Document:

EX-10.35

 Exhibit 10.35 

SECOND AMENDMENT TO 

CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of September 30, 2019, is entered into by
and among BIOLASE, INC., a Delaware corporation (“Borrower”), each of the undersigned financial institutions (individually each a “Lender” and collectively
“Lenders”) and SWK FUNDING LLC, a Delaware limited liability company, in its capacity as administrative agent for the other Lenders (in such capacity, “Agent”). 

RECITALS 
 WHEREAS,
Borrower, Agent and Lenders entered into that certain Credit Agreement dated as of November 9, 2018 (as the same may be amended, modified or restated from time to time, being hereinafter referred to as the “Credit
Agreement”); and 
 WHEREAS, as a result of Borrower having failed to maintain compliance with the Consolidated Unencumbered
Liquid Assets covenant set forth in Section 7.13.1(a) of the Credit Agreement for the fiscal quarter ending September 30, 2019, an Event of Default exists under the Credit Agreement (the “Existing Event of Default”); and

 WHEREAS, the Borrower has requested that, and Agent and Lenders have agreed to, waive the Existing Event of Default and amend certain
provisions of the Credit Agreement as more fully set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
 ARTICLE I 

Definitions 

1.1    Capitalized terms used in this Amendment are defined in the Credit Agreement, as amended hereby, unless
otherwise stated. 
 ARTICLE II 

Amendments to Credit Agreement 

2.1    Amendment to Section 7.1(b). Effective as of the date hereof,
Section 7.1(b) of the Credit Agreement is hereby amended to replace the reference to the dollar amount “$2,500,000” with a reference to the dollar amount “$5,000,000.” 

 2.2    Amendment to
Section 8.1.2. Effective as of the date hereof, Section 8.1.2 of the Credit Agreement is hereby amended and restated to read as follows: 

“8.1.2    Default Under Other Debt. 

Any (i) “Event of Default”, or such similar term, as defined in the loan documents governing any Approved AR Loan
Facility or (ii) default shall occur under the terms applicable to any Debt of any Loan Party (excluding the Obligations) in an aggregate principal amount (for all such Debt so affected and including undrawn committed or available amounts and
amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $500,000.” 

2.3    Amendment to Section 8.1.4. Effective as of the date hereof,
Section 8.1.4(a) of the Credit Agreement is hereby amended and restated to read as follows: 
 “(a) Any
failure by Borrower to comply with or to perform any covenant set forth in Section 7 or Section 10.22(b);” 

2.4    Amendment to Section 10.22. Effective as of the date hereof,
Section 10.22 of the Credit Agreement is hereby amended and restated to read as follows: 

“10.22    Approved AR Loan Facility. 

(a)    Agent and Lenders acknowledge that Borrower is seeking a revolving loan facility to be secured by a
first lien security interest in Borrower’s Inventory and accounts receivable generated by product sales in the normal course of business (such revolving loan facility, together with any replacement revolving loan facility as approved by Agent
that is subject to an Intercreditor Agreement, collectively an “Approved AR Loan Facility”). Borrower may enter into any such Approved AR Loan Facliity so long as (i) such facility is in a maximum principal amount of
$5,000,000, (ii) such facility is subject to an intercreditor agreement acceptable to Agent, (iii) Agent shall have a second priority Lien and security interest in any accounts receivable and Inventory securing such revolving loan facility, and
(iv) the material terms and conditions of such revolving loan facility shall be acceptable to Agent in its commercially reasonable discretion. Agent and Borrower agree to work together in good faith, and at Borrower’s sole cost and
expense, to negotiate and enter into such amendments to this Agreement and such other Loan Documents as may be necessary to permit such Debt owing under any Approved AR Loan Facility, to release and/or subordinate such Liens as may be necessary to
effectuate any such Approved AR Loan Facility, and to enter into such third party documents as may be reasonably requested by Borrower and/or the revolving loan lender under any such Approved AR Loan Facility. 

(b)    Notwithstanding anything set forth in the loan documents governing any such Approved AR Loan
Facility, Borrower shall not incur more than $3,000,000 in principal indebtedness under the Approved AR Loan Facility without the prior written consent of Agent, in its sole discretion, unless and until (i) Borrower shall have (A) achieved
Aggregate Revenue of at least $12,000,000 during the Fiscal Quarter ending September 30, 2019 and (B) issued additional Equity Interests or Subordinated Debt resulting in net cash proceeds to Borrower of not less than $5,000,000,
or, alternatively, (ii) Borrower shall have (A) achieved Aggregate Revenue of at least $14,000,000 during the Fiscal Quarter ending December 31, 2019 and (B) issued additional Equity Interests or Subordinated
Debt resulting in net cash proceeds to Borrower of not less than $5,000,000. 

  
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 (c)    Agent and Borrower agree to work together in good
faith, and at Borrower’s sole cost and expense, to negotiate and enter into such amendments to this Agreement and such other Loan Documents as may be necessary to permit such Debt owing under any Approved AR Loan Facility, to release and/or
subordinate such Liens as may be necessary to effectuate any such Approved AR Loan Facility, and to enter into such third party documents as may be reasonably requested by Borrower and/or the revolving loan lender under any such Approved AR Loan
Facility.” 
 ARTICLE III 

Conditions Precedent 

3.1    Conditions Precedent. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent in a manner satisfactory to Agent, unless specifically waived in writing by Agent in its sole discretion: 

(A).    Agent shall have received (i) this Amendment duly executed by Borrower and (ii) that
certain Intercreditor Agreement, dated on or about the date hereof, duly executed by Pacific Mercantile Bank and Borrower. 

(B).    The representations and warranties contained herein and in the Credit Agreement and the other Loan
Documents, as each is amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except for such representations and warranties as are by their express terms limited to a specific date. 

(C).    Agent shall have received payment, for the benefit of Lenders, of an amendment fee in the amount of
$10,000, which shall be deemed fully-earned and non-refundable as of the date hereof. 

(D).    No Default or Event of Default (other than the Existing Event of Default) under the Credit
Agreement, as amended hereby, shall have occurred and be continuing, unless such Default or Event of Default has been otherwise specifically waived in writing by Agent. 

  
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 ARTICLE IV 

Limited Forbearance, Ratifications, Representations and Warranties 

4.1    Limited Forbearance. 

(a)    Borrower has been, and may continue to be in non-compliance,
with the requirement of Section 7.13.1 of the Credit Agreement for certain periods ending on or prior to October 30, 2019, which failures constitute Events of Default under Section 8.1.4 of
the Credit Agreement (the “Specified Non-Compliance Items”). At the request of Borrower, Agent, on behalf of itself and the Lenders, hereby agrees to forbear in exercising any right or
remedy otherwise available to Agent or Lenders pursuant to the Loan Documents or otherwise available at law or in equity solely as it relates to the Specified Non-Compliance Items. The forbearance provided for
in the prior sentence shall continue until the earlier of: (i) October 31, 2019, (ii) the date on which Borrower shall have issued (A) additional Equity Interests and/or (B) Subordinated Debt which, in the aggregate, results in
gross cash proceeds to Borrower of not less than $5,000,000, each in form and substance reasonably acceptable to Agent, or (iii) the occurrence of an Event of Default (as defined in the Credit Agreement) other than the Potential Loan Non-Compliance. 
 (b)     Except as specifically set forth above in
relation to the Specified Non-Compliance Items, nothing contained in this Amendment or any other communication between Agent, any Lender, Borrower or any other Loan Party shall be a waiver of any past, present
or future non-compliance, violation, Default or Event of Default of Borrower under the Credit Agreement or any Loan Document. Except as specifically set forth above in relation to the Specified Non-Compliance Items, Agent and each Lender hereby expressly reserves any rights, privileges and remedies under the Credit Agreement and each Loan Document that Lender may have with respect to any non-compliance, violation, Default or Event of Default, and any failure by Agent or any Lender to exercise any right, privilege or remedy as a result of the violations set forth above shall not directly or
indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Agent or any Lender, except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit
Agreement or any Loan Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or any other contract or instrument or (iii) constitute any course of dealing or other basis for altering any obligation of
Borrower or any rights, privilege or remedy of Agent or any Lender under the Credit Agreement or any Loan Document or any other contract or instrument. Nothing in this Amendment shall be construed to be a consent by Agent or any Lender to any prior,
existing or future violations of the Credit Agreement or any Loan Document. 

4.2    Ratifications. The terms and provisions set forth in this Amendment shall modify and
supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan
Documents are ratified and confirmed and shall continue in full force and effect. Borrower, Lenders and Agent agree that the Credit Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable
in accordance with their respective terms. Borrower agrees that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations. 

4.3    Representations and Warranties. Borrower hereby represents and warrants to Agent and
Lenders that (a) the execution, delivery and performance of this Amendment, any and all other Loan Documents executed and/or delivered in connection herewith have been authorized 

  
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by all requisite action (as applicable) on the part of Borrower and will not violate the organizational documents of Borrower; (b) Borrower’s directors and/or managers have authorized
the execution, delivery and performance of this Amendment any and all other Loan Documents executed and/or delivered in connection herewith; (c) the representations and warranties contained in the Credit Agreement, as amended hereby, and any
other Loan Document are true and correct on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent such representations and warranties expressly relate to an earlier
date); (d) except as it relates to the Specified Non-Compliance Items, no Default or Event of Default under the Credit Agreement, as amended hereby, has occurred and is continuing; (e) Loan Parties are in
full compliance in all material respects with all covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended hereby; and (f) except as disclosed to Agent, no Loan Party has amended its organizational
documents since the date of the Credit Agreement. 
 ARTICLE V 

Miscellaneous Provisions 

5.1    Survival of Representations and Warranties. All representations and warranties made in
the Credit Agreement or any other Loan Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation
by Agent or any Lender or any closing shall affect the representations and warranties or the right of Agent and each Lender to rely upon them. 

5.2    Reference to Credit Agreement. Each of the Credit Agreement and the other Loan
Documents, and any and all other Loan Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any
reference in the Credit Agreement and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby. 

5.3    Expenses of Agent. As provided in the Credit Agreement, Borrower agrees to pay on
demand all costs and expenses incurred by Agent, or its Affiliates, in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all amendments, modifications, and
supplements thereto, including, without limitation, the reasonable fees and costs of legal counsel, and all costs and expenses incurred by Agent and each Lender in connection with the enforcement or preservation of any rights under the Credit
Agreement, as amended hereby, or any other Loan Documents, including, without, limitation, the reasonable fees and costs of legal counsel. 

5.4    Severability. Any provision of this Amendment held by a court of competent jurisdiction
to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

  
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 5.5    Successors and Assigns. This
Amendment is binding upon and shall inure to the benefit of Agent and each Lender and Borrower and their respective successors and assigns, except that no Loan Party may assign or transfer any of its rights or obligations hereunder without the prior
written consent of Agent. 
 5.6    Counterparts. This Amendment may be executed in one or
more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. This Amendment may be executed by facsimile or electronic (.pdf) transmission,
which facsimile or electronic (.pdf) signatures shall be considered original executed counterparts for purposes of this Section 5.6, and each party to this Amendment agrees that it will be bound by its own facsimile or
electronic (.pdf) signature and that it accepts the facsimile or electronic (.pdf) signature of each other party to this Amendment. 

5.7    Effect of Waiver. No consent or waiver, express or implied, by Agent to or for any
breach of or deviation from any covenant or condition by Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty. 

5.8    Headings. The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment. 
 5.9    Applicable
Law. THE TERMS AND PROVISIONS OF SECTIONS 10.17 (GOVERNING LAW) AND 10.18 (FORUM SELECTION; CONSENT TO JURISDICTION) OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AMENDMENT
MUTATIS MUTANDIS AS IF FULLY SET FORTH HEREIN. 
 5.10    Final Agreement. THE CREDIT
AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS
AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY
PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY BORROWER AND AGENT. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
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 IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first
written above. 
  

			
	BORROWER:
	
	         BIOLASE., INC.,

        a Delaware corporation

		
	        By:	 	 /s/ John R. Beaver

	        Name:	 	John R. Beaver
	        Title:	 	EVP & CFO

 
					
	AGENT AND LENDER:
	
	 SWK FUNDING LLC,

	 as Agent and a Lender

		
	By:	 	SWK Holdings Corporation,
		 	its sole Manager
			
		 	By:	 	 /s/ Winston Black

		 	Name:	 	Winston Black
		 	Title:	 	Chief Executive Officer and PresidentExhibit 4.1

 

DEPOSIT AGREEMENT 

 

This DEPOSIT AGREEMENT
is made and entered into as of October 7, 2019 by and among B. Riley Financial, Inc., a Delaware corporation (the “Company”),
Continental Stock Transfer & Trust Company, as Depositary, and all holders from time to time of Receipts (as hereinafter
defined) issued hereunder.

 

WITNESSETH: 

 

WHEREAS, it is desired
to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock
(as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder
of the Receipts evidencing Depositary Shares (as hereinafter defined) representing fractional interests in the Preferred Stock
deposited; and

 

WHEREAS, the Receipts
are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;

 

NOW, THEREFORE, in
consideration of the promises contained herein, it is agreed by and among the parties hereto as follows:

 

ARTICLE I 

 

DEFINITIONS 

 

The following definitions
shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:

 

SECTION 1.01. “Alternative
Conversion Consideration” shall have the meaning assigned to such term in the Certificate of Designation.

 

SECTION 1.02. “Articles
of Incorporation” shall mean the Amended and Restated certificate of incorporation, as amended, as the same may be amended
and supplemented from time to time, of the Company.

 

SECTION 1.03. “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions
in New York, New York are not required to be open.

 

SECTION 1.04. “Certificate
of Designation” shall mean the Certificate of Designation, classifying 10,000 shares of Preferred Stock as a series of preferred
stock of the Company, in the form filed with the Secretary of State of the State of Delaware.

 

SECTION 1.05. “Change
of Control” shall have the meaning assigned to such term in the Certificate of Designation.

 

     

     

    

 

SECTION 1.06. “Change
of Control Conversion Date” shall have the meaning assigned to such term in the Certificate of Designation. 

 

SECTION 1.07. “Change
of Control Conversion Right” shall have the meaning set forth in Section 2.04 hereof.

 

SECTION 1.08. “Common
Stock” shall mean shares of the Company’s common stock, $0.0001 par value per share.

 

SECTION 1.09. “Common
Stock Price” shall have the meaning assigned to such term in the Certificate of Designation.

 

SECTION 1.10. “Company”
shall have the meaning set forth in the preamble hereof.

 

SECTION 1.11. “Conversion
Consideration” shall have the meaning assigned to such term in the Certificate of Designation.

 

SECTION 1.12. “Corporate
Office” shall mean the corporate office of the Depositary at which at any particular time its business in respect of matters
governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 1 State Street,
New York, New York.

 

SECTION 1.13. “Delisting
Event” shall have the meaning assigned to such term in the Certificate of Designation.

 

SECTION 1.14. “Delisting
Event Conversion Date” shall have the meaning assigned to such term in the Certificate of Designation. 

 

SECTION 1.15. “Delisting
Event Conversion Right” shall have the meaning set forth in Section 2.04 hereof.

 

SECTION 1.16. “Deposit
Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time to time.

 

SECTION 1.17. “Depositary”
shall mean Continental Stock Transfer & Trust Company, a company or corporation having its principal office in the United
States, and any successor as depositary hereunder.

 

SECTION 1.18. “Depositary
Share” shall mean a 1/1000th fractional interest of a share of Preferred Stock deposited with the Depositary hereunder
and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred
Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit
Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the
Preferred Stock represented by such Depositary Share, including the dividend and distribution, voting, redemption, conversion and
liquidation rights as set forth in the Certificate of Designation.

 

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SECTION 1.19. “Depositary’s
Agent” shall mean one or more agents appointed by the Depositary as provided, and for the purposes specified, in Section 7.05
hereof.

 

SECTION 1.20. “DTC”
shall have the meaning set forth in Section 2.02 hereof.

 

SECTION 1.21. “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

SECTION 1.22. “NASDAQ”
shall mean The Nasdaq Global Market or a successor that is a national securities exchange registered under Section 6 of the
Exchange Act.

 

SECTION 1.23. “Preferred
Stock” shall mean the Company’s 6.875% Series A Cumulative Perpetual Preferred Stock, $0.0001 par value per share,
heretofore validly issued, fully paid and non-assessable.

 

SECTION 1.24. “Optional
Redemption Right” shall have the meaning set forth in Section 2.03 hereof.

 

SECTION 1.25. “Receipt”
shall mean a depositary receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary
form, substantially in the form set forth as Exhibit A hereto.

 

SECTION 1.26. “record
date” shall mean the date fixed pursuant to Section 4.04 hereof.

 

SECTION 1.27. “record
holder” or “holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the
books maintained by the Depositary for such purpose.

 

SECTION 1.28. “redemption
date” shall have the meaning set forth in Section 2.03 hereof.

 

SECTION 1.29. “Registrar”
shall mean Continental Stock Transfer & Trust Company, or any bank or trust company appointed to register ownership and
transfers of Receipts or the deposited Preferred Stock, as the case may be, as herein provided.

 

SECTION 1.30. “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

SECTION 1.31. “Signature
Guarantee” shall have the meaning set forth in Section 2.05 hereof.

 

SECTION 1.32. “Special
Damages” shall have the meaning set forth in Section 5.08 hereof.

 

SECTION 1.33. “Special
Optional Redemption Right” shall have the meaning set forth in Section 2.03 hereof.

 

SECTION 1.34. “Transfer
Agent” shall mean Continental Stock Transfer & Trust Company, or any bank or trust company appointed to transfer
the Receipts or the deposited Preferred Stock, as the case may be, as herein provided.

 

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ARTICLE II 

 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED
STOCK, EXECUTION 

AND DELIVERY, TRANSFER, SURRENDER AND
REDEMPTION OF RECEIPTS 

 

SECTION 2.01. Form
and Transferability of Receipts. Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed
to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation
of definitive Receipts, the Depositary, upon the written order of the Company, delivered in compliance with Section 2.02,
shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially
of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable
delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon
surrender of the temporary Receipts at the Corporate Office or such other offices, if any, as the Depositary may designate, without
charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver
in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to
the Preferred Stock deposited, as definitive Receipts.

 

Receipts shall be
executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary, provided that
if a Registrar (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual signature
of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be
valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall
record on its books each Receipt executed as provided above and delivered as hereinafter provided.

 

Except as the Depositary
may otherwise determine, Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated
the date of their issuance.

 

Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Company or required to comply with any applicable law or regulation or with the rules
and regulations of any securities exchange or interdealer quotation system upon which the Preferred Stock, the Depositary Shares
or the Receipts may be listed or quoted or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts are subject, in each case, as directed by the Company.

 

    4

     

    

 

Title to any Receipt
(and to the Depositary Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument
of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of the Depositary as provided in Section 2.05 hereof, the
Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner
thereof for the purpose of determining the person entitled to dividends or other distributions, the exercise of any redemption,
conversion or voting rights or to any notice provided for in this Deposit Agreement and for all other purposes.

 

SECTION 2.02. Deposit
of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit
Agreement, the Company may from time to time deposit shares of Preferred Stock under this Deposit Agreement by delivery to the
Depositary of a certificate or certificates for such shares of Preferred Stock, registered in the name of the Depository Trust
Company (“DTC”), or its designee, properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as
may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written letter of
instruction of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons
stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock. The Depositary
agrees to hold such deposited Preferred Stock in an account to be established by the Depositary at the Corporate Office or at such
other office as the Depositary shall determine. The Company hereby appoints the Depositary as the Registrar and Transfer Agent
for the Preferred Stock deposited hereunder and the Depositary hereby accepts such appointment and, as such, will reflect changes
in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other
appropriate method.

 

If required by the
Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the
Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary,
that will provide for the prompt transfer to the Depositary or its nominee of any distribution or right to subscribe for additional
Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter
receive upon or in respect of such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.

 

Upon receipt by the
Depositary of a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified
above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order
delivered to the Depositary referred to in the first paragraph of this Section 2.02 a Receipt or Receipts for the number of
whole Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested
by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office, except that,
at the request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be
designated by such person.

 

Other than in the
case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of distributions of Preferred
Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth
in the Certificate of Designation, as the same may be amended.

 

    5

     

    

 

The Company shall
deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary
to perform its obligations under this Deposit Agreement.

 

SECTION 2.03. Optional
Redemption and Special Optional Redemption of Preferred Stock for Cash. Except as expressly provided herein, shares of the
Preferred Stock are not redeemable prior to October 7, 2024 (the “Optional Redemption Right”). In addition, in
the event of a Delisting Event or Change of Control, the Company shall have the option to redeem the Preferred Stock and Depositary
Shares for cash, in whole or in part, in accordance with the Certificate of Designation within 90 days after the first date on
which such Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable
(the “Special Optional Redemption Right”). In case of any redemption, whether pursuant to the Optional Redemption Right
or the Special Optional Redemption Right, the Company shall (unless otherwise agreed in writing with the Depositary) give the Depositary
not less than 30 nor more than 60 days’ prior written notice of the date of such proposed redemption and of the number of
such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price, as set forth in the Certificate
of Designation, including the amount, if any, of accrued and unpaid dividends thereon to, but not including, the date fixed for
redemption. The Depositary shall mail, first-class postage prepaid, notice of the redemption of Preferred Stock and the proposed
simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 nor more than
60 days prior to the date fixed for redemption of such Preferred Stock and Depositary Shares (the “redemption date”),
to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the
same appear on the records of the Depositary. No failure to give such notice or any defect thereto or in the mailing thereof shall
affect the sufficiency of notice or validity of the proceedings for redemption except as to a holder to whom notice was defective
or not given. A redemption notice which has been mailed in the manner provided herein shall be conclusively presumed to have been
duly given on the date mailed whether or not the holder received the redemption notice. The Company shall provide the Depositary
with such notice, and each such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the
number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all the Depositary
Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the
place or places where Receipts evidencing the Depositary Shares to be redeemed are to be surrendered for payment of the redemption
price; and (vi) that from and after the redemption date dividends in respect of the Preferred Stock represented by the Depositary
Shares to be redeemed will cease to accrue. If fewer than all of the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional Depositary Shares)
or lot. In the event the Company is exercising its Special Optional Redemption Right, the notice referred to above shall also state:
(i) that the Preferred Stock and Depositary Shares are being redeemed pursuant to the Company’s Special Optional Redemption
Right in connection with the occurrence of a Delisting Event or Change of Control, as applicable, and a brief description of the
transaction(s) constituting such Delisting Event or Change of Control, as applicable and (ii) that the Preferred Stock and
Depositary Shares may not be tendered for conversion in connection with the Delisting Event or Change of Control, as applicable,
by the holder thereof and that each share of Preferred Stock and each Depositary Share so tendered for conversion that is selected,
prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, for redemption will be redeemed
on the related date of redemption instead of converted on the Delisting Event Conversion Date or Change of Control Conversion Date,
as applicable.

 

    6

     

    

 

In the event that
notice of redemption has been made as described in this Section 2.03 and the Company shall then have paid or caused to be
paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designation) of the Preferred Stock
deposited with the Depositary to be redeemed (including any accrued and unpaid dividends to, but not including, the redemption
date), the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by
the Company and from and after the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock
to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect
of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall
be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right
to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance
with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary
or applicable law shall so require), such Depositary Shares shall be redeemed at the redemption price (determined pursuant to the
Certificate of Designation). The foregoing shall be further subject to the terms and conditions of the Certificate of Designation.
In the event of any conflict between the provisions of this Deposit Agreement and the provisions of the Certificate of Designation,
the provisions of the Certificate of Designation will govern and the Company will instruct the Depositary accordingly.

 

Unless full cumulative
dividends on all Preferred Stock shall have been or contemporaneously are declared and paid in cash or declared and a sum sufficient
for the payment thereof in cash irrevocably set apart for payment for all past dividend periods, no Preferred Stock shall be redeemed
unless all outstanding shares of Preferred Stock are simultaneously redeemed and the Company shall not purchase or otherwise acquire
directly or indirectly any shares of Preferred Stock or any class or series of equity securities of the Company ranking, as to
dividends or upon liquidation, on a parity with or junior to the Preferred Stock (except by exchange for shares of equity securities
of the Company ranking, as to dividends and upon liquidation, junior to the Preferred Stock); provided, however,
that the foregoing shall not prevent the purchase of Preferred Stock by the Company pursuant to a purchase or exchange offer made
on the same terms to holders of all outstanding shares of Preferred Stock.

 

If fewer than all
of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect
of the Depositary Shares called for redemption, a new Receipt evidencing such holder’s Depositary Shares evidenced by such
prior Receipt that are not called for redemption.

 

The Company acknowledges
that the bank accounts maintained by the Depositary in connection with the performance of the services described herein will be
in the name of the Depositary and that the Depositary may receive investment earnings in connection with the investment at the
Depositary’s risk and for its benefit of funds held in those accounts from time to time.

 

    7

     

    

 

SECTION 2.04. Optional
Conversion Upon a Delisting Event or Change of Control. Shares of Preferred Stock and Depositary Shares shall not be convertible
into or exchangeable for any other property or securities of the Company, except as provided in the Certificate of Designation.

 

In the event of a
Delisting Event or Change of Control, as applicable, each holder of Depositary Shares shall have the right, unless, prior to the
Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, the Company has provided or provides notice
of its election to redeem the Depositary Shares pursuant to the Optional Redemption Right or Special Optional Redemption Right,
to convert some or all of the Depositary Shares held by such holder (the “Delisting Event Conversion Right” or “Change
of Control Conversion Right,” as applicable) on the Delisting Event Conversion Date or Change of Control Conversion Date,
as applicable, into shares of Common Stock as provided in the Certificate of Designation.

 

No fractional shares
of Common Stock shall be issued upon the conversion of Depositary Shares. In lieu of fractional shares, holders shall be entitled
to receive the cash value of such fractional shares based on the Common Stock Price.

 

Within 15 days following
the occurrence of a Delisting Event or Change of Control, as applicable, a notice of occurrence of the Delisting Event or Change
of Control, as applicable, describing the resulting Delisting Event Conversion Right or Change of Control Conversion Right, as
applicable, shall be delivered to the holders of record of the Depositary Shares at their addresses as they appear on the Company’s
share transfer records and notice shall be provided to the Company’s Transfer Agent. No failure to give such notice or any
defect thereto or in the mailing thereof shall affect the validity of the proceedings for the conversion of any Depositary Shares
except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the events constituting the
Delisting Event or Change of Control, as applicable; (ii) the date of the Delisting Event or Change of Control, as applicable;
(iii) the last date on which the holders of Series A Preferred Stock may exercise their Delisting Event Conversion Right or
Change of Control Conversion Right, as applicable; (iv) the method and period for calculating the Common Stock Price; (v) the
Delisting Event Conversion Right or Change of Control Conversion Date, as applicable; (vi) that if, on or prior to the Delisting
Event Conversion Right or Change of Control Conversion Date, as applicable, the Corporation has provided or provides notice of
its election to redeem all or any portion of the Series A Preferred Stock, the holder will not be able to convert shares of Series
A Preferred Stock designated for redemption and such shares of Series A Preferred Stock shall be redeemed on the related redemption
date, even if they have already been tendered for conversion pursuant to the Delisting Event Conversion Right or Change of Control
Conversion Right; (vii) if applicable, the type and amount of Alternative Conversion Consideration entitled to be received
per share of Series A Preferred Stock; (viii) the name and address of the paying agent and the conversion agent; and (ix) the
procedures that the holders of Series A Preferred Stock must follow to exercise the Delisting Event Conversion Right or Change
of Control Conversion Right, as applicable.

 

    8

     

    

 

In order to exercise
the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, a holder of Depositary Shares shall
be required to deliver, on or before the close of business on the Delisting Event Conversion Right or Change of Control Conversion
Date, as applicable, the certificates (if any) representing the Depositary Shares to be converted, duly endorsed for transfer,
together with a written conversion notice completed, to the Company’s transfer agent. Such notice shall state: (i) the
relevant Delisting Event Conversion Date or Change of Control Conversion Date, as applicable; (ii) the number of Depositary
Shares to be converted; and (iii) that the Depositary Shares are to be converted pursuant to the applicable provisions of
the Certificate of Designation. Notwithstanding the foregoing, if the shares of Series A Preferred Stock are held in global form,
such notice shall comply with applicable procedures of DTC or other depositary, as applicable.

 

Holders of Depositary
Shares may withdraw any notice of exercise of a Delisting Event Conversion Right or Change of Control Conversion Right (in whole
or in part), as applicable, by a written notice of withdrawal delivered to the Company’s Transfer Agent prior to the close
of business on the Business Day prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable.
The notice of withdrawal must state: (i) the number of withdrawn Depositary Shares; (ii) if Receipts have been issued,
the numbers of the withdrawn Receipts; and (iii) the number of Depositary Shares, if any, which remain subject to the conversion
notice. Notwithstanding the foregoing, if the Depositary Shares are held in global form, the notice of withdrawal shall comply
with the procedures of DTC or other depositary, as applicable.

 

Depositary Shares
as to which the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable has been properly exercised
and for which the conversion notice has not been properly withdrawn shall be converted into the applicable Conversion Consideration
in accordance with the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, on the Delisting
Event Conversion Date or the Change of Control Conversion Date, as applicable, unless, prior to the Delisting Event Conversion
Date or the Change of Control Conversion Date, as applicable, the Company has provided or provides notice of its election to redeem
such Depositary Shares, whether pursuant to its Optional Redemption Right or Special Optional Redemption Right. If the Company
elects to redeem Depositary Shares that would otherwise be converted into the applicable Conversion Consideration on a Delisting
Event Conversion Date or the Change of Control Conversion Date, as applicable, such Depositary Shares shall not be so converted
and the holders of such shares shall be entitled to receive the redemption price on the applicable redemption date.

 

The Company shall
deliver the applicable Conversion Consideration no later than the third Business Day following the Delisting Event Conversion Date
or the Change of Control Conversion Date, as applicable. Notwithstanding the foregoing, the persons entitled to receive any shares
of our Common Stock or other securities delivered on conversion will be deemed to have been holders of record thereof as of the
Delisting Event Conversion Date or the Change of Control Conversion Date, as applicable.

 

In the event that
holders of Common Stock have the opportunity to elect the form of consideration to be received in, or in connection with, the Delisting
Event or Change of Control, as applicable, the consideration that the holders of Depositary Shares shall receive shall be the form
and proportion of the aggregate consideration elected by the holders of the Common Stock who participate in the determination (based
on the weighted average of elections) and shall be subject to any limitations to which all holders of Common Stock are subject,
including, without limitation, pro rata reductions applicable to any portion of the consideration payable in, or in connection
with, the Delisting Event or Change of Control, as applicable.

 

    9

     

    

 

SECTION 2.05. Registration
of Transfers of Receipts. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Receipts,
and the Depositary hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative, properly endorsed
or accompanied by a properly executed instrument of transfer or endorsement and including a guarantee of the signature thereon
by a participant in a signature guarantee medallion program approved by the Securities Transfer Association (a “Signature
Guarantee”), together with evidence of the payment of any transfer taxes as may be required by applicable law. Upon such
surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

SECTION 2.06. Combinations
and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Corporate Office or such other office as the Depositary
may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing
the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

SECTION 2.07. Surrender
of Receipts and Withdrawal of Preferred Stock. Any holder of a Receipt or Receipts may withdraw any or all of the deposited
Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if
any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office or at such other office
as the Depositary may designate for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver
to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole or fractional
shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by
the Receipt or Receipts so surrendered for withdrawal, but holders of such whole or fractional shares of Preferred Stock will not
thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts
delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess
of the number of Depositary Shares representing the number of whole or fractional shares of deposited Preferred Stock to be withdrawn,
the Depositary shall at the same time, in addition to such number of whole or fractional shares of Preferred Stock and such money
and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.05) upon his order, a new Receipt
or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property
being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may
deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by a properly executed instrument
of transfer or endorsement.

 

If the deposited Preferred
Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder
of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary
a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder
for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument
of transfer or endorsement in blank with a Signature Guarantee.

 

    10

     

    

 

The Depositary shall
deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced
by Receipts surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder surrendering
such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated
by such holder.

 

SECTION 2.08. Limitations
on Execution and Delivery, Transfer, Split-up, Combination. As a condition precedent to the execution and delivery, transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company
may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the
Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect
thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production
of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature), including
a Signature Guarantee; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement as may be required by any securities exchange upon which the deposited
Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed.

 

The deposit of Preferred
Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may be refused,
and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during
any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary
or advisable by the Depositary, any of time Depositary’s Agents or the Company at any time or from time to time because of
any requirement of applicable law or of any government or governmental body or commission, or under any provision of this Deposit
Agreement.

 

SECTION 2.09. Lost
Receipts, etc. In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its discretion may
execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and
in substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary with (i) evidence
reasonably satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of
his ownership thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond, in each case,
satisfactory to the Depositary and the Company and holding the Depositary and the Company harmless.

 

SECTION 2.10. Cancellation
and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be
cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such
Receipts so cancelled.

 

    11

     

    

 

ARTICLE III 

 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS
AND THE COMPANY 

 

SECTION 3.01. Filing
Proofs, Certificates and Other Information. Any person presenting Preferred Stock for deposit or any holder of a Receipt may
be required from time to time to file such proof of residence or other information and to execute such certificates as the Depositary
or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of any
Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the
Depositary Shares evidenced by any Receipt, the distribution of any distribution or the sale of any rights or of the proceeds thereof,
until such proof or other information is filed or such certificates are executed.

 

SECTION 3.02. Payment
of Fees and Expenses. Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses,
as provided in Section 5.09, or provide evidence reasonably satisfactory to the Depositary that such fees and expenses have
been paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property,
if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any distribution may be withheld, and any
part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold
for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior
to such sale). Any distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses,
the holder of such Receipt remaining liable for any deficiency.

 

SECTION 3.03. Representations
and Warranties as to Preferred Stock. In the case of the initial deposit of the Preferred Stock hereunder, the Company and,
in the case of subsequent deposits thereof, each person so depositing Preferred Stock under this Deposit Agreement, shall be deemed
thereby to represent and warrant that such Preferred Stock and each certificate therefor are valid and that the person making such
deposit is duly authorized to do so. The Company hereby further represents and warrants that such Preferred Stock, when issued,
will be validly issued, fully paid and non-assessable. Such representations and warranties shall survive the deposit of the Preferred
Stock and the issuance of Receipts.

 

SECTION 3.04. Representation
and Warranty as to Receipts and Depositary Shares. The Company hereby represents and warrants that the Receipts, when issued,
will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid fractional
interest in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty shall survive
the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares.

 

    12

     

    

 

ARTICLE IV 

 

THE PREFERRED STOCK; NOTICES 

 

SECTION 4.01. Dividends
and Other Cash Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited
Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the
Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04
such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced
by the Receipts held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to
withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise
required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary
Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only
such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance
not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.

 

SECTION 4.02. Distributions
Other Than Cash. Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the
Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04
such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem
equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary after consultation with the
Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any
requirement that the Company or the Depositary withhold an amount on account of taxes), the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method
as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private
sale) of the securities or property thus received, or any part thereof at such place or places and upon such terms as it may deem
proper. The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available for distribution,
as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a distribution
received in cash. The Company shall not make any distribution of such securities or property to the holders of Receipts unless
the Company shall have provided to the Depositary an opinion of counsel stating that such securities or property have been registered
under the Securities Act or do not need to be registered in order to be freely transferable.

 

SECTION 4.03. Subscription
Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names
deposited Preferred Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to
purchase any securities or any rights, preferences or privileges of any other nature, the offering of such rights, preferences
or privileges shall in each such instance be communicated to the Depositary and thereafter made available by the Depositary to
the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants
representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any
such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible
to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or
(b) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges,
the Depositary shall then, if so instructed by the Company, and if applicable laws or the terms of such rights, preferences or
privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places
and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.01 and Section 3.02,
be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case
of a distribution received in cash. The Company shall not make any distribution of such rights, preferences or privileges, unless
the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have
been registered under the Securities Act or do not need to be registered in order to be freely transferable.

 

    13

     

    

 

If registration under
the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of
Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it
will promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges
and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise
such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference
or privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective
or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities
Act and the Company shall have provided to the Depositary an opinion of counsel to such effect.

 

If any other action
under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for
such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees to use its reasonable best
efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such rights, preferences or privileges.

 

SECTION 4.04. Notice
of Distributions; Fixing of Record Date for Holders of Receipts. Whenever any dividend or other cash distributions shall become
payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered,
with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which
holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any
election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix
a record date (which shall be the same date as the record date, if any, fixed by the Company with respect to the Preferred Stock)
for the determination of the holders of Receipts (a) who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, (b) who shall be entitled to give instructions for the
exercise of voting rights at any such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be
so redeemed.

 

    14

     

    

 

SECTION 4.05. Voting
Rights. Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company
and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders
of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to
any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of
Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such
instructions may be given. Upon the written request of a holder of a Receipt on such record date, the Depositary shall vote or
cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with
the instructions set forth in such request. To the extent any such instructions request the voting of a fractional interest of
a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting
from requests with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance
with the instructions received in such requests. On such matters as the Preferred Stock is entitled, each share of Preferred Stock
is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/1000th of a vote. The Company hereby
agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such
Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt,
the Depositary will abstain from voting to the extent of the Preferred Stock represented by the Depositary Shares evidenced by
such Receipt. The Depositary shall not be required to exercise discretion in voting any Preferred Stock represented by the Depositary
Shares evidenced by such Receipt.

 

SECTION 4.06. Changes
Affecting Preferred Stock and Reclassifications, Recapitalizations, etc. Upon any change in par or stated value, split-up,
combination or any other reclassification of Preferred Stock, or upon any recapitalization, reorganization, merger, amalgamation
or consolidation affecting the Company or to which it is a party or sale of all or substantially all of the Company’s assets,
the Depositary shall, upon the instructions of the Company, (i) make such adjustments in (a) the fraction of an interest
represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per Depositary
Share to the redemption price of a share of Preferred Stock, in each case as may be required by or as is consistent with the provisions
of the Certificate of Designation to fully reflect the effects of such change in liquidation preference, split-up, combination
or other reclassification of stock, or of such recapitalization, reorganization, merger, amalgamation, consolidation or sale and
(ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in
exchange for or upon conversion of or in respect of the Preferred Stock as new deposited property under this Deposit Agreement,
and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property
so received in exchange for or upon conversion of or in respect of such Preferred Stock. In any such case the Depositary may, in
its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary
herein notwithstanding, but subject to Section 2.04, holders of Receipts shall have the right from and after the effective
date of any such change in par or stated value, split-up, combination or other reclassification of the Preferred Stock or any such
recapitalization, reorganization, merger, amalgamation or consolidation or sale of substantially all the assets of the Company
to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented
thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash
into which the deposited Preferred Stock evidenced by such Receipts might have been converted or for which such Preferred Stock
might have been exchanged or surrendered immediately prior to the effective date of such transaction, subject to any subsequent
change in par or stated value, split-up, combination or other reclassification or any subsequent recapitalization, reorganization,
merger, amalgamation or consolidation or sale of substantially all the assets. The Company shall cause effective provision to be
made in the charter of the resulting or surviving corporation (if other than the Company) for protection of such rights as may
be applicable upon exchange of the deposited Preferred Stock for securities or property or cash of the surviving corporation in
connection with the transactions set forth above. The Company shall cause any such surviving corporation (if other than the Company)
expressly to assume the obligations of the Company hereunder.

 

    15

     

    

 

SECTION 4.07. Inspection
of Reports. The Depositary shall make available for inspection by holders of Receipts at the Corporate Office and at such other
places as it may from time to time deem advisable during normal business hours any reports and communications received from the
Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the
holders of the Preferred Stock. In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts
as provided in Section 5.05.

 

SECTION 4.08. Lists
of Receipt Holders. Promptly upon request from time to time by the Company, the Depositary shall furnish to the Company a list,
as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose
names Receipts are registered on the books of the Depositary.

 

SECTION 4.09. Tax
and Regulatory Compliance. The Depositary shall be responsible for (i) preparing and mailing of IRS Forms 1099, 1042 and
1042-S for all open and closed accounts, (ii) all applicable withholding related to payments made with respect to the Receipts,
including, without limitation, withholding required pursuant to Sections 1441, 1442, 1445 and 3406 of the Internal Revenue Code
of 1986, as amended, (iii) mailing Form W-9, or W8-BEN, as appropriate, to new holders of Receipts without a certified taxpayer
identification number or to non-US investors, (iv) processing certified Forms W-99 and W8-BEN, (v) preparing and filing
of state information returns and (vi) providing escheatment services.

 

SECTION 4.10. Withholding.
Notwithstanding any other provision of this Deposit Agreement to the contrary, in the event that the Depositary determines that
any distribution in property is subject to any tax which the Depositary is obligated by applicable law to withhold, the Depositary
may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the number of Depositary
Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property
is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary will use its best efforts
(i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds
to pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the rights of any other
holders of Receipts to receive such distribution in property.

 

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ARTICLE V 

 

THE DEPOSITARY AND THE COMPANY 

 

SECTION 5.01. Maintenance
of Offices, Agencies and Transfer Books by the Depositary and the Registrar. The Depositary shall maintain at the Corporate
Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts
and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery,
transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock,
all in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall
keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be
open for inspection by the record holders of Receipts as provided by applicable law. The Depositary may close such books, at any
time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. The Depositary
may maintain such books in customary electronic form.

 

If the Receipts or
the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the NASDAQ
or any other stock exchange, or quoted on any interdealer quotation system, the Depositary may, with the approval of the Company,
appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with the requirements
of such stock exchange or quotation system. Such Registrar (which may be the Depositary if so permitted by the requirements of
such stock exchange or interdealer quotation system) may be removed and a substitute registrar appointed by the Depositary upon
the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on
one or more other stock exchanges or quotation systems, the Depositary will, at the request and expense of the Company, arrange
such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such
Preferred Stock as may be required by applicable law or applicable stock exchange or quotation system regulations.

 

SECTION 5.02. Prevention
or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company. None of the Depositary,
any Depositary’s Agent, any Registrar or the Company shall incur any liability to any holder of any Receipt, if by reason
of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present
or future, of the Articles of Incorporation or the Certificate of Designation or, in the case of the Company, the Depositary, the
Depositary’s Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant
party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or
performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary,
any Depositary’s Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any nonperformance
or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or
may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement.

 

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SECTION 5.03. Obligations
of the Depositary, the Depositary’s Agents, the Registrar and the Company. Each of the Depositary, any Depositary’s
Agent and any Registrar shall at all times act in good faith and shall use its best efforts within reasonable time limits to insure
the accuracy of all services performed pursuant to this Deposit Agreement. None of the Depositary, any Depositary’s Agent,
any Registrar or the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement or any Receipt
to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful
misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement.

 

None of the Depositary,
any Depositary’s Agent, any Registrar or the Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its reasonable
opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to it against all expense and liability
be furnished as often as may be required.

 

None of the Depositary,
any Depositary’s Agent, any Registrar or the Company shall be liable for any action or any failure to act by it in reliance
upon the written advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit,
any holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The
Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon
any written notice, request, direction or other document believed by it in good faith to be genuine and to have been signed or
presented by the proper party or parties.

 

In the event the Depositary
shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the
other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall
be entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action so taken.

 

The Depositary shall
not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner
or effect of any such vote made, as long as any such action or non-action is in good faith and does not result from negligence
or willful misconduct of the Depositary. The Depositary undertakes, and any Registrar shall be required to undertake, to perform
such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Deposit Agreement against the Depositary or any Registrar.

 

The Depositary, its
parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar may own, buy, sell or deal in any class of
securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction
in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely
as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar
of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates.

 

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It is intended that
neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the
federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any
Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however,
that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or
this Deposit Agreement in its capacity as Depositary.

 

Neither the Depositary
(or its officers, directors, employees or agents) nor any Depositary’s Agent makes any representation or has any responsibility
as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act,
the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred
to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary
is responsible for its representations in this Deposit Agreement and for the validity of any action taken or required to be taken
by the Depositary in connection with this Deposit Agreement.

 

The Company represents
that it has registered the deposited Preferred Stock and the Depositary Shares for sale in accordance with applicable securities
laws.

 

SECTION 5.04. Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder
by delivering to the Company notice of its election to do so, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may
at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.

 

In case at any time
the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice
of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If a successor
depositary shall not have been appointed in 60 days, the resigning Depositary may petition a court of competent jurisdiction to
appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall
become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary
under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company,
shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder,
shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property
held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts.
Any successor depositary shall promptly mail notice of its appointment to the record holders of Receipts.

 

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Any corporation into
or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution
or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor
depositary or in the name of the successor depositary.

 

SECTION 5.05. Notices,
Reports and Documents. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt
thereof transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies
of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange or
interdealer quotation system upon which the Preferred Stock, the Depositary Shares or the Receipts are listed or quoted or by the
Articles of Incorporation and the Certificate of Designation to be furnished by the Company to holders of the deposited Preferred
Stock and, if requested by the holder of any Receipt, a copy of this Deposit Agreement, the form of Receipt, the Certificate of
Designation and the form of Preferred Stock. Such transmission will be at the Company’s expense and the Company will provide
the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary
will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the
Company.

 

SECTION 5.06. Indemnification
by the Company. The Company agrees to indemnify the Depositary, any Depositary’s Agent and any Registrar against, and
hold each of them harmless from, any liability, costs and expenses (including reasonable attorneys’ fees) that may arise
out of, or in connection with, its acting as Depositary, Depositary’s Agent or Registrar, respectively, under this Deposit
Agreement and the Receipts, except for any liability arising out of the willful misconduct, gross negligence, or bad faith on the
part of any such person or persons. The obligations of the Company set forth in this Section 5.06 shall survive any succession
of any Depositary, Registrar or Depositary’s Agent or termination of this Deposit Agreement.

 

SECTION 5.07. Indemnification
by the Depositary. The Depositary agrees to indemnify the Company against, and hold the Company harmless from, any liability,
costs and expenses (including reasonable attorneys’ fees) that may arise out of, or in connection with, the refusal or failure
of any of the Depositary, any Depositary’s Agent or the Registrar to comply with the terms of this Deposit Agreement, or
which arise out of the willful misconduct, gross negligence, or bad faith on the part of any such person or persons; provided,
however, that the Depositary’s aggregate liability hereunder with respect to, arising from, or arising in connection with
this Deposit Agreement, or from all services provided or omitted to be provided under this Deposit Agreement, whether in contract,
or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Depositary as fees
and charges under this Deposit Agreement or otherwise, but not including reimbursable expenses, during the six (6) calendar
months immediately preceding the event for which recovery from the Depositary is being sought. The obligations of the Depositary
set forth in this Section 5.07 shall survive any succession of the Company or termination of this Deposit Agreement.

 

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SECTION 5.08. Damages.
The Depositary shall not be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including,
but not limited to, loss of anticipated profits (collectively, “Special Damages”), occasioned by breach of any provision
of this Deposit Agreement by the Depositary even if apprised of the possibility of such damages. The Company shall not be liable
to the Depositary for Special Damages occasioned by breach of any provision of this Deposit Agreement by the Company even if apprised
of the possibility of such damages.

 

SECTION 5.09. Fees,
Charges and Expenses. No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable
by any person, except as provided in this Section 5.09. The Company shall pay all transfer and other taxes and governmental
charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary
in connection with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the
Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by holders
of Receipts. If a holder of Receipts requests the Depositary to perform duties not required under this Deposit Agreement, the Depositary
shall notify the holder of the cost of the performance of such duties prior to the performance thereof. Upon approval of such cost
by such holder, such holder will thereafter be liable for the charges and expenses related to such performance. All other fees
and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each case, fees and
expenses of counsel) incident to the performance of their respective obligations hereunder will be promptly paid by the Company
pursuant to such terms as the Company and the Depositary shall agree in good faith. The Depositary shall present its statement
for fees and expenses to the Company every month or at such other intervals as the Company and the Depositary may agree.

 

ARTICLE VI 

 

AMENDMENT AND TERMINATION 

 

SECTION 6.01. Amendment.
The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no such
amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which
(i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely
inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate of Designation shall be
effective unless such amendment shall have been approved by the holders of Receipts evidencing at least 66-2/3% of the Depositary
Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions of Section 2.07 and Section 2.08
and Article III, of any holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions
to the Depositary to deliver to the holder the deposited Preferred Stock and all money and other property if any, represented thereby,
except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such
amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to
be bound by this Deposit Agreement as amended thereby.

 

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SECTION 6.02. Termination.
This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary
if (i) such termination is necessary to preserve the Company’s status as a real estate investment trust under the Internal
Revenue Code of 1986, as amended (or any successor provision), or (ii) the holders of Receipts evidencing at least a majority
of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available
to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares of deposited
Preferred Stock as are represented by the Depositary Shares evidenced by such Depositary Receipt, together with any other property
held by the Depositary in respect of such Receipt. In the event that this Deposit Agreement is terminated pursuant to clause (i) of
the immediately preceding sentence, the Company hereby agrees to use its reasonable best efforts to list or quote the Preferred
Stock issued upon surrender of the Receipt evidencing the Depositary Shares represented thereby on a national securities exchange
or interdealer quotation system. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares
shall have been redeemed pursuant to Section 2.03 or (ii) there shall have been made a final distribution in respect
of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Receipts entitled thereto.

 

Upon the termination
of this Deposit Agreement, (i) the Company shall be discharged from all obligations under this Deposit Agreement except for
its obligations to the Depositary, any Depositary’s Agent and any Registrar under Section 5.06 and Section 5.09
and (ii) the Depositary shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Company under Section 5.07.

 

ARTICLE VII 

 

MISCELLANEOUS 

 

SECTION 7.01. Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement
by telecopier shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. Copies of this Deposit
Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business
hours at the Corporate Office and the respective offices of time Depositary’s Agents, if any, by any holder of a Receipt.

 

SECTION 7.02. Exclusive
Benefits of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors
hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

SECTION 7.03. Invalidity
of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

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SECTION 7.04. Notices.
Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed
to the Company at:

 

B. Riley Financial,
Inc.

21255 Burbank Blvd,
Suite 400

Woodland Hills, California
91367

Attention: Chief Financial
Officer

Telephone No.: (818)
884-3737

 

or at any other address of which the Company
shall have notified the Depositary in writing.

 

Any notices to be
given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by certified or registered mail or nationally recognized overnight carrier, addressed to the Depositary at the
Corporate Office to the attention of the General Counsel.

 

Any notices given
to any record holder of a Receipt hereunder shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by mail or overnight carrier, addressed to such record holder at the address of such record holder as it appears on the
books of the Depositary or, if such holder shall have filed with the Depositary in a timely manner a written request that notices
intended for such holder be mailed to some other address, at the address designated in such request.

 

Delivery of a notice
sent by mail or overnight carrier shall be deemed to be effected at the time when a duly addressed letter containing the same is
deposited, postage prepaid, in a post office letter box or overnight carrier’s box.

 

SECTION 7.05. Depositary’s
Agents. The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for
the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the
appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action.

 

SECTION 7.06. Holders
of Receipts Are Parties. The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement
and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof.

 

SECTION 7.07. Governing
Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall
be governed by, and construed in accordance with, the law of the State of Delaware applicable to agreements made and to be performed
in said State.

 

SECTION 7.08. Inspection
of Deposit Agreement and Certificate of Designation. Copies of this Deposit Agreement and the Certificate of Designation shall
be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Corporate
Office and the respective offices of the Depositary’s Agents, if any, by any holder of any Receipt.

 

SECTION 7.09. Headings.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have
been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the
meaning or interpretation of any provision contained herein or in the Receipts.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, B. Riley Financial,
Inc. and Continental Stock Transfer & Trust Company have caused this Deposit Agreement to be duly executed on their behalf
as of the date first set forth above and all holders of Receipts shall become parties hereto by and upon acceptance by them of
delivery of Receipts issued in accordance with the terms hereof.

 

	 	B. RILEY FINANCIAL, INC.
	 	 	 
	 	By:	
        /s/ Phillip J. Ahn

	 	Name: 	Phillip J. Ahn
	 	Title:	Chief Financial Officer and Chief Operating Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	                              
	 	By:	
        /s/ Henry Farrell

	 	Name:	Henry Farrell
	 	Title:	Vice President

 

[Signature Page to Deposit Agreement]

 

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Exhibit A 

 

Form of Receipt 

 

CUSIP 05880M 876 

 

B. RILEY FINANCIAL, INC.

 

RECEIPT FOR DEPOSITARY SHARES 

 

EACH REPRESENTING 1/1000TH
OF A SHARE OF 

 

6.875% SERIES A CUMULATIVE 

PERPETUAL PREFERRED STOCK 

 

(LIQUIDATION PREFERENCE $25,000 PER SHARE)

 

Continental Stock Transfer & Trust
Company, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of Depositary
Shares (“Depositary Shares”), each Depositary Share representing 1/1000th of an ownership interest in a
share of 6.875% Series A Cumulative Perpetual Preferred Stock, liquidation preference of $25,000 per share, of B. Riley Financial,
Inc., a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to
the benefits of the Deposit Agreement dated October 7, 2019 (the “Deposit Agreement”), among the Company, the Depositary,
and the holders from time to time of Receipts for Depositary Shares (“Depositary Share Receipts”). By accepting this
Depositary Share Receipts, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit
Agreement. This Depositary Share Receipts shall not be valid or obligatory for any purpose or entitled to any benefits under the
Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized
officer and, if a Registrar in respect of the Depositary Share Receipts (other than the Depositary) shall have been appointed,
by the manual signature of a duly authorized officer of such Registrar.

 

Dated: October 7, 2019

 

	 	Continental Stock Transfer & Trust Company, as Depositary and Registrar 
	 	 	 
	 	By:	         
	 	 	Authorized Signatory

 

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[REVERSE OF RECEIPT]

 

The following abbreviations when used in
the inscription on the face of this Receipt shall be construed as though they were written out in full according to applicable
laws or regulations.

 

	TEN COM	 	–  	 	as tenants in common
	 	 	 
	TEN ENT	 	–  	 	as tenants by the entireties
	 	 	 
	JT TEN	 	–  	 	as joint tenants with rights of survivorship and not as tenants in common
	 	 	 	 	 
	UNIF GIFT MIN ACT	 	–  	 	
 

	 	Custodian	 	
 

	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 
	 	 	 	 	under Uniform Gift to Minors Act
	 	 	 
	 	 	 	 	
 

	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

 

	
        ASSIGNMENT

            

        For Value Received, the undersigned hereby sells, assigns 
        and transfers unto                                          
                                                 
                                    

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

	 
	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,

INCLUDING ZIP CODE OF ASSIGNEE)

	 
	 

 

                       
  Depositary Shares represented by the within Receipt, and do hereby irrevocably constitute and appoint                         
Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in
the premises.

 

Dated:                                  
       

 

NOTICE: THE SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND WITH
THE NAME AS WRITTEN UPON THE FACE OF THIS RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature(s) Guaranteed:                                   
          

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

 

26

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