Document:

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

by and between

 

FARMLAND PARTNERS INC.

 

and

 

GOOD SEED CAPITAL, LLC

 

Dated as of December 7, 2020

 

    

     

    

 

	ARTICLE I CERTAIN DEFINITIONS	4
	 	 	 
	Section 1.1	Certain Definitions:	4
	 	 	 
	ARTICLE II PURCHASE And Sale of shares	7
	 	 	 
	Section 2.1	Purchase Commitment	7
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY	7
	 	 	 
	Section 3.1	Organization	7
	 	 	 
	Section 3.2	Authorization	9
	 	 	 
	Section 3.3	Capitalization	9
	 	 	 
	Section 3.4	Valid Issuance of Shares	10
	 	 	 
	Section 3.5	Non-Contravention; Governmental Authorizations	10
	 	 	 
	Section 3.6	Absence of Further Requirements	11
	 	 	 
	Section 3.7	Compliance with Laws; Permits	11
	 	 	 
	Section 3.8	Environmental Matters	12
	 	 	 
	Section 3.9	Periodic Filings; Financial Statements	13
	 	 	 
	Section 3.10	Litigation	14
	 	 	 
	Section 3.11	Absence of Certain Changes	14
	 	 	 
	Section 3.12	Brokers and Finders	14
	 	 	 
	Section 3.13	Taxes	14
	 	 	 
	Section 3.14	Integration; Other Issuances of Shares	15
	 	 	 
	Section 3.15	No General Solicitation	15
	 	 	 
	Section 3.16	Offering; Exemption	15
	 	 	 
	Section 3.17	No Manipulation or Stabilization	15
	 	 	 
	Section 3.18	Investment Company Act	16
	 	 	 
	Section 3.19	Employee Relations	16
	 	 	 
	Section 3.20	Federal Tax Status	16
	 	 	 
	Section 3.21	Payment of Taxes	16
	 	 	 
	Section 3.22	Transfer Taxes	17
	 	 	 
	Section 3.23	Insurance	17
	 	 	 
	Section 3.24	Acknowledgment Regarding Investor’s Purchase of Shares	17
	 	 	 
	Section 3.25	No Additional Agreements	17
	 	 	 
	Section 3.26	New York Stock Exchange Listing	17
	 	 	 
	Section 3.27	Title to Personal Property	18
	 	 	 
	Section 3.28	Real Property	19

 

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	Section 3.29	Possession of Intellectual Property	20
	 	 	 
	Section 3.30	No Acquisitions or Dispositions	20
	 	 	 
	Section 3.31	Employee Benefits	20
	 	 	 
	Section 3.32	No Further Reliance	20
	 	 	 
	Section 3.33	Transactions With Affiliates	20
	 	 	 
	Section 3.34	Foreign Corrupt Practices Act	21
	 	 	 
	Section 3.35	Money Laundering Laws	21
	 	 	 
	Section 3.36	OFAC	21
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	22
	 	 	 
	Section 4.1	Organization and Authority	22
	 	 	 
	Section 4.2	Authorization	22
	 	 	 
	Section 4.3	Non-Contravention; Governmental Authorization	22
	 	 	 
	Section 4.4	Compliance with Laws	23
	 	 	 
	Section 4.5	Securities Act Compliance	23
	 	 	 
	Section 4.6	Short Sales	24
	 	 	 
	Section 4.7	Control	24
	 	 	 
	Section 4.8	Brokers and Finders	24
	 	 	 
	Section 4.9	Information	24
	 	 	 
	Section 4.10	Confidentiality	25
	 	 	 
	Section 4.11	Investor Activities	25
	 	 	 
	Section 4.12	No Further Reliance	25
	 	 	 
	ARTICLE V CONDITIONS TO CLOSING	25
	 	 	 
	Section 5.1	Conditions to the Obligations of the Investor	25
	 	 	 
	Section 5.2	Conditions to the Obligations of the Company	26
	 	 	 
	ARTICLE VI Registration rights	26
	 	 	 
	Section 6.1	Required Registration	26
	 	 	 
	Section 6.2	Suspension of Registration Statement	27
	 	 	 
	ARTICLE VII Indemnification and contribution	29
	 	 	 
	Section 7.1	Indemnification of Investor	29
	 	 	 
	Section 7.2	Indemnification of the Company	29
	 	 	 
	Section 7.3	Indemnification Procedures	30
	 	 	 
	ARTICLE VIII MISCELLANEOUS	30
	 	 	 
	Section 8.1	Interpretation	30

 

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	Section 8.2	Legends	31
	 	 	 
	Section 8.3	Notices	31
	 	 	 
	Section 8.4	Further Assurances	32
	 	 	 
	Section 8.5	Publicity	32
	 	 	 
	Section 8.6	Amendments and Waivers	32
	 	 	 
	Section 8.7	Successors and Assigns	33
	 	 	 
	Section 8.8	Governing Law	33
	 	 	 
	Section 8.9	Jurisdiction	33
	 	 	 
	Section 8.10	Waiver Of Jury Trial	33
	 	 	 
	Section 8.11	Entire Agreement	33
	 	 	 
	Section 8.12	Effect of Headings and Table of Contents	33
	 	 	 
	Section 8.13	Severability	34
	 	 	 
	Section 8.14	Counterparts; No Third Party Beneficiaries	34

 

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STOCK
PURCHASE AGREEMENT dated as of December 7, 2020 (this “Agreement”) by and among Farmland Partners
Inc., a Maryland corporation (the “Company”), and Good Seed Capital, LLC, a Delaware limited liability company
(the “Investor”).

 

BACKGROUND

 

WHEREAS,
the Company desires to issue and sell and the Investor has agreed to purchase, the Shares (as defined herein), on the terms and
subject to the conditions set forth herein; and

 

WHEREAS,
  the Company and the Investor are executing and delivering this Agreement in reliance upon the registration exemption afforded
by Section 4(a)(2) of the Securities Act, and Rule 506 of Regulation D (“Regulation D”) as promulgated
by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

ARTICLE I

 

CERTAIN
DEFINITIONS

 

Section 1.1              Certain
Definitions. As used in this Agreement, the terms have the following meanings:

 

“Affiliate” of any Person means
any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such Person;
provided, for purposes of this Agreement, the Company and its subsidiaries shall not be deemed to be Affiliates of the
Investor.

 

“Agreement” shall have the
meaning set forth in the Preamble.

 

“Agreements and Instruments”
shall have the meaning set forth in Section 3.5(a).

 

“Beneficial Ownership” means,
with respect to any security, the ownership of such security by any “Beneficial Owner,” as such term is defined in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that, in calculating the beneficial ownership of any particular
 “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion
or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time.
The term ““Beneficial Owner” shall have correlative meaning.

 

“Board” means the board of
directors of the Company.

 

“Business Day” means any day
other than a Saturday, Sunday or one on which banks are authorized to close in New York, New York.

 

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“Closing” shall have the meaning
set forth in Section 2.2(b).

 

“Code” means the United States
Internal Revenue Code of 1986, as amended.

 

“Common Stock” means the common
stock, par value $0.01 per share, of the Company.

 

“Common Units” shall have the
meaning set forth in Section 3.3(b).

 

“Company” shall have the meaning
set forth in the Preamble.

 

“Company Offering” shall have
the meaning set forth in Section 6.2.

 

“Company SEC Documents” shall
have the meaning set forth in Section 3.9(a).

 

“Confidentiality Agreement”
means the Confidentiality Agreement between the Company and Equity Casa Grande, LLC, dated September 24, 2020.

 

“Control” has the meaning specified
in Rule 12b-2 under the Exchange Act.

 

“Environmental Law” or “Environmental
Laws” shall have the meaning set forth in Section 3.8.

 

“Equity Incentive Plan” shall
mean the Company’s Second Amended and Restated 2014 Equity Incentive Plan.

 

“ERISA” shall have the meaning
set forth in Section 3.31.

 

“ERISA Affiliate” shall have
the meaning set forth in Section 3.31.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“GAAP” means generally accepted
accounting principles of the United States as in effect on the date hereof.

 

“Governmental Entity” shall
have the meaning set forth in Section 3.5(a).

 

“Governmental Licenses” shall
have the meaning set forth in Section 3.7(c).

 

“Hazardous Material” shall
have the meaning set forth in Section 3.8.

 

“Intellectual Property” shall
have the meaning set forth in Section 3.29.

 

“Investment Company Act” means
the Investment Company Act of 1940, as amended.

 

“Investor” shall have the meaning
set forth in the Preamble.

 

“Investor Indemnitees” shall
have the meaning set forth in Section 6.1.

 

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“Investor Indemnified Liabilities”
shall have the meaning set forth in Section 6.1.

 

“Law” means any federal, state,
local or foreign law, statute or ordinance, common law, or any rule, regulation, judgment, order, writ, injunction, decree, arbitration
award, license or permit of any Governmental Entity.

 

“Material
Adverse Effect” means a material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company and each of its subsidiaries, considered as one consolidated enterprise (including
all of the Properties), whether or not arising in the ordinary course of business.

 

“Offering Blackout
Period” shall have the meaning set forth in Section 6.2.

 

“OP Units”
shall have the meaning set forth in Section 3.3(b).

 

“Operating Partnership” means
Farmland Partners Operating Partnership, LP, a Delaware limited partnership.

 

“Partnership Agreement” shall
have the meaning set forth in Section 3.1(b).

 

“Properties” means the farmland
properties owned by the Company as disclosed in the SEC Documents.

 

“PCB” shall have the meaning
set forth in Section 3.8.

 

“Person” means any individual,
corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust,
association, organization, Governmental Entity or other entity of any kind or nature.

 

“Preferred Investors” means,
collectively, the holders of the Series A Units.

 

“Preferred Investor Security Holder’s
Agreement” means the Security Holders Agreement by and among the Company and the Preferred Investors.

 

“Purchase Commitment” shall
have the meaning set forth in Section 2.1(a).

 

“Purchase Price” shall have
the meaning set forth in Section 2.1(a).

 

“Registration Statement” shall
have the meaning set forth in Section 6.1(a).

 

“REIT” shall have the meaning
set forth in Section 3.20.

 

“Repayment Event” shall have
the meaning set forth in Section 3.5.

 

“Representatives” means, with
respect to a Person, such Person’s directors, officers, investment bankers, attorneys, accountants and other advisors or
representatives.

 

“Required Registration” shall
have the meaning set forth in Section 6.1(a).

 

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“Sanctions” shall have the
meaning set forth in Section 3.36.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Series A Preferred Units”
shall have the meaning set forth in Section 3.3(b).

 

“Series B Preferred Units”
shall have the meaning set forth in Section 3.3(b).

 

“Shares” shall have the meaning
set forth in Section 2.1(a).

 

“Subsidiary” or “Subsidiaries”
shall have the meaning set forth in Section 3.1(c).

 

ARTICLE II

 

PURCHASE
And Sale of shares

 

Section 2.1              Purchase
Commitment.

 

(a)            Subject
to the terms and conditions of this Agreement, the Investor shall purchase (the “Purchase Commitment”) from
the Company an aggregate of 1,250,000 shares of Common Stock for total consideration of $10,000,000 (the “Purchase Price”).
Shares of Common Stock acquired by the Investor pursuant to the Purchase Commitment are collectively referred to as the “Shares.”

 

(b)            On
the terms and subject to the conditions set forth in this Agreement, the closing of the Purchase Commitment (the “Closing”)
shall occur simultaneously with the execution of this Agreement, at which time the Company shall deliver to the Investor the Shares
against payment by or on behalf of the Investor of the Purchase Price by wire transfer in immediately available funds to the account
designated by the Company.

 

ARTICLE III

 

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Investor as of the date hereof:

 

Section 3.1              Organization.

 

(a)            The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Maryland
and has the requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described
in the Company SEC Documents and to enter into and perform its obligations under this Agreement and, as the sole member of the
general partner of the Operating Partnership, to cause the Operating Partnership to enter into and perform the Operating Partnership’s
obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good
standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material
Adverse Effect.

 

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(b)            The
Operating Partnership has been duly formed and is validly existing as a limited partnership in good standing under the laws of
the State of Delaware and has the requisite limited partnership power and authority to own or lease, as the case may be, and to
operate its properties and to conduct its business as described in the Company SEC Documents and to enter into and perform its
obligations under this Agreement; and the Operating Partnership is duly qualified as a foreign partnership to transact business
and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not
reasonably be expected to result in a Material Adverse Effect. The Company is the sole member of the general partner of the Operating
Partnership. The Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended through
the date hereof (the “Partnership Agreement”), has been duly and validly authorized, executed and delivered
by or on behalf of the partners of the Operating Partnership and constitutes a valid and binding agreement of the parties thereto,
enforceable in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general principles of equity and, with respect to rights
to indemnity and contribution thereunder, except as rights may be limited by applicable law or policies underlying such law.

 

(c)            Each
 “significant subsidiary” of the Company (as such term is defined in Rule 1-02 of Regulation S-X) (each a “Subsidiary”
and, collectively, the “Subsidiaries”) has been duly organized and is validly existing in good standing under
the laws of the jurisdiction of its incorporation or organization, and each Subsidiary has the requisite corporate or similar
power and authority to own, lease and operate its properties and to conduct its business as described in the Company SEC Documents
and is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or
to be in good standing would not reasonably be expected to result in a Material Adverse Effect. All of the issued and outstanding
capital stock or other ownership interests of each Subsidiary has been duly authorized and validly issued, is (as applicable)
fully paid and nonassessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest,
mortgage, pledge, lien, encumbrance, claim or other restrictions of any kind. None of the outstanding shares of capital stock
or other ownership interests of any Subsidiary was issued in violation of the preemptive or similar rights of any securityholder
of such Subsidiary. The Company and the Subsidiaries are conducting their respective businesses in compliance with all statutes,
laws, rules, regulations, judgments, directives and orders of any Governmental Entity applicable to them, except where the failure
to so comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and none of
the Company or the Subsidiaries has received any communication asserting noncompliance with any statute, law, rule, regulation,
judgment, directive or order except where such noncompliance would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

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Section 3.2              Authorization.

 

The
Company has full corporate power and authority to enter into this Agreement, and this Agreement has been duly authorized, executed
and delivered by the Company. Assuming due authorization, execution and delivery of this Agreement by the Investor, this Agreement
constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except
(1) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application, (2) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (3) insofar as indemnification and contribution provisions may be limited by applicable
law or public policy.

 

Section 3.3              Capitalization.

 

(a)            As
of the date hereof, (i) the Company is authorized to issue up to 500,000,000 shares of Common Stock and has 29,312,271shares
of Common Stock outstanding (ii) the Company is authorized to issue up to 100,000,000 shares of preferred stock that may
be issued in one or more series, 6,037,500 shares of which have been designated as “Series B Participating Preferred
Stock,” and 5,831,870 of which are outstanding and (iii) 248,466 shares of Common Stock remain available for future
issuance under the Equity Incentive Plan. All of the outstanding shares of Common Stock and preferred stock have been duly and
validly authorized and issued and are fully paid and non-assessable and were not issued in violation of any pre-emptive rights,
resale rights, rights of first refusal or similar rights.

 

(b)            As
of the date hereof, (i) there are 30,960,063 common units of limited partnership interest (“Common Units”)
in the Operating Partnership outstanding, 29,321,271 of which are owned by the Company, (ii) there are 117,000 Series A
preferred units (“Series A Preferred Units”) of limited partnership interest in the Operating Partnership
issued and outstanding, and (iii) there are 5,831,870 Series B participating preferred units of limited partnership
interest in the Operating Partnership (“Series B Preferred Units” and, together with the Common Units
and Series A Preferred Units “OP Units”) outstanding, all of which are owned by the Company. All of the
outstanding OP Units have been duly authorized and validly issued and are fully paid.

 

(c)            Except
for Common Units, which may be tendered for redemption by the holders thereof for cash, or at the Company’s option, for
shares of Common Stock, there are no outstanding rights (contractual or otherwise), warrants or options to acquire, or instruments
convertible into or exchangeable or exercisable for, or agreements or understandings with respect to the sale or issuance of,
any shares of capital stock of or other equity interest in the Company.

 

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(d)            Except
as set forth in the Preferred Investor Security Holder’s Agreement, there are no persons with registration rights or other
similar rights to have any securities registered for resale by the Company under the Securities Act.

 

(e)            The
Company has not granted to any person or entity a stock option or other equity-based award to purchase or receive common stock
of the Company or partnership units of the Operating Partnership pursuant to the Equity Incentive Plan.

 

(f)            Other
than as set forth in the Preferred Investor Security Holders Agreement and the Company’s charter, neither the Company nor
any of its Subsidiaries is party to or otherwise bound by or subject to any outstanding option, warrant, call, subscription or
other right (including any preemptive right), agreement or commitment which (x) restricts the transfer of any shares of capital
stock of the Company or (y) relates to the voting of any shares of capital stock of the Company or any of its Subsidiaries.

 

Section 3.4              Valid
Issuance of Shares.

 

The Shares have been duly and validly authorized
and, when issued and delivered against payment therefor as provided herein, will be validly issued, free from all taxes, liens
(other than liens created by the Investor) and charges with respect to the issue thereof, fully paid and non-assessable, will
not be subject to the preemptive or similar rights of any securityholder of the Company or any other person and will conform to
the description of the Common Stock in the Company SEC Documents; no holder is or will be subject to personal liability by reason
of being such a holder; and no further approval or authority of the stockholders of the Company or the Board is required for the
issuance and sale of the Shares other than as contemplated herein.

 

Section 3.5              Non-Contravention;
Governmental Authorizations.

 

(a)            Neither
the Company nor any of its subsidiaries is (A) in violation of its charter, bylaws or similar organizational document, (B) in
default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture,
mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any of
its subsidiaries is a party or by which it or any of them may be bound or to which any of the properties or assets of the Company
or any of its subsidiaries is subject (collectively, “Agreements and Instruments”), except for such defaults
that would not, singly or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute,
rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative
agency or other authority, body or agency having jurisdiction over the Company or any of its subsidiaries or any of their respective
properties, assets or operations (each, a “Governmental Entity”), except for such violations that would not,
singly or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated herein and compliance by the Company with its obligations hereunder have been
duly authorized by all necessary corporate or limited partnership action, as the case may be, and do not and will not, whether
with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment
Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties
or assets of the Company or any of its subsidiaries pursuant to, the Agreements and Instruments (except for such conflicts, breaches,
defaults or Repayment Events or liens, charges or encumbrances as are described in or contemplated by the Company SEC Documents
or that would not, singly or in the aggregate, result in a Material Adverse Effect), nor will such action result in any violation
of the provisions of the charter, bylaws or similar organizational document of the Company or any of its subsidiaries or any law,
statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity. As used herein, a “Repayment Event”
means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting
on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness
by the Company or any of its subsidiaries.

 

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Section 3.6              Absence
of Further Requirements.

 

No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree of, any Governmental Entity is necessary or required for the performance
by the Company or any of its subsidiaries of its obligations hereunder, in connection with the issuance or sale of the Shares
hereunder or the consummation of the transactions contemplated by this Agreement except such as have been already obtained or
as may be required under the Securities Act, the rules of the New York Stock Exchange or state securities laws.

 

Section 3.7              Compliance
with Laws; Permits.

 

(a)            The
Company and each of its Subsidiaries have conducted their businesses in compliance in all material respects with all applicable
Laws and applicable stock exchange requirements.

 

(b)            The
Company has taken all necessary actions to ensure that the Company and its subsidiaries are in compliance with all provisions
of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof
(the “Sarbanes-Oxley Act”) that are in effect and with which the Company is required to comply as of the date
of this Agreement, and is actively taking steps to ensure that it will be in compliance with other provisions of the Sarbanes-Oxley
Act not currently in effect, upon the effectiveness of such provisions, or which will become applicable to the Company.

 

(c)            Each
of the Company and the Subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively,
 “Governmental Licenses”) issued by the appropriate Governmental entities necessary to conduct the business
now operated by the Company and the Subsidiaries, except where the failure to possess such Governmental Licenses would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect; the Company and the Subsidiaries are in compliance
with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect; all of the Governmental Licenses are, to the knowledge
of the Company, valid and in full force and effect except where the invalidity of such Governmental Licenses or the failure of
such Governmental Licenses to be in full force and effect would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; and none of the Company or the Subsidiaries has received any notice of proceedings relating to the
revocation, termination or modification of any such Governmental Licenses which, if the subject of an unfavorable decision, ruling
or finding, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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Section 3.8              Environmental
Matters

 

Except as would not, singly or in the aggregate,
result in a Material Adverse Effect and to the knowledge of the Company, (A) neither the Company nor any of its subsidiaries
is in violation of any federal, state, local, municipal or foreign statute, law, rule, regulation, ordinance, code, standards,
legally binding final guidance document or directives, policy or rule of common law or any judicial or administrative interpretation
thereof, including any judicial or administrative order, directive, decision, consent, decree or judgment, now or hereinafter
in effect, regulating, imposing liability, standards or obligations of conduct or relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata),
natural resources, plants or wildlife, including, without limitation, laws and regulations relating to the release or threatened
release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products,
asbestos-containing materials, mold or any hazardous materials as defined by or regulated under any Environmental Laws, as defined
below (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport, exposure to or handling of Hazardous Materials (collectively, “Environmental Laws”);
(B) the Company and its subsidiaries have all permits, authorizations and approvals required by Environmental Laws and are
in compliance with their requirements; (C) there are no pending or threatened administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings, including
any action, suit or proceeding by any private party, relating to any Environmental Law against the Company or any of its subsidiaries;
(D) there are no events or circumstances that would require clean-up or remediation, or an action, suit or proceeding by
any private party or Governmental Entity, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials
or any Environmental Laws; (E) there have been no and are no (i) aboveground or underground storage tanks; (ii) landfills;
(iii) surface impoundments; (iv) disposal areas; (v) polychlorinated biphenyls (“PCBs”) or PCB-containing
equipment; (vi) asbestos or asbestos containing materials; (vii) lead-based paints; (viii) mold or other airborne
contaminants; or (ix) dry-cleaning facilities in, on, under or about any Property owned directly or indirectly by the Company
or its subsidiaries; (F) neither the Company nor any of its subsidiaries is conducting or funding any investigation, cleanup,
mitigation, restoration, or remedial or corrective action, or is subject to any written agreement to assume the liability of any
other Person (including without limitation an agreement to indemnify or hold harmless any such other Person), whether voluntarily
pursuant to or as required by any Environmental Law, with respect to any release of Hazardous Materials that has resulted in or
could reasonably be anticipated to result in material liability under Environmental Laws against the Company or any of its subsidiaries;
and (G) all waste materials generated by the Company and its subsidiaries have been properly stored, transported, treated
and disposed of in accordance with all Environmental Laws in all material respects.

 

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Section 3.9              Periodic
Filings; Financial Statements.

 

(a)            The
Company has filed all reports, registrations, documents, filings, statements and submissions, together with any required amendments
thereto (collectively the “Company SEC Documents”), that were required to be filed with the SEC under the Exchange
Act. As of their respective filing dates, the Company SEC Documents complied in all material respects with the requirements of
the Exchange Act and none of the Company SEC Documents contained, when filed with the SEC, and if amended, as of the date of such
amendment, 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 made therein, in light of the circumstances in which they were made, not misleading, except to
the extent corrected by a subsequently filed document with the SEC.

 

(b)            (i) The
financial statements included in the Company SEC Documents, together with the supporting schedules, if any, and notes, present
fairly in all material respects the consolidated financial condition of the Company and its consolidated subsidiaries at the dates
indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company and
its consolidated subsidiaries for the periods specified and such financial statements and supporting schedules, if any, have been
prepared in conformity with GAAP applied on a consistent basis throughout the periods covered thereby; and (ii) to the extent
applicable, all disclosures in the Company SEC Documents regarding “non-GAAP financial measures” (as defined in the
rules and regulations of the SEC) comply in all material respects with Regulation G of the Exchange Act and Item 10
of Regulation S-K of the Securities Act and the Exchange Act.

 

(c)            Each
of the accounting firms that has audited the financial statements prepared in conformity with GAAP included in Company SEC Documents
is an independent registered public accounting firm as required by the Securities Act and the Exchange Act, the rules and
regulations of the SEC thereunder and the rules of the Public Company Accounting Oversight Board.

 

(d)            The
Company and each of its subsidiaries has established and maintains effective internal control over financial reporting (as defined
under Rule 13a-15 and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable
assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization;
and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as described in the Company SEC Documents, since the Company’s inception,
there has been (1) no material weakness in the Company’s internal control over financial reporting (whether or not
remediated) and (2) no change in the Company’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

    13

     

    

 

(e)            The
Company has filed with the SEC all “material contracts” (as such term is defined in Item 601(b)(10) of Regulation
S-K promulgated under the Securities Act and the Exchange Act) that are required to be filed as exhibits to the Company SEC Documents
and there are no contracts or other documents that are required under the Exchange Act to be described in the Company SEC Documents
that are not so described.

 

Section 3.10            Litigation.

 

There is no action, suit, proceeding, inquiry
or investigation before or brought by any Governmental Entity now pending or, to the knowledge of the Company, threatened against
the Company or any of its subsidiaries, which might materially and adversely affect the consummation of the transactions contemplated
in this Agreement or the performance by the Company and its subsidiaries of their respective obligations hereunder; and the aggregate
of all pending legal or governmental proceedings to which the Company or any of its subsidiaries is a party or of which any of
their respective properties or assets is the subject which are not described in the Company SEC Documents, including ordinary
routine litigation incidental to the business, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 3.11            Absence
of Certain Changes.

 

Since the date of the latest financial
statements included in the Company SEC Documents (A) there have been no events,  occurrences or developments that have
or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) there have
been no transactions entered into by the Company or any of its subsidiaries, other than those entered into in the ordinary course
of business, which are material with respect to such entities considered as one enterprise, or incurred any liability or obligation,
direct or contingent, that is material to such entities considered as one enterprise, and (C) except for regular quarterly
dividends on the Common Stock, and OP Units, there has been no dividend or distribution of any kind declared, paid or made by
the Company or any of its subsidiaries on any class of the capital stock or other equity interest of such entity.

 

Section 3.12            Brokers
and Finders.

 

The Company has not incurred any liability
for any brokerage commission, placement agent’s fees, finder’s fees or similar payments in connection with the offering
of the Shares contemplated hereby.

 

Section 3.13            Taxes.

 

(a)            Each
of the Company and the Subsidiaries has filed on a timely basis all foreign, U.S. federal, state and local tax returns that are
required to be filed or is eligible for, and has requested, extensions thereof, and all such tax returns are true, correct and
complete in all material respects; each of the Company and the Subsidiaries has paid, in all material respects, all taxes required
to be paid by it and any other material assessment, fine or penalty levied against it, to the extent that any of the foregoing
is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith.

 

    14

     

    

 

(b)            On
the date of hereof, all stock transfer or other taxes (other than income taxes) that are required to be paid in connection with
the sale and transfer of the Shares to the Investor hereunder will have been, fully paid or provided for by the Company and all
laws imposing such taxes will have been fully complied with.

 

Section 3.14            Integration;
Other Issuances of Shares.

 

Neither the Company, nor any Affiliate
of the Company, nor, any person acting on its behalf or their behalf has, directly or indirectly, made any offers or sales of
any security or solicited any offers to buy any security, under circumstances that would cause the offering or issuance of the
Shares to be integrated with prior offerings by the Company for purposes of the Securities Act, that would cause Regulation D
or any other applicable exemption from registration under the Securities Act to be unavailable, or would cause any applicable
state securities Law exemptions or any applicable stockholder approval exemptions, including, without limitation, under the rules and
regulations of any national securities exchange or automated quotation system on which any of the securities of the Company are
listed or designated to be unavailable, nor will the Company take any action or steps that would cause the offering or issuance
of the Shares to be integrated with other offerings.

 

Section 3.15            No
General Solicitation.

 

Neither the Company nor any person acting
on behalf of the Company has offered or sold any of the Shares by any form of general solicitation or general advertising.

 

Section 3.16            Offering;
Exemption.

 

Assuming
the accuracy of the Investor’s representations and warranties set forth in Article IV of this Agreement, no registration
under the Securities Act or any applicable state securities Law is required for the offer and sale of the Shares by the Company
to the Investor as contemplated hereby. With respect to the issuance of the Shares, none of the Company, any of its predecessors,
any affiliated issuer, any director, executive officer, other officer of the Company, any Beneficial Owner of 20% or more of the
Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term
is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale is subject
to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act except for items covered by Rule 506(d)(2) or (d)(3).

 

Section 3.17            No
Manipulation or Stabilization.

 

None of the Company, the Subsidiaries or,
to the knowledge of the Company, any other Affiliate of the Company or any person acting on their respective behalf has taken,
directly or indirectly, any action which is designed to or which has constituted or which would reasonably be expected to cause
or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the
Common Stock.

 

    15

     

    

 

Section 3.18            Investment
Company Act.

 

The Company is not nor, after giving effect
to the offering and sale of the Shares, and after receipt of payment for the Shares and the application of the proceeds therefrom,
will it be an “investment company”, required to register under the Investment Company Act.

 

Section 3.19            Employee
Relations.

 

No labor dispute with the employees of
the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of
any existing or imminent labor disturbance by the employees of any of its or any of its subsidiaries’ principal suppliers,
manufacturers, customers or contractors, which, in any case, would result in a Material Adverse Effect. No officer or other key
person of the Company is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement
that would be violated by such officer or other key person engaging in the present or proposed business activities of the Company
or the Operating Partnership as described in the Company SEC Documents.

 

Section 3.20            Federal
Tax Status.

 

Commencing with its short taxable year
ended December 31, 2014, the Company was organized and has operated in conformity with the requirements for qualification
and taxation as a real estate investment trust (“REIT”) under the Code, and its current and proposed method
of operation will enable it to meet the requirements for qualification and taxation as a REIT under the Code for the Company’s
taxable year ending December 31, 2020 and each taxable year thereafter. The Company has elected to be treated as a REIT under
the Code, commencing with its short taxable year ended December 31, 2014. The Company satisfied all requirements for qualification
as a REIT under the Code for the Company’s short taxable year ended December 31, 2014 and intends to continue to qualify
as a REIT under the Code for each taxable year thereafter, and the Company does not know of any event that could cause the Company
to fail to qualify as a REIT under the Code during any such time.

 

Section 3.21            Payment
of Taxes.

 

The Company and its current (and, with
respect to (A) and (B), former) subsidiaries (A) have paid all material federal, state, local and foreign taxes (whether
imposed directly, through withholding or otherwise and including any interest, additions to tax or penalties applicable thereto)
required to be paid through the date hereof, other than those being contested in good faith by appropriate proceedings and for
which adequate reserves have been provided on the books of the applicable entity, (B) have timely filed all material tax
returns required to be filed through the date hereof, and all such tax returns are correct and complete in all material respects
and (C) have established adequate reserves for all taxes that have accrued but are not yet due and payable. The charges,
accruals and reserves on the books of the Company and its subsidiaries in respect of any income and corporation tax liability
for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any
years not finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect.

 

    16

     

    

 

Section 3.22         Transfer
Taxes.

 

There are no transfer taxes or other similar
fees or charges under federal law or the laws of any state or any political subdivision thereof, required to be paid in connection
with the execution and delivery of this Agreement or the issuance or sale by the Company of the Shares.

 

Section 3.23          Insurance.

 

The Company and each of its subsidiaries
carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering
such risks as is generally maintained by companies of established repute engaged in the same or similar business and in such amounts,
if greater, as is commercially reasonable for the value of the assets owned, in the aggregate, by the Company and its subsidiaries,
and all such insurance is in full force and effect. The Company has no reason to believe that it or any of its subsidiaries will
not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable
coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that
would not result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any insurance coverage
which it has sought or for which it has applied.

 

Section 3.24         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 purchaser with respect to this Agreement and the transactions
contemplated hereby. 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 hereby and any advice given
by the Investor or any of their respective Representatives or agents in connection with this Agreement and the transaction contemplated
hereby is merely incidental to the Investor’s purchase of the Shares. The Company further represents to the Investor that
the Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its Representatives. Any review of the Company by the Investor, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Investor and shall not be
on behalf of the Company, its Affiliates, or their respective shareholders, directors, officers, employees, advisors or other
Representatives and shall not affect any of the representations or warranties contained herein or the remedies of the Investor
with respect thereto.

 

Section 3.25          No
Additional Agreements.

 

Other than this Agreement, the Company
does not have any agreement or understanding with the Investor with respect to the transactions contemplated by this Agreement.

 

Section 3.26         New
York Stock Exchange Listing.

 

The Shares have been approved for listing
on the New York Stock Exchange, subject to official notice of issuance.

 

    17

     

    

 

Section 3.27         Title
to Personal Property.

 

The Company and its subsidiaries have good
and marketable title to, or valid and marketable rights to lease or otherwise use, all items of personal property owned by them,
in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do
not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries or (ii) could
not, individually or in the aggregate, have a Material Adverse Effect.

 

    18 

    

    

 

Section 3.28          Real
Property.

 

(i) The Company and its
subsidiaries have good and marketable fee simple title to all real property owned by them and the improvements (exclusive of
improvements owned by tenants, if applicable) located thereon, in each case, free and clear of all mortgages, pledges, liens,
security interests, claims, restrictions or encumbrances of any kind except such as (A) are described in the Company SEC
Documents or (B) will not, singly or in the aggregate, materially affect the value of such property and do not interfere
in any material respect with the use made and proposed to be made of such property by the Company or any of its subsidiaries;
(ii) all of the leases and subleases, if any, material to the business of the Company and its subsidiaries, considered
as one enterprise, and under which the Company or any of its subsidiaries lease the Properties, are in full force and effect,
and neither the Company nor any of its subsidiaries has any notice of any material claim of any sort that has been asserted
by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases or subleases mentioned
above; (iii) except as otherwise set forth in or described in the Company SEC Documents, the mortgages and deeds of
trust encumbering the Properties are not convertible into debt or equity securities of the entity owning such Property or of
the Company or any of its subsidiaries, and such mortgages and deeds of trust are not cross-defaulted or cross-collateralized
to any property not owned, directly or indirectly, in whole or in part, by the Company or its subsidiaries; (iv) to the
knowledge of the Company and its subsidiaries, none of the tenants under any lease of any of the Properties that, singly or
in the aggregate, is material to the Company and its subsidiaries considered as one enterprise is the subject of bankruptcy,
reorganization or similar proceedings; (v) neither the Company nor any of its subsidiaries has received from any
Governmental Entities any written notice of any condemnation of or zoning change affecting the Properties or any part
thereof, and none of the Company or any of its subsidiaries knows of any such condemnation or zoning change which is
threatened and, in each case, which if consummated could materially affect the value of such Property or interfere in any
material respect with the use made or proposed to be made of such Property by the Company or any of its subsidiaries;
(vi) each of the Properties complies with all applicable codes, ordinances, laws and regulations (including without
limitation, building and zoning codes, laws and regulations and laws relating to access to the Properties), except for
failures to the extent disclosed in the Company SEC Documents and except for such failures to comply that could not
individually or in the aggregate materially affect the value of such Property or interfere in any material respect with the
use made or proposed to be made of such Property by the Company or any of its subsidiaries; (vii) neither the Company
nor any of its subsidiaries has received written notice of any proposed material special assessment or any proposed change in
any property tax, zoning or land use law or availability of water affecting any Property that could materially affect the
value of such Property or interfere in any material respect with the use made or proposed to be made of such Property by the
Company or any of its subsidiaries; (viii) except as could not individually or in the aggregate materially affect the
value of such property or interfere in any material respect with the use made and proposed to be made of such property by the
Company or any of its subsidiaries, (a) there are no encroachments upon any Property by improvements on an adjacent
property, (b) none of the improvements, if any, on any Property encroach on any adjacent property, streets or alleys and
(c) there are no subleases with respect to any Property or portion thereof; (ix) except as set forth in the Company
SEC Documents, neither the Company nor any of its subsidiaries is party to any material Lease (as defined below) that is
required to be disclosed in the Company SEC Documents; (x) neither the Company nor any of its subsidiaries holds any
Property under a ground lease; (xi) all real property owned or leased by the Company or a Subsidiary is free of material
structural defects and all building systems, if any, contained therein are in good working order in all material respects,
subject to ordinary wear and tear or, in each instance, the Company has created an adequate reserve to effect reasonably
required repairs, maintenance and capital expenditures; (xii) except as described in the Company SEC Documents, to the
knowledge of the Company, there is no pending or threatened special assessment, tax reduction proceeding or other action
that, individually or in the aggregate, could increase or decrease the real property taxes or assessments of any of such
property, that, individually or in the aggregate, could have a Material Adverse Effect; and (xiii) to the knowledge of
the Company and the Operating Partnership, except as set forth in or described in the Company SEC Documents, and, with
respect to (A) through (F) below, except as could not, individually or in the aggregate, have a Material Adverse
Effect: (A) no tenant has asserted in writing any defense or set-off against the payment of rent in connection with any
lease nor has any tenant contested any tax, operating cost or other escalation payment or occupancy charge, or any other
amounts payable under its leases; (B) all tenants, licensees, franchisees or other parties under any lease, exhibit,
schedule, amendment or other document related to the lease of any land or personal property (owned by the Company or any of
its subsidiaries) at the Properties (the “Leases”) are in possession of their respective premises;
(C) none of the Leases has been assigned, mortgaged, pledged, sublet, hypothecated or otherwise encumbered, except in
connection with secured debt described in the Company SEC Documents; (D) neither the Company nor any of its subsidiaries
has waived any material provision under any of the Leases; (E) there are no uncured events of default, or events that
with the giving of notice or passage of time, or both, would constitute an event of default, by any tenant under any of the
terms and provisions of the Leases; and (F) no tenant under any of the Leases and no third party has a right of first
refusal or other right to purchase the premises demised under such Lease. Each of the Leases constitutes a valid and binding
obligation of the Company and its subsidiaries, in each case to the extent a party thereto, enforceable in accordance with
its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights and remedies
generally, and subject, as to enforceability, to general principles of equity and, with respect to rights to indemnity and
contribution thereunder, except as rights may be limited by applicable law or policies underlying such law.

 

    19 

    

    

 

Section 3.29          Possession
of Intellectual Property.

 

The Company and its subsidiaries own or
possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including
trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks,
service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary
to carry on the business now operated or proposed to be operated by them, and neither the Company nor any of its subsidiaries
has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to
any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate
to protect the interest of the Company or any of its subsidiaries therein, and which infringement or conflict (if the subject
of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material
Adverse Effect.

 

Section 3.30          No
Acquisitions or Dispositions.

 

Except as set forth in the Company SEC
Documents, there are no contracts, letters of intent, term sheets, agreements, arrangements or understandings with respect to
the direct or indirect acquisition or disposition by the Company or any of its subsidiaries of interests in assets or real property
that are material to the Company and its subsidiaries considered as one enterprise.

 

Section 3.31          Employee
Benefits.

 

(i) The Company and each of its subsidiaries
or their “ERISA Affiliates” (as defined below) are in compliance in all respects with all applicable provisions of
the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(“ERISA”); (ii) no “reportable event” (as defined in ERISA) has occurred with respect to any
 “employee benefit plan” (as defined in ERISA) for which the Company or any of its subsidiaries or ERISA Affiliates
has any liability, whether actual or contingent, excluding any reportable event for which the notice requirements have been waived;
(iii) the Company and each of its subsidiaries or their ERISA Affiliates have not incurred and do not reasonably expect to
incur liability under Title IV of ERISA, including with respect to termination of, or withdrawal from, any “employee benefit
plan”; and (iv) each “employee benefit plan” maintained or contributed to by the Company and each of its
subsidiaries that is intended to be qualified under Section 401(a) of the Code is the subject of a favorable determination
or opinion letter from the Internal Revenue Service to the effect that it is so qualified and, to the knowledge of the Company,
nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; except, in the
cases of (i), (ii), and (iii), as would not reasonably be expected to have a Material Adverse Effect. “ERISA Affiliate”
means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections
414(b), (c) or (m) of the Code or Section 4001(b)(1) of ERISA of which the Company or such subsidiary is a
member.

 

Section 3.32         No
Further Reliance.

 

The Company acknowledges that it is not
relying upon any representation or warranty made by the Investor not set forth in this Agreement.

 

Section 3.33         Transactions
With Affiliates.

 

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Except
as set forth in the Company SEC Documents, none of the executive officers or directors of the Company and, to the Company’s
knowledge, none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary (other
than for services as employees, officers and directors), that would be required to be disclosed pursuant to Item 404 of Regulation
S-K promulgated under the Securities Act and the Exchange Act.

 

Section 3.34          Foreign
Corrupt Practices Act.

 

Neither the Company nor any of its subsidiaries
nor, to the knowledge of the Company, any director, director nominee, officer, agent, employee, affiliate or other person acting
on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or indirectly, that would result
in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as
such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office,
in contravention of the FCPA and the Company and, to the knowledge of the Company, its affiliates have conducted their businesses
in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith.

 

Section 3.35          Money
Laundering Laws.

 

The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”);
and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

 

Section 3.36          OFAC.

 

None of the Company, any of its subsidiaries
or, to the knowledge of the Company, any director, director nominee, officer, agent, employee, affiliate or Representative of
the Company or any of its subsidiaries is a Person currently the subject or target of any sanctions administered or enforced by
the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets
Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, “Sanctions”), nor is the Company located, organized or resident in a country or territory that
is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or
lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund
any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject
of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction,
whether as underwriter, advisor, investor or otherwise) of Sanctions.

 

    21 

    

    

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR

 

The Investor represents and warrants to
the Company that as of the date hereof:

 

Section 4.1            Organization
and Authority.

 

The
Investor is duly formed and validly existing as a limited liability company in good standing under the laws of the State
of Delaware, and has all necessary limited liability company power and authority to own its property and assets and conduct its
business in all material respects as currently conducted and has been duly qualified as a foreign business entity for the transaction
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts
any business so as to require such qualification, except where the failure to so qualify or be in good standing would not reasonably
be expected to have, individually or in the aggregate, a material and adverse effect on the Investor’s ability to consummate
the transactions contemplated hereby on a timely basis.

 

Section 4.2            Authorization.

 

The Investor has full right, power, authority
and capacity to execute and deliver this Agreement and to perform its obligations under this Agreement. The execution, delivery
and performance by the Investor of this Agreement and the consummation of the transactions contemplated by this Agreement have
been duly authorized by the Investor’s board of managers or managing members or partners, as the case may be, and no further
approval or authorization by any of its stockholders, members, partners or other equity owners is required. This Agreement constitutes
the valid and binding obligation of the Investor, enforceable against such Investor in accordance with its terms, except as such
may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar Laws affecting creditors’
rights generally and by general equitable principles and except as may be limited by applicable Law and public policy.

 

Section 4.3            Non-Contravention;
Governmental Authorization.

 

(a)            The
execution, delivery and performance by the Investor of this Agreement and the consummation of the transactions contemplated hereunder
will not: (1) conflict with or violate any provision of its certificate of formation, limited liability company agreement
or similar governing documents; or (2) assuming compliance with the statutes and regulations referred to in Section 4.3(c),
(i) conflict with or result in any breach of, or constitute a default (or an event which with notice or lapse of time or
both would become a default) under, or give rise to any right of termination, acceleration or cancellation under any agreement,
lease, mortgage, license, indenture or any other contract to which such Investor is a party or by which its properties may be
bound or affected; or (ii) conflict with or violate any order, Law, statute, rule or regulation of any Governmental
Entity, applicable to the Investor, except in the case of clause (2)(i) and (2)(ii), as would not, individually or in the
aggregate, reasonably be expected to materially and adversely affect the Investor’s ability to perform its obligations under
this Agreement or consummate the transactions contemplated hereby on a timely basis.

 

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(b)            No
authorization, approval, consent or license of any government, governmental instrumentality or court, domestic or foreign, is
required for the purchase of the Shares by the Investor hereunder and the consummation by the Investor of the transactions contemplated
by this Agreement.

 

(c)            Each
approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other
Governmental Entity necessary in connection with the execution and delivery by the Investor of this Agreement and the consummation
of the transactions contemplated herein has been obtained or made and is in full force and effect, except as would not, individually
or in the aggregate, reasonably be expected to materially and adversely affect the Investor’s ability to perform its obligations
under this Agreement or consummate the transactions contemplated hereby on a timely basis.

 

Section 4.4            Compliance
with Laws.

 

Neither
the Investor, nor, to the knowledge of the Investor, any other Persons acting on its behalf, is in material violation of
any applicable federal, state, local, foreign or other law, statute, regulation, rule, ordinance, code, convention, directive,
order, judgment or other legal requirement of any Governmental Entity, except where such violation would not, individually or
in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor to consummate the transitions
contemplated by this Agreement. To the knowledge of the Investor, neither the Investor or any other Persons acting on its behalf
is being investigated with respect to, or has been overtly threatened to be charged with or given notice of any violation of,
any applicable Law, except for such of the foregoing as would not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the ability of such Investor to consummate the transitions contemplated by this Agreement.

 

Section 4.5            Securities
Act Compliance.

 

(a)            The
Shares being acquired by such Investor hereunder are being acquired for its own account, for the purpose of investment and not
with a view to or for sale in connection with any public resale or distribution thereof in violation of applicable securities
Laws; provided, however, that by making the representations herein, the Investor does not agree to hold any of the
Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with or
pursuant to a registration statement or an exemption from registration under the Securities Act. The Investor is an “accredited
investor” within the meaning of Rule 501(a) promulgated under the Securities Act and is knowledgeable, sophisticated
and experienced in business and financial matters, and it fully understands the limitations on ownership, sale, transfer or other
disposition of the Shares. The Investor understands that the Shares may be resold only if registered pursuant to the provisions
of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration
nor such an exemption is required by Law.

 

    23 

    

    

 

(b)            The
Investor understands and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act, that such Shares have not been and, except as contemplated by the registration rights provided
for in this Agreement, will not be registered under the Securities Act and that such Shares may be offered, resold, pledged or
otherwise transferred only (i) in a transaction not involving a public offering, (ii) pursuant to an exemption from
registration under the Securities Act, including, without limitation, the exemption provided by Rule 144 thereunder (if available),
(iii) pursuant to an effective registration statement under the Securities Act or (iv) to the Company or one of its
subsidiaries, in each of cases (i) through (iv) in accordance with any applicable state and federal securities Laws.

 

Section 4.6           Short
Sales.

 

Since being contacted by the Company, the
Investor has not taken any action that has caused such Investor to have, directly or indirectly, sold or agreed to sell any shares
of Common Stock, effected any short sale, whether or not against the box, established any “put equivalent position”
(as defined in Rule 16a-1(h) under the Exchange Act) with respect to the Common Stock, granted any other right (including,
without limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes, relates
to or derived any significant part of its value from the Common Stock.

 

Section 4.7           Control.

 

The
Investor is acquiring the Shares in the ordinary course of its business and not with the purpose nor with the effect of
changing or influencing the control of the Company, nor in connection with or as a participant in any transaction having such
purpose or effect and no Investor shall be required to file a Schedule 13D with the SEC as a result of the acquisition of the
Shares.

 

Section 4.8           Brokers
and Finders.

 

Neither the Investor nor any of its controlled
Affiliates or any of their respective officers or directors has employed any broker or finder or incurred any liability for any
financial advisory fee, brokerage fees, commissions or finder’s fee, and no broker or finder has acted directly or indirectly
for such Investor or any of its controlled Affiliates or any of their respective officers or directors in connection with this
Agreement or the transactions contemplated hereby, in each case, for which the Company will have liability.

 

Section 4.9            Information.

 

The Investor and its advisers have been
furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer
and sale of the Shares which have been requested by such Investor or its advisers. The Investor is familiar with the business
in which the Company is engaged, and based upon its knowledge and experience in financial and business matters, such Investor
is familiar with the investments of the type that it is undertaking to purchase; is fully aware of the risks involved in making
an investment of this type; and is capable of evaluating the merits and risks of this investment.

 

    24 

    

    

 

Section 4.10          Confidentiality.
The Company and the Investor acknowledge and agree that as of the date hereof the Confidentiality Agreement, and all provisions
and obligations thereof, remain in full force and effect.

 

Section 4.11          Investor
Activities.

 

The Investor is not a broker-dealer and
does not need to be registered as a broker-dealer.

 

Section 4.12          No
Further Reliance.

 

The Investor acknowledges that it is not
relying upon any representation or warranty made by the Company not set forth in this Agreement. Without derogating from or limiting
the Investor’s right to rely on representations and warranties of the Company set forth in this Agreement, the Investor
acknowledges that it has conducted such review and analysis of the business, assets, condition, operations and prospects of the
Company and its Subsidiaries that such Investor considers sufficient for purposes of the purchase of the Shares.

 

ARTICLE V

 

CONDITIONS
TO CLOSING

 

Section 5.1           Conditions
to the Obligations of the Investor.

 

The
obligation of the Investor to purchase and pay for the Shares to be sold to such Investor is subject to the fulfillment to the
Investor’s reasonable satisfaction, prior to or at the Closing, of the following conditions:

 

(a)            the representations
and warranties of the Company in Section 3 shall (a) with respect to representations and warranties that contain a Material
Adverse Effect or materiality qualification, be true and correct when made and at the time of, and immediately after giving effect
to, the Closing (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which
case such representation and warranty shall be true and correct as of such earlier date), and (b) with respect to representations
and warranties that do not contain a Material Adverse Effect or materiality qualification, be true and correct in all material
respects when made and at the time of, and immediately after giving effect to, the Closing (except to the extent that any such
representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true
and correct as of such earlier date).

 

(b)            the
Company shall have performed, satisfied and complied in all material respects with any and all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by it at or prior to the date hereof;

 

(c)            no
provision of any applicable Law and no judgment, injunction, order or decree shall prohibit the consummation of any of the transactions
contemplated at the Closing; and

 

    25 

    

    

 

(d)            the
Shares shall be approved for listing on the New York Stock Exchange, subject only to official notice of issuance.

 

Section 5.2            Conditions
to the Obligations of the Company.

 

The obligation of the Company to sell and
issue the Shares to the Investor is subject to the is subject to the fulfillment to the Company’s reasonable satisfaction,
prior to or at the Closing, of the following conditions:

 

(a)            the representations
and warranties of the Investor in Section 4 shall (a) with respect to representations and warranties that contain a
Material Adverse Effect or materiality qualification, be true and correct when made and at the time of, and immediately after
giving effect to, the Closing (except to the extent that any such representation and warranty expressly speaks as of an earlier
date, in which case such representation and warranty shall be true and correct as of such earlier date), and (b) with respect
to representations and warranties that do not contain a Material Adverse Effect or materiality qualification, be true and correct
in all material respects when made and at the time of, and immediately after giving effect to, the Closing (except to the extent
that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty
shall be true and correct as of such earlier date); and

 

(b)            the
Investor shall have performed in all material respects all of its obligations hereunder required to be performed by it at or prior
to the Closing.

 

ARTICLE VI

 

Registration
rights

 

Section 6.1           Required
Registration

 

(a)            The
Company shall use its reasonable best efforts to file with the SEC, prior to the date that is 180 days after the date hereof,
a registration statement (a “Registration Statement”) covering the registration of the resale at any
time or from time to time of all Shares pursuant to Rule 415 under the Securities Act and or any similar rule that may
be adopted by the SEC (the “Required Registration”). To the extent the staff of the SEC does not permit
all of the Shares to be registered on a single Registration Statement, the Company shall file additional Registration Statement(s) successively
trying to register on each such additional Registration Statement the maximum number of remaining Shares until the earlier of
(a) all of the Shares have been registered with the SEC, and (b) the date on which all of the remaining Shares may be
sold without restriction or limitations pursuant to Rule 144 and without requirement to be in compliance with Rule 144(c)(1) (or
any successor thereto). The Registration Statement shall be on Form S-3, unless the Company is not then eligible to file
a Registration Statement on Form S-3 under the Securities Act, in which case (i) the Registration Statement shall be
on Form S-11 or other appropriate form under the Securities Act which the Company is then eligible to file and (ii) the
Company shall undertake to register the Shares on Form S-3 as soon as such form is available, provided that the Company shall
maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3
covering the Shares has been declared effective by the SEC. Notwithstanding anything to the contrary included in this Agreement,
the Company shall not be required to file the Registration Statement pursuant to this Agreement if, at the time the Company is
required to file the Registration Statement, all Shares may be sold without restriction or limitation pursuant to Rule 144
and without the requirement to be in compliance with Rule 144(c)(1) (or any successor thereto) under the Securities
Act.

 

    26 

    

    

 

(b)            The
Company agrees (subject to Section 6.2 hereof) to cause the Registration Statement to be declared effective by the
SEC as soon as practicable after the filing thereof. The Company agrees to use commercially reasonable efforts to keep the Registration
Statement continuously effective (including the preparation and filing of any amendments and supplements necessary for that purpose)
under the Securities Act for a period that will terminate upon the earlier of (i) the date on which all Shares covered by
the Registration Statement have been sold and (ii)  the date on which all of the Shares covered by the Registration Statement
may be sold without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or
any successor thereto) under the Securities Act.

 

(c)            Upon
request from the Company, and as a condition of the Company’s obligation to include any of the Investor’s Shares under
the Registration Statement, the Investor shall provide to the Company all information about the Investor that counsel to the Company
reasonably concludes is required to be included in the Registration Statement pursuant to applicable law, including Item 507 of
Regulation S-K promulgated under the Securities Act and any applicable “blue sky” laws, rules or regulations.
Upon the request of the Company, the Investor shall promptly provide updates of all Investor information included in the Registration
Statement, as applicable.

 

(d)            The
Company covenants that it will use its best efforts to timely file the reports required to be filed by the Company under the Securities
Act and the Exchange Act so as to enable the Investor to sell the Registrable Shares pursuant to Rule 144 under the Securities
Act.

 

(e)            The
Company shall notify the Investor of the effectiveness of any Registration Statement applicable to the Shares.

 

Section 6.2            Suspension
of Registration Statement

 

The
Company shall promptly use commercially reasonable efforts to prevent the issuance by the SEC of any order suspending the effectiveness
of a Registration Statement or the initiation of any proceedings for that purpose. The Company shall promptly notify the
Investor of, and confirm in writing, the issuance by the SEC of any such order suspending the effectiveness of the Registration
Statement with respect the Investor’s Shares or the initiation of any proceedings for that purpose. The Company shall use
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement
as soon as practicable.

 

    27 

    

    

 

Notwithstanding anything to the contrary
set forth in this Agreement, the Company’s obligation under this Agreement to file, amend or supplement the Registration
Statement, or to cause the Registration Statement, or any filings under any state securities laws, to become or remain effective
shall be suspended, for one or more periods, in the event of pending negotiations relating to, or consummation of, a transaction
or the occurrence of an event that (i) would require additional disclosure of material information by the Company in the
Registration Statement or such filing, as to which the Company has a bona fide business purpose for preserving confidentiality,
(ii) render the Company unable to comply with SEC requirements, (iii) would otherwise make it impractical or unadvisable
to cause the Registration Statement or such filings to be filed, amended or supplemented or to become effective (any such circumstances
being hereinafter referred to as a “Suspension Event”). The Company shall notify the Investor of the existence of
any Suspension Event by promptly delivering to the Investor a certificate signed by an executive officer of the Company stating
that a Suspension Event has occurred and is continuing.  Notwithstanding the foregoing, the Company’s right to suspend
its obligations as provided above (the “Suspension Right”) shall in no event be for more than thirty (30) consecutive
days or for more than ninety (90) days in any 12-month period, and the first day of any such suspension must be at least five
(5) days after the last day of any prior suspension. Notwithstanding anything to the contrary set forth in this Agreement,
the Company shall be entitled to seek from the Investor one or more waivers allowing the Company to delay the filing of the Registration
Statement or the declaration of the Registration Statement’s effectiveness with the SEC, as applicable, which waiver shall
not be withheld, conditioned or delayed unless, within five days after receipt of the Company’s waiver request, the Investor
represent to the Company in writing that the number of Shares that the Investor intends to sell in the three months subsequent
to the Company’s request for a waiver would exceed the aggregate number of Shares that could be sold in accordance with
the volume limitations under Rule 144.

 

The Investor agrees, if requested by the
Company in connection with a registered offering of the Company’s securities (each, a “Company Offering”),
not to effect any disposition of any of the Shares during the period (the “Offering Blackout Period”) beginning
upon receipt by the Investor of written notice from the Company, but in any event no earlier than the thirtieth (30th) day preceding
the anticipated date of pricing of such Company Offering, and ending ninety (90) days after the closing date of such Company Offering,
unless such Offering Blackout Period is otherwise lessened or waived by the Company, in its sole discretion.  Such agreement
shall be in writing in the form reasonably satisfactory to the Company.

 

The
Investor agrees that, following the effectiveness of the Registration Statement, the Investor will not affect any dispositions
of any of the Shares pursuant to the Registration Statement or any filings under any state securities laws at any time after the
Investor has received notice from the Company to suspend dispositions as a result of the occurrence or existence of any Suspension
Event or so that the Company may correct or update the Registration Statement or such filing. The Investor will maintain the confidentiality
of the fact that it has received written notice from the Company regarding a Suspension Event as well as any information included
in such notice unless otherwise required by law or subpoena. The Investor may recommence effecting dispositions of the Shares
pursuant to the Registration Statement or such filings, and all other obligations which are suspended as a result of a Suspension
Event shall no longer be so suspended, following further notice to such effect from the Company, which notice shall be given by
the Company promptly after the conclusion of any such Suspension Event.

 

    28 

    

    

 

ARTICLE VII

Indemnification
and contribution

 

Section 7.1            Indemnification
of Investor

 

In consideration of the Investor’s
execution and delivery of this Agreement and the acquisition of the Shares hereunder 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 Affiliates, members, officers, directors, and employees, and any of the foregoing person’s agents or other Representatives
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims,
losses, costs, penalties, fees, liabilities and damages, and 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 of the Investor Indemnitee’s choice and disbursements (the “Investor Indemnified Liabilities”),
incurred by any Investor Indemnitee as a result of, or arising out of, or relating to (1) any misrepresentation or breach
of any representation or warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated
hereby or thereby, (2) any breach of any covenant, agreement or obligation of the Company contained in this Agreement or
any other certificate, instrument or document contemplated therein or (3) any cause of action, suit or claim brought or made
against such Investor Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement of this
Agreement or any other certificate, instrument or document contemplated hereby or thereby, other than as set forth in Section 7.2
or with respect to Investor Indemnified Liabilities which directly and primarily result from (A) a breach of any of such
Investor’s representations and warranties, covenants or agreements made in this Ag or any certificate, instrument or document
contemplated therein or (B) the gross negligence, bad faith, willful misconduct or malfeasance of such Investor or any other
Investor Indemnitee. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Investor Indemnified Liabilities which is permissible
under applicable law. Notwithstanding the provisions of this Section 7.1, the Company shall not be required to contribute
any amount pursuant to this Agreement in excess of the aggregate purchase price paid by the Investor for the Shares.

 

Section 7.2            Indemnification
of the Company.

 

The Investor agrees to indemnify and hold
harmless the Company, its officers, directors, employees and agents and each Person, if any, who controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, together with the managers, members,
managing members, general and limited partners, officers, directors, employees and agents of such controlling Person, to the same
extent as the foregoing indemnity from the Company to the Investor, but only with respect to information related to the Investor,
or their plan of distribution, furnished in writing by the Investor or any of its managers, members, managing members, general
partners, officers, directors, employees and agents to the Company expressly for use in any Registration Statement or prospectus,
or any amendment or supplement thereto, or any preliminary prospectus. The Investor shall not be required to indemnify any Person
pursuant to this Section 7.2 for any amount in excess of the net proceeds received by the Investor from the sale of
the Shares sold for the account of the Investor.

 

    29 

    

    

 

Section 7.3            Indemnification
Procedures.

 

If any action shall be brought against
any Investor Indemnitee in respect of which indemnity may be sought pursuant to this Agreement, such Investor Indemnitee shall
promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its
own choosing reasonably acceptable to the Investor Indemnitee. Any Investor Indemnitee shall have the right to employ separate
counsel (or, if more than one Investor is the subject of any action in respect of which indemnity is sought, one counsel for all
such Investor) in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Investor Indemnitee except to the extent that (1) the employment thereof has been specifically authorized
by the Company in writing, (2) the Company has failed after a reasonable period of time to assume such defense and to employ
counsel or (3) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between
the position of the Company and the position of such Investor Indemnitee, in which case the Company shall be responsible for the
reasonable fees and expenses of no more than one such separate counsel for all Investor seeking indemnity. The Company will not
be liable to any Investor Indemnitee under this Agreement (y) for any settlement by an Investor Indemnitee effected without
the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent, that a loss, claim, damage or liability is attributable to any Investor Indemnitee’s breach of its
representations, warranties or covenants under this Agreement or any conduct by such Investor Indemnitee which constitutes fraud,
gross negligence, willful misconduct or malfeasance. The indemnification required by this Section 7 shall be made
by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or
are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Investor
Indemnitee against the Company or others and any Liabilities the Company may be subject to pursuant to applicable Law.

 

ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.1            Interpretation

 

When a reference is made in this Agreement
to “Preamble,” “Articles,” “Sections” or “Annexes,” such reference shall be to
a Preamble, Article or Section of, or Annex to, this Agreement unless otherwise indicated. The terms defined in the
singular have a comparable meaning when used in the plural, and vice versa. The table of contents and headings contained in this
Agreement are for reference purposes only and are not part of this Agreement. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed followed by the words “without limitation.”
No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of
this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. All references
to “$” or “dollars” mean the lawful currency of the United States of America. Except as expressly stated
in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended,
modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated
under the statute) and to any section of any statute, rule or regulation include any successor to the section. References
to “words of similar import” with respect to Material Adverse Effect or materiality, does not include knowledge qualifiers.

 

    30 

    

    

 

Section 8.2           Legends.

 

The
Investor agrees with the Company, each share of Share purchased by the Investor pursuant to this Agreement shall contain
a legend substantially to the following effect until the date that is one year after the later of the date of issuance or the
last date on which the Company or any Affiliate of the Company was the owner thereof, unless the Company determines otherwise
in accordance with applicable Law:

 

“THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND THIS
SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED, ONLY (I) IN A TRANSACTION NOT INVOLVING A PUBLIC OFFERING, (II) PURSUANT TO ANY OTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (III) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (IV) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN
EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES,
AND IN THE CASE OF (I) OR (II), UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT
SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

Section 8.3           Notices.

 

All notices and other communications required
or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given (a) on the
date of delivery, if delivered personally or by email, upon confirmation of receipt, (b) on the first Business Day following
the date of dispatch if delivered by a recognized next-day courier services, or (c) on the fifth Business Day following the
date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid, to the parties to this
Agreement at the following address or to such other address either party to this Agreement shall specify by notice to the other
party:

 

    31 

    

    

 

If to the Company:

 

Farmland Partners Inc.

4600 S. Syracuse Street, Suite 1450

Attention: General Counsel

Email: Legal@farmlandpartners.com

 

With a copy to (which shall not constitute notice):

 

Morrison & Foerster LLP

2000 Pennsylvania, NW, Suite 6000

Washington, DC 20006-1888

Attention: Justin R. Salon

Email: justinsalon@mofo.com

 

If to the Investor:

 

Good Seed Capital, LLC

2 North Riverside Plaza, Suite 700

Chicago, Illinois 60606

Attention: Darrin Forbes

Email: dforbes@equityinternational.com;

legalnotices@equityinternational.com

 

Section 8.4            Further
Assurances.

 

Each party hereto shall do and perform
or cause to be done and performed all further acts and shall execute and deliver all other agreements, certificates, instruments
and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereby.

 

Section 8.5            Publicity.

 

The Investor shall have the right to approve
(which approval shall not be unduly withheld, conditioned or delayed) any press release prior to its issuance, filing with the
SEC or any other public disclosure made by or on behalf of the Company whatsoever with respect to, in any manner, the Investor,
their purchases hereunder or any aspect of this Agreement or the transactions contemplated hereby; provided, however, that the
Company shall be entitled, without such prior approval of the Investor, to make any press release or other public disclosure (including
any filings with the SEC) with respect to such transactions as is required by applicable law and regulations so long as the Company
and its counsel consult with the Investor in connection with any such press release or other public disclosure at least one Business
Day prior to its release or use by the Company.

 

Section 8.6           Amendments
and Waivers.

 

Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is duly executed and delivered by the Company and
the Investor. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by Law.

 

    32 

    

    

 

Section 8.7            Successors
and Assigns.

 

The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement shall
not be assignable by operation of law or otherwise. Without limiting the foregoing, none of the rights of the Investor hereunder
shall be assigned to, or enforceable by, any Person to whom an Investor may transfer capital stock of the Company.

 

Section 8.8            Governing
Law.

 

THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 8.9           Jurisdiction.

 

The parties hereto agree that any suit,
action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement
or the transactions contemplated hereby may only be brought in the United States District Court for the Southern District of New
York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection which it
may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court.

 

Section 8.10          Waiver
Of Jury Trial.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section 8.11          Entire
Agreement.

 

This Agreement constitutes the entire agreement
between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings,
both oral and written, between the parties and/or their Affiliates with respect to the subject matter of this Agreement.

 

Section 8.12          Effect
of Headings and Table of Contents.

 

    33 

    

    

 

The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 8.13          Severability.

 

If one or more provisions of this Agreement
are held to be unenforceable under applicable Law, such provision shall be deemed to be excluded from this Agreement and the balance
of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance with its terms
to the maximum extent permitted by Law.

 

Section 8.14          Counterparts;
No Third Party Beneficiaries.

 

This Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument.
Except as set forth in Article 9, no provision of this Agreement shall confer upon any Person other than the parties hereto
any rights or remedies hereunder.

 

[Remainder of page intentionally left
blank]

 

    34 

    

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	FARMLAND PARTNERS INC.
	 	 	 
	 	By:	/s/ Paul A. Pittman
	 	Name:	Paul A. Pittman
	 	Title: 	President and Chief Executive Officer
	 	 	 
	 	GOOD SEED CAPITAL, LLC
	 	 	 
	 	By:	/s/ Thomas Heneghan
	 	Name:	Thomas Heneghan
	 	Title:	Chief Executive OfficerExhibit 4.2

 

	 
	 
	 
	DEPOSIT AGREEMENT

  

among

 

Selective Insurance Group, Inc.,

 

Equiniti Trust Company,

as Depositary, Registrar and
Transfer Agent 

and

 

The Holders From Time to Time of

the Depositary Receipts Described Herein

 

	Dated as of December 9, 2020
	 
	 
	 

 

     

     

    

 

	TABLE OF CONTENTS	 
	 	 
	ARTICLE I	 
	DEFINED TERMS	1
	 	 	 
	Section 1.1.	Definitions	1
	 	 	 
	ARTICLE II	 
	FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	3
	 	 	 
	Section 2.1.	Form and Transfer of Receipts	3
	Section 2.2.	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	5
	Section 2.3.	Registration of Transfer of Receipts	5
	Section 2.4.	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Preferred Stock	6
	Section 2.5.	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	7
	Section 2.6.	Lost Receipts, etc.	8
	Section 2.7.	Cancellation and Destruction of Surrendered Receipts	8
	Section 2.8.	Redemption of Preferred Stock	8
	Section 2.9.	Receipt of Funds	10
	Section 2.10.	Receipts Issuable in Global Registered Form	10
	Section 2.11.	Appointment of Depositary	11
	 	 	 
	ARTICLE III	 
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	11
	 	 	 
	Section 3.1.	Filing Proofs, Certificates and Other Information	11
	Section 3.2.	Payment of Taxes or Other Governmental Charges	12
	Section 3.3.	Warranty as to Preferred Stock; Opinion	12
	Section 3.4.	Warranty as to Receipts	12
	 	 	 
	ARTICLE IV	 
	THE DEPOSITED SECURITIES; NOTICES	13
	 	 	 
	Section 4.1.	Cash Distributions	13
	Section 4.2.	Distributions Other than Cash, Rights, Preferences or Privileges	13
	Section 4.3.	Subscription Rights, Preferences or Privileges	14
	Section 4.4.	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	15
	Section 4.5.	Voting Rights	15
	Section 4.6.	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	16

 

    i 

     

    

 

	Section 4.7.	Delivery of Reports	16
	Section 4.8.	Lists of Receipt Holders	17
	 	 	 
	ARTICLE V	 
	THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	17
	 	 	 
	Section 5.1.	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	17
	Section 5.2.	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	18
	Section 5.3.	Obligations of the Depositary, the Depositary’s Agents and the Registrar	18
	Section 5.4.	Resignation and Removal of the Depositary; Appointment of Successor Depositary	23
	Section 5.5.	Corporate Notices and Reports	24
	Section 5.6.	Indemnification by the Corporation	24
	Section 5.7.	Fees, Charges and Expenses	24
	Section 5.8.	Withholding	25
	 	 	 
	ARTICLE VI	 
	AMENDMENT AND TERMINATION	25
	 	 	 
	Section 6.1.	Amendment	25
	Section 6.2.	Termination	26
	 	 	 
	ARTICLE VII	 
	MISCELLANEOUS	26
	 	 	 
	Section 7.1.	Counterparts	26
	Section 7.2.	Exclusive Benefit of Parties	27
	Section 7.3.	Invalidity of Provisions	27
	Section 7.4.	Notices	27
	Section 7.5.	Depositary’s Agents	28
	Section 7.6.	[Reserved]	28
	Section 7.7.	Holders of Receipts Are Parties	28
	Section 7.8.	Governing Law	28
	Section 7.9.	Inspection of Agreement	29
	Section 7.10.	Headings	29
	Section 7.11.	Further Assurances	29
	Section 7.12.	Confidentiality	29
	 	 	 
	EXHIBIT A	 	 
	 	[FORM OF DEPOSITARY RECEIPT]	A-1

 

    ii 

     

    

 

THIS DEPOSIT AGREEMENT,
dated December 9, 2020, among Selective Insurance Group, Inc., a New Jersey corporation (the “Corporation”),
Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, (“EQ”) as
Depositary (as defined below), as Registrar (as defined below) and Transfer Agent (as defined below), and the Holders from time
to time of the Receipts (as defined below).

 

WHEREAS, it is desired
to provide, as hereinafter set forth in this Agreement (as defined below), for the deposit of 8,000,000 shares of 4.60% Non-Cumulative
Preferred Stock, Series B, without par value, $25,000 liquidation preference per share (the “Preferred Stock”),
of the Corporation from time to time with the Depositary for the purposes set forth in this Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares (as defined below) in respect of the Preferred Stock so deposited; and

 

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

 

NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows:

 

ARTICLE I

DEFINED TERMS

 

Section 1.1.     Definitions.

 

The following definitions
shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement:

 

“Agreement”
shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

 

“Certificate
of Amendment” shall mean the relevant Certificate of Amendment with respect to the Preferred Stock filed with the Secretary
of State of the State of New Jersey establishing the Preferred Stock as a series of preferred stock of the Corporation.

 

“Certificate
of Incorporation” shall mean the Amended and Restated Certificate of Incorporation of the Corporation, including
any certificates of designations, and as restated or amended from time to time.

 

“Corporation”
shall have the meaning ascribed thereto in the recitals.

 

“Depositary”
shall mean EQ and any successor as Depositary hereunder.

 

“Depositary
Shares” shall mean the depositary shares, each representing a 1/1,000th interest in one share of the Preferred
Stock, evidenced by a Receipt.

 

    1 

     

    

 

“Depositary’s
Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.

 

“Depositary’s
Office” shall mean the principal office of the Depositary designated for the purposes contemplated in this Agreement,
which is currently located at 275 Madison Avenue, 34th Floor, New York, NY 10016.

 

“DTC”
shall mean The Depository Trust Company.

 

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

 

“Exchange Event”
shall mean with respect to any Global Registered Receipt:

 

(1)   (A) the
Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation that it is
no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer
eligible or in good standing under the Exchange Act, and (B) the Corporation has not appointed a qualified successor Global
Receipt Depository within 90 calendar days after the Corporation received such notice, or

 

(2)   the
Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable
in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts.

 

“Funds”
shall have the meaning set forth in Section 2.9.

 

“Global Receipt
Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt
Depository by the Corporation in or pursuant to this Agreement, which entity must be, to the extent required by any applicable
law or regulation, a clearing agency registered under the Exchange Act.

 

“Global Registered
Receipts” shall mean a global registered Receipt, in definitive or book-entry form, registered in the name of a nominee
of DTC.

 

“Letter of Representations”
shall mean any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such
Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

 

    2 

     

    

 

“Moody’s”
shall have the meaning set forth in Section 2.9.

 

“Person”
shall mean any individual, partnership, joint venture, limited liability company, firm, corporation, unincorporated association
or organization, trust or other entity, and shall include any successor (by merger or otherwise) of any such Person.

 

“Preferred Stock”
shall have the meaning ascribed thereto in the recitals.

 

“Receipt”
shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto,
whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Preferred Stock held
of record by the Record Holder of such Depositary Shares.

 

“Record Holder”
or “Holder” as applied to a Receipt shall mean the Person in whose name such Receipt is registered on the books
of the Depositary maintained for such purpose.

 

“Redemption
Date” shall have the meaning set forth in Section 2.8.

 

“Redemption
Price” shall have the meaning set forth in Section 2.8.

 

“Registrar”
shall mean EQ or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and
transfers of Receipts as herein provided; and if a successor Registrar shall be so appointed, references herein to “the
books” of or maintained by EQ shall be deemed, as applicable, to refer as well to the register maintained by such Registrar
for such purpose.

 

“S&P”
shall have the meaning set forth in Section 2.9.

 

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

 

“Signature Guarantee”
shall have the meaning set forth in Section 2.3.

 

“Transfer Agent”
shall mean EQ or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts
or the deposited Preferred Stock, as the case may be, as herein provided.

 

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, 

TRANSFER,
SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1.     Form and
Transfer of Receipts.

 

The definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided (but which do not affect the rights, duties, liabilities or responsibilities of the Depositary).
Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance
with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten or otherwise
substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the Persons executing such Receipts may determine, as evidenced by their execution of such
Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts
upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver
in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts.

 

    3 

     

    

 

Receipts shall be executed
by the Depositary by the manual, facsimile or electronic signature of a duly authorized officer of the Depositary. No Receipt shall
be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed manually
or by facsimile or electronic signature by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other
than the Depositary) shall have been appointed, by manual, facsimile or electronic signature of a duly authorized officer of the
Depositary and countersigned by manual, facsimile or electronic signature by a duly authorized officer of such Registrar. The Depositary
shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual, facsimile
or electronic signature of a duly authorized signatory of the Depositary who was at such time a proper signatory of the Depositary
shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of
such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

 

Receipts shall be in
denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.

 

Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Depositary) all as may be required
by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or
with the rules and regulations of any securities exchange upon which the Preferred Stock, the Depositary Shares or the Receipts
may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which
any particular Receipts are subject.

 

    4 

     

    

 

Title to Depositary Shares
evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable
by delivery with the same effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures;
provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary
as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder
thereof at such time as the absolute owner thereof for the purpose of determining the Person entitled to distributions of dividends
or other distributions or to any notice provided for in this Agreement and for all other purposes.

 

Section 2.2.     Deposit
of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 

Subject to the terms and conditions of this
Agreement, the Corporation may from time to time deposit shares of Preferred Stock under this Agreement by delivering to the Depositary,
including via electronic book-entry, such shares of Preferred Stock to be deposited, properly endorsed or accompanied, if required
by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with
(i) all such certifications as may be required by the Depositary in accordance with the provisions of this Agreement and (ii) a
written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the Person or
Persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such
deposited Preferred Stock. The Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office.
As Transfer Agent, EQ will reflect changes in the number of shares of deposited Preferred Stock held by it by notation, book-entry
or other appropriate method. The Depositary shall not lend any Preferred Stock deposited hereunder.

 

Upon receipt by the Depositary
of Preferred Stock deposited in accordance with the provisions of this Section 2.2, together with the other documents
required as above specified, and upon recordation of the Preferred Stock on the books of the Corporation (or its duly appointed
transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Agreement,
shall execute and deliver to or upon the order of the Person or Persons named in the written order delivered to the Depositary
referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number
of Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by
such Person or Persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office.

 

Section 2.3.     Registration
of Transfer of Receipts.

 

The Corporation hereby
appoints EQ as the Registrar, Transfer Agent, the redemption agent and disbursing agent in respect of the Receipts and EQ hereby
accepts such appointment, subject to the express terms and conditions of this Agreement and no implied duties or obligations shall
be read into this Agreement against EQ. Subject to the terms and conditions of this Agreement, the Transfer Agent shall register
on its books from time to time transfers of Receipts upon any surrender thereof by the Holder or by such Holder’s duly authorized
attorney, properly endorsed or accompanied by a properly executed instrument of transfer which shall be affixed with the signature
guarantee of a guarantor institution which is a participant in a signature guarantee program approved by the Securities Transfer
Association (a “Signature Guarantee”), and any other reasonable evidence of authority that may be required by
the Transfer Agent, together with evidence of the payment by the applicable party of any transfer taxes or similar charges as may
be required to be paid under applicable law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same
aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or
Receipts to or upon the order of the Person entitled thereto. With respect to the appointments of EQ as Registrar, Transfer Agent
and disbursing agent in respect of the Receipts and, in its capacities under such appointments, shall be entitled to the same rights,
indemnities, immunities and benefits as it receives in its capacity as the Depositary hereunder as if explicitly named in such
capacities in each such provisions.

 

    5 

     

    

 

The Depositary shall
not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days
prior to any selection of Depositary Shares and Preferred Stock to be redeemed and ending at the close of business on the day of
the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or being called
for redemption in whole or in part except as provided in Section 2.8.

 

Section 2.4.     Split-ups
and Combinations of Receipts; Surrender of Receipts and Withdrawal of Preferred Stock.

 

Upon surrender of a Receipt
or Receipts at the Depositary’s Office for the purpose of effecting a split-up or combination of such Receipt or Receipts,
and subject to the terms and conditions of this Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered.

 

Any Holder of a Receipt
or Receipts may withdraw the number of whole shares of Preferred Stock and all money and other property, if any, represented thereby
by surrendering such Receipt or Receipts at the Depositary’s Office. Thereafter, as soon as practicable, the Depositary shall
deliver to such Holder, or to the Person or Persons designated by such Holder as hereinafter provided, the number of whole shares
of Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal,
but Holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or
to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection
with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the
number of whole shares of Preferred Stock, the Depositary shall at the same time, in addition to such number of whole shares of
Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3
upon his order, a new Receipt evidencing such excess number of Depositary Shares.

 

    6 

     

    

 

In no event will fractional
shares of Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Preferred Stock
and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and
other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied
by proper instruments of transfer including, but not limited to, a Signature Guarantee.

 

If the Preferred Stock
and the money and other property, if any, being withdrawn are to be delivered to a Person or Persons other than the Record Holder
of the related Receipt or Receipts being surrendered for withdrawal of such Preferred Stock, such Holder shall execute and deliver
to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered
by such Holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer in blank.

 

Delivery of the Preferred
Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary
at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts
and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

 

Section 2.5.     Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As a condition precedent
to the execution and delivery, registration and registration of transfer, split-up, combination, surrender or exchange of any Receipt,
the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment
(or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges
or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory
to it as to the identity and genuineness of any signature, including a Signature Guarantee, and any other reasonable evidence of
authority that may be required by the Depositary, and may also require compliance with such regulations, if any, as the Depositary
or the Corporation may establish consistent with the provisions of this Agreement and/or applicable law.

 

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

 

    7 

     

    

 

Section 2.6.     Lost
Receipts, etc.

 

In case any Receipt shall
be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor
in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed,
lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary
of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such Holder’s ownership thereof,
(ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond satisfactory to the Depositary,
and (iii) the payment of any reasonable expense in connection with such execution and delivery. Applicants for such substitute
Receipts shall also comply with such other regulations and pay such other reasonable charges as the Depositary may prescribe and
as required by Section 8-405 of the Uniform Commercial Code.

 

Section 2.7.     Cancellation
and Destruction of Surrendered Receipts.

 

All Receipts surrendered
to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law
or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled.

 

Section 2.8.     Redemption
of Preferred Stock.

 

Whenever the Corporation
shall be permitted and shall elect to redeem shares of Preferred Stock in accordance with the terms of the Certificate of Amendment,
it shall give or cause to be given to the Depositary, not less than 25 days and not more than 90 days prior to the Redemption Date
(as defined below), notice of the date of such proposed redemption of Preferred Stock and of the number of such shares held by
the Depositary to be so redeemed and the applicable redemption price (the “Redemption Price”) as set forth in
the Certificate of Amendment, and the place or places where the certificates evidencing such shares, if any, are to be surrendered
for payment of the Redemption Price which notice shall be accompanied by a certificate from the Corporation stating that such redemption
of Preferred Stock is in accordance with the provisions of the Certificate of Amendment. On the date of such redemption, provided,
that the Corporation shall then have paid or caused to be paid in full to EQ the Redemption Price of the Preferred Stock to be
redeemed, plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend per share of Preferred
Stock attributable to the then-current dividend period that has not been declared and paid to, but excluding, the redemption date,
in accordance with the provisions of the Certificate of Amendment, the Depositary shall redeem the number of Depositary Shares
representing such Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of Preferred Stock and
the proposed simultaneous redemption of the number of Depositary Shares representing the Preferred Stock to be redeemed by first-class
mail, postage prepaid (or another reasonably acceptable transmission method), not less than 10 days and not more than 60 days prior
to the date fixed for redemption of such Preferred Stock and Depositary Shares (the “Redemption Date”) (provided,
that, the Depositary receives notice from the Corporation sufficiently in advance of the Redemption Date) to the Record Holders
of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on the records
of the Depositary; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such
Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency
of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state:
(i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares
held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the
Redemption Price or the manner of its calculation; (iv) the place or places where Receipts evidencing such Depositary Shares
are to be surrendered for payment of the Redemption Price; and (v) that dividends in respect of the Preferred Stock represented
by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata, by lot or by such
other method in accordance with the procedures of DTC.

 

    8 

     

    

 

Notice having been mailed
or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to
provide the funds necessary to redeem the Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends
on the shares of Preferred Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts
evidencing such Depositary Shares (except the right to receive the Redemption Price) shall, to the extent of such Depositary Shares,
cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall
so require), such Depositary Shares shall be redeemed by the Depositary at a Redemption Price per Depositary Share equal to 1/1,000th
of the Redemption Price per share of Preferred Stock so redeemed plus all money and other property, if any, represented by such
Depositary Shares, including all amounts paid by the Corporation in respect of dividends in accordance with the provisions of the
Certificate of Amendment.

 

If fewer than all of
the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced
by such prior Receipt and not called for redemption.

 

    9 

     

    

 

Section 2.9.       Receipt
of Funds.

 

All funds received by
EQ under this Agreement that are to be distributed or applied by EQ in the performance of the services hereunder (the “Funds”)
shall be held by EQ as agent for the Corporation and deposited in one or more bank accounts to be maintained by EQ in its name
as agent for the Corporation. Until paid pursuant to this Agreement, EQ may hold the Funds through such accounts in demand deposit
accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P
(LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each
as reported by Bloomberg Finance L.P.). EQ shall have no responsibility or liability for any diminution of the Funds that may result
from any deposit made by EQ in accordance with this paragraph, including any losses resulting from a default by any bank, financial
institution or other third party. EQ may from time to time receive interest, dividends or other earnings in connection with such
deposits or investments. EQ shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or
any other Person.

 

Section 2.10.     Receipts
Issuable in Global Registered Form.

 

If the Corporation shall
determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or
more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Agreement, execute
and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall represent, and shall be denominated
in the aggregate number of Depositary Shares to be represented by such Global Registered Receipt or Receipts, and (ii) shall
be registered in the name of the Global Receipt Depository therefor or its nominee.

 

Notwithstanding any other
provision of this Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt
may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee
of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another
nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global
Receipt Depository. Except as provided herein, owners solely of beneficial interests in a Global Registered Receipt shall not be
entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial
owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights or obligations under this Agreement
with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository, and such Global Receipt Depository
may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary
as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered
to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will
make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global
Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever
any notice, payment or other communication to the holders of Global Registered Receipts is required under this Agreement, the Corporation
and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the
applicable Global Receipt Depository.

 

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If an Exchange Event
has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary, upon receipt of a written
order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global
Registered Receipt, shall execute and deliver individual definitive registered Receipts, in authorized denominations and of like
tenor and terms in an aggregate number equal to the beneficial interests represented by such Global Registered Receipt in exchange
for such Global Registered Receipt.

 

Definitive registered
Receipts issued in exchange for a Global Registered Receipt pursuant to this Section 2.10 shall be registered in such
names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions
from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the Persons in whose
names such Receipts are so registered.

 

Notwithstanding anything
to the contrary in this Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt,
the parties hereto shall comply with the terms of any Letter of Representations.

 

Section 2.11.     Appointment
of Depositary.

 

The Corporation hereby
appoints the Depositary as depositary for the Preferred Stock, and the Depositary hereby accepts such appointment, on the express
terms and conditions set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against
the Depositary.

 

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section 3.1.       Filing
Proofs, Certificates and Other Information.

 

Any Holder of a Receipt
may be required from time to time to file such proof of residence, or other matters or other information, to execute such certificates
and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The
Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or
the withdrawal of the Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any
dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed
or such certificates are executed or such representations and warranties are made.

 

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Section 3.2.       Payment
of Taxes or Other Governmental Charges.

 

Holders of Receipts shall
be obligated to make payments to the Depositary of certain taxes, charges and expenses, as provided in Section 5.7,
or provide evidence satisfactory to the Depositary that such taxes, charges and expenses have been paid. Registration of transfer
of any Receipt or any withdrawal of Preferred Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions
may be withheld or any part of or all the Preferred Stock or other property represented by the Depositary Shares evidenced by such
Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting to notify such Holder in accordance
with Section 7.4 prior to such sale), and such dividends, interest payments or other distributions or the proceeds
of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any
deficiency.

 

Section 3.3.       Warranty
as to Preferred Stock; Opinion

 

The Corporation hereby
represents and warrants that the Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable.
Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of the related Receipts. The
Depositary shall be permitted to rely on applicable opinions of counsel delivered to the underwriters pursuant to Section 5(b)(i) of
the underwriting agreement dated December 2, 2020 between the Corporation and the representatives of the underwriters named
therein relating to the sale of the Depositary Shares to the public.

 

Section 3.4.       Warranty
as to Receipts.

 

The Corporation hereby
represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Preferred Stock. Such representation
and warranty shall survive the deposit of the Preferred Stock and the issuance of the Receipts.

 

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ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1.       Cash
Distributions.

 

Whenever the Depositary
shall receive any cash dividend or other cash distribution on the Preferred Stock, the Depositary shall, at the written direction
of the Corporation, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date
fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however,
that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other
cash distribution in respect of the Preferred Stock an amount on account of taxes, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for
distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts
a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to registered
Holders entitled thereto and any balance not so distributable shall be held by the Depositary (without liability for interest thereon)
and shall be added to and be treated as part of the next succeeding distribution to Record Holders of such Receipts. Each Holder
of a Receipt shall provide the Depositary with a properly completed Form W-8 or W-9 (which form shall set forth the Holder’s
certified tax identification number if requested on such form), as may be applicable. Each Holder of a Receipt acknowledges that,
in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding
by the Depositary of a portion of any of the distributions to be made hereunder.

 

Section 4.2.       Distributions
Other than Cash, Rights, Preferences or Privileges.

 

Whenever the Depositary
shall receive any distribution other than cash, rights, preferences or privileges upon the Preferred Stock, the Depositary shall,
at the written direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts
on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are,
as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such
Holders, in any manner that the Corporation (in consultation with the Depositary) may deem equitable and practicable for accomplishing
such distribution. If in the opinion of the Corporation (in consultation with the Depositary) such distribution cannot be made
proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary
withhold an amount on account of taxes) the Corporation deems, after consultation with the Depositary, such distribution not to
be feasible, the Corporation may adopt (and will notify the Depositary of its adoption of) such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or
property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject
to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by EQ to Record Holders
of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make
any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities
or property to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities
or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.
For the avoidance of doubt, the Corporation shall calculate and transmit to the Depositary, and the Depositary shall have no obligation
under this Agreement to calculate the amounts of cashless distributions. The Corporation may consult with the Depositary, provided,
however, that any determination as to such distributions will be the responsibility of the Corporation, and the Depositary
shall have no duty or obligation to investigate or confirm whether the Corporation’s determination is accurate or correct.

 

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Section 4.3.       Subscription
Rights, Preferences or Privileges.

 

If the Corporation shall
at any time offer or cause to be offered to the Persons in whose names the Preferred Stock is recorded on the books of the Corporation
any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of
any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the
Record Holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either by the issue to such
Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the
Corporation in its discretion with written notice to the Depositary; provided, however, that (i) if at the time
of issue or offer of any such rights, preferences or privileges the Corporation determines upon advice of its legal counsel that
it is not lawful or feasible to make such rights, preferences or privileges available to the Holders of Receipts (by the issue
of warrants or otherwise), or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise
such rights, preferences or privileges, then the Corporation, in its discretion (with written notice to the Depositary), in any
case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or
privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts
entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. The Depositary shall not
make any distribution of such rights, preferences or privileges, unless the Corporation shall have provided to the Depositary an
opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not
need to be so registered.

 

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

 

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The Corporation shall
notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization,
consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts,
and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or
obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges
to enable such Holders to exercise such rights, preferences or privileges.

 

The Depositary will not
be deemed to have any knowledge of any item for which it is supposed to receive notification under any Section of this Agreement
unless and until it has received such notification in writing.

 

Section 4.4.       Notice
of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 

Whenever any cash dividend
or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or
privileges shall at any time be offered, with respect to the Preferred Stock, or whenever the Depositary shall receive notice of
any meeting at which holders of the Preferred Stock are entitled to vote or of which holders of the Preferred Stock are entitled
to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance
fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance
with the terms of the Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise
of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

 

Section 4.5.       Voting
Rights.

 

Subject to the provisions
of the Certificate of Amendment, upon receipt of notice of any meeting at which the holders of the Preferred Stock are entitled
to vote, the Depositary shall, as soon as practicable thereafter, mail (or otherwise transmit by an authorized method) to the Record
Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such
notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary
Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person
designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written
request of the Holders of Receipts on the relevant record date, the Depositary shall, to the extent possible, vote or cause to
be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Preferred Stock
represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received; provided,
that the Depositary receives such instructions sufficiently in advance of such voting to enable it to so vote or cause such Preferred
Stock to be voted. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary
in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific
instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with
respect to such Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the Preferred
Stock represented by the Depositary Shares evidenced by such Receipt.

 

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Section 4.6.       Changes
Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 

Upon any change in par
or stated value, split-up, combination or any other reclassification of the Preferred Stock, subject to the provisions of the Certificate
of Amendment, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is
a party, the Depositary shall, upon the written instructions of the Corporation setting forth any adjustments, (i) make such
adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share
of Preferred Stock and in the ratio of the Redemption Price per Depositary Share to the Redemption Price per share of Preferred
Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination
or other reclassification of the Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat
any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Preferred Stock
as new deposited securities so received in exchange for or upon conversion or in respect of such Preferred Stock. In any such case,
the Depositary may, upon the receipt of written instructions from the Corporation, execute and deliver additional Receipts or may
call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited
securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective
date of any such change in par or stated value, split-up, combination or other reclassification of the Preferred Stock or any such
recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert,
exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares
and other securities and property and cash into which the Preferred Stock represented by such Receipts might have been converted
or for which such Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.

 

Section 4.7.       Delivery
of Reports.

 

The Depositary shall
furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the Depositary
and which, to the Depositary’s knowledge, the Corporation is required to furnish to the holders of the Preferred Stock.

 

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Section 4.8.       Lists
of Receipt Holders.

 

Reasonably promptly upon
request from time to time by the Corporation, at the sole expense of the Corporation, the Depositary shall furnish to it a list,
as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of
Receipts.

 

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION

 

Section 5.1.       Maintenance
of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 

Upon execution of this
Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration
and registration of transfer, surrender and exchange of Receipts and, at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration, registration of transfer, surrender and exchange of Receipts, all in accordance with
the provisions of this Agreement.

 

The Registrar shall keep
books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books at all reasonable
times during regular business hours shall be open for inspection by the Record Holders of Receipts; provided, that any such
Holder requesting to exercise such right shall certify to the Registrar that such inspection shall be for a proper purpose reasonably
related to such Person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Registrar may close
such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder,
or because of any requirement of law or any government, governmental body or commission, stock exchange or any applicable self-regulatory
body.

 

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

 

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Section 5.2.       Prevention
of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

 

Neither the Depositary
nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall incur any liability to any
Holder of Receipt or any beneficial owner thereof if by reason of any provision of any present or future law, or regulation thereunder,
of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s
Agent or the Registrar or any Transfer Agent, by reason of any provision, present or future, of the Corporation’s Certificate
of Incorporation, as amended (including the Certificate of Amendment) or by reason of any act of God or war or other circumstance
beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar, the Transfer Agent or the
Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing
which the terms of this Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any
Registrar, any Transfer Agent or the Corporation incur liability to any Holder of a Receipt or any beneficial owner thereof (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Agreement
shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in this Agreement except in the event of the gross negligence, willful misconduct or actual fraud (each as determined
by a final non-appealable judgment of a court of competent jurisdiction) of the party charged with such exercise or failure to
exercise.

 

Section 5.3.       Obligations
of the Depositary, the Depositary’s Agents and the Registrar.

 

None of the Depositary,
any Depositary’s Agent, any Registrar or any Transfer Agent assumes any obligation or shall be subject to any liability under
this Agreement to Holders of Receipts or any other Person other than from acts or omissions arising out of conduct constituting
gross negligence, willful misconduct or actual fraud (each as determined by a final non-appealable judgment of a court of competent
jurisdiction). Notwithstanding anything in this Agreement to the contrary, excluding any data breach that affects the Corporation
(including, without limitation, any data breach that affects personal identifying information of a Holder), the Depositary’s
gross negligence, willful misconduct or actual fraud (each as determined by a final, non-appealable judgment of a court of competent
jurisdiction and for which the limits in this sentence shall not apply), the Depositary’s, any Depositary’s Agent,
Registrar’s or Transfer Agent’s aggregate liability under this Agreement with respect to, arising from or arising in
connection with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract,
tort, or otherwise, is limited to, and shall not exceed, twice the amount of fees paid hereunder by the Corporation to the Depositary
pursuant to this Agreement during the twelve (12) months immediately preceding the event for which recovery from the Depositary
is sought, but not including reimbursable expenses.

 

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Notwithstanding anything
in this Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer
Agent nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages
of any kind whatsoever (including but not limited to lost profits) even if they have been advised of the likelihood of such loss
or damage and regardless of the form of action.

 

The Depositary shall
not have any duty or responsibility in the case of the receipt of any written demand from any holder of Receipts with respect to
any action or default by the Corporation, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Corporation.

 

The Depositary shall
not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or
liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity
satisfactory to it.

 

The Depositary shall
act hereunder solely as agent for the Corporation, and its duties shall be determined solely by the express provisions hereof (and
no duties or obligations shall be inferred or implied). The Depositary shall not assume any obligations or relationship of agency
or trust with any of the owners or holders of the Receipt.

 

Neither the Depositary
nor any Depositary’s Agent nor any Registrar nor any Transfer Agent shall be liable for any action or any failure to act
by it in reliance upon the written advice of legal counsel or accountants, or information from any Person presenting Preferred
Stock for deposit, any Holder of a Receipt or any other Person believed by it, in the absence of gross negligence, willful misconduct
or actual fraud (each as determined by a final non-appealable judgment of a court of competent jurisdiction) to be competent to
give such information. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent may each rely and shall each
be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to
be genuine and to have been signed or presented by the proper party or parties.

 

The Depositary shall
not be responsible for any failure to carry out any instruction to vote any of the shares of Preferred Stock or for the manner
or effect of any such vote made, as long as any such action or non-action is not taken in gross negligence, willful misconduct
or actual fraud (in each case as determined in an final, non-appealable judgment of a court of competent jurisdiction). The Depositary
undertakes, and any Registrar and Transfer Agent shall be required to undertake, to perform such duties and only such duties as
are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against
the Depositary or any Registrar or any Transfer Agent.

 

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The Depositary, the Depositary’s
Agents, and any Registrar or Transfer Agent may own and deal in any class of securities of the Corporation and its affiliates and
in Receipts or, subject to applicable law, become pecuniarily interested in any transaction in which the Corporation may be interested,
or contract with or lend money to the Corporation or otherwise act as fully and freely as though it were not Depositary, the Depositary’s
Agents, the Registrar or Transfer Agent under this Agreement. Nothing herein shall preclude such Persons from acting in any other
capacity for the Corporation or for any other legal entity. The Depositary may also act as transfer agent or registrar of any of
the securities of the Corporation and its affiliates.

 

The Depositary shall
not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement
or of the Receipts, the Depositary Shares or the Preferred Stock, nor shall it be obligated to segregate such monies from other
monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation
and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

 

In the event the Depositary,
the Depositary’s Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists hereunder or in
any notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the administration
of any of the provisions of this Agreement, the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent shall
deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action
hereunder, each of the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent may, in its sole discretion
upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in
any way to the Corporation, any Holders of Receipts or any other Person for refraining from taking such action, unless the Depositary,
the Depositary’s Agent, the Registrar or Transfer Agent, as applicable, receives written instructions or a certificate signed
by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s
Agent, any Registrar or any Transfer Agent or which proves or establishes the applicable matter to its satisfaction.

 

In the event the Depositary,
any Depositary’s Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or instructions from
any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, any Depositary’s Agent,
any Registrar or any Transfer Agent, shall be entitled to act on such claims, requests or instructions received from the Corporation,
and shall be entitled to the indemnification set forth in Section 5.6 hereof in connection with any action so taken.

 

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From time to time, the
Corporation may provide the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with instructions concerning
the services performed by the Depositary under this Agreement. In addition, at any time, the Depositary, any Depositary’s
Agent, any Registrar or any Transfer Agent may apply to any officer of the Corporation for instruction, and may consult with legal
counsel for the Depositary or the Corporation with respect to any matter arising in connection with the services to be performed
by the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as applicable, under this Agreement. The Depositary,
Depositary’s Agent, Registrar, Transfer Agent and their respective agents and subcontractors shall not be liable and shall
be indemnified by the Corporation for any action taken or omitted by them in reliance upon any instructions from the Corporation
or upon the advice or opinion of such counsel. None of the Depositary, any Depositary’s Agent, any Registrar or any Transfer
Agent shall be held to have notice of any change of authority of any Person, until receipt of written notice thereof from the Corporation.

 

The Depositary may rely
on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible
guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable
 “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any
law, act, regulation or any interpretation of the same then in effect.

 

The Depositary shall
not be liable or responsible for any failure of the Corporation to comply with any of its obligations relating to any registration
statement filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable
regulation or law.

 

The Depositary may rely
on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission or other
document, or any security delivered to it, and believed by it, in the absence of gross negligence, willful misconduct or actual
fraud (each as determined by a final non-appealable judgment of a court of competent jurisdiction) to be genuine and to have been
made or signed by the proper party or parties, or upon any written or oral instructions or statements from the Corporation with
respect to any matter relating to its acting as Depositary hereunder.

 

The Depositary may execute
and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney
or agents, and the Depositary shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney
or agents or for any loss to the Corporation resulting from any such act, default, neglect or misconduct, absent gross negligence,
willful misconduct or actual fraud (each as determined by a final non-appealable judgment of a court of competent jurisdiction)
in the selection and continued employment or engagement thereof.

 

The Depositary, any Depositary’s
Agent, any Registrar and any Transfer Agent hereunder:

 

(i)            shall
have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may
subsequently be agreed to in writing by the parties;

 

    21

     

    

 

(ii)           shall
have no obligation to make payment hereunder unless the Corporation shall have provided the necessary federal or other immediately
available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto;

 

(iii)          may
rely on and shall be authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter,
facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by
the proper party or parties, and shall have no responsibility for determining the accuracy thereof;

 

(iv)          may
rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions
given in accordance with this Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar
covered by this Agreement (or supplementing or qualifying any such actions), by officers of the Corporation;

 

(v)           may
consult counsel satisfactory to it (who may be an employee of the Depositary or the Registrar or counsel to the Corporation), and
the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or
omitted to be taken by it hereunder in accordance with the advice of such counsel;

 

(vi)         shall
not be called upon at any time to advise any Person with respect to the Preferred Stock, Depositary Shares or Receipts;

 

(vii)        shall
not be liable or responsible for any recital or statement contained in any documents relating hereto or to the Preferred Stock,
the Depositary Shares or Receipts;

 

(viii)       shall
not be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary) executing
or delivering or purporting to execute or deliver this Agreement or any documents or papers deposited or called for under this
Agreement; and

 

(ix)          shall
not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or
liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity
satisfactory to it.

 

The obligations of the
Corporation and the rights of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar set forth in this Section 5.3
shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent
or termination of this Agreement.

 

    22

     

    

 

Section 5.4.       Resignation
and Removal of the Depositary; Appointment of Successor Depositary.

 

The Depositary may at
any time resign as Depositary hereunder by delivering 60 days’ written notice of its election to do so to the Corporation,
such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter
provided, but in no event later than 30 days after delivery of such written notice.

 

The Depositary may at
any time be removed by the Corporation by 30 days’ written notice of such removal delivered to the Depositary, such removal
to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided,
but in no event later than 30 days after delivery of such written notice.

 

In case at any time the
Depositary acting hereunder shall resign or be removed, the Corporation shall, within 30 days after the delivery of the notice
of resignation or removal, as the case may be, appoint a successor Depositary, which shall be an entity having its principal office
in the United States of America and having a combined capital and surplus of at least $50,000,000; provided, that the Corporation
shall use its commercially reasonable efforts to ensure that there is at all relevant times when the Preferred Stock is outstanding
a Person appointed and serving as the Depositary. If no successor Depositary shall have been so appointed and have accepted appointment
within 30 days after delivery of such notice, any Record Holder or Receipts hereunder or the resigning or removed Depositary may
petition a court of competent jurisdiction to appoint a successor Depositary. Every successor Depositary shall execute and deliver
to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor
Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor and for all purposes shall be the Depositary under this Agreement, and such predecessor, upon payment of all sums due
it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in
the deposited Preferred Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a
list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating
thereto. Any successor Depositary shall promptly mail (or otherwise transmit by an authorized method) notice of its appointment
to the Record Holders of Receipts.

 

Any Person into or with
which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or
filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate
the Receipts in the name of the predecessor Depositary or its own name as successor Depositary.

 

The provisions of this
Section 5.4 as they apply to the Depositary apply to the Registrar and Transfer Agent as if specifically enumerated herein.

 

    23

     

    

 

Section 5.5.     Corporate
Notices and Reports.

 

The Corporation agrees
that it will deliver to the Depositary, and at the Corporation’s direction the Depositary will, promptly after receipt thereof,
transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all
notices and reports (including without limitation financial statements) required by law, by the rules of any national securities
exchange upon which the Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Certificate
of Incorporation, as amended (including the Certificate of Amendment), to be furnished to the Record Holders of Receipts. Such
transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies
of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of
Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.

 

Section 5.6.     Indemnification
by the Corporation.

 

Notwithstanding Section 5.3
to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar and any Transfer
Agent (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss,
damage, judgment, cost, fine, penalty, claim, demand, settlement, liability or expense (including the reasonable costs and expenses
of its legal counsel) which may arise out of or, in connection with acts performed, taken or omitted to be taken in connection
with the execution, acceptance, administration, exercise and performance of its duties under this Agreement and the Receipts by
the Depositary, any Registrar, any Transfer Agent, or any of their respective agents (including any Depositary’s Agents)
and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful misconduct
or actual fraud (each as determined by a final, non-appealable judgment of a court of competent jurisdiction) on the respective
parts of any such Person or Persons. The obligations of the Corporation set forth in this Section 5.6 shall survive
the replacement, removal, resignation or any succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent,
or termination of this Agreement.

 

Section 5.7.     Fees,
Charges and Expenses.

 

The Corporation agrees
promptly to pay the Depositary, the Depositary’s Agent, the Registrar and the Transfer Agent compensation for all services
to be agreed upon with the Corporation and rendered by them hereunder in accordance with a fee schedule to be mutually agreed upon
and, from time to time, as promptly as practicable after demand of the Depositary, to reimburse the Depositary, the Depositary’s
Agent, the Transfer Agent, the Registrar any dividend disbursement agent and any redemption agent for all of its reasonable and
documented expenses (including the reasonable and documented fees and expenses for one outside counsel) and other disbursements
incurred in the exercise and performance of its duties hereunder. The Corporation shall pay all charges of the Depositary in connection
with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of
Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Preferred Stock at the option of the Corporation.
The Corporation shall pay all transfer and other similar taxes and governmental charges arising solely from the existence of the
depositary arrangements. All other transfer and other similar taxes and governmental charges shall be at the expense of Holders
of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses
for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided,
however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge
or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement
for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. The obligations
of the Corporation and the rights of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar under this Section 5.7
shall survive the replacement, removal, resignation or any succession of any Depositary, Registrar, Transfer Agent or Depositary’s
Agent or termination of this Agreement.

 

    	 	24	 

     

    

 

Section 5.8.     Withholding.

 

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

 

ARTICLE VI

AMENDMENT AND TERMINATION

 

Section 6.1.     Amendment.

 

The form of the Receipts
and any provisions of this Agreement may at any time and from time to time be amended by agreement between the Corporation and
the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment
which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts
unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority
of the Depositary Shares then outstanding; provided, further, that as a condition precedent to the Depositary’s
execution of any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the
Corporation that states that the proposed amendment complies with this Section 6.1. Every Holder of an outstanding Receipt
at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by this Agreement as amended thereby. In no event shall any amendment impair the right, subject to the
provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any
Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Preferred Stock and
all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law
or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange.

 

    	 	25	 

     

    

 

Section 6.2.     Termination.

 

Without limiting any
of the rights or immunities of the Depositary under this Agreement, this Agreement may be terminated by the Corporation or the
Depositary only if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof
or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in connection with any
liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts
entitled thereto.

 

Upon the termination
of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its obligations to
the Depositary, any Depositary’s Agent, any Transfer Agent, Registrar and any other Person under Sections 5.3, 5.6
and 5.7.

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.1.     Counterparts.

 

This Agreement may be
executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and
the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature, and the words “execution,” “signed,” “signature,”
 “delivery” and words of like import in or relating to this Agreement or any document to be signed in connection
with this Agreement shall be deemed to include electronic signatures, deliveries 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, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means.

 

    	 	26	 

     

    

 

Section 7.2.     Exclusive
Benefit of Parties.

 

This Agreement is for
the exclusive benefit of the parties hereto except as expressly provided herein, and their respective successors hereunder, and
shall not be deemed to give any legal or equitable right, remedy or claim to any other Person whatsoever.

 

Section 7.3.     Invalidity
of Provisions.

 

In case any one or more
of the provisions contained in this Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects the rights, duties, liabilities
or obligations of the Depositary, the Depositary shall be entitled to resign immediately.

 

Section 7.4.     Notices.

 

Any and all notices to
be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or overnight delivery service, or by facsimile transmission or electronic mail, confirmed
by letter, addressed to the Corporation at:

 

Selective Insurance Group, Inc.

40 Wantage Avenue, Branchville,

New Jersey, 07890

Attention: Michael H. Lanza, Esq.

 

With a copy to:

 

Selective Insurance Group, Inc.

40 Wantage Avenue, Branchville,

New Jersey, 07890

Attention: Robyn P. Turner, Esq.

 

or at any other addresses of which the Corporation shall have
notified the Depositary in writing.

 

Any and all notices to
be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail or overnight delivery service, or by facsimile transmission, addressed to the Depositary at:

 

Equiniti Trust Company

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120-4100

Facsimile No.: 651-450-4078

Attention: Tracie L. Balach, Relationship Manager

 

or at any other addresses of which the Depositary shall have
notified the Corporation in writing.

 

    	 	27	 

     

    

 

Any and all notices to
be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter, addressed
to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary or, in the case of Receipts
issued in the form of one or more Global Registered Receipts, if transmitted through the facilities of DTC in accordance with DTC’s
procedures; provided, that any Record Holder may direct the Depositary to deliver notices to such Record Holder at an alternate
address or in a specific manner that is reasonably requested by such Record Holder in a written request timely filed with the Depositary
and that is reasonably acceptable to the Depositary.

 

Delivery of a notice
sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter
box or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The Depositary or the
Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding
that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section 7.5.     Depositary’s
Agents.

 

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

 

Section 7.6.     [Reserved].

 

Section 7.7.     Holders
of Receipts Are Parties.

 

The Holders of Receipts
from time to time shall be deemed to be parties to this Agreement and shall be bound by all of the terms and conditions hereof
and of the Receipts by acceptance of delivery thereof to the same extent as though such Person executed this Agreement.

 

Section 7.8.     Governing
Law.

 

This Agreement and the
Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance
with, the laws of the State of New York. Any suit, action or proceeding brought by one party hereto against another party hereto
in connection with or arising under this Agreement shall be brought solely in the state or federal court or appropriate jurisdiction
located in the Borough of Manhattan, The City of New York and each party hereto irrevocably waives, to the fullest extent permitted
by law, (i) any objection that such courts are an inconvenient forum and (ii) any claim of immunity, sovereign or otherwise.

 

    	 	28	 

     

    

 

Section 7.9.     Inspection
of Agreement.

 

Copies of this Agreement
shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the
Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt.

 

Section 7.10.   Headings.

 

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

 

Section 7.11.   Further
Assurances.

 

From time to time and
after the date hereof, the Corporation agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged
or delivered, all such further and other acts, documents, instruments and assurances as the Depositary may reasonably require to
perform the provisions of this Agreement.

 

Section 7.12.   Confidentiality.

 

The Depositary and the
Corporation agree that all books, records, information and data pertaining to the business of the other party, including inter
alia, personal, non-public Holder information and the fees for services that are exchanged or received pursuant to the negotiation
or the carrying out of this Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other Person, except
as may be required by law or legal process. Each party, however, may disclose relevant aspects of the other party’s confidential
information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its
duties and obligations under this Agreement and such disclosure is not prohibited by applicable law.

 

[Signature page follows]

 

    	 	29	 

     

    

 

IN WITNESS WHEREOF, the
Corporation and the Depositary have duly executed this Agreement as of the day and year first set forth above and all Holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

 

	 	SELECTIVE INSURANCE
    GROUP, INC.
	 	 
	 	By:	               
	 	Name:   
	 	Title:     

 

[Signature
Page to Deposit Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
Corporation and the Depositary have duly executed this Agreement as of the day and year first set forth above and all Holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

 

	 	Equiniti Trust Company as Depositary, Registrar and
Transfer Agent
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

[Signature
Page to Deposit Agreement]

 

     

     

    

 

EXHIBIT A

 

[FORM OF DEPOSITARY RECEIPT]

[FACE OF RECEIPT]

 

UNLESS THIS RECEIPT IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
SELECTIVE INSURANCE GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR
AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

     

     

    

 

NUMBER OF DEPOSITARY SHARES: 8,000,000

 

DEPOSITARY RECEIPT NO. A-1

 

 

EACH REPRESENTING 1/1,000th OF
ONE SHARE OF

4.60% NON-CUMULATIVE PREFERRED STOCK, SERIES B

OF

SELECTIVE INSURANCE GROUP, INC.

 

CUSIP: 816300 503

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

Dividend Payment Dates:
March 15, June 15, September 15, and December 15 of each year.

 

Equiniti Trust Company,
a limited trust company organized under the laws of the State of New York (the “Depositary”), hereby certifies
that CEDE & CO. is the registered owner of 8,000,000 depositary shares (“Depositary Shares”), each
Depositary Share representing 1/1,000th of one share of the 4.60% Non-Cumulative Preferred Stock, Series B, without par value,
$25,000 liquidation preference per share (the “Preferred Stock”), of Selective Insurance Group, Inc., a
New Jersey corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled
to the benefits of the Deposit Agreement, dated as of December 9, 2020 (the “Deposit Agreement”), among
the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt,
the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall
have been executed by the Depositary by the manual, facsimile, or electronic signature of a duly authorized officer or, if a Registrar
in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual, facsimile, or electronic signature
of a duly authorized officer of such Registrar.

 

 

Dated:

 

Equiniti Trust Company,

 

as Depositary

 

 

	By:	    	 
	 	Authorized Officer	 

 

     

     

    

 

[REVERSE OF RECEIPT]

 

SELECTIVE INSURANCE GROUP, INC.

 

THE CORPORATION WILL
FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE
OF AMENDMENT OF THE 4.60% NON-CUMULATIVE PREFERRED STOCK, SERIES B, OF SELECTIVE INSURANCE GROUP, INC. ANY SUCH REQUEST IS
TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations
when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according
to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.

 

	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word
	JT TEN	 	As joint tenants, with right of survivorship and not as tenants in common	 	TEN BY ENT	 	As tenants by the entireties
	TEN IN COM	 	As tenants in common	 	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act

 

	Abbreviation	 	Equivalent

 Word	 	Abbreviation	 	Equivalent

 Word	 	Abbreviation	 	Equivalent 

Word
	ADM	 	Administrator(s), Administratrix	 	EX	 	Executor(s), Executrix	 	PL	 	Public Law
	AGMT	 	Agreement	 	FBO	 	For the benefit of	 	TR	 	(As) trustee(s), for, of 
	ART	 	Article	 	FDN	 	Foundation	 	U	 	Under
	CH	 	Chapter	 	GDN	 	Guardian(s)	 	UA	 	Under Agreement
	CUST	 	Custodian for	 	GDNSHP	 	Guardianship	 	UW	 	Under will of, Of will of, Under last will & testament
	DEC	 	Declaration	 	MIN	 	Minor(s)	 	 	 	 
	EST	 	Estate, of Estate of	 	PAR	 	Paragraph	 	 	 	 

 

     

     

    

 

For value received,          hereby
sell(s), assign(s) and transfer(s) unto

 

INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:______________________________

 

PRINT OR TYPEWRITE NAME
AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE:______________________________

 

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

 

Dated:______________________________

 

NOTICE: The signature
to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration
or enlargement or any change whatsoever.

 

SIGNATURE GUARANTEED

 

NOTICE: If applicable,
the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations,
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934, as amended.

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