;6(e)&nbsp;or
6(f)&nbsp;below, as many copies of the Time of Sale Prospectus, the Prospectus, any documents incorporated by reference therein
and any supplements and amendments thereto or to the Registration Statement as Morgan Stanley may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Before
amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to Morgan Stanley
a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which Morgan
Stanley reasonably objects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
furnish to Morgan Stanley a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by or referred
to by the Company and not to use or refer to any proposed free writing prospectus to which Morgan Stanley reasonably objects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Not
to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not
have been required to file thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available
to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement
the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any
event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained
in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or
supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish,
at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus
so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances
when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus,
as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as
amended or supplemented, will comply with applicable law.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
during such period after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters
the Prospectus (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is required by law to
be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which
it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances
when the Prospectus (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is delivered to
a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the
Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the
Underwriters and to the dealers (whose names and addresses Morgan Stanley will furnish to the Company) to which Shares may have
been sold by Morgan Stanley on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements
to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances
when the Prospectus (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is delivered to
a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
use its commercially reasonable best efforts to qualify the Shares for offer and sale under the securities or Blue Sky laws of
such jurisdictions as Morgan Stanley shall reasonably request; <I>provided</I> that in connection therewith the Company shall not
be required to qualify as a foreign corporation or other foreign entity or to file or execute a general consent to service of process
in any jurisdiction or to subject itself to taxation for doing business in any jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
make generally available (which may be satisfied by filing with the Commission on its Electronic Data Gathering Analysis and Retrieval
System) to the Company&rsquo;s security holders and to Morgan Stanley as soon as practicable an earnings statement covering a period
of at least 12 months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall
satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and the rules&nbsp;and regulations of the Commission thereunder.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Whether
or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid
all expenses incident to the performance of its obligations under this Agreement, including: (i)&nbsp;the fees, disbursements and
expenses of the Company&rsquo;s counsel and the Company&rsquo;s accountants in connection with the registration and delivery of
the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration
Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or
on behalf of, used by, or referred to by the Company and any amendments and supplements to any of the foregoing, including the
filing fees payable to the Commission relating to the Shares (within the time required by Rule&nbsp;456 (b)(1), if applicable),
all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the
quantities hereinabove specified, (ii)&nbsp;all costs and expenses related to the transfer and delivery of the Shares to the Underwriters,
including any transfer or other taxes payable thereon, (iii)&nbsp;the cost of printing or producing any Blue Sky or legal investment
memorandum in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with
the qualification of the Shares for offer and sale under state securities laws as provided in Section&nbsp;6(g)&nbsp;hereof, including
filing fees and the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification
and in connection with the Blue Sky or legal investment memorandum, (iv)&nbsp;all filing fees and the reasonable fees and disbursements
of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Shares by the Financial
Industry Regulatory Authority, if any (<I>provided, however</I>, that the amount payable pursuant to clause (iii)&nbsp;and the
fees and disbursements of counsel to the Underwriters described in this clause (iv)&nbsp;shall not exceed $25,000 in the aggregate),
(v)&nbsp;all costs and expenses incident to listing the Shares on the Exchange, (vi)&nbsp;the cost of printing certificates representing
the Shares, (vii)&nbsp;the costs and charges of any transfer agent, registrar or depositary, (viii)&nbsp;the costs and expenses
of the Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of
the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic
road show, expenses associated with the production of road show slides and graphics and fees and expenses of any consultants engaged
in connection with the road show presentations with the prior approval of the Company, (ix)&nbsp;the document production charges
and expenses associated with printing this Agreement and (x)&nbsp;all other costs and expenses incident to the performance of the
obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that
except as provided in this Section, Section&nbsp;8 and the last paragraph of Section&nbsp;10 below, the Underwriters will pay all
of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of
the Shares by them and any advertising expenses connected with any offers they may make.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the reasonable request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the
Company&rsquo;s trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the
purpose of facilitating the on-line offering of the Shares (the &ldquo;<B>License</B>&rdquo;); <I>provided, however</I>, that the
License shall be used solely for the purpose described above, is granted without any fee and may not be assigned or transferred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will deliver to each Underwriter (or its agent), on or prior to the date of execution of this Agreement, a properly completed
and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation,
and the Company undertakes to provide such additional supporting documentation as each Underwriter may reasonably request in connection
with the verification of the foregoing Certification Regarding Beneficial Owners of Legal Entity Customers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning
of Rule&nbsp;405 under the Securities Act there occurred or occurs an event or development as a result of which such 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 Morgan Stanley and will promptly amend or supplement, at its own expense, such Testing-the-Waters
Communication to eliminate or correct such untrue statement or omission.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Not
to, during the period ending 60 days after the date of the Prospectus (the &ldquo;<B>Restricted Period</B>&rdquo;), and not publicly
disclose an intention to, (i)&nbsp;offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or
otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities
Act relating to, any securities of the Company that are substantially similar to the shares of Common Stock, including but not
limited to any options or warrants to purchase shares of Common Stock or any securities that are convertible into or exchangeable
for, or that represent the right to receive, Common Stock or any such substantially similar securities, or (ii)&nbsp;enter into
any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock
or any such other securities, whether any such transaction described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise, without the prior written consent of Morgan Stanley; <I>provided,
however</I>, that the foregoing restrictions shall not apply to (1)&nbsp;the shares to be sold hereunder, (2)&nbsp;the issuance
by the Company of shares of Common Stock upon the exercise of any stock options issued pursuant to the Company&rsquo;s equity incentive
plans or warrants (including, in each case, by way of &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise in accordance with their
terms) or the conversion of a security, in each case, that is outstanding on the date hereof and described in the Time of Sale
Prospectus and the Prospectus, (3)&nbsp;the issuance by the Company of Common Stock or other securities convertible into or exercisable
for shares of Common Stock, in each case pursuant to the Company&rsquo;s equity incentive plans (<I>provided</I> that such plans
are described in the Time of Sale Prospectus and the Prospectus), (4)&nbsp;the filing of a registration statement on Form&nbsp;S-8
relating to the shares of Common Stock granted, or options to purchase, pursuant to or reserved for issuance under the Company&rsquo;s
equity incentive award plans described or incorporated by reference in the Time of Sale Prospectus or the Prospectus, (5)&nbsp;the
entry into an agreement providing for the issuance by the Company of shares of Common Stock or other securities convertible into
or exercisable for shares of Common Stock in connection with the acquisition by the Company or any of its subsidiaries of the securities,
business, property or other assets of another person or entity or pursuant to an employee benefit plan assumed by the Company in
connection with such acquisition, and the issuance of any such securities pursuant to any such agreement and (6)&nbsp;the entry
into an agreement providing for the issuance of shares of Common Stock or other securities convertible into or exercisable for
shares of Common Stock in connection with joint ventures, commercial relationships, equipment leasing, debt financing or other
commercial transactions, and the issuance of any such securities pursuant to any such agreement; <I>provided</I> that, in the case
of clauses (5)&nbsp;and (6), the aggregate number of shares of Common Stock that the Company may sell or issue or agree to sell
or issue pursuant to such clauses shall not exceed 5% of the total number of shares of the Company&rsquo;s Common Stock issued
and outstanding immediately following the completion of the transactions contemplated by this Agreement; <I>provided further</I>
that the Company shall (x)&nbsp;cause each recipient of such securities to execute and deliver to you, on or prior to the date
of issuance of such securities, a written agreement substantially in the form of Exhibit&nbsp;A hereto, and (y)&nbsp;enter stop
transfer instructions with the Company&rsquo;s transfer agent and registrar on such securities, which the Company agrees it will
not waive or amend without the prior written consent of Morgan Stanley.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Covenants
of the Underwriters</I>. Each Underwriter, severally and not jointly, covenants with the Company not to take any action that would
result in the Company being required to file with the Commission under Rule&nbsp;433(d)&nbsp;a free writing prospectus prepared
by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action
of the Underwriter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Indemnity
and Contribution.</I> (a)&nbsp;The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls
any Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and each
affiliate of any Underwriter within the meaning of Rule&nbsp;405 under the Securities Act from and against any and all losses,
claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the
Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule&nbsp;433(h)&nbsp;under
the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act, any &ldquo;road show&rdquo; as defined in Rule&nbsp;433(h)&nbsp;under the Securities Act, the Prospectus or
any amendment or supplement thereto or any written Testing-the-Waters Communication, or arise out of, or are based upon, any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating
to any Underwriter furnished to the Company in writing by such Underwriter through Morgan Stanley expressly for use therein, it
being understood and agreed that the only such information furnished by the Underwriters through Morgan Stanley consists of the
information described as such in paragraph (b)&nbsp;below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign
the Registration Statement and each person, if any, who controls the Company within the meaning of either Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter,
but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through
Morgan Stanley expressly for use in the Registration Statement or any amendment or supplement thereto, any preliminary prospectus,
the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule&nbsp;433(h)&nbsp;under
the Securities Act, any &ldquo;road show&rdquo; as defined in Rule&nbsp;433(h)&nbsp;under the Securities Act, the Prospectus or
any amendment or supplement thereto or any written Testing-the-Waters Communications, it being understood and agreed that the only
such information furnished by any Underwriter consists of the following information: (y)&nbsp;the concession figure appearing in
the third paragraph under the caption &ldquo;Underwriting&rdquo; and (z)&nbsp;the information relating to the Underwriters&rsquo;
stabilization activities contained in the eleventh paragraph under the caption &ldquo;Underwriting.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to Section&nbsp;8(a)&nbsp;or 8(b), such person (the &ldquo;<B>indemnified party</B>&rdquo;) shall promptly
notify the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing and the indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably 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 reasonably incurred
and documented 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)&nbsp;the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of
such counsel or (ii)&nbsp;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. It is understood that the indemnifying party shall not, in respect of the legal expenses
of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonably
incurred and documented fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified
parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing
by Morgan Stanley, in the case of parties indemnified pursuant to Section&nbsp;8(a), and by the Company, in the case of parties
indemnified pursuant to Section&nbsp;8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment.
No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">To
the extent the indemnification provided for in Section&nbsp;8(a)&nbsp;or 8(b)&nbsp;is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph,
in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (i)&nbsp;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 Shares or (ii)&nbsp;if
the allocation provided by clause&nbsp;8(d)(i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause&nbsp;8(d)(i)&nbsp;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, claims, damages or liabilities, as well as any other relevant equitable considerations. 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 Shares shall be deemed
to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting expenses) received
by the Company and the total discounts and commissions received by the Underwriters bear to the aggregate initial public offering
price of the Shares set forth in the Prospectus. The relative fault of the Company on the one hand and of the Underwriters on the
other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters
and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The Underwriters&rsquo; respective obligations to contribute pursuant to this Section&nbsp;8 are several in proportion
to the respective number of Shares they have purchased hereunder, and not joint.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section&nbsp;8 were
determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to in Section&nbsp;8(d). The amount paid
or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section&nbsp;8(d)&nbsp;shall
be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;8,
no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares
underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section&nbsp;8
are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or
in equity.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
indemnity and contribution provisions contained in this Section&nbsp;8 and the representations, warranties and other statements
of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i)&nbsp;any termination
of this Agreement, (ii)&nbsp;any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter
or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the
Company and (iii)&nbsp;acceptance of and payment for any of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Termination</I>.
The Underwriters may terminate this Agreement by notice given by Morgan Stanley to the Company, if after the execution and delivery
of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i)&nbsp;trading generally
shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange, the NYSE American
or the Exchange, (ii)&nbsp;trading of any securities of the Company shall have been suspended on the Exchange, (iii)&nbsp;a material
disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv)&nbsp;any moratorium
on commercial banking activities shall have been declared by Federal or New York State authorities or (v)&nbsp;there shall have
occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis that, in Morgan
Stanley&rsquo;s judgment, is material and adverse and which, singly or together with any other event specified in this clause&nbsp;(v),
makes it, in Morgan Stanley&rsquo;s judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares
on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Effectiveness;
Defaulting Underwriters</I>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, on the Closing Date or an Option Closing
Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have
agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such
date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite
their respective names in Schedule&nbsp;II bears to the aggregate number of Firm Shares set forth opposite the names of all such
non-defaulting Underwriters, or in such other proportions as Morgan Stanley may specify, to purchase the Shares which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase on such date; <I>provided</I> that in no event shall the number
of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;10
by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing
Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with
respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date,
and arrangements satisfactory to Morgan Stanley and the Company for the purchase of such Firm Shares are not made within 36 hours
after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company.
In any such case either Morgan Stanley or the Company shall have the right to postpone the Closing Date, but in no event for longer
than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in
the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters
shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default
occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting
Underwriters shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase the Additional Shares to be sold
on such Option Closing Date or (ii)&nbsp;purchase not less than the number of Additional Shares that such non-defaulting Underwriters
would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any
defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Agreement shall be terminated by
the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill
any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this
Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to
themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred
by such Underwriters in connection with this Agreement or the offering contemplated hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Entire
Agreement</I>. (a)&nbsp;This Agreement, together with any contemporaneous written agreements and any prior written agreements
(to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between
the Company and the Underwriters with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the
Prospectus, the conduct of the offering, and the purchase and sale of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company acknowledges that in connection with the offering of the Shares: (i)&nbsp;the Underwriters have acted at arm&rsquo;s length,
are not agents of, and owe no fiduciary duties to, the Company or any other person, (ii)&nbsp;the Underwriters owe the Company
only those duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements
(to the extent not superseded by this Agreement), if any, (iii)&nbsp;the Underwriters may have interests that differ from those
of the Company and (iv)&nbsp;none of the activities of the Underwriters in connection with the transactions contemplated herein
constitutes a recommendation, investment advice or solicitation of any action by the Underwriters with respect to any entity or
natural person. The Company waives to the full extent permitted by applicable law any claims it may have against the Underwriters
arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Recognition
of the U.S. Special Resolution Regimes</I>. (a)&nbsp;In the event that any Underwriter that is a Covered Entity becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States
or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if this Agreement were governed by the laws of the United States or a state of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Section&nbsp;12, a
&ldquo;<B>BHC Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted
in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<B>Covered Entity</B>&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered
entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<B>Default Right</B>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable. &ldquo;<B>U.S. Special Resolution Regime</B>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and
the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Counterparts;
Electronic Signatures</I>. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed Agreement by one party
to the other may be made by facsimile, electronic mail or other transmission method as permitted by applicable law, and the parties
hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes. A party&rsquo;s electronic signature (complying with the New York Electronic Signatures and Records Act (N.Y.
State Tech. &sect;&sect; 301-309), as amended from time to time, or other applicable law) of this Agreement shall have the same
validity and effect as a signature affixed by the party&rsquo;s hand.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Applicable
Law</I>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Headings</I>.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part
of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notices</I>.
All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered,
mailed or sent to Morgan Stanley at the address set forth in Schedule I hereto; and if to the Company shall be delivered, mailed
or sent to the address set forth in Schedule I hereto.</FONT></P>

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2U,&nbsp;Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Paul S. Lalljie</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul S. Lalljie</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accepted as of the date hereof</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acting on behalf of itself and the several Underwriters named in Schedule II hereto.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Arya Heidari</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: </FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arya Heidari</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SCHEDULE I</B></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: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Manager:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Time of Sale Prospectus:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.375in; text-indent: -0.375in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
        prospectus supplement dated August&nbsp;5, 2020 relating to the Shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.9pt; text-indent: -35.9pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing
information provided orally by the Manager:</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in; width: 25%">Firm Shares:</TD>
    <TD STYLE="text-align: right; width: 25%">6,800,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">Additional Shares:</TD>
    <TD STYLE="text-align: right">1,020,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">Public Offering Price:</TD>
    <TD STYLE="text-align: right">$45.50</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.375in">Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Credit Suisse Securities (USA) LLC</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Closing Date and Time:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">August&nbsp;10, 2020 10:00 a.m.&nbsp;(New York time)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Closing Location:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Goodwin Procter LLP<BR>
100 Northern Avenue<BR>
Boston, MA 02210</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address for Notices to Underwriters:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC<BR>
        1585 Broadway<BR>
        New York, NY 10036<BR>
        Attention: Equity Syndicate Desk, with a copy to the Legal Department</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodwin Procter LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 Northern Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02210</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Michael Minahan</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Address for Notices to the Company:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2U,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7900 Harkins Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lanham, MD 20706</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Chief Legal Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Latham&nbsp;&amp; Watkins LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">555 Eleventh Street, NW, Suite&nbsp;1000,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20004-1304</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Brandon Bortner</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"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Firm Shares To Be<BR> Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,120,000</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">Credit Suisse Securities (USA) 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">680,000</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; padding-bottom: 2.5pt; padding-left: 0.25in">Total:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,800,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">August&nbsp;__, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC<BR>
1585 Broadway<BR>
New York, NY 10036</P>

<P STYLE="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">The undersigned understands that Morgan Stanley&nbsp;&amp; Co.
LLC (&ldquo;<B>Morgan Stanley</B>&rdquo;) proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;)
with 2U,&nbsp;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public
Offering</B>&rdquo;) by the several Underwriters named in Schedule II to the Underwriting Agreement (the &ldquo;<B>Underwriters</B>&rdquo;),
of shares (the &ldquo;<B>Shares</B>&rdquo;) of the common stock, $0.001 par value per share, of the Company (the &ldquo;<B>Common
Stock</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To induce the Underwriters that may participate in the Public
Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior
written consent of Morgan Stanley on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during
the period commencing on the date of this agreement (this &ldquo;<B>Lock-Up Agreement</B>&rdquo;) and ending 45 days after the
date of the final prospectus (the &ldquo;<B>Restricted Period</B>&rdquo;) relating to the Public Offering (the &ldquo;<B>Prospectus</B>&rdquo;),
offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of
Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock,
whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect
to which the undersigned has beneficial ownership within the rules&nbsp;and regulations of the Securities and Exchange Commission
(collectively the &ldquo;<B>Undersigned&rsquo;s Shares</B>&rdquo;). The foregoing restriction is expressly agreed to preclude the
undersigned from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead
to or result in a sale or disposition of the Undersigned&rsquo;s Shares even if such Undersigned&rsquo;s Shares would be disposed
of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any
short sale or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to
any of the Undersigned&rsquo;s Shares or with respect to any security that includes, relates to or derives any significant part
of its value from such Undersigned&rsquo;s Shares.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">sell the Shares to the Underwriters pursuant to the terms
of the Underwriting Agreement;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white">(b)</FONT></TD><TD STYLE="text-align: left">transfer the Undersigned&rsquo;s Shares (i)&nbsp;as a <I>bona fide</I> gift or gifts or for <I>bona
fide</I> estate planning purposes, (ii)&nbsp;to any member of the immediate family of the undersigned or any trust or other legal
entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, (iii)&nbsp;by will or
under the laws of descent, (iv)&nbsp;to affiliates (within the meaning set forth in Rule&nbsp;405 as promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended, and including subsidiaries of the undersigned), limited partners,
general partners, limited liability company members, stockholders, beneficiaries (or the estates thereof) or other equityholders
of the undersigned or any investment fund or other entity that controls or manages, or is controlled or managed by, or is under
common control or management with, the undersigned, in each case, to the extent that the undersigned is a partnership, limited
liability company, corporation, trust or other business entity, (v)&nbsp;to a charitable organization or educational institution
or (vi)&nbsp;with the prior written consent of Morgan Stanley on behalf of the Underwriters; <I>provided, however</I>, that in
the case of clause (i), (ii), (iii), (iv)&nbsp;and (v)&nbsp;above, it shall be a condition to the transfer that the donee, trustee,
legatee, heir, distributee or other transferee, as the case may be, agree to be bound in writing by the restrictions set forth
herein; <I>provided, further</I>, that any transfer pursuant to clause (i), (ii), (iii), (iv)&nbsp;or (v)&nbsp;above shall not
involve a disposition for value;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: left">enter into a written plan meeting the requirements of Rule&nbsp;10b5-1 under the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), after the date of this Lock-Up Agreement relating to the sale
of the Undersigned&rsquo;s Shares, if then permitted by the Company; <I>provided</I> that (i)&nbsp;the securities subject to such
plan may not be sold until after the expiration of the Restricted Period and (ii)&nbsp;to the extent a public announcement or filing
under the Exchange Act is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment
of such plan, the announcement or filing includes a statement to the effect that no transfer of Common Stock may be made under
such plan during the Restricted Period;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: left">sell the Undersigned&rsquo;s Shares pursuant to a written plan meeting the requirements of Rule&nbsp;10b5-1
under the Exchange Act, if such plan was established prior to the date of this Lock-Up Agreement; <I>provided</I> that any required
filing under Section&nbsp;16(a)&nbsp;of the Exchange Act specifies that the sale was made pursuant to such plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: left">exercise any stock options, warrants, restricted stock units or other equity interests issued pursuant
to the Company&rsquo;s equity incentive plans or warrants described in the Prospectus, including, in each case, including by way
of &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise in accordance with their terms; <I>provided</I> that any securities received
upon such exercise will also be subject to this Lock-Up Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: left">sell or otherwise transfer the Undersigned&rsquo;s Shares to cover the payment of taxes due upon
or consideration required in connection with the vesting, conversion or exercise of securities issued under an equity incentive
plan or stock purchase plan of the Company described in the Prospectus, including the withholding of shares by, or surrender of
shares to, the Company or pursuant to a &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise or settlement feature; <I>provided</I>
that any required filing under Section&nbsp;16(a)&nbsp;of the Exchange Act specifies the purpose of the transaction; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: left">sell or otherwise transfer the Undersigned&rsquo;s Shares to the Company, including in connection
with the termination of the undersigned&rsquo;s employment or other service relationship with the Company, or upon the undersigned&rsquo;s
failure to meet certain vesting conditions set out upon receipt of such securities; <I>provided</I> that any required filing under
Section&nbsp;16(a)&nbsp;of the Exchange Act specifies the purpose of the transaction;</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: left"><I>provided</I>, <I>further</I>, that in
the case of clauses (b)(i)&nbsp;through (v)&nbsp;and (e)&nbsp;above, no filing by the undersigned or any other party (donor, donee,
transferor or transferee) under the Exchange Act or other public announcement shall be required or shall be made voluntarily in
connection with such transfer, plan, option exercise or warrant exercise prior to the end of the Restricted Period (other than
a filing on a Form&nbsp;5 made after the expiration of the Restricted Period). For purposes of this Lock-Up Agreement, &ldquo;immediate
family&rdquo; shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now
has, and, except as contemplated by clauses (b)&nbsp;(i)&nbsp;through (v)&nbsp;and (c)&nbsp;through (g)&nbsp;above, for the duration
of this Lock-Up Agreement will have, good and marketable title to the Undersigned&rsquo;s Shares, free and clear of all liens,
encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company&rsquo;s transfer agent and registrar against the transfer of the Undersigned&rsquo;s Shares except in compliance with the
foregoing restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned understands that the Company and the Underwriters
are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands
that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives, successors
and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned acknowledges and agrees that the Underwriters
have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with
respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory
and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters
may provide certain Regulation Best Interest and Form&nbsp;CRS disclosures or other related documentation to you in connection
with the Public Offering, the Underwriters are not making a recommendation to&nbsp;you to participate in the Public Offering or
sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended
to suggest that any Underwriter is making such a recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whether or not the Public Offering actually occurs depends on
a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement,
the terms of which are subject to negotiation between the Company and the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Lock-Up Agreement shall automatically terminate upon the
earliest to occur, if any, of (a)&nbsp;the date on which the Company or Morgan Stanley, on behalf of the Underwriters, advises
the other party in writing, prior to the execution of the Underwriting Agreement, that it has determined not to proceed with the
Public Offering, (b)&nbsp;termination of the Underwriting Agreement before the closing of the Public Offering and (c)&nbsp;August&nbsp;31,
2020, in the event that the Underwriting Agreement has not been executed by such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">This Lock-Up Agreement shall be governed by and construed in
accordance with the laws of the State of New York.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Authorized Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Name</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font-size: 10pt">Address</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2026493d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.1</B></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="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">555 Eleventh Street, N.W., Suite&nbsp;1000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Washington, D.C. 20004-1304</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Tel: +1.202.637.2200 Fax: +1.202.637.2201</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">www.lw.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">FIRM / AFFILIATE OFFICES</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">&nbsp;<IMG SRC="tm2026493d4_ex5-1img001.jpg" ALT=""></TD>
    <TD STYLE="width: 18%">Beijing</TD>
    <TD STYLE="width: 17%">Moscow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Boston</TD>
    <TD>Munich</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Brussels</TD>
    <TD>New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Century City</TD>
    <TD>Orange County</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chicago</TD>
    <TD>Paris</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dubai</TD>
    <TD>Riyadh</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>D&uuml;sseldorf</TD>
    <TD>San Diego</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Frankfurt</TD>
    <TD>San Francisco</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Hamburg</TD>
    <TD>Seoul</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Hong Kong</TD>
    <TD>Shanghai</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>August&nbsp;10, 2020</TD>
    <TD>Houston</TD>
    <TD>Silicon Valley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>London</TD>
    <TD>Singapore</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2U,&nbsp;Inc.</TD>
    <TD>Los Angeles</TD>
    <TD>Tokyo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>7900 Harkins Road</TD>
    <TD>Madrid</TD>
    <TD>Washington, D.C.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lanham, MD 20706</TD>
    <TD>Milan</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">061689-0022</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: <U>Public Offering of Shares of Common Stock by 2U,&nbsp;Inc.</U></P>

<P STYLE="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-indent: 0.5in">We have acted as special counsel to 2U,&nbsp;Inc.,
a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection with the proposed issuance of 6,800,000 shares
of common stock, $0.001 par value per share (the &ldquo;<B><I>Shares</I></B>&rdquo;). The Shares are included in a registration
statement on Form&nbsp;S-3 under the Securities Act of 1933, as amended (the &ldquo;<B><I>Act</I></B>&rdquo;), filed with the
Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) on September&nbsp;26, 2018 (Registration No.&nbsp;333&ndash;
227546) (as so filed and as amended, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;), including a base prospectus, dated
September&nbsp;26, 2018 (the &ldquo;<B><I>Base Prospectus</I></B>&rdquo;), and a prospectus supplement dated August&nbsp;5, 2020
(together with the Base Prospectus, the &ldquo;<B><I>Prospectus</I></B>&rdquo;), and are to be sold pursuant to an underwriting
agreement, dated August&nbsp;5, 2020, between the Company and Morgan Stanley&nbsp;&amp; Co. LLC (the &ldquo;<B><I>Underwriting
Agreement</I></B>&rdquo;). This opinion is being furnished in connection with the requirements of Item 601(b)(5)&nbsp;of Regulation
S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement
or the Prospectus, other than as expressly stated herein with respect to the issue of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel, we have examined such
matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have
relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently
verified such factual matters. We are opining herein as to the Delaware General Corporation Law, and we express no opinion with
respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware,
any other laws, or as to any matters of municipal law or the laws of any local agencies within any state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other
matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the
books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and have been issued by the Company
against payment therefor (not less than par value) in the circumstances contemplated by the Underwriting Agreement, the issue
and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be
validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply
with all applicable notice requirements regarding uncertificated shares provided in the General Corporation Law of the State of
Delaware.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>August&nbsp;10, 2020</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;2</B></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"><FONT STYLE="font-size: 10pt"><B><IMG SRC="tm2026493d4_ex5-1img002.jpg" ALT=""></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is for your benefit in connection
with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable
provisions of the Act. We consent to your filing this opinion as an exhibit to the Company&rsquo;s Form&nbsp;8-K dated August&nbsp;10,
2020 and to the reference to our firm in the Prospectus under the heading &ldquo;Legal Matters.&rdquo; In giving such consent,
we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the
rules&nbsp;and regulations of the Commission thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very
                                         truly yours,</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">/s/ Latham &amp; Watkins LLP</TD></TR>
</TABLE>

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

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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
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<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139988797810328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 05, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  05,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36376<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">2U, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001459417<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">26-2335939<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">7900 Harkins Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Lanham<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">20706<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">301<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">892-4350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.001 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TWOU<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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