Document:

Exhibit 10.1

     

    FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     

    THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of January 29, 2021, is by and
        among U.S. PHYSICAL THERAPY, INC., a Nevada corporation (the “Borrower”), the Lenders party hereto, and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”).  Capitalized terms used
        herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

     

    W I T N E S S E T H WHEREAS, the Borrower, certain banks and financial institutions from time to time party thereto (the “Lenders”), and the Administrative Agent are parties to that certain
        Second Amended and Restated Credit Agreement, dated as of November 10, 2017 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”);

     

    WHEREAS, the
        Borrower has requested that the Lenders amend certain provisions of the Credit Agreement; and

     

    WHEREAS, the
        Lenders are willing to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein.

     

    NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

     

    ARTICLE I AMENDMENTS TO CREDIT AGREEMENT

     

    1.1.         Amendments to Section 1.1.  Section 1.1 of the Credit Agreement is hereby amended as follows:

     

    (a) The following definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

     

    “Affected Financial Institution” means (a) any EEA
      Financial Institution, or (b) any UK Financial Institution.

     

    “Beneficial Ownership Certification” means a
      certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

     

    “Beneficial Ownership Regulation” means 31 C.F.R. §
      1010.230.

     

    “BHC Act Affiliate” of a party means an “affiliate” (as
      such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

     

    “Covered Entity” means any of the following:  (i) a
      “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term
      is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

     

      

    
      
        

    

    
    “Covered Party” has the meaning specified in Section 11.21.

     

    “Default Right” has the meaning assigned to that term
      in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

     

    “ISDA Definitions” means the 2006 ISDA Definitions
      published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the
      International Swaps and Derivatives Association, Inc. or such successor thereto.

     

    “LIBOR Rate” has the meaning specified in the definition of
      Eurodollar Rate.

     

    “LIBOR Replacement Date” has the meaning specified in Section
      3.03(c).

     

    “LIBOR Successor Rate” has the meaning specified in Section 3.03(c).

     

    “LIBOR Successor Rate Conforming Changes” means, with
      respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters
      (including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative
      Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines
      that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines
      is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

     

    “Pre-Adjustment Successor Rate” has the meaning
      specified in Section 3.03(c).

     

    “QFC” has the meaning assigned to the term “qualified
      financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

     

    “QFC Credit Support” has the meaning specified in
      Section 11.21.

     

    “Related Adjustment” means, in determining any LIBOR
      Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

     

    (A)          the spread adjustment, or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into
          account the interest period, interest payment date or payment period for interest calculated and/or tenor thereto) and which adjustment or method (x) is published on an information service as selected by the Administrative Agent from time to time
          in its reasonable discretion or (y) solely with respect to Term SOFR, if not currently published, which was previously so recommended for Term SOFR and published on an information service acceptable to the Administrative Agent; or

     

    
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    (B)        the spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or
          payment period for interest calculated and/or tenor thereto).

     

    “Relevant Governmental Body” means the Federal
      Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York.

     

    “Resolution Authority” means an EEA Resolution
      Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

     

    “SOFR” with respect to any Business Day means the
      secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at
      approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body.

     

    “Supported QFC” has the meaning specified in Section 11.21.

     

    “Term SOFR” means the forward-looking term rate for any
      period that is approximately (as determined by the Administrative Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the
      Relevant Governmental Body, in each case as published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion.

     

    “UK Financial Institution” means any BRRD Undertaking
      (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by
      the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

     

    “UK Resolution Authority” means the Bank of England or
      any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

     

    “U.S. Special Resolution Regimes” has
      the meaning specified in Section 11.21.

     

    (b) The following definitions set forth in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

     

    “Bail-In Action” means the exercise of any
      Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

     

    “Bail-In Legislation” means, (a) with respect to
      any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is
      described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating
      to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

     

    
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    “Base Rate” means for any day a fluctuating rate of
      interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America
      as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%, subject to the interest rate floors set forth therein; provided that if the Base Rate shall be less than 0.25%, such rate shall be deemed 0.25% for purposes of this Agreement.  The “prime
      rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
      above, or below such announced rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.  If the Base Rate is being used as an
      alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.

     

    “Consolidated Leverage Ratio” means, as of any date of
      determination, the ratio of (a) (i) Consolidated Funded Indebtedness as of such date minus (ii) cash and Cash Equivalents of the Borrower and its Subsidiaries as of such date, up to an
      aggregate amount not to exceed $25,000,000, to the extent not designated as restricted on the Consolidated balance sheet of the Borrower and its Subsidiaries in accordance with GAAP, to (b) Consolidated EBITDA for the most recently completed
      Measurement Period.

     

    “Eurodollar Rate” means:

     

    (a)         for

          any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for
          U.S. Dollars for a period equal in length to such Interest Period) (“LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing
          such quotations as may be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days prior to
          the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

     

    (b)         for

          any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two (2) London Banking Days prior to such date for Dollar deposits with a term of one (1)
          month commencing that day;

     

    provided that if the
        Eurodollar Rate shall be less than 0.25%, such rate shall be deemed 0.25% for purposes of this Agreement.

     

    “LIBOR Daily Floating Rate” means, for any interest
      calculation with respect to any LIBOR Daily Floating Rate Loan, the fluctuating rate of interest, which can change on each Business Day, equal to the LIBOR Rate as published at or about 11:00 a.m., London time, two (2) Business Days prior to the date
      in question, for Dollar deposits with a term equivalent to a one (1) month term beginning on that date; provided that if the LIBOR Daily Floating Rate shall be less than 0.25%, such rate
      shall be deemed 0.25% for purposes of this Agreement.

     

    
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    “Maturity Date” means November 30, 2025; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

     

    “Write-Down and Conversion Powers” means, (a) with
      respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
      in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial
      Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to
      have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

     

    (c)          The pricing grid included in the definition of “Applicable Rate” set forth in Section 1.1 of the Credit
          Agreement is hereby deleted and replaced with the following pricing grid:

     

    	 	
            Applicable Rate

          
	
            Pricing

            Level

          	
            Consolidated

            Leverage Ratio

          	
            Eurodollar

            Rate & Letter

            of Credit Fee

          	
            LIBOR

            Daily

            Floating

            Rate

          	
            Base Rate

          	
            Commitment

            Fee

          
	
            1

          	
            < 1.00

          	
            1.25%

          	
            1.25%

          	
            0.10%

          	
            0.30%

          
	
            2

          	
            ≥ 1.00 but < 1.50

          	
            1.50%

          	
            1.50%

          	
            0.35%

          	
            0.30%

          
	
            3

          	
            ≥ 1.50 but < 2.00

          	
            1.75%

          	
            1.75%

          	
            0.65%

          	
            0.30%

          
	
            4

          	
            ≥ 2.00

          	
            2.00%

          	
            2.00%

          	
            1.00%

          	
            0.30%

          

     

      

    1.2.       Amendment to Section 1.02.  Section 1.02 of the Credit Agreement is hereby amended to add a new clause (d) thereto, immediately following clause
            (c) thereof, to read in its entirety as follows:

     

    (d)         Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an
          allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as
          applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term
          shall also constitute such a Person or entity).

     

    1.3.        Amendment to Section 2.08(a).  The last sentence of Section 2.08(a) of the Credit Agreement is hereby
          amended and restated to read in its entirety as follows:

     

    “To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a
      calculation that is less than 0.25%, such calculation shall be deemed 0.25% for purposes of this Agreement.”

     

    1.4.          Amendments to Section 2.15.  Section 2.15 of the Credit Agreement is hereby amended as follows:

     

    (a)          Clause (a)(iv) thereof is hereby amended to delete “Section 11.20” referenced therein and replace it with “Section 11.19”.

     

    
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    (b)          A new clause (c) is hereby added thereto, immediately following clause (b) thereof, to read in its
          entirety as follows:

     

    (c)          New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans
          unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any Letter of Credit unless it is satisfied that
          it will have no Fronting Exposure after giving effect thereto.

     

    1.5.        Amendment to Section 2.16(a).  Section 2.16(a) of the Credit Agreement is hereby amended to delete
          “$20,000,000” referenced therein and replace it with “$25,000,000”.

     

    1.6.         Amendment to Section 3.01.  Section 3.01 of the Credit Agreement is hereby amended to add a new clause (h) thereto, immediately following clause (g) thereof, to read in its entirety as follows:

     

    (h) Defined Terms. For purposes of this Section
      3.01, the term “applicable Law” includes FATCA and the term “Lender” includes the L/C Issuer.

     

    1.7.         Amendment to Section 3.02.  The last sentence of Section 3.02 of the Credit Agreement is hereby amended
          and restated to read in its entirety as follows:

     

    “Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together
      with any additional amounts required pursuant to Section 3.05.”

     

    1.8.         Amendments to Section 3.03.  Section 3.03 of the Credit Agreement is hereby amended as follows:

     

    (a)          Clause (a) thereof is hereby amended and restated to read in its entirety as follows:

     

    (a) If in connection with any request for a
        Eurodollar Rate Loan or a conversion to or continuation thereof, (i)  the Administrative Agent determines that (A)  Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (B)(1) adequate and reasonable means do
        not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, and (2) the circumstances described in Section 3.03(c)(i)
        do not apply (in each case with respect to clause (i), “Impacted Loans”),

        or (ii) the Administrative Agent or the Required Lenders determine that for any reason Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders
        of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans  shall be suspended (to the extent of the affected
        Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining
        the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of this Section 3.03(a), until the Administrative Agent upon instruction of the
        Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such
        request into a request for a Borrowing of Base Rate Loans  in the amount
        specified therein.

     

    
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    (b)         New clauses (c), (d), and (e) are hereby
          added thereto, immediately following clause (b) thereof, to read in their entirety as follows:

     

    (c)         Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required
          Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

     

    (i)             adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period hereunder or any other tenors of LIBOR, including, without limitation, because the LIBOR Screen Rate is not available or published on
          a current basis and such circumstances are unlikely to be temporary; or

     

    (ii)          the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator has made a public statement identifying a specific date after which LIBOR or the
          LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will
          continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); or

     

    (iii)          the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over such administrator has made a public statement announcing that all Interest Periods and other tenors of LIBOR are no longer
          representative; or

     

    (iv)        syndicated loans currently being executed, or that include language similar to that contained in this Section 3.03, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to
          replace LIBOR;

     

    then, in the case of clauses (i)-(iii) above, on a date and time determined by the Administrative Agent (any such date, the “LIBOR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and shall occur reasonably
      promptly upon the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under any
      Loan Document with, subject to the proviso below, the first available alternative set forth in the order below for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to,
      or further action or consent of any other party to, this Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment,
      the “Pre-Adjustment Successor Rate”):

     

    	

          	(x)	
            Term SOFR plus the Related Adjustment; and

          

     

    	

          	(y)	
            SOFR plus the Related Adjustment;

          

     

    
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    and in the case of clause (iv) above, the Borrower and Administrative Agent may amend this Agreement solely for the purpose of
      replacing LIBOR under this Agreement and under any other Loan Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will become effective at 5:00 p.m., on the fifth Business Day after the Administrative Agent shall
      have notified all Lenders and the Borrower of the occurrence of the circumstances described in clause (iv) above unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such
      Required Lenders object to the implementation of a LIBOR Successor Rate pursuant to such clause;

     

    provided that, if the
        Administrative Agent determines that Term SOFR has become available, is administratively feasible for the Administrative Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had been so
        available at the time that the LIBOR Successor Rate then in effect was so identified, and the Administrative Agent notifies the Borrower and each Lender of such availability, then from and after the beginning of the Interest Period, relevant
        interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate shall be Term
        SOFR plus the relevant Related Adjustment.

     

    The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of (x) any
      occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date, and (z) the LIBOR Successor Rate.

     

    Any LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the
      Administrative Agent.

     

      

    Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so determined would otherwise be
      less than 0.25%, the LIBOR Successor Rate will be deemed to be 0.25% for the purposes of this Agreement and the other Loan Documents.

     

    In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to
      make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without
      any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment
      implementing such LIBOR Successor Rate Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

     

      

    If the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with respect to the
      LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in accordance with the definition of “LIBOR Successor Rate.”

     

      

    
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    (d)         Notwithstanding anything to the contrary herein, (i) after any such determination by the Administrative Agent or receipt by the Administrative Agent of any such notice described under Section 3.03(c)(i)-(iii), as applicable,
          if the Administrative Agent determines that none of the LIBOR Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or circumstances described in Section 3.03(c)(iv) have occurred but none of the LIBOR
          Successor Rates is available, or (iii) if the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with respect to the LIBOR Successor Rate then in effect and the Administrative Agent determines that none of the
          LIBOR Successor Rates is available, then in each case, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR or any then current LIBOR Successor Rate in accordance with this Section 3.03 at
          the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S.
          dollar denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments to such benchmark giving due consideration to any evolving or
          then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the
          Administrative Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. Any such amendment shall become
          effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the
          Administrative Agent written notice that such Required Lenders object to such amendment.

     

    (e)        If, at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no LIBOR Successor Rate has been determined in accordance with clauses (c) or (d) of this Section 3.03 and the
          circumstances under clauses (c)(i) or (c)(iii) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the
          Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans, Interest Periods, interest payment dates or payment periods), and (y) the Eurodollar Rate component shall no longer be
          utilized in determining the Base Rate, until the LIBOR Successor Rate has been determined in accordance with clauses (c) or (d). Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or
          continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans, Interest Periods, interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into a request for a
          Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.

     

    1.9.        Amendment to Section 5.14.  A new sentence is hereby added to the end of Section 5.14 of the Credit
          Agreement, to read in its entirety as follows:

     

    “The information included in the Beneficial Ownership Certification, if applicable, is true and correct in all
      respects.”

     

    1.10.       Amendment to Section 5.18(a).  A new sentence is hereby added to the end of Section 5.18(a) of the Credit Agreement, to read in its entirety as follows:

     

    “The Borrower and its Subsidiaries have conducted their businesses in compliance with all applicable Sanctions and
      have instituted and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.”

     

    1.11.       Amendment to Section 6.02.  Section 6.02 of the Credit Agreement is hereby amended to add a new clause (i) thereto, immediately following clause (h) thereof, to read in its entirety as follows:

     

    
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    (i) Beneficial Ownership.  To the extent any Loan
      Party qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification delivered to any
      Lender in relation to such Loan Party that would result in a change to the list of beneficial owners identified in such certification.

     

    1.12.       Amendment to Section 6.16.  Section 6.16 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

     

    6.16        Anti-Corruption Laws; Sanctions.

     

    Conduct its business in compliance in all material respects with the United States Foreign Corrupt Practices Act of
      1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in other jurisdictions and with all applicable Sanctions, and maintain policies and procedures designed to promote and achieve compliance with such Laws and Sanctions.

     

    1.13.      Amendment to Section 7.06(e).  Section 7.06(e) of the Credit Agreement is hereby amended to delete
          “$20,000,000” referenced therein and replace it with “$50,000,000”.

     

    1.14.        Amendment to Section 9.12(b).  Section 9.12(b) of the Credit Agreement is hereby amended and restated
          to read in its entirety as follows:

     

    (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
      such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party
      hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Arranger and their respective Affiliates, and not,
      for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in,
      administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or
      any documents related hereto or thereto).

     

    1.15.     Amendment to Section 11.17.  Section

            11.17 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

     

    11.17      Electronic Execution; Electronic Records.

     

    (a)          The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the
          electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
          enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
          in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act; provided
          that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant
          to procedures approved by it; provided, further, without limiting the foregoing, upon the request of the Administrative
          Agent, any electronic signature shall be promptly followed by such manually executed counterpart.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent
          and each of the Lenders of a manually signed paper document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”) which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.

     

    
      10

      
        

    

    (b)        The Borrower hereby acknowledges the receipt of a copy of this Agreement and all other Loan Documents.  The Administrative Agent and each Lender may, on behalf of the Borrower, create a microfilm or optical disk or other
          electronic image of this Agreement and any or all of the other Loan Documents. The Administrative Agent and each Lender may store the electronic image of this Agreement and the other Loan Documents in its electronic form and then destroy the
          paper original as part of the Administrative Agent’s and each Lender’s normal business practices, with the electronic image deemed to be an original and of the same legal effect, validity and enforceability as the paper originals.

     

    1.16.      Amendment to Section 11.19.  Section 11.19 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

     

    11.19     Acknowledgement and Consent to Bail-In of Affected Financial Institutions.

    Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this
      Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an
      Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
      agrees to be bound by:

     

    (a)          the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial
          Institution; and

     

    (b)          the effects of any Bail-In Action on any such liability, including, if applicable:

     

    (i)          a reduction in full or in part or cancellation of any such liability;

     

    (ii)        a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it,
          and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

     

    
      11

      
        

    

    (iii)          the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

     

    1.17.      Addition of New Section 11.21.  A new Section 11.21 is hereby added to the Credit Agreement, immediately following Section 11.20 thereof, to read in its entirety as follows:

     

    11.21       Acknowledgement Regarding Any Supported QFCs.

     

    To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or
      any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title
      II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
      of the State of New York and/or of the United States or any other state of the United States):  In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
      becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any
      rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
      Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a
      proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
      greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
      foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

     

    ARTICLE II CONDITIONS TO EFFECTIVENESS

     

    2.1. Closing Conditions.  This Amendment shall become effective as
        of the day and year set forth above (the “Amendment Effective Date”) upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the
        Administrative Agent):

     

    (a)        Executed Amendment.  The Administrative Agent shall have received a copy of this Amendment duly executed by the Borrower, the Lenders, and the Administrative Agent.

     

    (b)       Upfront Fee.  The Administrative Agent shall have received from the Borrower, for the account of each Lender, an amendment fee in an amount equal to 20 basis points
          on the Commitment of such Lender.

     

    (c)         Miscellaneous.  All other documents and legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form
          and substance to the Administrative Agent and its counsel.

     

    
      12

      
        

    

    ARTICLE III MISCELLANEOUS

     

    3.1.      Amended Terms.  On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. 
        Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

     

    3.2.        Representations and Warranties of the Borrower.  The Borrower represents and warrants as follows:

     

    (a)          It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

     

    (b)         This Amendment has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligation, enforceable in accordance with its terms.

     

    (c)         No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by, or
          enforcement against, the Borrower of this Amendment. (d) The representations and warranties set forth in Article V of the Credit
          Agreement are true and correct as of the date hereof (except for those which expressly relate to an earlier date).

     

    (e)          No Default exists or would result from giving effect to this Amendment and the transactions contemplated hereby.

     

    (f)          Except as specifically provided in this Amendment, the Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

     

    3.3.          Reaffirmation of Obligations.  The Borrower hereby ratifies the Credit
          Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations.

     

    3.4.          Loan Document.  This Amendment shall constitute a Loan Document under the
          terms of the Credit Agreement.

     

    3.5.        Expenses.  The Borrower agrees to pay all costs and expenses of the
          Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the fees and expenses of the Administrative Agent’s legal counsel, in accordance with Section 11.04(a) of the Credit Agreement.

     

    3.6.        Further Assurances.  The Borrower agrees to promptly take such action,
          upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.

     

    3.7.      Counterparts.  This Amendment may be executed in any number of
          counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document
          required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.  Without limiting the foregoing, upon the request of any
          party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

     

    
      13

      
        

    

    3.8.         No Actions, Claims, Etc.  As of the date hereof, the Borrower hereby
          acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative
          Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

     

    3.9.        GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF TEXAS.

     

    3.10.        Successors and Assigns.  This Amendment shall be binding upon and inure
          to the benefit of the parties hereto and their respective successors and assigns.

     

    3.11.       Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The
          jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit
          Agreement are hereby incorporated by reference, mutatis mutandis.

     

    3.12.        ENTIRE AGREEMENT.

     

    THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
      CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     

    [Remainder of Page Intentionally Left Blank.  Signature Pages Follow.]

     

      

    
      14

      
        

    

    IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. 

    

     

    

    
      	BORROWER:

            	U.S PHYSICAL THERAPY, INC.,

            
	 	a Nevada corporation

            
	 	 	 
	
               

            	By:

            	/s/ Carey Hendrickson
	
               

            	
               

            	Carey Hendrickson

            
	 	 	Chief Financial Officer

            

    

    

    

    
      First Amendment to Second Amended and Restated Credit Agreement – Signature Page

       

    

    
      
        

    

    	
            ADMINISTRATIVE AGENT:

          	
            BANK OF AMERICA, N.A.,

          
	 	
            as Administrative Agent

          
	 	 

    	 	By:	
            /s/ Heath B. Lipson

          
	 	 	
            Heath B. Lipson

          
	 	 	
            Senior Vice President

          

    

    

    First Amendment to Second Amended and Restated Credit Agreement – Signature Page

     

      

    
      
        

    

    	
            LENDERS:

          	
            BANK OF AMERICA, N.A.,

          
	 	
            as a Lender, L/C Issuer and Swingline Lender

          
	 	 
	 	By:

          	/s/ Heath B. Lipson
	 	 	Heath B. Lipson
	 	 	
            Senior Vice President

          

     

      

    First Amendment to Second Amended and Restated Credit Agreement – Signature PageExhibit 10.1

 

STANDBY EQUITY DISTRIBUTION AGREEMENT

 

THIS STANDBY EQUITY
DISTRIBUTION AGREEMENT dated as of February 4, 2021 (this “Agreement”) is made by and between YA
II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and BRAEMAR HOTELS &
RESORTS INC., a company incorporated under the laws of the State of Maryland (the “Company”).

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to issue and
sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to 7,780,786 shares
of common stock of the Company, par value $0.01 per share (the “Common Shares”); and

 

WHEREAS, the
Common Shares are listed for trading on the New York Stock Exchange under the symbol “BHR;” and

 

WHEREAS, the
offer and sale of the Common Shares issuable hereunder shall be registered on the Company’s registration statement on Form S-3
(File No. 333-223799) under Section 5 of the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder (the “Securities Act”).

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article I. Certain Definitions

 

Section 1.01     “Additional Shares” shall have the meaning set forth in Section 2.01(d)(ii).

 

Section 1.02    
“Adjusted Advance Shares” shall have the meaning set forth in Section 2.01(d)(i).

 

Section 1.03     “Advance
Date” shall mean the 1st Trading Day after expiration of the applicable Pricing Period for each Advance.

 

Section 1.04     “Advance
Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer
of the Company and setting forth the Advance Shares that the Company desires to issue and sell to the Investor.

 

Section 1.05     “Advance
Notice Date” shall mean each date the Company delivers (in accordance with Section 2.01(b) of this Agreement)
to the Investor an Advance Notice, subject to the terms of this Agreement.

 

Section 1.06    “Advance
Shares” shall mean the number of Common Shares that the Company desires to issue and sell to the Investor as requested
by the Company in an Advance Notice.

 

 Section 1.07     “Advances” shall mean any issuance and sale from the Company to the Investor pursuant to Article II hereof.

 

 Section 1.08     “Affiliate” shall have the meaning set forth in Section 3.07.

 

 Section 1.09     “Agreement” shall have the meaning set forth in the preamble of this Agreement.

 

     

     

    

 

Section 1.10     “Applicable
Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies,
guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including
without limitation (i) all applicable laws that relate to money laundering, terrorist financing, financial record keeping
and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls,
including the United States Foreign Corrupt Practices Act of 1977, and (iii) any Sanctions laws.

 

 Section 1.11     “Base Prospectus” shall mean the Company’s prospectus dated May 17, 2018 accompanying the Registration Statement.

 

 Section 1.12     “Basket” shall have the meaning set forth in Section 5.04.

 

 Section 1.13     “Black Out Period” shall have the meaning set forth in Section 8.01.

 

 Section 1.14     “Closing” shall have meaning set forth in Section 2.02.

 

Section 1.15     “Commitment
Amount” shall mean 7,780,786 Common Shares, provided that, the Company shall not affect any sales under this
Agreement and the Investor shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only
to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares issued under this Agreement
would exceed 19.9% of the outstanding Common Shares as of the date of this Agreement.

 

Section 1.16     “Commitment
Period” shall mean the period commencing on the date hereof and expiring upon the date of termination of this Agreement
in accordance with Section 12.02.

 

 Section 1.17     “Common Shares” shall have meaning set forth in the recitals of this Agreement.

 

 Section 1.18     “Company” shall have the meaning set forth in the preamble of this Agreement.

 

 Section 1.19      “Company Indemnitees” shall have the meaning set forth in Section 5.02.

 

 Section 1.20     “Condition Satisfaction Date” shall have the meaning set forth in Section 7.01

 

 Section 1.21     “Environmental Laws” shall have the meaning set forth in Section 4.08.

 

 Section 1.22     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

 Section 1.23     “Excluded Day” shall have the meaning set forth in Section 2.01(d)(i).

 

 Section 1.24     “Final Pricing Period” has the meaning set forth in Section 2.01(e)(iv).

 

 Section 1.25     “Final Proceeds” has the meaning set forth in Section 2.01(e)(iv)

 

 Section 1.26     “Hazardous Materials” shall have the meaning set forth in Section 4.08.

 

    - 2 -

     

    

 

 Section 1.27     “Indemnified Liabilities” shall have the meaning set forth in Section 5.01.

 

		Section 1.28	“Initial
Advance” has the meaning set forth in Section 2.01(e).

 

		Section 1.29	“Initial
Advance Pricing Period” has the meaning set forth in Section 2.01(e)(iii).

 

		Section 1.30	“Initial
Disclosure” shall have the meaning set forth in Section 6.01(b).

 

		Section 1.31	“Initial
Registration Statement” shall have the meaning set forth in Section 6.01(a).

 

		Section 1.32	“Investor”
shall have the meaning set forth in the preamble of this Agreement.

 

		Section 1.33	“Investor
Indemnitees” shall have the meaning set forth in Section 5.01.

 

Section 1.34     “Market
Price” shall mean the lowest daily VWAP of the Common Shares during the relevant Pricing Period, other than the daily
VWAP on any Excluded Days.

 

Section 1.35     “Material
Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have (i) a
material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein,
(ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the
Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under this Agreement.

 

		Section 1.36     	“Material
Outside Event” shall have the meaning set forth in Section 6.07.

 

Section 1.37     “Maximum
Advance Shares” in respect of each Advance Notice other than the Initial Advance, means 750,000 Common Shares, or such
other amount as may be agreed by the parties.

 

Section 1.38     “Minimum
Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in
each Advance Notice, if applicable.

 

		Section 1.39     	“OFAC”
shall mean the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

		Section 1.40     	“Ownership
Limitation” shall have the meaning set forth in Section 2.01(c)(i).

 

Section 1.41     “Person”
shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof.

 

		Section 1.42     	“Plan
of Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.

 

		Section 1.43     	“Preliminary
Closing Date” has the meaning set forth in Section 2.01(e)(iii).

 

    - 3 -

     

    

 

		Section 1.44     	“Preliminary
Proceeds” has the meaning set forth in Section 2.01(e)(i).

 

		Section 1.45     	“Preliminary
Pricing Period” has the meaning set forth in Section 2.01(e)(i).

 

Section 1.46     “Pricing
Period” shall mean the 5 consecutive Trading Days commencing on the Trading Day immediately following the Advance Notice
Date.

 

		Section 1.47     	“Principal
Market” shall mean the New York Stock Exchange.

 

		Section 1.48     	“Prospectus”
shall mean the Base Prospectus, as supplemented by any Prospectus Supplement.

 

Section 1.49     “Prospectus
Supplement” shall mean any prospectus supplement to the Base Prospectus filed with the SEC pursuant to Rule 424(b) under
the Securities Act, including, without limitation, the Prospectus Supplement to be filed in accordance with Section 6.01
hereof.

 

		Section 1.50     	“Purchase
Price” shall mean the price per Share obtained by multiplying the Market Price by 95%.

 

		Section 1.51     	“Registration
Limitation” shall have the meaning set forth in Section 2.01(c)(ii).

 

Section 1.52     “Registration
Period” shall mean the Initial Registration Statement or another registration statement on a form promulgated by the
SEC for which the Company then qualifies for the registration of the offer and sale of the Shares to be offered and sold by the
Company to the Investor and the resale of such Shares by the Investor, as the same may be amended and supplemented from time to
time and including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act and any successor
registration statement filed by the Company with the SEC under the Securities Act on a form promulgated by the SEC for which the
Company then qualifies and which form shall be available for the registration of the transactions contemplated hereunder.

 

		Section 1.53     	“Registration
Statement” shall have the meaning set forth in Section 6.01(a).

 

		Section 1.54     	“Regulation
D” shall mean Regulation D promulgated under the Securities Act.

 

Section 1.55     “Sanctions”
means any sanctions administered or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European
Union, Her Majesty’s Treasury, or other relevant sanctions authority.

 

Section 1.56     “Sanctions
Programs” means any OFAC economic sanction program (including, without limitation, programs related to Crimea, Cuba, Iran,
North Korea, Sudan and Syria).

 

		Section 1.57    	“SEC”
shall mean the U.S. Securities and Exchange Commission.

 

		Section 1.58     	“SEC
Documents” shall have the meaning set forth in Section 4.04.

 

		Section 1.59     	“Securities
Act” shall have the meaning set forth in the recitals of this Agreement.

 

    - 4 -

     

    

 

		Section 1.60     	“Settlement
Document” shall have the meaning set forth in Section 2.02(a).

 

		Section 1.61     	“Shares”
shall mean the Common Shares to be issued from time to time hereunder pursuant to Advances.

 

		Section 1.62     	“Subsidiaries”
shall have the meaning set forth in Section 4.01.

 

		Section 1.63     	“Trading
Day” shall mean any day during which the Principal Market shall be open for business.

 

		Section 1.64     	“Transaction
Documents” shall have the meaning set forth in Section 4.02.

 

Section 1.65     “VWAP”
means, for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the Principal
Market as reported by Bloomberg L.P. during regular trading hours.

 

Article II. Advances

 

Section 2.01     Advances;
Mechanics. Subject to the terms and conditions of this Agreement (including, without limitation, the provisions of Article VII
hereof), the Company, at its sole and exclusive option, may issue and sell to the Investor, and the Investor shall purchase from
the Company, Common Shares on the following terms:

 

		(a)	Advance Notice. At any time during the Commitment Period the Company may require the Investor
to purchase Shares by delivering an Advance Notice to the Investor, subject to the conditions set forth in Section 7.01, and
in accordance with the following provisions:

 

		(i)	The Company shall, in its sole discretion, select the Advance Shares, not to exceed the Maximum
Advance Shares, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance
Notice.

 

		(ii)	There shall be no mandatory minimum Advances and no non-usages fee for not utilizing the Commitment
Amount or any part thereof.

 

		(b)	Date of Delivery of Advance
                                         Notice. Advance Notices shall be delivered in accordance with the instructions set
                                         forth on the bottom of Exhibit A. An Advance Notice shall be deemed delivered on
                                         (i) the day it is received by the Investor if such notice is received by email prior
                                         to 6:00 p.m. Eastern Time in accordance with the instructions set forth on the bottom
                                         of Exhibit A, or (ii) the immediately succeeding day if it is received by email
                                         after 6:00 p.m. Eastern Time, in each case in accordance with the instructions set
                                         forth on the bottom of Exhibit A.

 

		(c)	Advance Limitations. Regardless of the number of Advance Shares requested by the Company
in the Advance Notice, the final number of Shares to be issued and sold pursuant to an Advance Notice shall be reduced in accordance
with each of the following limitations:

 

    - 5 -

     

    

 

		(i)	Ownership Limitation; Commitment Amount. At the request of the Company, the Investor will
inform the Company of the amount of shares the Investor currently beneficially owns. In no event shall the number of Common Shares
issuable to the Investor pursuant to an Advance cause the aggregate number of Common Shares beneficially owned (as calculated pursuant
to Section 13(d) of the Exchange Act) by the Investor and its affiliates as a result of previous issuances and sales
of Common Shares to Investor under this Agreement to exceed 4.99% of the then outstanding Common Shares (the “Ownership
Limitation”). In connection with each Advance Notice delivered by the Company, any portion of the Advance Shares that
would (i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and
sold to the Investor hereunder to exceed the Commitment Amount shall automatically be withdrawn with no further action required
by the Company, and such Advance Notice shall be deemed automatically modified to reduce the number of Advance Shares requested
by an amount equal to such withdrawn portion; provided that in the event of any such automatic withdrawal and automatic modification, Investor
will promptly notify the Company of such event.

 

		(ii)	Registration Limitation. In no event shall an Advance exceed the amount registered under
the Registration Statement then in effect (the “Registration Limitation”). In connection with each Advance Notice,
any portion of an Advance that would exceed the Registration Limitation shall automatically be withdrawn with no further action
required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested
Advance by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such
automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event.

 

		(d)	Minimum Acceptable Price.

 

		(i)	With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect
to such Advance, other than with respect to the Initial Advance, by indicating a MAP on such Advance Notice. If no MAP is specified
in an Advance Notice, then no MAP shall be in effect in connection with such Advance. With respect to each Advance Notice with
a MAP, each Trading Day during a Pricing Period for which (A) the VWAP of the Common Shares is below the Minimum Acceptable
Price in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”),
shall result in an automatic reduction to the amount of the Advance Shares set forth in such Advance Notice by 20% (the resulting
amount of each Advance being the “Adjusted Advance Shares”), and each Excluded Day shall be excluded from the
Pricing Period for purposes of determining the Market.

 

    - 6 -

     

    

 

		(ii)	The total Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted
Advance Shares) shall be increased at the option of the Investor by such number of Common Shares (the “Additional Shares”)
equal to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share for each Additional
Share shall be equal to the MAP in effect with respect to such Advance Notice (without any further discount), provided that this
increase shall not cause the total Advance Shares to exceed the amount set forth in the original Advance Notice or any limitations
set forth in Section 2.01(c).

 

		(e)	Procedures for Initial Advance. The Company may deliver its first Advance Notice to the
Investor under this Agreement requesting an Advance with respect to up to 1,200,000 Advance Shares (the “Initial Advance”).
The Initial Advance shall proceed as set forth below.

 

		(i)	In the Advance Notice for the Initial Advance, the Company shall include (i) a price per Share
equal to 100% of the average of the daily VWAPs for the 5 consecutive Trading Days immediately prior to the date of such Advance
Notice (the “Preliminary Purchase Price”) and (ii) an amount equal to the number of Shares in such Advance
Notice multiplied by the Preliminary Purchase Price (the “Preliminary Proceeds”).

 

		(ii)	Promptly after delivering the Advance Notice with respect to the Initial Advance, the Company will,
or will cause its transfer agent to, electronically transfer the number of Shares to be purchased by the Investor by crediting
the Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at
Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit notification
to the Investor that such share transfer has been requested. Promptly upon receipt of such notification, the Investor shall pay
to the Company the Preliminary Proceeds for the Shares in cash in immediately available funds to an account designated by the Company
in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares shall be
issued, and any fractional amounts shall be rounded to the next higher whole number of shares. Any certificates evidencing Common
Shares delivered pursuant hereto shall be free of restrictive legends. To facilitate the transfer of the Common Shares by the Investor,
the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering such Common
Shares.

 

		(iii)	On the date the Investor receives the number of Shares set forth in the Advance Notice into its
account (such date referred to herein as the “Preliminary Closing Date”), the Investor shall provide notice
to the Company confirming receipt and indicating the start and end dates of the Initial Advance Pricing Period as determined in
accordance with the terms of this Agreement. For the purposes hereof, the “Initial Advance Pricing Period” shall
mean the 15 consecutive Trading Days commencing on the Trading Day immediately following the Preliminary Closing Date, provided
however, the Investor may elect to commence the Initial Advance Pricing Period on the Preliminary Closing Date rather than the
following day if the number of Shares set forth in the Advance Notice are received prior to the close of trading on the Preliminary
Closing Date.

 

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		(iv)	As soon as possible, but in no event later than one Trading Day following the conclusion of the
Initial Advance Pricing Period, the Investor shall deliver to the Company a written document setting forth (A) a price per
share equal to the greater of (a) 100% of the lowest daily VWAP during the Initial Advance Pricing Period and (b) 90%
of the average of the daily VWAPs for each Trading Day during the Initial Advance Pricing Period (the “Final Purchase
Price”), (B) an amount equal to the number of Shares set forth in the Advance Notice multiplied by the Final Purchase
Price (the “Final Proceeds”), and (C) a report by Bloomberg, L.P. indicating the VWAP for each of the Trading
Days during the Initial Advance Pricing Period (or, if not reported on Bloomberg, L.P., another reporting service reasonably agreed
to by the parties), in each case in accordance with the terms and conditions of this Agreement. If the Final Proceeds are greater
than the Preliminary Proceeds, then the Investor shall pay to the Company the difference between the Final Proceeds and the Preliminary
Proceeds for in cash in immediately available funds to an account designated by the Company in writing and transmit notification
to the Company that such funds transfer has been requested. If the Final Proceeds are less than the Preliminary Proceeds, the Company
shall electronically transfer such number of additional Shares to be purchased by the Investor in an amount equal to the quotient
obtained by dividing the Preliminary Proceeds by the Final Purchase Price and subtracting from that quotient the number of Shares
set forth in the Advance Notice by crediting the Investor’s account or its designee’s account at the Depository Trust
Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by
the parties hereto, and transmit notification to the Investor that such share transfer has been requested.

 

		(f)	Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge
and agree that upon the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an
unconditional contract binding on both parties for the purchase and sale of Shares pursuant to such Advance Notice in accordance
with the terms of this Agreement and subject to Applicable Law and (ii) subject to Section 3.08 (Trading Activities),
the Investor may sell Common Shares of the Company during the Pricing Period.

 

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Section 2.02     Closings.
The closing of each sale and purchase of Advance Shares (other than the Initial Advance) (each, a “Closing”)
shall take place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. In connection
with each Closing, the Company and the Investor shall fulfill each of its obligations as set forth below:

 

		(a)	On each Advance Date, the Investor shall deliver to the Company a written document, in the form
attached hereto as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to
be purchased by the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price, the
Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the
VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another reporting service
reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement. The final number
of Shares to be purchased by the Investor at the Closing for such Advance shall equal the sum of (i) the Adjusted Advance
Shares which shall be purchased at the Purchase Price, plus (ii) the aggregate number of Additional Shares sold elected to
be purchased by the Investor on Excluded Days during such Pricing Period (as contemplated by Section 2.01(d)(ii)) which shall
be purchased at the applicable MAP.

 

 

		(b)	Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event,
not later than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer
such number of Shares to be purchased by the Investor (as set forth in the Settlement Document and after taking into account any
Estimated Shares already issued) by crediting the Investor’s account or its designee’s account at the Depository Trust
Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by
the parties hereto, and transmit notification to the Investor that such share transfer has been requested. Promptly upon receipt
of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Closing
Statement and after taking into account any amount paid in an Estimated Closing) in cash in immediately available funds to an account
designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional
shares shall be issued, and any fractional amounts shall be rounded to the next higher whole number of shares. Any certificates
evidencing Common Shares delivered pursuant hereto shall be free of restrictive legends. To facilitate the transfer of the Common
Shares by the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement
covering such Common Shares.

 

		(c)	On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other
all documents, instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order
to implement and effect the transactions contemplated herein.

 

		(d)	Notwithstanding anything to the contrary in this Agreement, if on any day during a Pricing Period
(i) the Company notifies Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor
of a Black Out Period, the parties agree that the pending Advance shall end and the final number of Shares to be purchased by the
Investor at the Closing for such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable
Pricing Period prior to the notification from the Company of a Material Outside Event or Black Out Period.

 

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Section 2.03     Hardship.

 

		(a)	In the event the Investor sells Common Shares after receipt of an Advance Notice and the Company
fails to perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled
at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss,
claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such
default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed
that the Investor shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically
enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security,
the terms and provisions of this Agreement.

 

		(b)	In the event the Company provides an Advance Notice and the Investor fails to perform its obligations
as mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set
forth in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity, including,
without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Investor and acknowledges
that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled
to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities
Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of
this Agreement.

 

Article III. Representations and
Warranties of Investor

 

Investor hereby represents
and warrants to, and agrees with, the Company that the following are true and correct as of the date hereof and as of each Advance
Notice Date and each Advance Date:

 

Section 3.01     Organization
and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands
and has all requisite power and authority to execute, deliver and perform this Agreement, including all transactions contemplated
hereby. The decision to invest and the execution and delivery of this Agreement by the Investor, the performance by the Investor
of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have been duly authorized
and require no other proceedings on the part of the Investor. The undersigned has the right, power and authority to execute and
deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly executed
and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute
the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms.

 

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Section 3.02     Evaluation
of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating
the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting
its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment
in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment.

 

Section 3.03     No
Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this
Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor
is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the Company’s
representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common
Shares hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the Investor acknowledges
that the Investor may lose all or a part of its investment.

 

Section 3.04    Investment
Purpose. The Common Shares purchased by the Investor hereunder are being or will be purchased for its own account, for investment
purposes, and without any view or intention to distribute such shares in violation of the Securities Act or any other applicable
securities laws. The Investor agrees not to assign or in any way transfer the Investor’s rights to the securities or any
interest therein or its obligations under this Agreement and acknowledges that the Company will not recognize any purported assignment
or transfer except in accordance with applicable Federal and state securities laws. No other Person has or will have a direct or
indirect beneficial interest in the securities. The Investor agrees not to sell, hypothecate or otherwise transfer the Investor’s
Common Shares unless the sale of such shares is registered under Federal and applicable state securities laws or unless, in the
opinion of counsel satisfactory to the Company, an exemption from such registration is available.

 

Section 3.05     Accredited
Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of
Regulation D.

 

Section 3.06     Information.
The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances
and operations of the Company and information the Investor deemed material to making an informed investment decision. The Investor
and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management
and have received answers to such questions. Neither such inquiries nor any other due diligence investigations conducted by such
Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right
to rely on the Company’s representations and warranties contained in this Agreement. The Investor acknowledges and agrees
that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations
and warranties of the Company, its employees or any third party other than the representations and warranties of the Company contained
in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting,
legal and tax advice, as it has considered necessary to make an informed investment decision with respect to the transactions contemplated
hereby.

 

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Section 3.07     Not
an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with the Company or any “affiliate” of the Company
(as that term is defined in Rule 405 promulgated under the Securities Act).

 

Section 3.08     Trading
Activities. The Investor’s trading activities with respect to the Common Shares shall be in compliance with all applicable
federal and state securities laws, rules and regulations and the rules and regulations of the Principal Market. Neither
the Investor nor its affiliates has any open short position in the Common Shares, nor has the Investor entered into any hedging
transaction that establishes a net short position with respect to the Common Shares, and the Investor agrees that it shall not,
and that it will cause its affiliates not to, engage in any short sales or hedging transactions with respect to the Common Shares;
provided that the Company acknowledges and agrees that upon receipt of an Advance Notice the Investor has the right to
sell (a) the Shares to be issued to the Investor pursuant to the Advance Notice prior to receiving such Shares, or (b) other
Common Shares sold by the Company to Investor pursuant to this Agreement and which the Company has continuously held as a long
position.

 

Section 3.09     General
Solicitation. Neither the Investor, nor any of its affiliates, nor any person acting on its or their behalf, has engaged or
will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with
any offer or sale of the Common Shares by the Investor.

 

Article IV. Representations and
Warranties of the Company

 

Except as set forth
in the SEC Documents, or in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify
any representation or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of
the Disclosure Schedules or in another Section of the Disclosure Schedules, to the extent that it is reasonably apparent
on the face of such disclosure that such disclosure is applicable to such Section, the Company represents and warrants to the
Investor that, as of the date hereof, each Advance Notice Date and each Advance Date (other than representations and warranties
which address matters only as of a certain date, which shall be true and correct as written as of such certain date), that:

 

Section 4.01     Organization
and Qualification. Each of the Company and its Subsidiaries (as defined below) is an entity duly organized and validly existing
under the laws of its state of organization or incorporation, and has the requisite power and authority to own its properties and
to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and
is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes
such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a
Material Adverse Effect. “Subsidiaries” means any Person (as defined below) in which the Company, directly or
indirectly, (x) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (y) controls
or operates all or any part of the business, operations or administration of such Person, and each of the foregoing, is individually
referred to herein as a “Subsidiary.”

 

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Section 4.02     Authorization,
Enforcement, Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter into
and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with
the terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction Documents,
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance
of the Common Shares) have been or (with respect to consummation) will be duly authorized by the Company’s board of directors
and no further consent or authorization will be required by the Company, its board of directors or its shareholders. This Agreement
and the other Transaction Documents to which it is a party have been (or, when executed and delivered, will be) duly executed
and delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or,
when duly executed and delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company
in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited
by federal or state securities law. “Transaction Documents” means, collectively, this Agreement and each of
the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions
contemplated hereby and thereby, as may be amended from time to time.

 

Section 4.03     No
Conflict. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not
(i) result in a violation of the articles of incorporation or other organizational documents of the Company or its Subsidiaries
(with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby
are consummated), (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or its Subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or
its Subsidiaries or by which any property or asset of the Company or its Subsidiaries is bound or affected except, in the case
of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material
Adverse Effect.

 

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Section 4.04     SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the SEC pursuant to Section 15(d) of the Exchange Act for the two years preceding the date hereof
(or such shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within
two years preceding the date hereof or amended after the date hereof, or filed after the date hereof, and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements
filed by the Company under the Securities Act, being hereinafter referred to as the “SEC Documents”). The Company
has made available to the Investor through the SEC’s website at http://www.sec.gov, true and complete copies of the SEC
Documents. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange
Act or the Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the
SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements
of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in
accordance with generally accepted accounting principles, consistently applied, during the periods involved (except (i) as
may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements,
to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects
the financial position of the Company as of the respective dates thereof and the results of its operations and cash flows for
the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

Section 4.05     Equity
Capitalization. As of the date hereof, the authorized capital of the Company consists of 250,000,000 authorized Common
Shares and 80,000,000 authorized preferred shares. As of the date hereof, (i) 39,099,429 Common Shares are issued and
outstanding, (ii) 5,031,473 shares of 5.50% Series B Cumulative Convertible Preferred Stock, par value
$0.01 per share, are issued and outstanding and (iii) 1,600,000 shares of 8.25% Series D Cumulative Preferred
Stock, par value $0.01 per share, are issued and outstanding.

 

Section 4.06     Intellectual
Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks,
trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses,
approvals, governmental authorizations, trade secrets and rights, if any, necessary to conduct their respective businesses as now
conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice
of any infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions,
licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a Material Adverse
Effect. To the knowledge of the Company, there is no claim, action or proceeding being made or brought against, or to the Company’s
knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention,
copyright, license, service names, service marks, service mark registrations, trade secret or other infringement; and, except as
would not cause a Material Adverse Effect, the Company is not aware of any facts or circumstances which might give rise to any
of the foregoing.

 

Section 4.07     Employee
Relations. Neither the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company
or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse
Effect.

 

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Section 4.08     Environmental
Laws. The Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in all material
respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required
of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received written notice
alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing
clauses (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws
relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand
letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder.

 

Section 4.09    Title.
Except as would not cause a Material Adverse Effect, the Company (or its Subsidiaries) have indefeasible fee simple or leasehold
title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim
or equitable interest other than such as are not material to the business of the Company. Any real property and facilities held
under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company
and its Subsidiaries.

 

Section 4.10    Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.

 

Section 4.11    Regulatory
Permits. Except as would not cause a Material Adverse Effect, the Company and its Subsidiaries possess all material certificates,
authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective
businesses, and neither the Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permits.

 

Section 4.12    Internal
Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general
or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

 

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Section 4.13    Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Company’s
Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.

 

Section 4.14    Subsidiaries.
The Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, association
or other business entity.

 

Section 4.15    Tax
Status. Each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and
all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid
all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
The Company has not received written notification of any unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to
pay would cause a Material Adverse Effect.

 

Section 4.16    Certain
Transactions. Except as not required to be disclosed pursuant to Applicable Law, none of the officers or directors of the Company
is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company,
any corporation, partnership, trust or other entity in which any officer or director has a substantial interest or is an officer,
director, trustee or partner.

 

Section 4.17    Fees
and Rights of First Refusal. The Company is not obligated to offer the Common Shares offered hereunder on a right of first
refusal basis or otherwise to any third parties including, but not limited to, current or former shareholders of the Company, underwriters,
brokers, agents or other third parties.

 

Section 4.18    Dilution.
The Company is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to existing shareholders and
could significantly increase the outstanding number of Common Shares.

 

Section 4.19    Registration
Statement; Form S-3 Eligibility. The Company and the transactions contemplated by this Agreement meet the requirements
for the use of Form S-3 under the Securities Act and the Shares have been and remain eligible for inclusion by the Company
on such shelf registration statement. Each of the Registration Statement and any post-effective amendment thereto has been declared
effective by the SEC under the Securities Act. No stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any base
prospectus, the Prospectus Supplement, the Prospectus has been issued and no proceedings for any of those purposes or pursuant
to Section 8A of the Securities Act have been instituted or are pending or, to the knowledge of the Company, are threatened
by the Commission, and, to the knowledge of the Company, the Company has complied to the SEC’s satisfaction with any request
on the part of the SEC for additional information.

 

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Section 4.20    Acknowledgment
Regarding Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the
capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company
further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives
or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s
purchase of the Shares hereunder. The Company is aware and acknowledges that it shall not be able to request Advances under this
Agreement if the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate
any rules of the Principal Market.

 

Section 4.21    Sanctions
Matters. Neither the Company, nor any Subsidiary of the Company, nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary of the Company, is a Person that is, or is owned or controlled by
a Person that is:

 

		(a)	on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC from time
to time;

 

		(b)	the subject of any Sanctions; or

 

		(c)	has a place of business in, or is operating, organized, resident or doing business in a country
or territory that is, or whose government is, the subject of Sanctions Programs (including without limitation Crimea, Cuba, Iran,
North Korea, Sudan and Syria).

 

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Article V. Indemnification

 

The Investor and the
Company represent to the other the following with respect to itself:

 

Section 5.01     Indemnification
by the Company. In consideration of the Investor’s execution and delivery of this Agreement, and in addition to all of
the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the
Investor, and all of its officers, directors, partners, employees and agents (including, without limitation, those retained in
connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party
to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising
out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the Investor specifically for inclusion
therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company
in this Agreement or any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach
of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate,
instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable
under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities, which is permissible under Applicable Law.

 

 

Section 5.02     Indemnification
by the Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of
the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the
Company and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in
connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”)
from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising
out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf
of the Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement
or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or
breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby
or thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor(s) contained
in this Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To
the extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Law, the Investor shall make the
maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable
Law.

 

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Section 5.03     Notice
of Claim. Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or
Company Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made against any
indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but
the failure to so notify the indemnifying party will not relieve it of liability under this Article V except to the extent
the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the
defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company
Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain
its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee
or Company Indemnitee to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other
party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with
the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which
relates to such action or claim. The indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised
as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the Investor Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or
Company Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification
required by this Article V shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received and payment therefor is due.

 

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Section 5.04     Remedies.
The remedies provided for in this Article V are not exclusive and shall not limit any right or remedy which may be available
to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V
shall survive expiration or termination of this Agreement for a period of three years. Notwithstanding anything to the contrary
under this Agreement or Applicable Law, no party shall be entitled to any indemnification pursuant to this Article V (other
than claims for any damages resulting from fraud) until the aggregate amount of all such damages that would otherwise be indemnifiable
to such party equals or exceeds $25,000 (the “Basket”), at which time such party shall be entitled to indemnification
for the full amount of all damages (including all damages incurred prior to exceeding the Basket).

 

Section 5.05     Limitation
of liability. Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive, indirect,
incidental or consequential damages.

 

Article VI. 

Covenants of the
Company

 

Section 6.01     Registration
Statement.

 

		(a)	The Company has filed, in accordance with the provisions of the Securities Act and the rules and
regulations thereunder, with the SEC a shelf registration statement on Form S-3 (File Number 333-223799) (the “Initial
Registration Statement”) including a base prospectus, with respect to the issuance and sale of securities by the Company,
including Common Shares, which contains, among other things a Plan of Distribution section disclosing the methods by which the
Company may sell the Common Shares. The Initial Registration Statement was declared effective on May 17, 2018 and remains
in effect on the date hereof. Except where the context otherwise requires, the Initial Registration Statement, as amended when
it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information
contained in a Prospectus subsequently filed with the SEC pursuant to Rule 424(b) under the Securities Act or deemed
to be a part of the Initial Registration Statement pursuant to Rule 430B of the Securities Act, is herein called the “Registration
Statement.”

 

		(b)	Promptly after the date hereof (and prior to the Company delivering an Advance Notice to the Investor
hereunder), the Company shall file with the SEC a report on Form 8-K or such other appropriate form as determined by counsel
to the Company, relating to the transactions contemplated by this Agreement and a Prospectus Supplement pursuant to Rule 424(b) of
the Securities Act disclosing all information relating to the transaction contemplated hereby required to be disclosed therein
and an updated Plan of Distribution, including, without limitation, the name of the Investor, the number of Shares being offered
hereunder, the terms of the offering, the purchase price of the Shares, and other material terms of the offering, and any other
information or disclosure necessary to register the transactions contemplated herein (collectively, the “Initial Disclosure”)
and shall provide the Investor with 24 hours to review the Initial Disclosure prior to its filing. Promptly, and in any event no
later than two days after each Advance Date, and no later than two days after delivering the Advance Notice in respect of the Initial
Advance, the Company shall file with the SEC a Prospectus Supplement pursuant to Rule 424(b) of the Securities Act disclosing
all information relating to the particular Advance to be disclosed therein, including, without limitation, the number of Shares
offered and the purchase price of the Shares, and other material terms of the particular offering, and any other information or
disclosure necessary to register the Shares issued pursuant to such Advance.

 

    - 20 -

     

    

 

 

 

		(c)	Maintaining a Registration Statement. The Company shall use commercially reasonable efforts
to maintain the effectiveness of any Registration Statement with respect to the Shares at all times during the Commitment Period
(the “Registration Period”). Notwithstanding anything to the contrary contained in this Agreement, the Company
shall ensure that, when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto)
and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration
Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein,
or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were
made) not misleading. During the Commitment Period, the Company shall notify the Investor promptly if (i) the Registration
Statement shall cease to be effective under the Securities Act, (ii) the Common Shares shall cease to be authorized for listing
on the Principal Market, (iii) the Common Shares cease to be registered under Section 12(b) or Section 12(g) of
the Exchange Act or (iv) the Company fails to file in a timely manner all reports and other documents required of it as a
reporting company under the Exchange Act.

 

		(d)	Filing Procedures. Not
                                         less than one business days prior to the filing of a Registration Statement and not less
                                         than one business day prior to the filing of any related amendments and supplements to
                                         all Registration Statements (except for any amendments or supplements caused by the filing
                                         of any annual reports on Form 10-K, quarterly reports on Form 10-Q, current
                                         reports on Form 8-K, and any similar or successor reports), the Company shall furnish
                                         to the Investor copies of all such documents proposed to be filed, which documents (other
                                         than those incorporated or deemed to be incorporated by reference) will be subject to
                                         the reasonable and prompt review of the Investor. The Investor shall furnish comments
                                         on a Registration Statement and any related amendment and supplement to a Registration
                                         Statement to the Company within 24 hours of the receipt thereof. If the Investor fails
                                         to provide comments to the Company within such 24-hour period, then the Registration
                                         Statement, related amendment or related supplement, as applicable, shall be deemed accepted
                                         by the Investor in the form originally delivered by the Company to the Investor.

 

		(e)	Delivery of Final Documents. The Company shall furnish to the Investor without charge, (i) at
least one copy of each Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) at
the request of the Investor, at least one copy of the final prospectus included in such Registration Statement and all amendments
and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents
as the Investor may reasonably request from time to time in order to facilitate the disposition of the Common Shares owned by the
Investor pursuant to a Registration Statement. Filing of the forgoing with the SEC via its EDGAR system shall satisfy the requirements
of this section.

 

		(f)	[Reserved]

 

    - 21 -

     

    

 

		(g)	Blue-Sky. The Company shall use its commercially reasonable efforts to, if required by Applicable
Law, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue
sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as
may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may
be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take
all other actions reasonably necessary or advisable to qualify the Common Shares for sale in such jurisdictions; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Articles
of Incorporation or Bylaws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 6.01(g), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company
of any notification with respect to the suspension of the registration or qualification of any of the Common Shares for sale under
the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

Section 6.02     Listing
of Common Shares. As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been
registered under Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official
notice of issuance.

 

Section 6.03     Opinion
of Counsel. Prior to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received
an opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor.

 

Section 6.04     Exchange
Act Registration. The Company will file in a timely manner all reports and other documents required of it as a reporting company
under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder)
to terminate or suspend its reporting and filing obligations under the Exchange Act.

 

Section 6.05     Transfer
Agent Instructions. For any time while there is a Registration Statement in effect for this transaction, the Company shall
(if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent
for the Common Shares (with a copy to the Investor) instructions to issue Common Shares to the Investor free of restrictive legends
upon each Advance if the delivery of such instructions are consistent with Applicable Law.

 

Section 6.06     Corporate
Existence. The Company will use commercially reasonable efforts to preserve and continue the corporate existence of the Company
during the Commitment Period.

 

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Section 6.07     Notice
of Certain Events Affecting Registration; Suspension of Right to Make an Advance. The Company will promptly notify the Investor,
and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement
or related prospectus relating to an offering of Common Shares (in each of which cases the information provided to Investor will
be kept strictly confidential): (i) except for requests made in connection with SEC investigations disclosed in SEC Documents,
receipt of any request for additional information by the SEC or any other Federal or state governmental authority during the period
of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related
prospectus; (ii) the issuance by the SEC or any other Federal governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction
or the initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement
made in the Registration Statement or related prospectus of any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, related prospectus or
documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in
the case of the related prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or of the necessity to amend the Registration Statement or supplement a related prospectus to comply with
the Securities Act or any other law; and (v) the Company’s reasonable determination that a post-effective amendment
to the Registration Statement would be appropriate; and the Company will promptly make available to the Investor any such supplement
or amendment to the related prospectus. The Company shall not deliver to the Investor any Advance Notice, and the Company shall
not sell any Shares pursuant to a Registration Statement (other than as required pursuant to Section 2.02(d)), during the
continuation of any of the foregoing events (each of the events described in the immediately preceding clauses (i) through
(v), inclusive, a “Material Outside Event”).

 

Section 6.08     Consolidation.
If an Advance Notice has been delivered to the Investor, then the Company shall not effect any consolidation of the Company with
or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated
in such Advance Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance
have been received by the Investor.

 

Section 6.09     Market
Activities. The Company will not, directly or indirectly, take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company under
Regulation M of the Exchange Act.

 

Section 6.10     Expenses.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all
expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing
and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and
supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all
fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees
and disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under
securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the
printing and delivery of copies of any prospectus and any amendments or supplements thereto, (vi) the fees and expenses incurred
in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of
the SEC and the Principal Market.

 

    - 23 -

     

    

 

Section 6.11     Current
Report. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers,
directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or
any of its Subsidiaries without the express prior written consent of the Investor (which may be granted or withheld in the Investor’s
sole discretion); it being understood that the mere notification of Investor required pursuant to Section 6.07(iv) hereof
shall not in and of itself be deemed to be material non-public information. Notwithstanding anything contained in this Agreement
to the contrary, the Company expressly agrees that it shall publicly disclose, no later than 45 days following the date hereof,
but in any event prior to delivering the first Advance Notice hereunder, any information communicated to the Investor by or, to
the knowledge of the Company, on behalf of the Company in connection with the transactions contemplated herein, which, following
the date hereof would, if not so disclosed, constitute material, non-public information regarding the Company or its Subsidiaries.

 

Section 6.12     Advance
Notice Limitation. The Company shall not deliver an Advance Notice if a shareholder meeting (other than an annual shareholder
meeting) or corporate action date, or the record date for any shareholder meeting (other than an annual shareholder meeting) or
any corporate action, would fall during the period beginning five Trading Days prior to the date of delivery of such Advance Notice
and ending 5 Trading Days following the Closing of such Advance.

 

Section 6.13     Use
of Proceeds. The Company will use the proceeds from the sale of the Common Shares hereunder for working capital and other general
corporate purposes or, if different, in a manner consistent with the application thereof described in the Registration Statement.
Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated herein,
or lend, contribute, facilitate or otherwise make available such proceeds to any Person (i) to fund, either directly
or indirectly, any activities or business of or with any Person that is identified on the list of Specially Designated Nationals
and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of such funding, is, or whose government
is, the subject of Sanctions or Sanctions Programs, or (ii) in any other manner that will result in a violation of Sanctions.

 

Section 6.14     Compliance
with Laws. The Company shall comply in all material respects with all Applicable Laws.

 

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Article VII.

Conditions for Delivery of Advance Notice

 

Section 7.01     Conditions
Precedent to the Right of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice and
the obligations of the Investor hereunder with respect to an Advance is subject to the satisfaction by the Company, on each Advance
Notice Date (a “Condition Satisfaction Date”), of each of the following conditions:

 

		(a)	Accuracy of the Company’s Representations and Warranties. The representations and
warranties of the Company in this Agreement shall be true and correct in all material respects.

 

		(b)	Registration of the Common Shares with the SEC. The Registration Statement shall be effective
pursuant to which the Company is permitted to utilize the prospectus thereunder to sell to the Investor all of the Common Shares
issuable pursuant to such Advance Notice. The Company shall have filed with the SEC all reports, notices and other documents required
under the Exchange Act and applicable SEC regulations during the twelve-month period immediately preceding the applicable Condition
Satisfaction Date.

 

		(c)	Authority. The Company shall have obtained all permits and qualifications required by any
applicable state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability
of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and regulations to
which the Company is subject.

 

		(d)	No Material Outside Event. No Material Outside Event shall have occurred and be continuing.

 

		(e)	Performance by the Company. The Company shall have performed, satisfied and complied in
all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by the Company at or prior the applicable Condition Satisfaction Date.

 

		(f)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that
prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.

 

		(g)	No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted
trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading
on the Principal Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the shareholder
approval requirements of the Principal Market. The Company shall not have received any written notice threatening the continued
quotation of the Common Shares on the Principal Market.

 

    - 25 -

     

    

 

		(h)	Authorized. There shall be a sufficient number of authorized but unissued and otherwise
unreserved Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice.

 

		(i)	Executed Advance Notice. The representations contained in the applicable Advance Notice
shall be true and correct in all material respects as of the applicable Condition Satisfaction Date.

 

		(j)	Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company
shall have delivered all Shares relating to all prior Advances, and, unless waived by the Investor, at least 5 Trading Days shall
have elapsed from the immediately preceding Advance Date.

 

Article VIII. Suspension of Registration
Statement

 

Section 8.01     Establishment
of a Black Out Period. During the Commitment Period, the Company from time to time may suspend the use of the Registration
Statement by written notice to the Investor in the event that the Company determines in its sole discretion in good faith that
such suspension is necessary to (A) delay the disclosure of material nonpublic information concerning the Company, the disclosure
of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or
supplement the Registration Statement or prospectus so that such Registration Statement or prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (a “Black Out Period”).

 

Section 8.02     No
Sales by Investor During the Black Out Period. During such Black Out Period, the Investor agrees not to sell any Common Shares
of the Company.

 

Section 8.03     Limitations
on the Black Out Period. The Company shall not impose any Black Out Period that is longer than 45 days or in a manner that
is more restrictive (including, without limitation, as to duration) than the comparable restrictions that the Company may impose
on transfers of the Company’s equity securities by its directors and senior executive officers. In addition, the Company
shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information
is made during a Black Out Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall
immediately notify the Investor of the termination of the Black Out Period.

 

Article IX.

Non-Disclosure of Non-Public Information

 

The Company covenants and agrees that,
other than as expressly required by Section 6.07 hereof, it shall refrain from disclosing, and shall cause its officers, directors,
employees and agents to refrain from disclosing, any material non-public information (as determined under the Securities Act, the
Exchange Act, or the rules and regulations of the SEC) to the Investor without also disseminating such information to the
public, unless prior to disclosure of such information the Company identifies such information as being material non-public information
and provides the Investor with the opportunity to accept or refuse to accept such material non-public information for review. Unless
specifically agreed to in writing, in no event shall the Investor have a duty of confidentially, or be deemed to have agreed to
maintain information in confidence, with respect to the delivery of any Advance Notices.

 

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Article X.

Non Exclusive Agreement

 

Notwithstanding anything
contained herein, this Agreement and the rights awarded to the Investor hereunder are non-exclusive, and, subject to the provisions
in Section 6.13, the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake
to issue and allot, any shares and/or securities and/or convertible notes, bonds, debentures, options to acquire shares or other
securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company,
and to extend, renew and/or recycle any bonds and/or debentures, and/or grant any rights with respect to its existing and/or future
share capital.

 

Article XI.

Choice of Law/Jurisdiction

 

This Agreement shall
be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflict
of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent
to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the United States District
Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant
to this Agreement.

 

Article XII. Assignment; Termination

 

Section 12.01     Assignment.
Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person.

 

Section 12.02     Termination.

 

		(a)	Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on
the earliest of (i) the first day of the month next following the 36-month anniversary of the date hereof or (ii) the
date on which the Investor shall have made payment of Advances pursuant to this Agreement in the aggregate amount of the Commitment
Amount.

 

		(b)	The Company may terminate this Agreement effective upon fifteen Trading Days’ prior written
notice to the Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet
to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may
be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent
unless otherwise provided in such written consent.

 

    - 27 -

     

    

 

		(c)	Nothing in this Section 12.02 shall be deemed to release the Company or the Investor from
any liability for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance
by the other party of its obligations under this Agreement. The indemnification provisions contained in Article V shall survive
termination hereunder.

 

Article XIII. Notices

 

Other than with respect
to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01(b), any notices,
consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile or e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5
days after being sent by U.S. certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications (except for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be:

 

	If to the Company, to:	
        Braemar Hotels & Resorts Inc.

        14185 Dallas Parkway, Suite 1100

        Dallas, TX 75254

	 	Attention: Deric Eubanks
	 	
        Telephone: (972) 778-9451

        Email: deubanks@ashfordinc.com

         

        Attention: Robert Haiman

        Telephone: (972) 778-9312

        Email: rhaiman@ashfordinc.com

	 	 
	
        

        With a copy to (which shall not

        constitute notice or delivery of

 process) to:
	 
	 	
        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, NY 10281

        Attention: Gregory P. Patti, Jr.

        Telephone: (212) 504-6780

        Email: greg.patti@cwt.com

	 	
         

        

	If to the Investor(s):	YA II PN, Ltd.
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention:      Mark Angelo
	 	                      Portfolio Manager
	 	Telephone:    (201) 985-8300 
	 	
        Email:    mangelo@yorkvilleadvisors.com

        

 

    - 28 -

     

    

 

	
        With a Copy (which shall not

        constitute notice or delivery 

of process) to:
	
        David Fine, Esq.

        1012 Springfield Avenue

        Mountainside, NJ 07092

	 	Telephone:     (201) 985-8300
	 	Email:             legal@yorkvilleadvisors.com

 

Either may change its information contained
in this Article XII by delivering notice to the other party as set forth herein.

 

Article XIV. Miscellaneous

 

Section 14.01     Counterparts.
This Agreement may be executed in identical counterparts, both which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically
scanned and delivered signatures, including by e-mail attachment, shall be deemed originals for all purposes of this Agreement.

 

Section 14.02     Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Investor, the Company,
their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement
contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth
herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement.

 

Section 14.03     Reporting
Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume
of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto.
The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity.

 

Section 14.04     Structuring
and Due Diligence Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants,
appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except
that the Company shall pay to YA Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000,
which has been previously received.

 

    - 29 -

     

    

 

Section 14.05     Brokerage.
Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker
who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other
hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any person claiming brokerage
commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in
connection with this Agreement or the transactions contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    - 30 -

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Standby Equity Distribution Agreement to be executed by the undersigned, thereunto duly authorized,
as of the date first set forth above.

 

	 	COMPANY:
	 	Braemar Hotels &
    Resorts Inc.
	 	By:	/s/
    Richard J. Stockton
	 	Name: Richard J. Stockton
	 	Title: Chief Executive Officer
    and President

 
    

	 	INVESTOR:
	 	YA II PN, Ltd.
	 	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 	 
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	 	By:	/s/ Matt Beckman
	 	 	Name:	Matt Beckman
	 	 	Title:	Member

 

     

     

    

 

EXHIBIT A

ADVANCE NOTICE

 

BRAEMAR HOTELS & RESORTS INC.

 

Dated:
______________                    Advance
Notice Number: ____

 

The undersigned, _______________________,
hereby certifies, with respect to the sale of Common Shares of BRAEMAR HOTELS & RESORTS
INC.. (the “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby
Equity Distribution Agreement, dated as of February 4, 2021 (the “Agreement”), as follows:

 

	1.          The undersigned is the duly elected ______________ of the Company.
	 
	2.          There are no fundamental changes to the information set forth in the Registration Statement which would require the Company to file a post-effective amendment to the Registration Statement.
	 
	3.          The Company has performed in all material respects all covenants and agreements to be performed by the Company contained in this Agreement on or prior to the Advance Notice Date. All conditions to the delivery of this Advance Notice are satisfied as of the date hereof.
	 
	4.          The number of Advance Shares the Company is requesting is _____________________.
	 
	5.          The Minimum Acceptable Price with respect to this Advance Notice is _________ (if left blank then no Minimum Acceptable Price will be applicable to this Advance).
	 
	6.          The number of Common Shares of the Company outstanding as of the date that two days prior to the date hereof is ___________.
	 
	[For the Initial Advance substitute the below for numbers 4-6 above
	 
	4.          The number of Advance Shares the Company is requesting is [ ].
	 
	5.          The Preliminary Purchase Price is _____________.
	 
	6.          The Preliminary Proceeds are ________________.
	 
	7.          The number of Common Shares of the Company outstanding as of the date that two days prior to the date hereof is ___________.]

 

The undersigned has
executed this Advance Notice as of the date first set forth above.

 

	 	BRAEMAR HOTELS & RESORTS INC.

 

		By:	 

 

     

     

    

 

EXHIBIT B

 

FORM OF SETTLEMENT DOCUMENT

 

VIA EMAIL

 

BRAEMAR HOTELS & RESORTS INC.

Attn:

Email:

 

	 	Below please find the settlement information with respect to the Advance Notice Date of:	 
	1.	Number of Advance Shares requested in the Advance Notice	 
	2.	Minimum Acceptable Price for this Advance (if any)	 
	3.	Number of Excluded Days (if any)	 
	4.	Adjusted Advance Shares (after taking into account any adjustments pursuant to Section 2.01):	 
	5.	Market Price	 
	6.	Purchase Price (Market Price x 95%) per share	 
	7.	Number of Shares due to Investor	 
	If there were any Excluded Days then add the following (see Section 2.01(d)):
	8.	Number of Additional Shares to be issued to Investor	 
	9.	Additional amount to be paid to the Company by the Investor (Additional Shares in number 8 x Minimum Acceptable Price)	 
	10.	Total Amount to be paid to Company (Purchase Price in number 6 + Additional amount in number 8):	 
	11.	Total Shares to be issued to Investor (Shares due to Investor in number 7 + Additional Shares in number 8):	 

 

Please issue the number of Shares due to the Investor to the account of the Investor as follows:

	 
	Investor’s DTC participant #:
	 
	ACCOUNT NAME:
	ACCOUNT NUMBER:
	ADDRESS:
	CITY:
	COUNTRY:
	Contact person:
	Number and/or email:

 

     

     

    

 

	 	Sincerely,
	 	 
	 	YA II PN, LTD.

 

	Approved By BRAEMAR HOTELS & RESORTS INC.:	 
	 	 
	 	 
	Name:

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