Tesla, Inc....Tesla, Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-34756 91-2197729 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSIONWASHINGTON,DC20549

FORM8-K

CURRENTREPORTPursuanttoSection13or15(d)

oftheSecuritiesExchangeActof1934

Dateofreport(Dateofearliesteventreported):December8,2020

Tesla,Inc.(ExactNameofRegistrantasSpecifiedinCharter)

Delaware 001-34756 91-2197729

(StateorOtherJurisdictionofIncorporation)

(CommissionFileNumber)

(I.R.S.EmployerIdentificationNo.)

3500DeerCreekRoadPaloAlto,California94304

(AddressofPrincipalExecutiveOffices,andZipCode)

(650)681-5000Registrant’sTelephoneNumber,IncludingAreaCode

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions(seeGeneralInstructionA.2.below):

☐ WrittencommunicationpursuanttoRule425undertheSecuritiesAct(17CFR230.425)

☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

☐ Pre-commencementcommunicationpursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

☐ Pre-commencementcommunicationpursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

SecuritiesregisteredpursuanttoSection12(b)oftheAct:

Titleofeachclass TradingSymbol(s)

Nameofeachexchangeonwhichregistered

Commonstock TSLA TheNasdaqGlobalSelectMarket

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(17CFR§230.405)orRule12b-2oftheSecuritiesExchangeActof1934(17CFR§240.12b-2).

Emerginggrowthcompany☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐

Item1.01 EntryintoaMaterialDefinitiveAgreement.

OnDecember8,2020,Tesla,Inc.(“Tesla”)enteredintoanequitydistributionagreement(the“EquityDistributionAgreement”)withGoldmanSachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,assalesagents(each,a“SalesAgent”andcollectively,the“SalesAgents”),tosellsharesofcommonstock,parvalue$0.001pershare,ofTesla(the“CommonStock”)havingaggregatesalesproceedsofupto$5.0billion(the“Shares”),fromtimetotime,throughan“at-the-market”offeringprogram(the“Offering”).

UpondeliveryofaplacementnoticeandsubjecttothetermsandconditionsoftheEquityDistributionAgreement,theSalesAgentswillusereasonableeffortsconsistentwiththeirnormaltradingandsalespractices,applicablestateandfederallaws,rulesandregulations,andtherulesoftheNasdaqGlobalSelectMarkettoselltheSharesfromtimetotimebaseduponTesla’sinstructionsforthesales,includinganyprice,timeorsizelimitsspecifiedbyTesla.UndertheEquityDistributionAgreement,theSalesAgentsmayselltheSharesbyanymethodpermittedbylaw,includinginordinarybrokers’transactions,innegotiatedtransactions,inblocktrades,andintransactionsthataredeemedtobean“at-the-marketoffering”asdefinedinRule415(a)(4)undertheSecuritiesActof1933,asamended(the“SecuritiesAct”).TheSalesAgents’obligationstoselltheSharesundertheEquityDistributionAgreementaresubjecttosatisfactionofcertainconditions,includingcustomaryclosingconditions.

TheEquityDistributionAgreementprovidesthattheSalesAgentswillbeentitledtocompensationfortheirservicesintheformofacommissionofupto0.25%oftheaggregategrossproceedsfromeachsaleoftheShares,andTeslahasagreedtoreimbursetheSalesAgentsforcertainspecifiedexpenses.TeslahasalsoagreedtoprovidetheSalesAgentswithcustomaryindemnificationandcontributionrights.TeslaisnotobligatedtosellanySharesundertheEquityDistributionAgreementandmayatanytimesuspendsolicitationandoffersundertheEquityDistributionAgreement.TheEquityDistributionAgreementmaybeterminatedbyTeslaatanytimebygivingwrittennoticetotheSalesAgentsforanyreasonorbyeachSalesAgentatanytime,withrespecttosuchSalesAgentonly,bygivingwrittennoticetoTeslaforanyreasonorimmediatelyundercertaincircumstances,includingbutnotlimitedtotheoccurrenceofamaterialadversechangeinthecompany.TheOfferingoftheSharespursuanttotheEquityDistributionAgreementwillterminateupontheterminationoftheEquityDistributionAgreementbyTeslaortheSalesAgents.

ThesalesandissuancesoftheSharesundertheEquityDistributionAgreementwillbemadepursuanttoTesla’seffectiveshelfregistrationstatementonFormS-3(FileNo.333-231168)(the“RegistrationStatement”)declaredeffectivebytheSecuritiesandExchangeCommission(the“SEC”)onMay2,2019.Onthedatehereof,TeslaintendstofileaprospectussupplementwiththeSECinconnectionwiththeofferandsaleoftheSharespursuanttotheEquityDistributionAgreement.

TheforegoingdescriptionoftheEquityDistributionAgreementisnotcompleteandisqualifiedinitsentiretybyreferencetothefulltextofsuchagreement,acopyofwhichisfiledherewithasExhibit1.1tothisCurrentReportonForm8-Kandisincorporatedhereinbyreference.

ThisCurrentReportonForm8-KshallnotconstituteanoffertosellorthesolicitationofanoffertobuyanysecuritiesundertheEquityDistributionAgreement,norshalltherebeanysaleofsuchsecuritiesinanystateorjurisdictioninwhichsuchoffer,solicitationorsalewouldbeunlawfulpriortoregistrationorqualificationunderthesecuritieslawsofanysuchstateorjurisdiction.

Item8.01 OtherEvents.

InconnectionwiththeOffering,thelegalopinionastothelegalityoftheCommonStocksoldisbeingfiledasExhibit5.1tothisCurrentReportonForm8-KandisincorporatedhereinandintotheRegistrationStatementbyreference.

Item9.01 FinancialStatementsandExhibits.

(d) Exhibits.ExhibitNo. Description

1.1

EquityDistributionAgreement,datedasofDecember8,2020,byandbetweenTesla,Inc.andGoldmanSachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC.

5.1 OpinionofWilsonSonsiniGoodrich&Rosati,P.C.

23.1 ConsentofWilsonSonsiniGoodrich&Rosati,P.C.(includedinExhibit5.1).

104 CoverPageInteractiveDataFile(embeddedwithintheInlineXBRLdocument).

SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.

TESLA,INC.

By:/s/ZacharyJ.KirkhornZacharyJ.KirkhornChiefFinancialOfficer

Date:December8,2020Exhibit1.1

Tesla,Inc.

CommonStock,parvalue$0.001pershare,HavinganAggregateOfferingPriceofupto

$5,000,000,000

EquityDistributionAgreement

December8,2020GoldmanSachs&Co.LLC200WestStreetNewYork,NewYork10282

CitigroupGlobalMarketsInc.390GreenwichStreetNewYork,NewYork10013

BarclaysCapitalInc.7457thAvenueNewYork,NewYork10019

BNPParibasSecuritiesCorp.7877thAvenue,8thFloorNewYork,NewYork10019

BofASecurities,Inc.OneBryantParkNewYork,NewYork10036

CreditSuisseSecurities(USA)LLCElevenMadisonAvenueNewYork,NewYork10010

DeutscheBankSecuritiesInc.60WallStreetNewYork,NewYork10005

MorganStanley&Co.LLC1585BroadwayNewYork,NewYork10036

SGAmericasSecurities,LLC245ParkAvenueNewYork,NewYork10167

WellsFargoSecurities,LLC500West33rdStreet,14thFloorNewYork,NewYork10001

LadiesandGentlemen:

Tesla,Inc.,aDelawarecorporation(theCompany),confirmsitsagreement(thisAgreement)withGoldman,Sachs&Co.LLC(Goldman),CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC(eachanAgentand,collectively,theAgents)asfollows:

1.TheCompanyproposestoissueandsellthroughortotheAgents,assalesagentsand/orprincipals,sharesofcommonstock,parvalue$0.001pershare(Stock),havinganaggregateofferingpriceofupto$5,000,000,000(theShares),fromtimetotimeduringthetermofthisAgreementandonthetermssetforthinSection3ofthisAgreement.TheCompanyherebyappointstheAgentsasexclusiveagentsoftheCompanyforthepurposeofmakingoffersandsalesoftheShares.TheCompanyagreesthatwheneveritdeterminestoselltheSharesdirectlytoanAgentasprincipal,itwillenterintoaseparateagreement(each,aTermsAgreement)insubstantiallytheformofAnnexIhereto,relatingtosuchsaleinaccordancewithSection3ofthisAgreement.CertaintermsusedhereinaredefinedinSection21hereof.

2.(a)TheCompanyrepresentsandwarrantsto,andagreeswith,eachoftheAgents,attheExecutionTimeandoneachsuchtimethefollowingrepresentationsandwarrantiesarerepeatedordeemedtobemadepursuanttothisAgreementthat:

(i)AnautomaticshelfregistrationstatementasdefinedunderRule405undertheSecuritiesActof1933,asamended(theAct)onFormS-3(FileNo.333-231168)inrespectoftheShareshasbeenfiledwiththeSecuritiesandExchangeCommission(theCommission)notearlierthanthreeyearspriortotheExecutionTimeorpriortoanysuchtimethisrepresentationisrepeatedordeemedtobemade;suchregistrationstatement,andanypost-effectiveamendmentthereto,becameeffectiveonfiling;andnostopordersuspendingtheeffectivenessofsuchregistrationstatementoranypartthereofhasbeenissuedandnoproceedingforthatpurposehasbeeninitiatedorthreatenedbytheCommission,andnonoticeofobjectionoftheCommissiontotheuseofsuchregistrationstatementoranypost-effectiveamendmenttheretopursuanttoRule401(g)(2)undertheActhasbeenreceivedbytheCompany(thebaseprospectusfiledaspartofsuchregistrationstatement,intheforminwhichithasmostrecentlybeenfiledwiththeCommissiononorpriortothedateofthisAgreement,ishereinaftercalledtheBasicProspectus;theCompanyshallfilewiththeCommissiontheProspectusSupplementrelatingtotheSharesinaccordancewithRule424(b)promptlyaftertheExecutionTime(butinanyeventinthetimeperiodprescribedthereby)and,asfiled,theProspectuswillcontainallinformationrequiredbytheActandtherulesthereunder,and,excepttotheextenttheAgentsshallagreeinwritingtoamodification,shallbeinallsubstantiverespectsintheformfurnishedtotheAgentspriortotheExecutionTimeorpriortoanysuchtimethisrepresentationisrepeatedordeemedtobemade;theRegistrationStatement,attheExecutionTime,eachsuchtimethisrepresentationisrepeatedordeemedtobemade,andatalltimesduringwhichaprospectusisrequiredbytheActtobedelivered(whetherphysicallyorthroughcompliancewithRule172oranysimilarrule)inconnectionwithanyofferorsaleofShares,meetstherequirementssetforthinRule415(a)(1)(x);thevariouspartsofsuchregistrationstatement,includingallexhibitsthereto(butexcludingFormT-1)andincludinganyprospectussupplementrelatingtotheSharesthatisfiledwiththeCommissionanddeemedbyvirtueofRule430Btobepartofsuchregistrationstatement,eachasamendedatthetimesuchpartoftheregistrationstatementbecameeffective,arehereinaftercollectivelycalled

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theRegistrationStatement;theprospectussupplementrelatingtotheSharesthatwasfirstfiledpursuanttoRule424(b)aftertheExecutionTimeishereinaftercalledtheProspectusSupplement;theprospectussupplementrelatingtotheSharespreparedandfiledpursuanttoRule424(b)fromtimetotimeasprovidedbySection4(r)ofthisAgreementishereinaftercalledtheInterimProspectusSupplement;theBasicProspectus,assupplementedbytheProspectusSupplementandthemostrecentlyfiledInterimProspectusSupplement(ifany)ishereinaftercalledtheProspectus;anyreferencehereintotheBasicProspectus,theProspectus,theProspectusSupplementoranyInterimProspectusSupplementshallbedeemedtorefertoandincludethedocumentsincorporatedbyreferencethereinpursuanttoItem12ofFormS-3undertheAct,asofthedateofsuchprospectus;anyreferencetoanyamendmentorsupplementtotheBasicProspectus,theProspectus,theProspectusSupplementoranyInterimProspectusSupplementshallbedeemedtorefertoandincludeanypost-effectiveamendmenttotheRegistrationStatement,anyprospectussupplementrelatingtotheSharesfiledwiththeCommissionpursuanttoRule424(b)undertheActandanydocumentsfiledundertheSecuritiesExchangeActof1934,asamended(theExchangeAct),andincorporatedtherein,ineachcaseafterthedateoftheBasicProspectus,theProspectus,theProspectusSupplementorsuchInterimProspectusSupplement,asthecasemaybe;anyreferencetoanyamendmenttotheRegistrationStatementshallbedeemedtorefertoandincludeanyannualreportoftheCompanyfiledpursuanttoSection13(a)or15(d)oftheExchangeActaftertheeffectivedateoftheRegistrationStatementthatisincorporatedbyreferenceintheRegistrationStatement;andanyissuerfreewritingprospectusasdefinedinRule433undertheActrelatingtotheSharesishereinaftercalledanIssuerFreeWritingProspectus);

(ii)NoorderpreventingorsuspendingtheuseofanyProspectusoranyIssuerFreeWritingProspectushasbeenissuedbytheCommission,andeachProspectusSupplementandInterimProspectusSupplement,atthetimeoffilingthereof,conformedinallmaterialrespectstotherequirementsoftheActandtherulesandregulationsoftheCommissionthereunder,anddidnotcontainanuntruestatementofamaterialfactoromittostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementstherein,inthelightofthecircumstancesunderwhichtheyweremade,notmisleading;provided,however,thatthisrepresentationandwarrantyshallnotapplytoanystatementsoromissionsmadeinrelianceuponandinconformitywithinformationfurnishedinwritingtotheCompanybyanAgentexpresslyforusetherein;

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(iii)ForthepurposesofthisAgreement,theApplicableTimewithrespecttoanyShares,shallmeanthetimeofsaleofsuchSharespursuanttothisAgreementoranyrelevantTermsAgreement.AttheExecutionTime,ateachApplicableTime,ateachSettlementDateandeachTimeofDelivery,theDisclosurePackagedidnotincludeanyuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementstherein,inthelightofthecircumstancesunderwhichtheyweremade,notmisleading;provided,however,thatthisrepresentationandwarrantyshallnotapplytostatementsoromissionsmadeintheDisclosurePackageorinanIssuerFreeWritingProspectusinrelianceuponandinconformitywithinformationfurnishedinwritingtotheCompanybyanAgentrelatingtotheAgentsexpresslyforusetherein;

(iv)ThedocumentsincorporatedbyreferenceintheDisclosurePackageandtheProspectus,whentheybecameeffectiveorwerefiledwiththeCommission,asthecasemaybe,conformedinallmaterialrespectstotherequirementsoftheActortheExchangeAct,asapplicable,andtherulesandregulationsoftheCommissionthereunder,andnoneofsuchdocumentscontainedanuntruestatementofamaterialfactoromittedtostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading;anyfurtherdocumentssofiledandincorporatedbyreferenceintheProspectusoranyfurtheramendmentorsupplementthereto,whensuchdocumentsbecomeeffectiveorarefiledwiththeCommission,asthecasemaybe,willconforminallmaterialrespectstotherequirementsoftheActortheExchangeAct,asapplicable,andtherulesandregulationsoftheCommissionthereunderandwillnotcontainanuntruestatementofamaterialfactoromittostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading;provided,however,thatthisrepresentationandwarrantyshallnotapplytoanystatementsoromissionsmadeinrelianceuponandinconformitywithinformationfurnishedinwritingtotheCompanybyanAgentexpresslyforusetherein;andnosuchdocumentswerefiledwiththeCommissionsincetheCommissionscloseofbusinessonthebusinessdayimmediatelypriortothedateofthisAgreementandpriortotheexecutionofthisAgreement;

(v)OneachEffectiveDate,attheExecutionTime,ateachdeemedeffectivedatewithrespecttotheAgentspursuanttoRule430B(f)(2)undertheAct,ateachApplicableTime,ateachSettlementDate,ateachTimeofDeliveryandatalltimesduringwhichaprospectusisrequiredbytheActtobedelivered(whetherphysicallyorthroughcompliancewithRule172oranysimilarrule)inconnectionwithanyofferorsaleofShares,theRegistrationStatementconformsandwillconforminallmaterialrespectstotherequirementsoftheActandtherulesandregulationsoftheCommissionthereunderanddoesnotandwillnotcontainanuntruestatementofamaterialfactoromittostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading;andonthedateofanyfilingpursuanttoRule424(b),ateachApplicableTime,oneachSettlementDate,ateachTimeofDeliveryandatalltimesduringwhicha

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prospectusisrequiredbytheActtobedelivered(whetherphysicallyorthroughcompliancewithRule172oranysimilarrule)inconnectionwithanyofferorsaleofShares,theProspectus(togetherwithanyamendmentsorsupplementstotheProspectus)conformsandwillconforminallmaterialrespectstotherequirementsoftheActandtherulesandregulationsoftheCommissionthereunderanddoesnotandwillnotcontainanuntruestatementofamaterialfactoromittostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading;provided,however,thatthisrepresentationandwarrantyshallnotapplytoanystatementsoromissionsmadeinrelianceuponandinconformitywithinformationfurnishedinwritingtotheCompanybyanAgentexpresslyforusetherein;

(vi)NeithertheCompanynoranyofitssubsidiarieshassustainedsincethedateofthelatestauditedfinancialstatementsincludedorincorporatedbyreferenceintheDisclosurePackageanylossmaterialtotheCompanyorinterferencewithitsbusinessmaterialtotheCompanyfromfire,explosion,floodorothercalamity,whetherornotcoveredbyinsurance,orfromanylabordisputeorcourtorgovernmentalaction,orderordecree,otherwisethanassetforthorcontemplatedintheDisclosurePackage;and,sincetherespectivedatesasofwhichinformationisgivenintheRegistrationStatementandtheDisclosurePackage,therehasnotbeenanychangeinthecapitalstock(otherthan(A)theissuanceorgrantofsecuritiespursuanttoemployeeequityincentiveplansexistingorproposedforshareholderapprovalasofthedateofthisAgreementorpursuanttooutstandingoptions,warrantsorrights(includingconvertiblenotesorwarrants)or(B)therepurchaseofsharesofcapitalstockpursuanttoagreementsprovidingforanoptiontorepurchaseorarightoffirstrefusalonbehalfoftheCompany,ineachcaseassuch(1)equityincentiveplans,(2)outstandingoptions,warrantsorrights,and(3)agreementsasaredescribedintheDisclosurePackage)orlong-termdebt(otherthanregularpaymentsordrawdownspursuanttoobligationsdisclosedinorcontemplatedbytheDisclosurePackage)oftheCompanyoranyofitssubsidiariesoranymaterialadversechange,oranydevelopmentinvolvingaprospectivematerialadversechange,inoraffectingthegeneralaffairs,management,consolidatedfinancialposition,consolidatedstockholdersequityorconsolidatedresultsofoperationsoftheCompanyanditssubsidiaries,takenasawhole(aMaterialAdverseEffect),otherwisethanassetforthorcontemplatedintheDisclosurePackage;

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(vii)TheCompanyanditssubsidiarieshavegoodandmarketabletitleinfeesimpletoallrealpropertyandgoodandmarketabletitletoallpersonalproperty(otherthanIntellectualProperty,whichisaddressedinSection2(a)(xix)hereof)ownedbythem,freeandclearofallliens,encumbrancesanddefectsexceptsuchasaredescribedintheDisclosurePackageorsuchaswouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect;andanyrealpropertyandbuildingsheldunderleasebytheCompanyanditssubsidiariesareheldbythemundervalid,subsistingandenforceableleaseswithsuchexceptionsaswouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffectanddonotmateriallyinterferewiththeusemadeandproposedtobemadeofsuchpropertyorbuildingsbytheCompanyanditssubsidiaries;

(viii)TheCompanyhasbeendulyincorporatedandisvalidlyexistingasacorporationingoodstandingunderthelawsoftheStateofDelaware,withpowerandauthority(corporateandother)toownitspropertiesandconductitsbusinessasdescribedintheDisclosurePackage,andhasbeendulyqualifiedasaforeigncorporationforthetransactionofbusinessandisingoodstandingunderthelawsofeachjurisdictioninwhichitownsorleasespropertiesorconductsanybusinesssoastorequiresuchqualification,exceptwherethefailuretosoqualifyorbeingoodstandinginanysuchjurisdictionwouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect.Eachwholly-ownedsubsidiaryoftheCompanyhasbeendulyformedandisvalidlyexistingingoodstandingunderthelawsofitsjurisdictionoforganization,andotherthanTeslaEnergyOperations,Inc.,noneoftheCompanyssubsidiariesisaSignificantSubsidiarymaterialtothebusinessoroperationsoftheCompany;

(ix)TheCompanyhasanauthorizedcapitalizationdescribedasActualinthetableincludedunderthecaptionCapitalizationintheDisclosurePackageandalloftheoutstandingsharesofcapitalstockoftheCompanyhavebeendulyauthorizedandvalidlyissuedandarefullypaidandnon-assessableandconformtothedescriptionoftheStock,asapplicable,containedintheDisclosurePackageandtheProspectus;andalloftheissuedsharesofcapitalstockofeachsubsidiaryoftheCompanyhavebeendulyandvalidlyauthorizedandissued,are,totheextentapplicable,fullypaidandnon-assessable(exceptfordirectorsqualifyingsharesandexceptasotherwisesetforthintheDisclosurePackage)andareowneddirectlyorindirectlybytheCompany,freeandclearofallliens,encumbrances,equitiesorclaims;

(x)TheSharestobeissuedandsoldbytheCompanytotheAgentshereunderhavebeendulyauthorizedand,whenissuedanddeliveredagainstpaymentthereforasprovidedherein,willbevalidlyissuedandfullypaidandnon-assessable,andwillconformtothedescriptionoftheStockcontainedintheProspectus;

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(xi)TheissueandsaleoftheSharesandthecompliancebytheCompanywiththisAgreementandtheconsummationofthetransactionshereincontemplatedwillnot(A)conflictwithorresultinabreachorviolationofanyofthetermsorprovisionsof,orconstituteadefaultunder,anyindenture,mortgage,deedoftrust,loanagreementorotheragreementorinstrumenttowhichtheCompanyoranyofitssubsidiariesisapartyorbywhichtheCompanyoranyofitssubsidiariesisboundortowhichanyofthepropertyorassetsoftheCompanyoranyofitssubsidiariesissubject,(B)resultinanyviolationoftheprovisionsoftheCertificateofIncorporationorBylawsoftheCompanyoranyofitsSignificantSubsidiariesor(C)assumingtheaccuracyoftherepresentationsoftherepresentativesandwarrantiesoftheAgentscontainedhereinandtheircompliancewiththeagreementscontainedherein,resultinanyviolationofanystatuteoranyorder,ruleorregulationofanycourtorgovernmentalagencyorbodyhavingjurisdictionovertheCompanyoranyofitssubsidiariesoranyoftheirproperties,exceptinthecaseof(A)and(C),aswouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect;and,assumingtheaccuracyoftherepresentationsandwarrantiesoftheAgentscontainedhereinandtheircompliancewiththeagreementscontainedherein,noconsent,approval,authorization,order,registrationorqualificationoforwithanysuchcourtorgovernmentalagencyorbodyisrequiredfortheissueandsaleoftheSharesbytheCompanyortheconsummationbytheCompanyofthetransactionscontemplatedbythisAgreement,except(X)suchashavebeenobtainedundertheAct,(Y)suchconsents,approvals,authorizations,orders,registrationsorqualificationsasmayberequiredunderstatesecuritiesorBlueSkylaws,theFinancialIndustryRegulatoryAuthority,Inc.,orTheNasdaqStockMarket(NASDAQ)inconnectionwiththepurchaseanddistributionoftheSharesbytheAgents,or(Z)wherethefailuretoobtainanysuchconsent,approval,authorization,order,registrationorqualificationwouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect;

(xii)NeithertheCompanynoranyofitssubsidiariesis(A)inviolationofitsCertificateofIncorporationorBylawsor(B)indefaultintheperformanceorobservanceofanyobligation,agreement,covenantorconditioncontainedinanyindenture,mortgage,deedoftrust,loanagreement,leaseorotheragreementorinstrumenttowhichitisapartyorbywhichitoranyofitspropertiesmaybebound,exceptinthecaseof(B)forsuchdefaultsaswouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect;

(xiii)ThestatementssetforthintheDisclosurePackageandtheProspectusunderthecaptionDescriptionofCapitalStock,insofarastheypurporttoconstituteasummaryofthetermsoftheStock,andunderthecaptionsMaterialU.S.FederalIncomeTaxConsequencesforNon-U.S.HoldersandPlanofDistribution,insofarastheypurporttodescribetheprovisionsofthelawsanddocumentsreferredtotherein,areaccurate,completeandfairinallmaterialrespects;

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(xiv)OtherthanassetforthintheDisclosurePackage,therearenolegalorgovernmentalproceedingspendingtowhichtheCompanyoranyofitssubsidiariesisapartyorofwhichanypropertyoftheCompanyoranyofitssubsidiariesisthesubjectwhichwould,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect;andtotheCompanysknowledge,nosuchproceedingsarethreatenedorcontemplatedbygovernmentalauthoritiesorthreatenedbyothers;

(xv)ExceptasdisclosedintheDisclosurePackage,thedelivery,sale,purchaseoruseofanyproductsorservicesoftheCompanyanditssubsidiariesarenotlegallyprohibitedinanyjurisdictionoractivelyblockedbyanygovernmentalentity,except,ineachcase,aswouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect;

(xvi)TheCompanyisnotand,aftergivingeffecttotheofferingandsaleoftheSharestobesoldbytheCompanyandtheapplicationoftheproceedsthereof,willnotbeaninvestmentcompany,assuchtermisdefinedintheInvestmentCompanyActof1940,asamended(theInvestmentCompanyAct);

(xvii)(A)(1)AtthetimeoffilingtheRegistrationStatement,(2)atthetimeofthemostrecentamendmenttheretoforthepurposesofcomplyingwithSection10(a)(3)oftheAct(whethersuchamendmentwasbypost-effectiveamendment,incorporatedreportfiledpursuanttoSection13or15(d)oftheExchangeActorformofprospectus),and(3)atthetimetheCompanyoranypersonactingonitsbehalf(withinthemeaning,forthisclauseonly,ofRule163(c)undertheAct)madeanyofferrelatingtotheSharesinrelianceontheexemptionofRule163undertheAct,theCompanywasawell-knownseasonedissuerasdefinedinRule405undertheAct;and(B)attheearliesttimeafterthefilingoftheRegistrationStatementthattheCompanyoranotherofferingparticipantmadeabonafideoffer(withinthemeaningofRule164(h)(2)undertheAct)oftheShares,theCompanywasnotanineligibleissuerasdefinedinRule405undertheAct;

(xviii)PricewaterhouseCoopersLLP,whohascertifiedcertainfinancialstatementsoftheCompanyanditssubsidiaries,andhasauditedtheCompanysinternalcontroloverfinancialreportingisanindependentregisteredpublicaccountingfirmasrequiredbytheActandtherulesandregulationsoftheCommissionthereunder;

(xix)OtherthanassetforthintheDisclosurePackageoraswouldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect,theCompanyandeachofitsSignificantSubsidiariesownsorpossesses,orcanacquireonreasonableterms,allrightstolicenses,inventions,copyrights,know-how(includingtradesecretsandotherunpatentedand/orunpatentableproprietaryorconfidentialinformation,systemsorprocedures),trademarks,servicemarksandtradenames,domainnames,

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patentsandpatentrights(collectively,IntellectualProperty)necessarytocarryonitsbusinessasdescribedintheDisclosurePackage,and,exceptassetforthintheDisclosurePackage,neithertheCompanynoranyofitsSignificantSubsidiarieshasreceivedanynoticeofinfringementoforconflictwithassertedrightsofotherswithrespecttoanyoftheforegoingwhich,individuallyorintheaggregate,wouldreasonablybeexpectedtohaveaMaterialAdverseEffect;

(xx)NomateriallabordisputewiththeemployeesoftheCompanyexists,or,totheknowledgeoftheCompany,isimminent;

(xxi)ExceptasdescribedintheDisclosurePackageandtheProspectus,therearenocontracts,agreementsorunderstandingsbetweentheCompanyandanypersongrantingsuchpersontheright(otherthanrightswhichhavebeenwaivedinwritingorotherwisesatisfied)torequiretheCompanytofilearegistrationstatementundertheActwithrespecttoanysecuritiesoftheCompanyownedortobeownedbysuchpersonortorequiretheCompanytoincludesuchsecuritiesinthesecuritiesregisteredpursuanttotheRegistrationStatementorinanysecuritiesbeingregisteredpursuanttoanyotherregistrationstatementfiledbytheCompanyundertheAct;

(xxii)ExceptasdescribedintheDisclosurePackageandtheRegistrationStatement,theCompanyhasnotsoldorissuedanysharesofStockduringthesix-monthperiodprecedingthedateoftheProspectus,includinganysalespursuanttoRule144Aunder,orRegulationsDorSof,theAct,otherthansharesissuedpursuanttoemployeebenefitplans,stockoptionplansorotheremployeecompensationplansorpursuanttooutstandingoptions,rightsorwarrantsorpursuanttoastockdividendonitscapitalstock;

(xxiii)SincethedateasofwhichinformationisgivenintheDisclosurePackageandtheProspectusandexceptasdescribedintheDisclosurePackageandtheProspectus,theCompanyhasnot(A)incurredanymaterialliabilityorobligation,directorcontingent,otherthanliabilitiesandobligationsthatwereincurredintheordinarycourseofbusiness,(B)enteredintoanymaterialtransactionnotintheordinarycourseofbusinessor(C)declaredorpaidanydividendonitscapitalstock;

(xxiv)ExceptasdescribedintheDisclosurePackageandtheProspectus,theCompanyandeachofitsSignificantSubsidiariesisinsuredbyinsurersofrecognizedfinancialresponsibilityagainstsuchlossesandrisksandinsuchamountsasareprudentanddeemedreasonablyadequatebyCompanyforthebusinessinwhichitisengaged;theCompanyhasnotbeenrefusedbyaninsureranyinsurancecoveragesoughtorappliedforwheretheCompanyhasnotthenobtainedsimilarcoveragefromsimilarinsurers;andtheCompanyhasnoreasontobelievethatitwillnotbeable

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torenewitsexistinginsurancecoverageasandwhensuchcoverageexpiresortoobtainsimilarcoveragefromsimilarinsurersasmaybenecessarytocontinueitsbusiness,ortoestablishalternativefinancialorriskmanagementarrangementsasareprudentanddeemedreasonablyadequatebytheCompanyforthebusinessinwhichitisengaged,atacostthatwouldnothaveaMaterialAdverseEffectontheCompany;

(xxv)TheCompanyandeachofitssubsidiaries(i)areincompliancewithall,andhavenotviolatedany,laws,regulations,ordinances,rules,orders,judgments,decrees,permitsorotherlegalrequirementsofanygovernmentalauthority,includingwithoutlimitationanyinternational,national,state,provincial,regional,orlocalauthority,relatingtotheprotectionofhumanhealthorsafety,theenvironment,ornaturalresources,ortohazardousortoxicsubstancesorwastes,pollutantsorcontaminants(EnvironmentalLaws)applicabletosuchentity,whichcomplianceincludes,withoutlimitation,obtaining,maintainingandcomplyingwithallpermitsandauthorizationsandapprovalsrequiredbyEnvironmentalLawstoconducttheirrespectivebusinesses,and(ii)havenotreceivednoticeofanyactualorallegedviolationofEnvironmentalLaws,orofanypotentialliabilityfororotherobligationconcerningthepresence,disposalorreleaseofhazardousortoxicsubstancesorwastes,pollutantsorcontaminants,exceptinthecaseofeither(i)or(ii)wherethefailuretocomplyorthepotentialliabilityorobligationwouldnot,individuallyorintheaggregate,reasonablybeexpectedtohaveaMaterialAdverseEffect.ExceptasdescribedintheDisclosurePackageandtheProspectus,(A)therearenoproceedingsthatarepending,orknowntobecontemplated,againsttheCompanyoranyofitssubsidiariesunderEnvironmentalLawsinwhichagovernmentalauthorityisalsoaparty,otherthansuchproceedingswhichitisreasonablybelievedwouldnotresultinaMaterialAdverseEffect,(B)theCompanyanditssubsidiariesarenotawareofanyissuesregardingcompliancewithEnvironmentalLaws,orliabilitiesunderEnvironmentalLawsorconcerninghazardousortoxicsubstancesorwastes,pollutantsorcontaminants,thatcouldreasonablybeexpectedtohaveaMaterialAdverseEffectonthecapitalexpenditures,earningsorcompetitivepositionoftheCompanyanditssubsidiaries,and(C)noneoftheCompanyanditssubsidiariesanticipatesincurringmaterialcapitalexpendituresrelatingtocompliancewithEnvironmentalLaws;

(xxvi)TheCompanymaintainsasystemofinternalcontroloverfinancialreporting(assuchtermisdefinedinRule13a-15(f)undertheExchangeActthatcomplieswiththerequirementsoftheExchangeActapplicabletotheCompanyandhasbeendesignedbytheCompanysprincipalexecutiveofficerandprincipalfinancialofficer,orundertheirsupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithU.S.generallyacceptedaccountingprinciples.ExceptasdisclosedintheDisclosurePackage,theCompanysinternalcontroloverfinancialreportingiseffectiveandtheCompanyisnotawareofanymaterialweaknessesinitsinternalcontroloverfinancialreporting;

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(xxvii)ExceptasdisclosedintheDisclosurePackage,sincethedateofthelatestauditedfinancialstatementsincludedorincorporatedbyreferenceintheDisclosurePackage,therehasbeennochangeintheCompanysinternalcontroloverfinancialreportingthathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theCompanysinternalcontroloverfinancialreporting;

(xxviii)TheCompanymaintainsdisclosurecontrolsandprocedures(assuchtermisdefinedinRule13a-15(e)undertheExchangeAct)thatcomplywiththerequirementsoftheExchangeAct;suchdisclosurecontrolsandprocedureshavebeendesignedtoensurethatmaterialinformationrelatingtotheCompanyanditssubsidiariesismadeknowntotheCompanysprincipalexecutiveofficerandprincipalfinancialofficerbyotherswithinthoseentities;andsuchdisclosurecontrolsandproceduresareeffectiveinallmaterialrespects;

(xxix)Thestatisticalandmarket-relateddataincludedunder(A)thecaptionsSummary,RiskFactors,ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsandBusinessintheDisclosurePackageandtheProspectusand(B)theCompanysmostrecentannualreportonForm10-KarebasedonorderivedfromestimatesandsourcesthattheCompanybelievestobereliableandaccurateinallmaterialrespects;

(xxx)ExceptasdescribedintheDisclosurePackageandtheProspectus,theCompanyandeachofitssubsidiarieshavefiledallmaterialfederal,state,localandforeignincomeandfranchisetaxreturnsrequiredtobefiledthroughthedatehereof,subjecttopermittedextensions,andhavepaidallmaterialtaxesdue,exceptfortaxesbeingcontestedingoodfaithandforwhichtheCompanyhasestablishedadequatereservestotheextentrequiredinaccordancewithgenerallyacceptedaccountingprinciples.NomaterialtaxdeficiencyhasbeendeterminedadverselytotheCompanyoranyofitssubsidiariesandtheCompanydoesnothaveanyknowledgeofanytaxdeficiencies;

(xxxi)NeithertheCompanynoranyofitssubsidiariesoraffiliates,noranydirector,officer,oremployee,nor,totheCompanysknowledge,anyagentorrepresentativeoftheCompanyorofanyofitssubsidiariesoraffiliates,hastakenorwilltakeanyactioninfurtheranceof(A)anoffer,payment,promisetopay,orauthorizationorapprovaloftheunlawfulpaymentorgivingofmoney,property,giftsoranythingelseofvalue,directlyorindirectly,toanygovernmentofficial(includinganyofficeroremployee

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ofagovernmentorgovernment-ownedorcontrolledentityorofapublicinternationalorganization,oranypersonactinginanofficialcapacityfororonbehalfofanyoftheforegoing,oranypoliticalpartyorpartyofficialorcandidateforpoliticaloffice),(B)anyactiontousecorporatefundsforunlawfulcontributionsorotherunlawfulexpensesrelatingtopoliticalactivityor(C)anyoffer,requestoractionforanunlawfulbribeorotherunlawfulbenefitorhasviolatedorisinviolationofanyapplicableanti-corruptionlaws;andtheCompanyanditssubsidiariesandaffiliateshaveinstitutedandmaintainandenforce,andwillcontinuetomaintainandenforce,policiesandproceduresdesignedtopromoteandachievecompliancewithsuchlawsandwiththerepresentationandwarrantycontainedherein;

(xxxii)TheoperationsoftheCompanyanditssubsidiariesareandhavebeenconductedatalltimesincompliancewithallapplicablefinancialrecordkeepingandreportingrequirements,includingthoseoftheBankSecrecyAct,asamended,andtheapplicableanti-moneylaunderingstatutesofjurisdictionswheretheCompanyanditssubsidiariesconductbusiness,therulesandregulationsthereunderandanyrelatedorsimilarrules,regulationsorguidelines,issued,administeredorenforcedbyanygovernmentalagency(collectively,theAnti-MoneyLaunderingLaws),andnoaction,suitorproceedingbyorbeforeanycourtorgovernmentalagency,authorityorbodyoranyarbitratorinvolvingtheCompanyoranyofitssubsidiarieswithrespecttotheAnti-MoneyLaunderingLawsispendingor,tothebestknowledgeoftheCompany,threatened;

(xxxiii)(A)TheCompanyrepresentsthatneithertheCompanynoranyofitssubsidiaries(collectively,theEntity)or,totheknowledgeoftheEntity,anydirector,officer,employee,agent,affiliateorrepresentativeoftheEntity,isanindividualorentity(Person)thatis,orisownedorcontrolledbyaPersonthatis:

(1)thesubjectofanysanctionsadministeredorenforcedbytheU.S.government,includingtheU.S.DepartmentofTreasurysOfficeofForeignAssetsControl(OFAC),theUnitedNationsSecurityCouncil(UNSC),theEuropeanUnion(EU),HerMajestysTreasury(HMT),orotherrelevantsanctionsauthority(collectively,Sanctions),nor

(2)located,organizedorresidentinacountryorterritorythatisthesubjectofSanctions(including,withoutlimitation,Crimea,Cuba,Iran,NorthKoreaandSyria).

(B)TheEntityrepresentsandcovenantsthatitwillnot,directlyorindirectly,usetheproceedsoftheoffering,orlend,contributeorotherwisemakeavailablesuchproceedstoanysubsidiary,jointventurepartnerorotherPerson:

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(1)tofundorfacilitateanyactivitiesorbusinessoforwithanyPersonorinanycountryorterritorythat,atthetimeofsuchfundingorfacilitation,isthesubjectofSanctions;or

(2)inanyothermannerthatwillresultinaviolationofSanctionsbyanyPerson(includinganyPersonparticipatingintheoffering,whetherasunderwriter,advisor,investororotherwise).

(C)TheEntityrepresentsandcovenantsthat,forthepast5years,ithasnotknowinglyengagedin,isnotnowknowinglyengagedin,andwillnotknowinglyengagein,anydealingsortransactionswithanyPerson,orinanycountryorterritory,thatatthetimeofthedealingortransactionisorwasthesubjectofSanctions;

(xxxiv)TherearenoregistrationrightsorpreemptiverightsapplicabletotheissuanceandsalebytheCompanyandregistrationoftheSharesexcept,ineachcase,forsuchrightsthathavebeenvalidlywaived;

(xxxv)TheinteractivedataineXtensibleBusinessReportingLanguageincludedorincorporatedbyreferenceintheRegistrationStatementfairlypresentstheinformationcalledforinallmaterialrespectsandhasbeenpreparedinaccordancewiththeCommissionsrulesandguidelinesapplicablethereto;

(xxxvi)TheStockconstitutesanactively-tradedsecurityexemptedfromtherequirementsofRule101ofRegulationMundertheExchangeActbysubsection(c)(1)ofsuchrule;and

(xxxvii)TheCompanyhasnotenteredintoanyothersalesagencyagreementsorothersimilararrangementswithanyagentoranyotherrepresentativeinrespectofanyatthemarketoffering(withinthemeaningofRule415(a)(4)undertheAct)oftheShares.

3.Onthebasisoftherepresentations,warrantiesandagreementshereincontained,butsubjecttothetermsandconditionshereinsetforth,theCompanyandtheAgentsagreethattheCompanymayfromtimetotimeseektosellSharesthroughaDesignatedAgent,actingassalesagent,ordirectlytoanyoftheAgentsactingasprincipal,asfollows:

(a)TheCompanymaysubmittoaDesignatedAgentitsorders(includinganyprice,timeorsizelimitsorothercustomaryparametersorconditions)tosellSharesonanyTradingDay(asdefinedherein)inaformandmannerasmutuallyagreedtobytheCompanyandsuchDesignatedAgent.Asusedherein,TradingDayshallmeananytradingdayonNASDAQ.

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(b)Subjecttothetermsandconditionshereof,eachAgent,atanytimeitisaDesignatedAgent,shalluseitsreasonableeffortstoexecuteanyCompanyordersubmittedtoithereundertosellSharesandwithrespecttowhichsuchDesignatedAgenthasagreedtoactassalesagent.TheCompanyacknowledgesandagreesthat(i)therecanbenoassurancethataDesignatedAgentwillbesuccessfulinsellingtheShares,(ii)aDesignatedAgentwillincurnoliabilityorobligationtotheCompanyoranyotherpersonorentityifitdoesnotsellSharesforanyreasonotherthanafailurebyaDesignatedAgenttouseitsreasonableeffortsconsistentwithitsnormaltradingandsalespracticesandapplicablelawandregulationstosellsuchSharesasrequiredunderthisAgreementand(iii)noAgentshallbeunderanyobligationtopurchaseSharesonaprincipalbasispursuanttothisAgreement,exceptasotherwisespecificallyagreedbysuchAgentandtheCompany.

(c)TheCompanyshallnotauthorizetheissuanceandsaleof,andaDesignatedAgentshallnotsellassalesagent,anyShareatapricelowerthantheminimumpricetherefordesignatedfromtimetotimebytheCompanyandnotifiedtoaDesignatedAgentinwriting.Inaddition,theCompanyoraDesignatedAgentmayuponnoticetotheotherpartyheretobytelephone(confirmedpromptlybyemailorfacsimile),suspendanofferingoftheShareswithrespecttowhichthatDesignatedAgentisactingassalesagent;provided,however,thatsuchsuspensionorterminationshallnotaffectorimpairthepartiesrespectiveobligationswithrespecttotheSharessoldhereunderpriortothegivingofsuchnotice.

(d)(i)ThecompensationtoaDesignatedAgentforsalesoftheShareswithrespecttowhichsuchDesignatedAgentactsassalesagenthereundershallbe0.25%ofthegrossofferingproceedsoftheSharessoldpursuanttothisAgreementorsuchlesseramountasmutuallyagreedtoinwritingbysuchDesignatedAgentandtheCompanyand,unlesstheCompanyotherwiseinstructssuchDesignatedAgentinwriting,suchcompensationshallbeallocatedamongandpaidtotheAgentsinaccordancewiththepercentagesetforthoppositeeachAgentsnameonExhibitAhereto(theAllocations).(ii)Theforegoingclause(i)shallnotapplywhenanAgent,actingasprincipal,purchasesSharesfromtheCompanypursuanttoaTermsAgreement.(iii)AnycompensationorcommissiondueandpayabletoanyAgentshereunderwithrespecttoanysaleofSharesshallbepaidbytheCompanytosuchAgentsconcurrentlywiththesettlementforsalesoftheSharesbydeductionfromtheproceedsfromsalesoftheSharespayabletotheCompany.Theremainingproceeds,afterfurtherdeductionforanytransactionfeesimposedbyanygovernmentalorself-regulatoryorganizationinrespectofsuchsalesshallconstitutethenetproceedstotheCompanyforsuchShares(theNetProceeds).(iv)UnlessotherwiseagreedtoinaTermsAgreementorotherwrittenagreementbetweentheapplicableAgents,theAgentsherebyagreethatanyexpensesincurredinconnectionwiththisAgreementandtheofferingandsaleofShares(suchexpenses,AgentExpenses)shallbepaidsolelybytheAgent(orDesignatedAgent,asapplicable)incurringsuchAgentExpensesandinnoeventshallanyAgenthaveanypaymentorreimbursementobligationwithrespecttoAgentExpensesincurredbyanotherAgent(orDesignatedAgent,asapplicable).

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(e)SettlementforsalesoftheSharespursuanttothisAgreementwilloccuronthesecondTradingDay(orsuchearlierdayasisindustrypracticeforregular-waytrading)followingthedateonwhichsuchsalesaremade(eachsuchday,aSettlementDate).OneachSettlementDate,theSharessoldthroughaDesignatedAgentforsettlementonsuchdateshallbeissuedanddeliveredbytheCompanytosuchDesignatedAgentagainstpaymentoftheNetProceedsfromthesaleofsuchShares.SettlementforallsuchSharesshallbeeffectedbyfreedeliveryoftheShares,indefinitiveform,bytheCompanyoritstransferagenttosuchDesignatedAgentsoritsdesigneesaccount(providedsuchDesignatedAgentshallhavegiventheCompanywrittennoticeofsuchdesigneepriortotheSettlementDate)atTheDepositoryTrustCompanythroughitsDepositandWithdrawalatCustodianSystemorbysuchothermeansofdeliveryasmaybemutuallyagreeduponbythepartieshereto,inreturnforpaymentsinsamedayfundsdeliveredtotheaccountdesignatedbytheCompany.IftheCompany,oritstransferagent(ifapplicable)shalldefaultonitsobligationtodelivertheSharesonanySettlementDate,theCompanyshall(i)holdeachapplicableDesignatedAgentharmlessagainstanyloss,claim,damage,orexpense(includingreasonablelegalfeesandexpenses),asincurred,arisingoutoforinconnectionwithsuchdefaultbytheCompanyand(ii)payeachsuchDesignatedAgentanycommission,discountorothercompensationtowhichitwouldotherwisebeentitledabsentsuchdefault.

(f)Ifactingassalesagenthereunder,theDesignatedAgentshallprovidewrittenconfirmation(whichmaybebyfacsimileoremail)totheCompanybeforetheopenoftradingonNASDAQonthedayfollowingeachdayinwhichtheSharesaresoldunderthisAgreementsettingforth(i)theamountoftheSharessoldonsuchdayandthegrossofferingproceedsreceivedfromsuchsaleand(ii)thecommissionpayablebytheCompanytosuchDesignatedAgentwithrespecttosuchsales.

(g)AteachApplicableTime,SettlementDate,RepresentationDate(asdefinedinSection4(k))andFilingDate(asdefinedinSection4(r)),theCompanyshallbedeemedtohaveaffirmedeachrepresentationandwarrantycontainedinthisAgreementasifsuchrepresentationandwarrantyweremadeasofsuchdate,modifiedasnecessarytorelatetotheRegistrationStatementandtheProspectusasamendedasofsuchdate.AnyobligationofaDesignatedAgenttouseitsreasonableeffortstoselltheSharesonbehalfoftheCompanyassalesagentshallbesubjecttothecontinuingaccuracyoftherepresentationsandwarrantiesoftheCompanyherein(andthecompletionofanyreasonablediligencetoverifysuchaccuracybysuchDesignatedAgent),totheperformancebytheCompanyofitsobligationshereunderandtothecontinuingsatisfactionoftheadditionalconditionsspecifiedinSection7ofthisAgreement.

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(h)SubjecttosuchfurtherlimitationsonoffersandsalesofSharesordeliveryofinstructionstoofferandsellSharesasaresetforthhereinandasmaybemutuallyagreeduponbytheCompanyandaDesignatedAgent,theCompanyshallnotrequestthesaleofanySharesthatwouldbesold,andnoDesignatedAgentshallbeobligatedtosell,(i)anytimeduringtheperiodcommencingonthetenthbusinessdaypriortothetimeCompanyshallissueapressreleasecontaining,orshallotherwisepubliclyannounce,itsearnings,revenuesorotherresultsofoperations(each,anEarningsAnnouncement)throughandincludingthetimethatis24hoursafterthetimethattheCompanyfiles(aFilingTime)aQuarterlyReportonForm10-QoranAnnualReportonForm10-Kthatincludesconsolidatedfinancialstatementsasofandforthesameperiodorperiods,asthecasemaybe,coveredbysuchEarningsAnnouncement,or(ii)duringanyotherperiodinwhichtheCompanyis,orcouldbedeemedtobe,inpossessionofmaterialnon-publicinformation.

(i)IftheCompanywishestoissueandselltheSharespursuanttothisAgreementdirectlytoanyoftheAgentsactingasprincipal(each,aPlacement),itwillnotifytheAgentorAgentsoftheproposedtermsofsuchPlacement.IfsuchAgentorAgents,actingasprincipal,wishestoacceptsuchproposedterms(whichanAgentmaydeclinetodoforanyreasoninitssolediscretion)or,wishestoacceptamendedtermsproposedbytheCompanyafterfurtherdiscussion,suchAgentorAgentsandtheCompanywillenterintoaTermsAgreementsettingforththetermsofsuchPlacement.ThetermssetforthinaTermsAgreementwillnotbebindingontheCompanyorsuchAgentorAgentsunlessanduntiltheCompanyandsuchAgentorAgentshaveeachexecutedsuchTermsAgreementacceptingallofthetermsofsuchTermsAgreement.IntheeventofaconflictbetweenthetermsofthisAgreementandthetermsofaTermsAgreement,thetermsofsuchTermsAgreementwillcontrol.

(j)EachPlacementshallbemadeinaccordancewiththetermsofthisAgreementand,ifapplicable,aTermsAgreement,whichwillprovideforthesaleofsuchSharesto,andthepurchasethereofby,suchAgent.ATermsAgreementmayalsospecifycertainprovisionsrelatingtothereofferingofsuchSharesbyanAgent.ThecommitmentofanAgenttopurchasetheSharespursuanttoanyTermsAgreementshallbedeemedtohavebeenmadeonthebasisoftherepresentationsandwarrantiesoftheCompanyhereincontainedandshallbesubjecttothetermsandconditionshereinsetforth.EachTermsAgreementshallspecifythenumberoftheSharestobepurchasedbyanAgentpursuantthereto,thepricetobepaidtotheCompanyforsuchShares,anyprovisionsrelatingtorightsof,anddefaultby,underwritersactingtogetherwithsuchAgentinthereofferingoftheShares,andthetimeanddate(eachsuchtimeanddatebeingreferredtohereinasaTimeofDelivery)andplaceofdeliveryofandpaymentforsuchShares.

(k)UndernocircumstancesshallthenumberandaggregateamountoftheSharessoldpursuanttothisAgreementandanyTermsAgreementexceed(i)theaggregateamountsetforthinSection1,(ii)thenumberofsharesoftheStockavailableforissuanceunderthecurrentlyeffectiveRegistrationStatementor(iii)thenumberandaggregateamountoftheSharesauthorizedfromtimetotimetobeissuedandsoldunderthisAgreementbytheboardofdirectorsoftheCompany,oradulyauthorizedcommitteethereof,andnotifiedtotheAgentsinwriting.

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4.TheCompanyagreeswitheachoftheAgents:

(a)TopreparetheProspectusinaformapprovedbyyouandtofilesuchProspectuspursuanttoRule424(b)undertheActpromptlyfollowingtheExecutionTime;tomakenofurtheramendmentoranysupplement(includingtheProspectusSupplementoranyInterimProspectusSupplement)totheRegistrationStatement,theBasicProspectus,theDisclosurePackageortheProspectuswhichshallbedisapprovedbyyoupromptlyafterreasonablenoticethereof;toadviseyoupromptlyafteritreceivesnoticethereof,ofthetimewhenanyamendmenttotheRegistrationStatementhasbeenfiledorbecomeseffectiveoranyamendmentorsupplementtotheProspectushasbeenfiledandtofurnishyouwithcopiesthereof;tofilepromptlyallothermaterialrequiredtobefiledbytheCompanywiththeCommissionpursuanttoRule433(d)undertheAct;tofilepromptlyallreportsandanydefinitiveproxyorinformationstatementsrequiredtobefiledbytheCompanywiththeCommissionpursuanttoSection13(a),13(c),14or15(d)oftheExchangeActsubsequenttothedateoftheProspectusandforsolongasthedeliveryofaprospectus(orinlieuthereof,thenoticereferredtoinRule173(a)undertheAct)isrequiredinconnectionwiththeofferingorsaleoftheShares;toadviseyou,promptlyafteritreceivesnoticethereof,oftheissuancebytheCommissionofanystoporderorofanyorderpreventingorsuspendingtheuseoftheRegistrationStatement,theProspectusorotherprospectusinrespectoftheShares,ofanynoticeofobjectionoftheCommissiontotheuseoftheRegistrationStatementoranypost-effectiveamendmenttheretopursuanttoRule401(g)(2)undertheAct,ofthesuspensionofthequalificationoftheSharesforofferingorsaleinanyjurisdiction,oftheinitiationorthreateningofanyproceedingforanysuchpurpose,orofanyrequestbytheCommissionfortheamendingorsupplementingoftheRegistrationStatementortheProspectusorforadditionalinformation;and,intheeventoftheissuanceofanystoporderorofanyorderpreventingorsuspendingtheuseoftheRegistrationStatement,theProspectusorotherprospectusrelatingtotheSharesorsuspendinganysuchqualification,topromptlyuseitsbesteffortstoobtainthewithdrawalofsuchorder;andintheeventofanysuchissuanceofanoticeofobjection,promptlytotakesuchstepsincluding,withoutlimitation,amendingtheRegistrationStatementorfilinganewregistrationstatement,atitsownexpense,asmaybenecessarytopermitoffersandsalesoftheSharesbytheAgents(referenceshereintotheRegistrationStatementshallincludeanysuchamendmentornewregistrationstatement);

(b)IfrequiredbyRule430B(h)undertheAct,toprepareaformofprospectusinaformapprovedbyyouandtofilesuchformofprospectuspursuanttoRule424(b)undertheActnotlaterthanmayberequiredbyRule424(b)undertheAct;andtomakenofurtheramendmentorsupplementtosuchformofprospectuswhichshallbedisapprovedbyyoupromptlyafterreasonablenoticethereof;

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(c)[Reserved];

(d)PromptlyfromtimetotimetotakesuchactionasyoumayreasonablyrequesttoqualifytheSharesforofferingandsaleunderthesecuritieslawsofsuchjurisdictionsasyoumayrequestandtocomplywithsuchlawssoastopermitthecontinuanceofsalesanddealingsthereininsuchjurisdictionsforaslongasmaybenecessarytocompletethedistributionoftheShares,providedthatinconnectiontherewiththeCompanyshallnotberequiredtoqualifyasaforeigncorporationortofileageneralconsenttoserviceofprocessinanyjurisdictionorsubjectitselftotaxationinanysuchjurisdictioninwhichitwasnototherwisesubjecttotaxation;

(e)Fromtimetotime,tofurnishtheAgentswithwrittenandelectroniccopiesoftheProspectusinNewYorkCityinsuchquantitiesasyoumayreasonablyrequest,and,if,atanytimeonorafteranApplicableTimebutpriortotherelatedSettlementDateorTimeofDelivery,anyeventshallhaveoccurredasaresultofwhichtheDisclosurePackageasthenamendedorsupplementedwouldincludeanuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementstherein,inthelightofthecircumstancesunderwhichtheyweremade,notmisleading,or,ifforanyotherreasonitshallbenecessaryduringsuchsameperiodtoamendorsupplementtheRegistrationStatementortheProspectusortofileundertheExchangeActanydocumentincorporatedbyreferenceintheRegistrationStatementortheProspectusinordertocomplywiththeActortheExchangeAct,tonotifyyouanduponyourrequesttoprepareandfurnishwithoutchargetoeachAgentandtoanydealerinsecuritiesasmanywrittenandelectroniccopiesasyoumayfromtimetotimereasonablyrequestofanamendedRegistrationStatementorProspectusorasupplementtotheProspectuswhichwillcorrectsuchstatementoromissionoreffectsuchcompliance;andincaseanyAgentisrequiredtodeliveraprospectus(orinlieuthereof,thenoticereferredtoinRule173(a)undertheAct)inconnectionwithsalesofanyoftheSharesatanytimeafterthetimeofissueoftheProspectusSupplement,uponyourrequestbutattheexpenseofsuchAgent,toprepareanddelivertosuchAgentasmanywrittenandelectroniccopiesasyoumayrequestofanamendedorsupplementedRegistrationStatementorProspectuscomplyingwithSection10(a)(3)oftheAct;

(f)Tomakegenerallyavailabletoitssecurityholdersassoonaspracticable(whichmaybesatisfiedbyfilingwithEDGAR(asdefinedbelow),anearningsstatementoftheCompanyanditssubsidiaries(whichneednotbeaudited)complyingwithSection11(a)oftheActandtherulesandregulationsoftheCommissionthereunder(including,attheoptionoftheCompany,Rule158);

(g)TopaytherequiredCommissionfilingfeesrelatingtotheShareswithinthetimerequiredbyRule456(b)(1)undertheActwithoutregardtotheprovisothereinandotherwiseinaccordancewithRules456(b)and457(r)undertheAct;

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(h)TousethenetproceedsreceivedbyitfromthesaleoftheSharespursuanttothisAgreementinthemannerspecifiedintheDisclosurePackageunderthecaptionUseofProceeds;

(i)Touseitsbesteffortstolist,subjecttonoticeofissuance(totheextentrequiredbysuchexchange),theSharesonNASDAQ;

(j)UponrequestofanyUnderwriter,tofurnish,orcausetobefurnished,tosuchUnderwriter,anelectronicversionoftheCompanystrademarks,servicemarksandcorporatelogoforuseonthewebsite,ifany,operatedbysuchUnderwriterforthepurposeoffacilitatingtheon-lineofferingoftheShares(theLicense);provided,however,thattheLicenseshallbeusedsolelyforthepurposedescribedabove,isgrantedwithoutanyfeeandmaynotbeassignedortransferred;

(k)UponcommencementoftheofferingoftheSharesunderthisAgreement(ifrequestedbytheAgents)(andupontherecommencementoftheofferingoftheSharesunderthisAgreementfollowingtheterminationofasuspensionofsaleshereunder),andeachtimethat(i)theRegistrationStatementortheProspectusshallbeamendedorsupplemented(otherthan(A)anInterimProspectusSupplementfiledpursuanttoRule424(b)pursuanttoSection4(r)ofthisAgreement,(B)aprospectussupplementrelatingsolelytotheofferingorresaleofsecuritiesotherthantheSharesor(C)thefilingwiththeCommissionofanyreportundertheExchangeActexceptsuchreportsreferredtoinSection4(k)(ii)),(ii)thereisfiledwiththeCommissionanyannualreportonForm10-KorquarterlyreportonForm10-Q,oranyotherdocumentthatcontainsfinancialstatementsorfinancialinformationthatisincorporatedbyreferenceintotheProspectus,oranyamendmentthereto,or(iii)theSharesaredeliveredtooneormoreAgentsasprincipalattheTimeofDeliverypursuanttoaTermsAgreement(thedateofthisAgreement,thedateofsuchcommencement(inthecasethattheabove-mentionedrequestismadebyanAgent),thedateofeachsuchrecommencementandthedateofeachsucheventreferredtoin(i),(ii)and(iii)above,aRepresentationDate),theCompanyshallfurnishorcausetobefurnishedtotheAgentsforthwithacertificatedatedanddeliveredonsuchRepresentationDate,asthecasemaybe,informsatisfactorytotheAgentstotheeffectthatthestatementscontainedinthecertificatereferredtoinSection7(l)ofthisAgreementaretrueandcorrectatthetimeofsuchRepresentationDate(or,ifsuchacertificatewaspreviouslyfurnishedtotheAgentspursuanttothisSection4(k)orSection7(l),totheeffectthatthestatementscontainedinsuchcertificatearetrueandcorrectatthetimeofsuchRepresentationDate),asthoughmadeatandasofsuchtime(exceptthatsuchstatementsshallbedeemedtorelatetotheRegistrationStatementandtheProspectusasamendedandsupplementedtosuchtime)or,inlieuofsuchcertificate,acertificateofthesametenorasthecertificatereferredtoinsaidSection7(l),modifiedasnecessarytorelatetotheRegistrationStatement,theDisclosurePackageandtheProspectusasamendedandsupplementedtothetimeofdeliveryofsuchcertificate;

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(l)AteachRepresentationDate,theCompanyshallfurnishorcausetobefurnishedforthwithtotheAgentsandtocounseltotheAgentsawrittenopinionofWilsonSonsiniGoodrich&Rosati,ProfessionalCorporation(CompanyCounsel),orothercounselreasonablysatisfactorytotheAgents,datedanddeliveredonsuchRepresentationDate,informandsubstancesatisfactorytotheAgents,ofthesametenorastheopinionreferredtoinSection7(b)ofthisAgreement,butmodifiedasnecessarytorelatetotheRegistrationStatement,theDisclosurePackageandtheProspectusasamendedandsupplementedtothetimeofdeliveryofsuchopinion;

(m)AteachRepresentationDate,SimpsonThacher&BartlettLLP,counseltotheAgents(AgentsCounsel),shalldeliverawrittenopinion,datedanddeliveredonsuchRepresentationDate,informandsubstancesatisfactorytotheAgents,ofthesametenorastheopinionsreferredtoinSection7(c)ofthisAgreementbutmodifiedasnecessarytorelatetotheRegistrationStatement,theDisclosurePackageandtheProspectusasamendedandsupplementedtothetimeofdeliveryofsuchopinion;

(n)AteachRepresentationDate,theCompanyshallcausePricewaterhouseCoopersLLP(theAccountants),orotherindependentaccountantssatisfactorytotheAgentsforthwith,tofurnishtheAgentsaletter,datedanddeliveredonsuchRepresentationDate,informandsubstancesatisfactorytotheAgentsofthesametenorastheletterreferredtoinSection7(d)ofthisAgreementbutmodifiedtorelatetotheRegistrationStatement,theDisclosurePackageandtheProspectus,asamendedandsupplementedtothedateofsuchletter;

(o)AteachRepresentationDate,theCompanyshallcauseitsChiefFinancialOfficer,inhiscapacityassuch,tofurnishtheAgentsaletter,datedanddeliveredonsuchRepresentationDate,informandsubstancesatisfactorytotheAgentsofthesametenorastheletterreferredtoinSection7(e)ofthisAgreementbutmodifiedtorelatetotheRegistrationStatement,theDisclosurePackageandtheProspectus,asamendedandsupplementedtothedateofsuchletter;

(p)AteachRepresentationDate,andatsuchothertimesasmaybereasonablyrequestedbyanAgent(whichshallbeonamonthlybasisorotherwise),theCompanywillconductaduediligencesession,informandsubstancesatisfactorytotheAgents,whichshallincluderepresentativesofthemanagementoftheCompanyandtheindependentaccountantsoftheCompany.TheCompanyshallcooperatetimelywithanyreasonableduediligencerequestfromorreviewconductedbytheAgentsortheiragentsfromtimetotimeinconnectionwiththetransactionscontemplatedbythisAgreement,including,withoutlimitation,providinginformationandavailabledocumentsandaccesstoappropriateofficersandagentsoftheCompanyduringregularbusinesshoursandattheCompanysprincipaloffices,andtimelyfurnishingorcausingtobefurnishedsuchcertificates,lettersandopinionsfromtheCompany,andtheirofficersandagents,astheAgentsmayreasonablyrequest;

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(q)NothinginthisAgreementshallrestrictanAgentfromtrading,andtheCompanyacknowledgesthateachAgentmaytradeintheStockforsuchAgentsownaccountandfortheaccountofitsclientsbefore,atthesametimeas,oraftersalesoftheSharesoccurpursuanttothisAgreementorpursuanttoaTermsAgreement;

(r)TheCompanywilleither(i)discloseinitsAnnualReportsonForm10-KandQuarterlyReportsonForm10-Q,asapplicable,withregardtotherelevantquarter,thenumberoftheSharessoldbyorthroughtheAgentspursuanttothisAgreement,theNetProceedstotheCompanyandthecompensationpaidbytheCompanywithrespecttosuchsalesoftheSharespursuanttothisAgreement,or(ii)onorpriortotheearlierof(A)thedateonwhichtheCompanyshallfileaQuarterlyReportonForm10-QoranAnnualReportonForm10-KinrespectofanyfiscalquarterinwhichsalesofSharesweremadebyanAgentpursuanttothisAgreementand(B)thedateonwhichtheCompanyshallbeobligatedtofilesuchdocumentreferredtoinclause(A)inrespectofsuchquarter(eachsuchdate,andanydateonwhichanamendmenttoanysuchdocumentisfiled,aFilingDate),theCompanywillfileaprospectussupplementwiththeCommissionundertheapplicableparagraphofRule424(b),whichprospectussupplementwillsetforth,withregardtosuchquarter,thenumberoftheSharessoldbyorthroughanAgentpursuanttothisAgreement,theNetProceedstotheCompanyandthecompensationpaidbytheCompanywithrespecttosuchsalesoftheSharespursuanttothisAgreementanddeliversuchnumberofcopiesofeachsuchprospectussupplementtoNASDAQasarerequiredbysuchexchange;

(s)IftotheknowledgeoftheCompany,theconditionssetforthinSection7(a)or7(f)shallnotbetrueandcorrectontheapplicableSettlementDateorTimeofDelivery,theCompanywilloffertoanypersonwhohasagreedtopurchaseSharesfromtheCompanyastheresultofanoffertopurchasesolicitedbyaDesignatedAgenttherighttorefusetopurchaseandpayforsuchShares;and

(t)EachacceptancebytheCompanyofanoffertopurchasetheShareshereunder,andeachexecutionanddeliverybytheCompanyofaTermsAgreement,shallbedeemedtobeanaffirmationtotheDesignatedAgent,ortheAgent(s)partytoaTermsAgreement,asthecasemaybe,thattherepresentationsandwarrantiesoftheCompanycontainedinormadepursuanttothisAgreementaretrueandcorrectasofthedateofsuchacceptanceorofsuchTermsAgreementasthoughmadeatandasofsuchdate,andanundertakingthatsuchrepresentationsandwarrantieswillbetrueandcorrectasoftheSettlementDatefortheSharesrelatingtosuchacceptanceorasoftheTimeofDeliveryrelatingtosuchsale,asthecasemaybe,asthoughmadeatandasofsuchdate(exceptthatsuchrepresentationsandwarrantiesshallbedeemedtorelatetotheRegistrationStatementandtheProspectusasamendedandsupplementedrelatingtosuchShares).

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5.(a)TheCompanyrepresentsandagreesthat,withoutthepriorconsentoftheAgents,ithasnotmadeandwillnotmakeanyofferrelatingtotheSharesthatwouldconstituteafreewritingprospectusasdefinedinRule405undertheAct;eachAgentrepresentsandagreesthat,withoutthepriorconsentoftheCompanyandtheAgents,ithasnotmadeandwillnotmakeanyofferrelatingtotheSharesthatwouldconstituteafreewritingprospectus;

(b)TheCompanyhascompliedandwillcomplywiththerequirementsofRule433undertheActapplicabletoanyIssuerFreeWritingProspectus,includingtimelyfilingwiththeCommissionorretentionwhererequiredandlegending;

(c)TheCompanyagreesthatifatanytimefollowingissuanceofanIssuerFreeWritingProspectusanyeventoccurredoroccursasaresultofwhichsuchIssuerFreeWritingProspectuswouldconflictwiththeinformationintheRegistrationStatement,theDisclosurePackageortheProspectusorwouldincludeanuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementstherein,inthelightofthecircumstancesthenprevailing,notmisleading,theCompanywillgivepromptnoticethereoftotheAgentsand,ifrequestedbytheAgents,willprepareandfurnishwithoutchargetoeachAgentanIssuerFreeWritingProspectusorotherdocumentwhichwillcorrectsuchconflict,statementoromission;provided,however,thatthisrepresentationandwarrantyshallnotapplytoanystatementsoromissionsinanIssuerFreeWritingProspectusmadeinrelianceuponandinconformitywithinformationfurnishedinwritingtotheCompanybyanAgentexpresslyforusetherein.

6.TheCompanycovenantsandagreeswiththeseveralAgentsthattheCompanywillpayorcausetobepaidthefollowing:(i)thefees,disbursementsandexpensesoftheCompanyscounselandaccountantsandallotherexpensesinconnectionwiththepreparation,printing,reproductionandfilingoftheRegistrationStatement,theBasicProspectus,theProspectusSupplement,anyInterimProspectusSupplement,anyIssuerFreeWritingProspectusandtheProspectusandamendmentsandsupplementstheretoandthemailinganddeliveringofcopiesthereoftotheAgentsanddealers,andthereasonablefeesandexpensesofAgentsCounsel(otherthanfeesandexpensescoveredbyclauses(iii)and(v));(ii)thecostofprintingorproducingthisAgreement,theBlueSkyMemorandum,closingdocuments(includinganycompilationsthereof)andanyotherdocumentsinconnectionwiththeoffering,purchase,saleanddeliveryoftheShares;(iii)allexpensesinconnectionwiththequalificationoftheSharesforofferingandsaleunderstatesecuritieslawsasprovidedinSection4(d)hereof,includingthereasonable,documentedfeesanddisbursementsofonecounselineachjurisdictionfortheAgentsinconnectionwithsuchqualificationandinconnectionwiththeBlueSkysurvey;(iv)allfeesandexpensesinconnectionwithlistingtheSharesonNASDAQ;(v)thefilingfeesincidentto,andthereasonable,documented

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feesanddisbursementsofAgentsCounselinconnectionwith,anyrequiredreviewbytheFinancialIndustryRegulatoryAuthority,Inc.ofthetermsofthesaleoftheShares;provided,however,thattheCompanyshallnotbeobligatedtopaythefees(excludingdisbursements)ofAgentsCounselsetforthin(iii)and(v)abovewithrespecttoU.S.jurisdictionstotheextentsuchfeesexceed$30,000;(vi)thecostofpreparingstockcertificates;(vii)thecostandchargesofanytransferagentorregistrar;and(viii)allothercostsandexpensesincidenttotheperformanceofitsobligationshereunderwhicharenototherwisespecificallyprovidedforinthisSection.Itisunderstood,however,thattheCompanyshallbearthecostofanyothermattersnotdirectlyrelatingtothesaleandpurchaseoftheSharespursuanttothisAgreement,andthat,exceptasprovidedinthisSection6,andSections8and11hereof,theAgentswillpayalloftheirowncostsandexpenses,includingthefeesoftheircounsel,stocktransfertaxesonresaleofanyoftheSharesbythem,andanyadvertisingexpensesconnectedwithanyofferstheymaymake.

7.TheobligationsoftheAgentsunderthisAgreementandanyTermsAgreementshallbesubjectto(i)theaccuracyoftherepresentationsandwarrantiesonthepartoftheCompanycontainedhereinasoftheExecutionTime,eachRepresentationDate,andasofeachApplicableTime,SettlementDateandTimeofDelivery,(ii)totheperformancebytheCompanyofitsobligationshereunderand(iii)thefollowingadditionalconditions:

(a)TheProspectusshallhavebeenfiledwiththeCommissionpursuanttoRule424(b)undertheActwithintheapplicabletimeperiodprescribedforsuchfilingbytherulesandregulationsundertheActandinaccordancewithSection4(a)hereof;eachInterimProspectusSupplementshallhavebeenfiledwiththeCommissionpursuanttoRule424(b)undertheActwithintheapplicabletimeperiodprescribedforsuchfilingbytherulesandregulationsundertheActandinaccordancewithSection4(a)hereof;anymaterialrequiredtobefiledbytheCompanypursuanttoRule433(d)undertheAct,shallhavebeenfiledwiththeCommissionwithintheapplicabletimeperiodsprescribedforsuchfilingsbyRule433;nostopordersuspendingtheeffectivenessoftheRegistrationStatementoranypartthereofshallhavebeenissuedandnoproceedingforthatpurposeshallhavebeeninitiatedorthreatenedbytheCommissionandnonoticeofobjectionoftheCommissiontotheuseoftheRegistrationStatementoranypost-effectiveamendmenttheretopursuanttoRule401(g)(2)undertheActshallhavebeenreceived;nostopordersuspendingorpreventingtheuseoftheProspectusoranyIssuerFreeWritingProspectusshallhavebeeninitiatedorthreatenedbytheCommission;andallrequestsforadditionalinformationonthepartoftheCommissionshallhavebeencompliedwithtoyourreasonablesatisfaction;

(b)TheCompanyshallhaverequestedandcausedCompanyCounseltofurnishtotheAgents,oneverydatespecifiedinSection4(l)ofthisAgreement,opinionsinformandsubstancesatisfactorytotheAgents;

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(c)TheAgentsshallhavereceivedfromAgentsCounsel,oneverydatespecifiedinSection4(m)ofthisAgreement,suchopinionoropinions,datedasofsuchdateandaddressedtotheAgents,withrespecttotheissuanceandsaleoftheShares,theRegistrationStatement,theDisclosurePackage,theProspectus(togetherwithanysupplementthereto)andotherrelatedmattersastheAgentsmayreasonablyrequire,andtheCompanyshallhavefurnishedtosuchcounselsuchdocumentsastheyrequestforthepurposeofenablingthemtopassuponsuchmatters.

(d)TheCompanyshallhaverequestedandcausedtheAccountantstohavefurnishedtotheAgents,oneverydatespecifiedinSection4(n)hereofandtotheextentrequestedbytheAgentsinconnectionwithanyofferingoftheShares,letters(whichmayrefertoletterspreviouslydeliveredtotheAgents),datedasofsuchdate,informandsubstancesatisfactorytotheAgents,whichlettersshallcover,withoutlimitation,thevariousfinancialstatementsanddisclosurescontainedintheRegistrationStatement,theDisclosurePackageandtheProspectusandothermattersordinarilycoveredbyaccountantscomfortletterstounderwritersinconnectionwithregisteredpublicofferingsascontemplatedintheStatementonAuditingStandardsNo.72,aswellasconfirmingthattheyhaveperformedareviewofanyunauditedinterimfinancialinformationoftheCompanyincludedintheRegistrationStatement,theDisclosurePackageandtheProspectusinaccordancewithStatementonAuditingStandardsNo.100.

ReferencestotheProspectusinthisparagraph(d)includeanysupplementtheretoatthedateoftheletter.

(e)TheCompanyshallhaverequestedandcausedtheChiefFinancialOfficeroftheCompanytohavefurnishedtotheAgents,oneverydatespecifiedinSection4(o)hereofandtotheextentrequestedbytheAgentsinconnectionwithanyofferingoftheShares,letters(whichmayrefertoletterspreviouslydeliveredtotheAgents),datedasofsuchdate,informandsubstancesatisfactorytotheAgents,

(f)(i)NeithertheCompanynoranyofitssubsidiariesshallhavesustainedsincethedateofthelatestauditedfinancialstatementsincludedorincorporatedbyreferenceintheDisclosurePackageanylossorinterferencewithitsbusinessfromfire,explosion,floodorothercalamity,whetherornotcoveredbyinsurance,orfromanylabordisputeorcourtorgovernmentalaction,orderordecree,otherwisethanassetforthorcontemplatedintheDisclosurePackage,and(ii)sincetherespectivedatesasofwhichinformationisgivenintheDisclosurePackagethereshallnothavebeenanychangeinthecapitalstock(otherthan(A)theissuanceorgrantofsecuritiespursuanttoemployeeequityincentiveplansexistingorproposedforshareholderapprovalasofthedateofthisAgreementorpursuanttooutstandingoptions,warrantsorrightsor(B)therepurchaseof

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sharesofcapitalstockpursuanttoagreementsprovidingforanoptiontorepurchaseorarightoffirstrefusalonbehalfoftheCompany,ineachcaseassuch(1)equityincentiveplans,(2)outstandingoptions,warrantsorrightsand(3)agreementsaredescribedintheDisclosurePackage)orlong-termdebt(otherthanregularpaymentspursuanttoobligationsdisclosedinorcontemplatedbytheDisclosurePackage)oftheCompanyoranyofitssubsidiariesoranychange,oranydevelopmentinvolvingaprospectivechange,inoraffectingthegeneralaffairs,management,consolidatedfinancialposition,consolidatedstockholdersequityorconsolidatedresultsofoperationsoftheCompanyanditssubsidiaries,otherwisethanassetforthorcontemplatedintheDisclosurePackage,theeffectofwhich,inanysuchcasedescribedinclause(i)or(ii),isinyourjudgmentsomaterialandadverseastomakeitimpracticableorinadvisabletoproceedwiththepublicofferingorthedeliveryoftheSharesbeingdeliveredatsuchTimeofDeliveryonthetermsandinthemannercontemplatedintheProspectus;

(g)OnoraftertheApplicableTime(i)nodowngradingshallhaveoccurredintheratingaccordedtheCompanysdebtsecuritiesbyanynationallyrecognizedstatisticalratingorganization,asthattermisdefinedunderSection3(a)(62)oftheExchangeAct,and(ii)nosuchorganizationshallhavepubliclyannouncedthatithasundersurveillanceorreview,withpossiblenegativeimplications,itsratingofanyoftheCompanysdebtsecurities;

(h)OnoraftertheApplicableTimethereshallnothaveoccurredanyofthefollowing:(i)asuspensionormateriallimitationintradinginsecuritiesgenerallyontheNewYorkStockExchangeoronNASDAQ;(ii)asuspensionormateriallimitationintradingintheCompanyssecuritiesonNASDAQ;(iii)ageneralmoratoriumoncommercialbankingactivitiesdeclaredbyeitherFederalorNewYorkorCaliforniaStateauthoritiesoramaterialdisruptionincommercialbankingorsecuritiessettlementorclearanceservicesintheUnitedStates;(iv)theoutbreakorescalationofhostilitiesinvolvingtheUnitedStatesorthedeclarationbytheUnitedStatesofanationalemergencyorwaror(v)theoccurrenceofanyothercalamityorcrisisoranychangeinfinancial,politicaloreconomicconditionsintheUnitedStatesorelsewhere,iftheeffectofanysucheventspecifiedinclause(iv)or(v)inyourjudgmentmakesitimpracticableorinadvisabletoproceedwiththepublicofferingorthedeliveryoftheSharesbeingdeliveredatsuchTimeofDeliveryonthetermsandinthemannercontemplatedintheProspectus;

(i)TheSharestobesoldatsuchTimeofDeliveryshallhavebeendulylisted,subjecttonoticeofissuance,onNASDAQ;

(j)TheCompanyshallhavecompliedwiththeprovisionsofSection4(e)hereofwithrespecttothefurnishingofprospectuses;

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(k)FINRAshallnothaveraisedanyobjectionwithrespecttothefairnessandreasonablenessofthetermsandarrangementsunderthisAgreement;and

(l)PriortoeachSettlementDateandTimeofDelivery,asapplicable,ifrequestedbytheapplicableDesignatedAgent,theCompanyshallhavefurnishedorcausedtobefurnishedtotheDesignatedAgentcertificatesofofficersoftheCompanysatisfactorytotheDesignatedAgentastotheaccuracyoftherepresentationsandwarrantiesoftheCompanyhereinatandasofsuchSettlementDateorTimeofDelivery,asapplicable,astotheperformancebytheCompanyofallofitsobligationshereundertobeperformedatorpriortosuchSettlementDateorTimeofDeliveryandastosuchothermattersastheDesignatedAgentmayreasonablyrequest,andtheCompanyshallhavefurnishedorcausedtobefurnishedcertificatesastothematterssetforthinsubsections(a)and(f)ofthisSectionifrequestedbytheapplicableDesignatedAgent.

IfanyoftheconditionsspecifiedinthisSection7shallnothavebeenfulfilledwhenandasprovidedinthisAgreement,orifanyoftheopinionsandcertificatesmentionedaboveorelsewhereinthisAgreementshallnotbereasonablysatisfactoryinformandsubstancetotheAgentsandAgentsCounsel,thisAgreementandallobligationsoftheapplicableAgenthereundermaybecanceledat,oratanytimepriorto,anySettlementDateorTimeofDelivery,asapplicable,bysuchAgentwithrespecttoitselfonly.NoticeofsuchcancellationshallbegiventotheCompanyinwritingorbytelephoneorfacsimileconfirmedinwriting.FollowinganysuchcancellationbyanAgent,thisAgreementshallremainineffectastoeachotherAgentthathasnotexerciseditsrighttocancelthisAgreementpursuanttothisSection7andanyobligationsandrightsoftheAgentsunderthisAgreementshallbesatisfiedbyoraffordedtoonlysuchotherAgent(s).

8.(a)TheCompanywillindemnifyandholdharmlesseachAgentagainstanylosses,claims,damagesorliabilities,jointorseveral,towhichsuchAgentmaybecomesubject,undertheActorotherwise,insofarassuchlosses,claims,damagesorliabilities(oractionsinrespectthereof)ariseoutoforarebaseduponanuntruestatementorallegeduntruestatementofamaterialfactcontainedintheRegistrationStatement,theBasicProspectus,anyProspectusSupplement,anyInterimProspectusSupplement,theDisclosurePackageortheProspectus,oranyamendmentorsupplementthereto,anyIssuerFreeWritingProspectusoranyissuerinformationfiledorrequiredtobefiledpursuanttoRule433(d)undertheAct,orariseoutoforarebasedupontheomissionorallegedomissiontostatethereinamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading,andwillreimburseeachAgentforanylegalorotherexpensesreasonablyincurredbysuchAgentinconnectionwithinvestigatingordefendinganysuchactionorclaimassuchexpensesareincurred;provided,however,thattheCompanyshallnotbeliableinanysuchcasetotheextentthatanysuchloss,claim,damageorliabilityarisesoutoforisbaseduponanuntrue

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statementorallegeduntruestatementoromissionorallegedomissionmadeintheRegistrationStatement,theBasicProspectus,anyProspectusSupplement,anyInterimProspectusSupplement,theDisclosurePackageortheProspectus,oranyamendmentorsupplementthereto,oranyIssuerFreeWritingProspectus,inrelianceuponandinconformitywithwritteninformationfurnishedtotheCompanybyanAgentrelatingtotheAgentsexpresslyforusetherein.

(b)EachAgentwillindemnifyandholdharmlesstheCompanyagainstanylosses,claims,damagesorliabilitiestowhichtheCompanymaybecomesubject,undertheActorotherwise,insofarassuchlosses,claims,damagesorliabilities(oractionsinrespectthereof)ariseoutoforarebaseduponanuntruestatementorallegeduntruestatementofamaterialfactcontainedintheRegistrationStatement,theBasicProspectus,anyProspectusSupplement,anyInterimProspectusSupplement,theDisclosurePackageortheProspectus,oranyamendmentorsupplementthereto,oranyIssuerFreeWritingProspectus,orariseoutoforarebasedupontheomissionorallegedomissiontostatethereinamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading,ineachcasetotheextent,butonlytotheextent,thatsuchuntruestatementorallegeduntruestatementoromissionorallegedomissionwasmadeintheRegistrationStatement,theBasicProspectus,anyProspectusSupplement,anyInterimProspectusSupplement,theDisclosurePackageortheProspectus,oranyamendmentorsupplementthereto,oranyIssuerFreeWritingProspectus,inrelianceuponandinconformitywithwritteninformationfurnishedtotheCompanybyanAgentrelatingtotheAgentsexpresslyforusetherein;andwillreimbursetheCompanyforanylegalorotherexpensesreasonablyincurredbytheCompanyinconnectionwithinvestigatingordefendinganysuchactionorclaimassuchexpensesareincurred.

(c)Promptlyafterreceiptbyanindemnifiedpartyundersubsection(a)or(b)aboveofnoticeofthecommencementofanyaction,suchindemnifiedpartyshall,ifaclaiminrespectthereofistobemadeagainsttheindemnifyingpartyundersuchsubsection,notifytheindemnifyingpartyinwritingofthecommencementthereof(eachsuchnoticetotheindemnifyingparty,aNotice);buttheomissionsotonotifytheindemnifyingpartyshallnotrelieveitfromanyliabilitywhichitmayhavetoanyindemnifiedpartyotherwisethanundersuchsubsection.Incaseanysuchactionshallbebroughtagainstanyindemnifiedpartyanditshallnotifytheindemnifyingpartyofthecommencementthereof,theindemnifyingpartyshallbeentitledtoparticipatethereinand,totheextentthatitshallwish,jointlywithanyotherindemnifyingpartysimilarlynotified,toassumethedefensethereof,withcounselsatisfactorytosuchindemnifiedparty(whoshallnot,exceptwiththeconsentoftheindemnifiedparty,becounseltotheindemnifyingparty),and,afternoticefromtheindemnifyingpartytosuchindemnifiedpartyofitselectionsotoassumethedefensethereof,theindemnifyingpartyshallnotbeliabletosuchindemnifiedpartyundersuchsubsectionforanylegalexpensesofothercounseloranyotherexpenses,ineachcasesubsequentlyincurredbysuchindemnifiedparty,

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inconnectionwiththedefensethereofotherthanreasonablecostsofinvestigation.Noindemnifyingpartyshall,withoutthewrittenconsentoftheindemnifiedparty,effectthesettlementorcompromiseof,orconsenttotheentryofanyjudgmentwithrespectto,anypendingorthreatenedactionorclaiminrespectofwhichindemnificationorcontributionmaybesoughthereunder(whetherornottheindemnifiedpartyisanactualorpotentialpartytosuchactionorclaim)unlesssuchsettlement,compromiseorjudgment(i)includesanunconditionalreleaseoftheindemnifiedpartyfromallliabilityarisingoutofsuchactionorclaimand(ii)doesnotincludeastatementastooranadmissionoffault,culpabilityorafailuretoact,byoronbehalfofanyindemnifiedparty.

(d)IftheindemnificationprovidedforinthisSection8isunavailabletoorinsufficienttoholdharmlessanindemnifiedpartyundersubsection(a)or(b)aboveinrespectofanylosses,claims,damagesorliabilities(oractionsinrespectthereof)referredtotherein,theneachindemnifyingpartyshallcontributetotheamountpaidorpayablebysuchindemnifiedpartyasaresultofsuchlosses,claims,damagesorliabilities(oractionsinrespectthereof)insuchproportionasisappropriatetoreflecttherelativebenefitsreceivedbytheCompanyontheonehandandtheAgentsontheotherfromtheofferingoftheShares.If,however,theallocationprovidedbytheimmediatelyprecedingsentenceisnotpermittedbyapplicablelaworiftheindemnifiedpartyfailedtogivethenoticerequiredundersubsection(c)above,theneachindemnifyingpartyshallcontributetosuchamountpaidorpayablebysuchindemnifiedpartyinsuchproportionasisappropriatetoreflectnotonlysuchrelativebenefitsbutalsotherelativefaultoftheCompanyontheonehandandtheAgentsontheotherinconnectionwiththestatementsoromissionswhichresultedinsuchlosses,claims,damagesorliabilities(oractionsinrespectthereof),aswellasanyotherrelevantequitableconsiderations.TherelativebenefitsreceivedbytheCompanyontheonehandandtheAgentsontheothershallbedeemedtobeinthesameproportionasthenetproceedsfromtheoffering(netofunderwritingdiscountsandcommissionsbutbeforedeductinganyotherexpenses)receivedbytheCompanybeartothetotalcompensationreceivedbysuchAgentunderSection3(d)ofthisAgreement,ineachcaseasdeterminedbythisAgreementoranyapplicableTermsAgreement.Therelativefaultshallbedeterminedbyreferenceto,amongotherthings,whethertheuntrueorallegeduntruestatementofamaterialfactortheomissionorallegedomissiontostateamaterialfactrelatestoinformationsuppliedbytheCompanyontheonehandortheAgentsontheotherandthepartiesrelativeintent,knowledge,accesstoinformationandopportunitytocorrectorpreventsuchstatementoromission.TheCompanyandtheAgentsagreethatitwouldnotbejustandequitableifcontributionpursuanttothissubsection(d)weredeterminedbyprorataallocation(eveniftheAgentsweretreatedasoneentityforsuchpurpose)orbyanyothermethodofallocationwhichdoesnottakeaccountoftheequitableconsiderationsreferredtoaboveinthissubsection(d).Theamountpaidorpayablebyanindemnifiedpartyasaresultofthelosses,claims,damagesorliabilities(oractionsinrespectthereof)

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referredtoaboveinthissubsection(d)shallbedeemedtoincludeanylegalorotherexpensesreasonablyincurredbysuchindemnifiedpartyinconnectionwithinvestigatingordefendinganysuchactionorclaim.Notwithstandingtheprovisionsofthissubsection(d),noAgentshallberequiredtocontributeanyamountinexcessofthediscountsandcommissionsreceivedbysuchAgentinconnectionwiththeSharessoldbyitpursuanttothisAgreementandanyapplicableTermsAgreement.Nopersonguiltyoffraudulentmisrepresentation(withinthemeaningofSection11(f)oftheAct)shallbeentitledtocontributionfromanypersonwhowasnotguiltyofsuchfraudulentmisrepresentation.TheAgentsobligationsinthissubsection(d)tocontributeareseveralinproportiontotheirrespectiveobligationsandnotjoint.

(e)TheobligationsoftheCompanyunderthisSection8shallbeinadditiontoanyliabilitywhichtheCompanymayotherwisehaveandshallextend,uponthesametermsandconditions,toeachperson,ifany,whocontrolsanyAgentwithinthemeaningoftheActandeachbroker-dealeraffiliateofanyAgent;andtheobligationsoftheAgentsunderthisSection8shallbeinadditiontoanyliabilitywhichtherespectiveAgentsmayotherwisehaveandshallextend,uponthesametermsandconditions,toeachofficeranddirectoroftheCompanyandtoeachperson,ifany,whocontrolstheCompanywithinthemeaningoftheAct.

9.(a)IntheeventthatanyAgentthatisaCoveredEntitybecomessubjecttoaproceedingunderaU.S.SpecialResolutionRegime,thetransferfromsuchAgentofthisAgreement,andanyinterestandobligationinorunderthisAgreement,willbeeffectivetothesameextentasthetransferwouldbeeffectiveundertheU.S.SpecialResolutionRegimeifthisAgreement,andanysuchinterestandobligation,weregovernedbythelawsoftheUnitedStatesorastateoftheUnitedStates.

(b)IntheeventthatanyAgentthatisaCoveredEntityoraBHCActAffiliateofsuchAgentbecomessubjecttoaproceedingunderaU.S.SpecialResolutionRegime,DefaultRightsunderthisAgreementthatmaybeexercisedagainstsuchAgentarepermittedtobeexercisedtonogreaterextentthansuchDefaultRightscouldbeexercisedundertheU.S.SpecialResolutionRegimeifthisAgreementweregovernedbythelawsoftheUnitedStatesorastateoftheUnitedStates.

(c)BHCActAffiliatehasthemeaningassignedtothetermaffiliatein,andshallbeinterpretedinaccordancewith,12U.S.C.§1841(k).

CoveredEntitymeansanyofthefollowing:(i)acoveredentityasthattermisdefinedin,andinterpretedinaccordancewith,12C.F.R.§252.82(b);(ii)acoveredbankasthattermisdefinedin,andinterpretedinaccordancewith,12C.F.R.§47.3(b);or(iii)acoveredFSIasthattermisdefinedin,andinterpretedinaccordancewith,12C.F.R.§382.2(b)

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DefaultRighthasthemeaningassignedtothattermin,andshallbeinterpretedinaccordancewith,12C.F.R.§§252.81,47.2or382.1,asapplicable.

U.S.SpecialResolutionRegimemeanseachof(i)theFederalDepositInsuranceActandtheregulationspromulgatedthereunderand(ii)TitleIIoftheDodd-FrankWallStreetReformandConsumerProtectionActandtheregulationspromulgatedthereunder.

10.Therespectiveindemnities,agreements,representations,warrantiesandotherstatementsoftheCompanyandtheseveralAgents,assetforthinthisAgreementormadebyoronbehalfofthem,respectively,pursuanttothisAgreement,shallremaininfullforceandeffect,regardlessofanyinvestigation(oranystatementastotheresultsthereof)madebyoronbehalfofanyAgentoranycontrollingpersonofanyAgent,ortheCompanyoranyofficerordirectororcontrollingpersonoftheCompany,andshallsurvivedeliveryofandpaymentfortheShares.

11.(a)TheCompanyshallhavetheright,bygivingwrittennoticeashereinafterspecified,toterminatetheprovisionsofthisAgreementrelatingtothesolicitationofofferstopurchasetheSharesinitssolediscretionatanytime.Anysuchterminationshallbewithoutliabilityofanypartytoanyotherpartyexceptthat(i)ifShareshavebeensoldthroughanAgentfortheCompany,thenSection4(t)shallremaininfullforceandeffectwithrespecttosuchAgentandtheCompany,(ii)withrespecttoanypendingsale,throughtheDesignatedAgentfortheCompany,theobligationsoftheCompany,includinginrespectofcompensationoftheDesignatedAgent,shallremaininfullforceandeffectnotwithstandingtheterminationand(iii)theprovisionsofSections2,6,8,10,12,15and17ofthisAgreementshallremaininfullforceandeffectnotwithstandingsuchtermination.

(b)EachAgentshallhavetheright,bygivingwrittennoticeashereinafterspecified,toterminatetheprovisionsofthisAgreementrelatingtothesolicitationofofferstopurchasetheSharesinitssolediscretionatanytime,withrespecttosuchAgentonly.AnysuchterminationshallbewithoutliabilityofanypartytoanyotherpartyexceptthattheprovisionsofSections2,6,8,10,12,15and17ofthisAgreementshallremaininfullforceandeffectwithrespecttosuchAgentnotwithstandingsuchtermination.FollowinganysuchterminationbyanAgent,thisAgreementshallremainineffectastoeachotherAgentthathasnotexerciseditsrighttoterminatetheprovisionsofthisAgreementpursuanttothisSection11(b)andanyobligationsandrightsoftheAgentsunderthisAgreementshallbesatisfiedbyoraffordedto,asapplicable,onlysuchotherAgents.

30

(c)ThisAgreementshallremaininfullforceandeffectunlessterminatedpursuanttoSections11(a)or(b)aboveorotherwisebymutualagreementoftheparties;providedthatanysuchterminationbymutualagreementshallinallcasesbedeemedtoprovidethatSections2,6,8,10,12,15and17shallremaininfullforceandeffectand,ifforanyreasonotherthanterminationbymutualagreement,anySharesarenotdeliveredbyoronbehalfoftheCompanyasprovidedherein,theCompanywillreimbursetheAgentsforallout-of-pocketexpensesapprovedinwritingbyyou,includingfeesanddisbursementsofcounsel,reasonablyincurredbytheAgentsinmakingpreparationsforthepurchase,saleanddeliveryoftheSharesnotsodelivered,buttheCompanyshallthenbeundernofurtherliabilitytoanyAgentexceptasprovidedinSections6,8and10hereof.

(d)AnyterminationofthisAgreementshallbeeffectiveonthedatespecifiedinsuchnoticeoftermination;providedthatsuchterminationshallnotbeeffectiveuntilthecloseofbusinessonthedateofreceiptofsuchnoticebyanAgentortheCompany,asthecasemaybe.IfsuchterminationshalloccurpriortotheSettlementDateorTimeofDeliveryforanysaleoftheShares,suchsaleshall,subjecttoSection7hereof,settleinaccordancewiththeprovisionsofSection3(e)ofthisAgreement.

12.Inalldealingshereunder,GoldmanSachs&Co.LLCshallactonbehalfofeachoftheAgents,andthepartiesheretoshallbeentitledtoactandrelyuponanystatement,request,noticeoragreementonbehalfofanyAgentmadeorgivenbyGoldmanSachs&Co.LLC;provided,however,thateachofthepartiesheretoagreesthat,withrespecttothesettlementofSharesonanySettlementDate,theapplicableDesignatedAgentshallactonbehalfofeachoftheAgents,andthepartiesheretoshallbeentitledtoactandrelyuponanystatement,request,noticeoragreementonbehalfofanyAgentrelatingto,orinconnectionwith,thesettlementofsuchSharesmadeorgivenbysuchDesignatedAgent.

Allstatements,requests,noticesandagreementshereundershallbeinwriting,andiftotheAgentsshallbedeliveredorsentbymail,telexorfacsimiletransmissiontoeachAgentinaccordancewithAnnexIIhereto,and,iftotheCompany,shallbedeliveredorsentbymail,telexorfacsimiletransmissiontotheaddressoftheCompanysetforthintheRegistrationStatement,Fax:(650)681-5203,Attention:ChiefFinancialOfficer;provided,however,thatnoticesundersubsection4(e)shallbeinwriting,andiftotheAgentsshallbedeliveredorsentbymailtelexorfacsimiletransmissiontoeachAgentinaccordancewithAnnexIIhereto.

InaccordancewiththerequirementsoftheUSAPatriotAct(TitleIIIofPub.L.107-56(signedintolawOctober26,2001)),theAgentsarerequiredtoobtain,verifyandrecordinformationthatidentifiestheirrespectiveclients,includingtheCompany,whichinformationmayincludethenameandaddressoftheirrespectiveclients,aswellasotherinformationthatwillallowtheAgentstoproperlyidentifytheirrespectiveclients.

31

13.ThisAgreementshallbebindingupon,andinuresolelytothebenefitof,theAgents,theCompanyand,totheextentprovidedinSections8and10hereof,theofficersanddirectorsoftheCompanyandeachpersonwhocontrolstheCompanyoranyAgent,andtheirrespectiveheirs,executors,administrators,successorsandassigns,andnootherpersonshallacquireorhaveanyrightunderorbyvirtueofthisAgreement.NopurchaserofanyoftheSharesfromanyAgentshallbedeemedasuccessororassignbyreasonmerelyofsuchpurchase.

14.TimeshallbeoftheessenceofthisAgreement.Asusedherein,thetermbusinessdayshallmeananydaywhentheCommissionsofficeinWashington,D.C.isopenforbusiness.

15.TheCompanyacknowledgesandagreesthat(a)thepurchaseandsaleoftheSharespursuanttothisAgreementisanarms-lengthcommercialtransactionbetweentheCompany,ontheonehand,andtheseveralAgents,ontheother,(b)inconnectiontherewithandwiththeprocessleadingtosuchtransactioneachAgentisactingsolelyasaprincipalandnottheagentorfiduciaryoftheCompany,(c)noAgenthasassumedanadvisoryorfiduciaryresponsibilityinfavoroftheCompanywithrespecttotheofferingcontemplatedherebyortheprocessleadingthereto(irrespectiveofwhethersuchAgenthasadvisedoriscurrentlyadvisingtheCompanyonothermatters)oranyotherobligationtotheCompanyexcepttheobligationsexpresslysetforthinthisAgreementand(d)theCompanyhasconsulteditsownlegalandfinancialadvisorstotheextentitdeemedappropriate.TheCompanyagreesthatitwillnotclaimthattheAgents,oranyofthem,hasrenderedadvisoryservicesofanynatureorrespect,orowesafiduciaryorsimilardutytoit,inconnectionwithsuchtransactionortheprocessleadingthereto.

16.ThisAgreementsupersedesallprioragreementsandunderstandings(whetherwrittenororal)amongtheCompanyandtheAgents,oranyofthem,withrespecttothesubjectmatterhereof.

17.ThisAgreementandanymattersrelatedtothetransactionsshallbegovernedbyandconstruedinaccordancewiththelawsoftheStateofNewYork.

18.TheCompanyandeachoftheAgentsherebyirrevocablywaives,tothefullestextentpermittedbyapplicablelaw,anyandallrighttotrialbyjuryinanylegalproceedingarisingoutoforrelatingtothisAgreementorthetransactionscontemplatedhereby.

19.ThisAgreementmaybeexecutedbyanyoneormoreofthepartiesheretoinanynumberofrespectivecounterparts,eachofwhichshallbedeemedtobeanoriginal,butallsuchcounterpartsshalltogetherconstituteoneandthesameinstrument.DeliveryofanexecutedsignaturepageofthisAgreementbyfacsimileorPDFtransmissionshallconstituteeffectiveexecutionanddeliveryofthisAgreementandbeeffectiveasdeliveryofamanuallyexecutedcounterparthereof

32

orthereof,asthecasemaybe.Thewordsexecution,signed,signature,delivery,andwordsoflikeimportinorrelatingtothisAgreementoranydocumenttobesignedinconnectionwiththisAgreementshallbedeemedtoincludeelectronicsignatures,deliveriesorthekeepingofrecordsinelectronicform,eachofwhichshallbeofthesamelegaleffect,validityorenforceabilityasamanuallyexecutedsignature,physicaldeliverythereofortheuseofapaper-basedrecordkeepingsystem,asthecasemaybe,andthepartiesheretoconsenttoconductthetransactionscontemplatedhereunderbyelectronicmeans.

20.Notwithstandinganythinghereintothecontrary,theCompanyisauthorizedtodisclosetoanypersonstheU.S.federalandstateincometaxtreatmentandtaxstructureofthepotentialtransactionandallmaterialsofanykind(includingtaxopinionsandothertaxanalyses)providedtotheCompanyrelatingtothattreatmentandstructure,withouttheAgentsimposinganylimitationofanykind.However,anyinformationrelatingtothetaxtreatmentandtaxstructureshallremainconfidential(andtheforegoingsentenceshallnotapply)totheextentnecessarytoenableanypersontocomplywithsecuritieslaws.Forthispurpose,taxstructureislimitedtoanyfactsthatmayberelevanttothattreatment.

Iftheforegoingisinaccordancewithyourunderstanding,pleasesignandreturntous6counterpartshereof,andupontheacceptancehereofbyeachoftheAgents,thisletterandsuchacceptancehereofshallconstituteabindingagreementamongeachoftheAgentsandtheCompany.Thewordsexecution,signed,signature,delivery,andwordsoflikeimportinorrelatingtothisAgreementoranydocumenttobesignedinconnectionwiththisAgreementshallbedeemedtoincludeelectronicsignatures,deliveriesorthekeepingofrecordsinelectronicform,eachofwhichshallbeofthesamelegaleffect,validityorenforceabilityasamanuallyexecutedsignature,physicaldeliverythereofortheuseofapaper-basedrecordkeepingsystem,asthecasemaybe,andthepartiesheretoconsenttoconductthetransactionscontemplatedhereunderbyelectronicmeans.

21.Thetermsthatfollow,whenusedinthisAgreementandanyTermsAgreement,shallhavethemeaningsindicated.

DesignatedAgentshallmean,asofanygiventime,anAgentthattheCompanyhasdesignatedassalesagenttosellSharespursuanttothetermsofthisAgreement,whichinitiallyshallbeGoldmanSachs&Co.LLC.

DisclosurePackageshallmean(i)theBaseProspectus,(ii)theProspectusSupplement,(iii)themostrecentlyfiledInterimProspectusSupplement,ifany,(iv)theIssuerFreeWritingProspectuses,ifany,identifiedinScheduleIhereto,(v)thepublicofferingpriceofSharessoldattherelevantApplicableTimeasspecifiedinaTermsAgreementand(vi)anyotherFreeWritingProspectusthatthepartiesheretoshallhereafterexpresslyagreeinwritingtotreataspartoftheDisclosurePackage.

33

EffectiveDateshallmeaneachdateandtimethattheRegistrationStatementandanypost-effectiveamendmentoramendmentstheretobecameorbecomeseffective.

ExecutionTimeshallmeanthedateandtimethatthisAgreementisexecutedanddeliveredbythepartieshereto.

Rule158,Rule163,Rule164,Rule172,Rule405,Rule415,Rule424,Rule430BandRule433refertosuchrulesundertheAct.

[Remainderofpageintentionallyleftblank]

34

PleaseindicateyouracceptanceofthisAgreementasofthedatefirstwrittenabovebysigninginthespaceprovidedbelow.

Verytrulyyours,

TESLA,INC.

By:/s/ZacharyJ.KirkhornName:ZacharyJ.KirkhornTitle:ChiefFinancialOfficer

[SignaturePagetoEquityDistributionAgreement]

Acceptedasofthedatehereof:

GOLDMANSACHS&CO.LLC

By:/s/AdamT.GreeneName:AdamT.GreeneTitle:ManagingDirector


CITIGROUPGLOBALMARKETSINC.

By:/s/RichardHawwaName:RichardHawwaTitle:ManagingDirector


BARCLAYSCAPITALINC.

By:/s/KristinDeClarkName:KristinDeClarkTitle:ManagingDirector


BNPPARIBASSECURITIESCORP.

By:/s/PierreLAPOMMEName:PierreLAPOMMETitle:ManagingDirector


BOFASECURITIES,INC.

By:/s/RaymondWoodName:RaymondWoodTitle:ManagingDirector


CREDITSUISSESECURITIES(USA)LLC

By:/s/TedMichaelsName:TedMichaelsTitle:ManagingDirector


DEUTSCHEBANKSECURITIESINC.

By:/s/ManojMahtaniName:ManojMahtaniTitle:Director

DEUTSCHEBANKSECURITIESINC.

By:/s/BenSelingerName:BenSelingerTitle:Director


MORGANSTANLEY&CO.LLC

By:/s/AndrewW.HeckName:AndrewW.HeckTitle:ExecutiveDirector


SGAMERICASSECURITIES,LLC

By:/s/DavidGetzlerName:DavidGetzlerTitle:ManagingDirector,HeadofEquityCapitalMarkets


WELLSFARGOSECURITIES,LLC

By:/s/MichaelTiedemannName:MichaelTiedemannTitle:ManagingDirector


SCHEDULEI

ScheduleofFreeWritingProspectusesincludedintheDisclosurePackage

None

[FormofTermsAgreement] ANNEXI

Tesla,Inc.CommonStock,parvalue$0.001pershare,

TERMSAGREEMENT

____________,20___

[name/addressofdesignatedagent]

LadiesandGentlemen:

Tesla,Inc.,aDelawarecorporation(theCompany)proposes,subjecttothetermsandconditionsstatedhereinandintheEquityDistributionAgreement,dated[],2020(theEquityDistributionAgreement),amongtheCompanyandGoldman,Sachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,toissueandsellto[nameofagent][(theDesignatedAgent)],thesecuritiesspecifiedintheScheduleIhereto(thePurchasedShares)[,andsolelyforthepurposeofcoveringover-allotments,tograntto[[nameofdesignatedagent][(theDesignatedAgent)][theDesignatedAgent]theoptiontopurchasetheadditionalsecuritiesspecifiedintheScheduleIhereto(theAdditionalShares)].[IncludeonlyiftheDesignatedAgenthasanover-allotmentoption]

[TheDesignatedAgentshallhavetherighttopurchasefromtheCompanyalloraportionoftheAdditionalSharesasmaybenecessarytocoverover-allotmentsmadeinconnectionwiththeofferingofthePurchasedShares,atthesamepurchasepricepersharetobepaidbytheDesignatedAgenttotheCompanyforthePurchasedShares.ThisoptionmaybeexercisedbytheDesignatedAgentatanytime(butnotmorethanonce)onorbeforethethirtiethdayfollowingthedatehereof,bywrittennoticetotheCompany.SuchnoticeshallsetforththeaggregatenumberofsharesofAdditionalSharesastowhichtheoptionisbeingexercised,andthedateandtimewhentheAdditionalSharesaretobedelivered(suchdateandtimebeinghereinreferredtoastheOptionClosingDate);provided,however,thattheOptionClosingDateshallnotbeearlierthantheTimeofDelivery(assetforthintheScheduleIhereto)norearlierthanthesecondbusinessdayafterthedateonwhichtheoptionshallhavebeenexercisednorlaterthanthefifthbusinessdayafterthedateonwhichtheoptionshallhavebeenexercised.PaymentofthepurchasepricefortheAdditionalSharesshallbemadeattheOptionClosingDateinthesamemannerandatthesameofficeasthepaymentforthePurchasedShares.][IncludeonlyiftheDesignatedAgenthasanover-allotmentoption]

EachoftheprovisionsoftheEquityDistributionAgreementnotspecificallyrelatedtothesolicitationbytheDesignatedAgent,asagentoftheCompany,ofofferstopurchasesecuritiesisincorporatedhereinbyreferenceinitsentirety,andshallbedeemedtobepartofthisTermsAgreementtothesameextentasifsuchprovisionshadbeensetforthinfullherein.EachoftherepresentationsandwarrantiessetforththereinshallbedeemedtohavebeenmadeatandasofthedateofthisTermsAgreement[and][,]theTimeofDelivery[andanyOptionClosingDate][IncludeonlyiftheDesignatedAgenthasanover-allotmentoption],exceptthateachrepresentationandwarrantyinSection2oftheEquityDistributionAgreementwhichmakesreferencetotheProspectus(asthereindefined)shallbedeemedtobearepresentationandwarrantyasofthedateoftheEquityDistributionAgreementinrelationtotheProspectus,andalsoarepresentationandwarrantyasofthedateofthisTermsAgreement[and][,]theTimeofDelivery[andanyOptionClosingDate][IncludeonlyiftheDesignatedAgenthasanover-allotmentoption]inrelationtotheProspectusasamendedandsupplementedtorelatetothePurchasedShares.

AnamendmenttotheRegistrationStatement(asdefinedintheEquityDistributionAgreement),orasupplementtotheProspectus,asthecasemaybe,relatingtothePurchasedShares[andtheAdditionalShares][IncludeonlyiftheDesignatedAgenthasanover-allotmentoption],intheformheretoforedeliveredtotheAgentisnowproposedtobefiledwiththeSecuritiesandExchangeCommission.

SubjecttothetermsandconditionssetforthhereinandintheEquityDistributionAgreementwhichareincorporatedhereinbyreference,theCompanyagreestoissueandselltotheDesignatedAgentandthelatteragreestopurchasefromtheCompanythenumberofsharesofthePurchasedSharesatthetimeandplaceandatthepurchasepricesetforthintheScheduleIhereto.

Iftheforegoingisinaccordancewithyourunderstanding,pleasesignandreturntousacounterparthereof,whereuponthisTermsAgreement,includingthoseprovisionsoftheEquityDistributionAgreementincorporatedhereinbyreference,shallconstituteabindingagreementbetweentheAgentsandtheCompany.

Tesla,Inc.

By: Name:Title:

ACCEPTEDasofthedatefirstwrittenabove.

[DesignatedAgent]

By:Name:Title:

[FormofTermsAgreement] ScheduleItotheTermsAgreement

TitleofPurchasedShares[andAdditionalShares]:

CommonStock,parvalue$0.001pershare,ofTesla,Inc.

NumberofSharesofPurchasedShares:[]

[NumberofSharesofAdditionalShares:[]]

[PricetoPublic:$[]pershare]

PurchasePriceby[namesofagents/designatedagent]:$[]pershare

MethodofandSpecifiedFundsforPaymentofPurchasePrice:

BywiretransfertoabankaccountspecifiedbytheCompanyinsamedayfunds.

MethodofDelivery:

FreedeliveryoftheSharestotheAgentsaccountatTheDepositoryTrustCompanyinreturnforpaymentofthepurchaseprice.

TimeofDelivery:[]

ClosingLocation:[]

DocumentstobeDelivered:

ThefollowingdocumentsreferredtointheEquityDistributionAgreementshallbedeliveredasaconditiontotheclosingattheTimeofDelivery[andonanyOptionClosingDate]:

(1) TheopinionreferredtoinSection4(l).(2) TheopinionreferredtoinSection4(m).(3) TheaccountantsletterreferredtoinSection4(n).(4) TheChiefFinancialOfficersletterreferredtoinSection4(o).(5) TheofficerscertificatereferredtoinSection4(k).(5) SuchotherdocumentsastheAgentshallreasonablyrequest.

ANNEXIIGoldmanSachs&Co.LLC:

GoldmanSachs&Co.LLC200WestStreetNewYork,NewYork10282Attention:RegistrationDepartment

CitigroupGlobalMarketsInc.:

CitigroupGlobalMarketsInc.388GreenwichStreetNewYork,NewYork10013Attention:GeneralCounselFacsimile:(646)291-1469

BarclaysCapitalInc.:

BarclaysCapitalInc.7457thAvenueNewYork,NewYork10019Attention:SyndicateRegistrationFacsimile:(646)834-8133

BNPParibasSecuritiesCorp.:

BNPParibasSecuritiesCorp.7877thAvenue,8thFloorNewYork,NewYork10019AttentionNicolasGortzounianEmail:[email protected]

BofASecurities,Inc.:

BofASecurities,Inc.OneBryantParkNewYork,NewYork10036Attention:RayWood

CreditSuisseSecurities(USA)LLC:

CreditSuisseSecurities(USA)LLCElevenMadisonAvenueNewYork,NewYork10010-3629Facsimile:(212)325-4296Attention:IBCM-Legal

DeutscheBankSecuritiesInc.:

DeutscheBankSecuritiesInc.60WallStreetNewYork,NewYork10005Attention:ECMSyndicateTeamEmail:[email protected]

MorganStanley&Co.LLC:

MorganStanley&Co.LLC1585BroadwayNewYork,NewYork10036Attention:EquitySyndicateDesk(withcopytotheLegalandComplianceDivision)

SGAmericasSecurities,LLC:

SGAmericasSecurities,LLC245ParkAvenueNewYork,NewYork10167Attention:NicolasBaez

WellsFargoSecurities,LLC:

WellsFargoSecurities,LLC500West33rdStreetNewYork,NewYork10001Attention:EquitySyndicateDepartment(faxno:(212)214-5918)

EXHIBITA

AllocationsAgent

AllocationPercentage

GoldmanSachs&Co.LLC 14.750%CitigroupGlobalMarketsInc. 12.015%BarclaysCapitalInc. 12.015%BofASecurities,Inc. 12.015%DeutscheBankSecuritiesInc. 12.015%MorganStanley&Co.LLC 12.015%CreditSuisseSecurities(USA)LLC 7.050%SGAmericasSecurities,LLC 7.050%WellsFargoSecurities,LLC 7.050%BNPParibasSecuritiesCorp. 4.025%

Total 100.00%Exhibit5.1

WilsonSonsiniGoodrich&RosatiProfessionalCorporation650PageMillRoadPaloAlto,California94304-1050O:650.493.9300F:650.493.6811

December8,2020

Tesla,Inc.3500DeerCreekRoad,PaloAlto,California94304

Re:PublicOfferingofTesla,Inc.

LadiesandGentlemen:

WehaveactedascounseltoTesla,Inc.,aDelawarecorporation(theCompany),inconnectionwiththefilingbytheCompanywiththeSecuritiesandExchangeCommission(theCommission)onMay2,2019ofaregistrationstatementonFormS-3(theRegistrationStatement),undertheSecuritiesActof1933,asamended(theAct),thatisautomaticallyeffectiveundertheActpursuanttoRule462(e)promulgatedthereunder.TheRegistrationStatementrelatesto,amongotherthings,theproposedissuanceandsale,fromtimetotime,bytheCompanyofdebtsecurities(theDebtSecurities)andsharesoftheCompanyscommonstock,$0.001parvaluepershare(theCommonStockandtogetherwiththeDebtSecurities,theSecurities),eachwithanindeterminateamountasmayatvarioustimesbeissuedatindeterminateprices,inrelianceonRule456(b)andRule457(r)undertheAct.TheDebtSecuritiesandtheCommonStockaretobesoldfromtimetotimeassetforthintheRegistrationStatement,theprospectuscontainedtherein,andthesupplementstotheprospectus.

PursuanttotheRegistrationStatement,theCompanywillissueandsellsharesofitsCommonStockhavinganaggregateofferingpriceofupto$5,000,000,000(theShares),pursuanttothatcertainEquityDistributionAgreement,datedasofDecember8,2020(theSalesAgreement),byandamongtheCompanyandGoldmanSachs&Co.LLC,CitigroupGlobalMarketsInc.,BarclaysCapitalInc.,BNPParibasSecuritiesCorp.,BofASecurities,Inc.,CreditSuisseSecurities(USA)LLC,DeutscheBankSecuritiesInc.,MorganStanley&Co.LLC,SGAmericasSecurities,LLCandWellsFargoSecurities,LLC,asagents.

WehaveexaminedtheRegistrationStatement,togetherwiththeexhibitstheretoandthedocumentsincorporatedbyreferencetherein;thebaseprospectus,datedMay1,2019,togetherwiththedocumentsincorporatedbyreferencetherein,filedwiththeRegistrationStatement(theProspectus);andtheprospectussupplement,datedDecember8,2020,intheformfiledwiththeCommissionpursuanttoRule424(b)oftheSecuritiesActrelatingtotheofferingoftheShares(togetherwiththeProspectus,theProspectusSupplement).Inaddition,wehaveexaminedoriginalsorcopies,certifiedorotherwiseidentifiedtooursatisfaction,ofsuchotherinstruments,documents,certificatesandrecordswhichwehavedeemedrelevantandnecessaryforthebasisofouropinionhereinafterexpressed.Insuchexamination,wehaveassumed:(i)theauthenticityoforiginaldocumentsandthegenuinenessofallsignatures;(ii)theconformitytotheoriginalsofalldocumentssubmittedtousascopies;(iii)thetruth,accuracyandcompletenessoftheinformation,representationsandwarrantiescontainedintheinstruments,documents,certificatesandrecordswehavereviewed;(iv)theSalesAgreementhasbeendulyauthorizedandvalidlyexecutedanddeliveredbythepartiesthereto(otherthantheCompany);(v)thatthesharesofCommonStockwillbeissuedandsoldincompliancewithapplicableU.S.federalandstatesecuritieslawsandinthe

Tesla,Inc.December8,2020Page2of2

mannerstatedintheRegistrationStatementandtheProspectusSupplement;and(vi)thelegalcapacityofallnaturalpersons.Astoanyfactsmaterialtotheopinionsexpressedhereinthatwerenotindependentlyestablishedorverified,wehaverelieduponoralorwrittenstatementsandrepresentationsofofficersandotherrepresentativesoftheCompany.

Weexpressnoopinionhereinastothelawsofanystateorjurisdiction,otherthantheFederallawsoftheUnitedStatesofAmerica,andtheGeneralCorporationLawoftheStateofDelaware(theDGCL),assuchareineffectonthedatehereof,andwehavemadenoinquiryinto,andweexpressnoopinionasto,thestatutes,regulations,treaties,commonlawsorotherlawsofanyothernation,stateorjurisdiction.

Weexpressnoopinionasto(i)theeffectofanybankruptcy,insolvency,reorganization,arrangement,fraudulentconveyance,moratoriumorothersimilarlawsrelatingtooraffectingtherightsofcreditorsgenerally,(ii)rightstoindemnificationandcontributionwhichmaybelimitedbyapplicablelaworequitableprinciples,or(iii)theeffectofgeneralprinciplesofequity,including,withoutlimitation,conceptsofmateriality,reasonableness,goodfaithandfairdealing,theeffectofjudicialdiscretionandthepossibleunavailabilityofspecificperformance,injunctiverelieforotherequitablerelief,andthelimitationsonrightsofacceleration,whetherconsideredinaproceedinginequityoratlaw.

Basedonandsubjecttotheforegoing,weareoftheopinionthattheShareshavebeendulyauthorizedbytheCompanyand,whenissued,deliveredandpaidforinaccordancewiththetermsoftheSalesAgreement,willbevalidlyissued,fullypaidandnonassessable.

Weherebyconsenttothefilingofthisopinionasanexhibittotheabove-referencedRegistrationStatementandtotheuseofournamewhereveritappearsintheRegistrationStatement,theProspectus,eachProspectusSupplement,andinanyamendmentorsupplementthereto.Ingivingsuchconsent,wedonotbelievethatweareexpertswithinthemeaningofsuchtermasusedintheActortherulesandregulationsoftheCommissionissuedthereunderwithrespecttoanypartoftheRegistrationStatement,includingthisopinionasanexhibitorotherwise.

Verytrulyyours,

/s/WilsonSonsiniGoodrich&Rosati

WILSONSONSINIGOODRICH&ROSATIProfessionalCorporation