Exhibit 10.1


 


OPEN
MARKET SALE AGREEMENTSM


 


June 11, 2021


 


JEFFERIES LLC

520 Madison Avenue


New York, New York 10022


 


BARCLAYS CAPITAL INC.


745 7th Avenue


New York, New York 10019


 


Ladies and Gentlemen:


 


FuelCell
Energy, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein,
to issue and sell from time to time through Jefferies LLC and Barclays Capital Inc., as sales agents and/or principals (each individually,
an “Agent” and collectively, the “Agents”), shares of the Company’s common stock, par value
$0.0001 per share (the “Common Shares”), having an aggregate offering price of up to $500,000,000 on the terms set
forth in this agreement (this “Agreement”).


 


	Section
1.	DEFINITIONS



 


(a)         
Certain Definitions. For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have
the following respective meanings:


 


“Affiliate”
of a Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such first- mentioned Person. The term “control” (including the terms “controlling,” “controlled
by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.


 


“Agency
Period” means the period commencing on the date of this Agreement and expiring on the earlier to occur of (x) the date on which
the Agents shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated by the
Company, by both of the Agents or by all parties hereto pursuant to Section 7.


 


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


 


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





 


 






SM
“Open Market Sale Agreement” is a service mark of Jefferies LLC


 






    	 



     


    

 





“Floor Price”
means the minimum price set by the Company in the Issuance Notice below which the Designated Agent shall not sell Shares during the applicable
period set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance
Notice by delivering written notice of such change to the Designated Agent.


 


“Issuance Amount”
means the aggregate Sales Price of the Shares to be sold by the Designated Agent pursuant to any Issuance Notice.


 


“Issuance Notice”
means a written notice delivered to the Designated Agent by the Company in accordance with this Agreement in the form attached hereto
as Exhibit A that is executed by its Chief Executive Officer, President or Chief Financial Officer.


 


“Issuance
Notice Date” means any Trading Day during the Agency Period that an Issuance Notice is delivered pursuant to Section
3(b)(i).


 


“Issuance Price”
means the Sales Price less the Selling Commission.


 


“Maximum Program
Amount” means Common Shares with an aggregate Sales Price of the lesser of (a) the number or dollar amount of Common Shares
registered under the effective Registration Statement (as defined below) pursuant to which the offering is being made, (b) the number
of authorized but unissued Common Shares (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities
of the Company or otherwise reserved from the Company’s authorized capital stock), (c) the number or dollar amount of Common Shares
permitted to be sold under Form S-3ASR (including General Instruction I.B.6 thereof, if applicable), or (d) the number or dollar amount
of Common Shares for which the Company has filed a Prospectus (as defined below).


 


“Person”
means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or other entity of any kind.


 


“Principal Market”
means the Nasdaq Global Market or such other national securities exchange on which the Common Shares, including any Shares, are then listed.


 


“Sales Price”
means the actual sale execution price of each Share placed by the Agents pursuant to this Agreement.


 


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


 


“Selling Commission”
means two percent (2%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and
the Agents with respect to any Shares sold pursuant to this Agreement.


 


“Settlement Date”
means the second business day following each Trading Day during the period set forth in the Issuance Notice on which Shares are sold pursuant
to this Agreement, when the Company shall deliver to the Designated Agent the amount of Shares sold on such Trading Day and the Designated Agent shall deliver to
the Company the Issuance Price received on such sales.


 




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“Shares”
means the Company’s Common Shares issued or issuable pursuant to this Agreement.


 


“Trading Day”
means any day on which the Principal Market is open for trading.


 


	Section
2.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY



 


The
Company represents and warrants to, and agrees with, the Agents that as of (1) the date of this Agreement, (2) each Issuance Notice Date,
(3) each Settlement Date, (4) each Triggering Event Date (as defined below) with respect to which the Company is obligated to deliver
a certificate pursuant to Section 4(o) for which no waiver is applicable and (5) as of each Time of Sale (as defined below)
(each of the times referenced above is referred to herein as a “Representation Date”), except as may be disclosed in
the Prospectus (including any documents either now or in the future incorporated by reference therein and any supplements thereto) on
or before a Representation Date:


 


(a)            Registration Statement. The Company has prepared and filed with the Commission a shelf registration statement on Form S-3ASR (File
No. 333-251054) that contains a base prospectus (the “Base Prospectus”). Such registration statement registers
the issuance and sale by the Company of the Shares under the Securities Act. The Company may file one or more additional registration
statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with
respect to the Shares. Except where the context otherwise requires, such registration statement(s), including any information deemed to
be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and
all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3ASR under the Securities Act
as from time to time amended or supplemented, is herein referred to as the “Registration Statement,” and the base prospectus
constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission pursuant to Rule
424(b) under the Securities Act relating to a particular issuance of the Shares, including all documents incorporated or deemed to be
incorporated therein by reference pursuant to Item 12 of Form S-3ASR under the Securities Act, in each case, as from time to time amended
or supplemented, is referred to herein as the “Prospectus,” except that if any revised prospectus is provided to the
Agents by the Company for use in connection with the offering of the Shares that is not required to be filed by the Company pursuant to
Rule 424(b) under the Securities Act, the term “Prospectus” shall refer to such revised prospectus from and after the
time it is first provided to the Agents for such use. The Registration Statement at the time it originally became effective is herein
called the “Original Registration Statement.” As used in this Agreement, the terms “amendment” or “supplement”
when applied to the Registration Statement or the Prospectus shall be deemed to include the filing by the Company with the Commission
of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference.








 




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All references in this Agreement
to financial statements and schedules and other information which is “contained,” “included” or “stated”
in the Registration Statement or the Prospectus (and all other references of like import) shall be
deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus,
as the case may be, as of any specified date; and all references in this Agreement to amendments or supplements to the Registration Statement
or the Prospectus shall be deemed to mean and include, without limitation, the filing of any document under the Exchange Act which is
or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration
Statement or the Prospectus, as the case may be, as of any specified date. The Company’s obligations under this Agreement to furnish,
provide, deliver or make available (and all other references of like import) copies of any report or statement shall be deemed satisfied
if the same is filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”)
(except that, upon the Agents’ request, the Company shall provide a printed copy of the Registration Statement and of any amendment
or supplement thereto with conformed signatures in PDF format).


 


At
the time the Registration Statement originally became effective and at the time the Company’s most recent annual report on Form 10-K
was filed with the Commission, if later, the Company met the then-applicable requirements for use of Form S-3ASR under the Securities
Act. During the Agency Period, each time the Company files an annual report on Form 10-K the Company will meet the then-applicable
requirements for use of Form S-3ASR under the Securities Act.


 


(b)            Compliance with Registration Requirements. The Original Registration Statement and any Rule 462(b) Registration Statement
have been declared effective by the Commission or have automatically become effective under the Securities Act. The Company has complied
to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information with respect thereto.
No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and
no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened
by the Commission.


 


The Prospectus when filed
complied in all material respects with the Securities Act and, if filed with the Commission through EDGAR (except as may be permitted
by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agents for use in connection
with the issuance and sale of the Shares. Each of the Registration Statement, any Rule 462(b) Registration Statement and any post-effective
amendment thereto, at the time it became effective and at each Representation Date, complied and will comply in all material respects
with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. As of the date of this Agreement, the Prospectus and
any Free Writing Prospectus (as defined below) considered together (collectively, the “Time of Sale Information”) did
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date and
at each Representation Date, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations
and warranties set forth in the three immediately preceding sentences do not apply to
statements in or omissions from the Registration Statement, any Rule 462(b) Registration Statement, or any post-effective amendment
thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating
to the Agents furnished to the Company in writing by the Agents expressly for use therein, it being understood and agreed that the only
such information furnished by the Agents to the Company consists of the information described in Section 6 below. There are no
contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which
have not been described or filed as required. The Registration Statement and the offer and sale of the Shares as contemplated hereby meet
the requirements of Rule 415 under the Securities Act and comply in all material respects with said rule.


 




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(c)              
Ineligible Issuer Status. The Company is not an “ineligible issuer” in connection with the offering of the Shares
pursuant to Rules 164, 405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant
to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities
Act. Each Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act
or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the
requirements of Rule 433 under the Securities Act including timely filing with the Commission or retention where required and legending,
and each such Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the issuance and sale
of the Shares did not, does not and will not include any information that conflicted, conflicts with or will conflict with the information
contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein. Except for the Free
Writing Prospectuses, if any, and electronic road shows, if any, furnished to the Agents before first use, the Company has not prepared,
used or referred to, and will not, without the Agents’ prior consent, prepare, use or refer to, any Free Writing Prospectus.


 


(d)              
Incorporated Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement
and the Prospectus, at the time they were filed with the Commission, complied in all material respects with the requirements of the Exchange
Act, as applicable, and, when read together with the other information in the Prospectus, do not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.


 


(e)              
Exchange Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the
time they were or hereafter are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied
and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information
in the Prospectus, at the time the Registration Statement and any amendments thereto become effective and at each Time of Sale (as defined
below), as the case may be, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.


 


 




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(f)            
 Statistical and Market-Related Data. All statistical, demographic and market-related data included in the Registration
Statement or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate.


 


(g)              
Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting. The Company
has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act),
which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, and required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is communicated to the Company’s principal
executive officer and its principal financial officer by others within those entities, as appropriate to allow timely decisions regarding
required disclosure; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most
recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since
the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weaknesses in
the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal
control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal
control over financial reporting. The Company is not aware of any change in its internal control over financial reporting that has occurred
during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.


 


(h)              
This Agreement. This Agreement has been duly authorized, executed and delivered by the Company.


 


(i)                
Authorization of the Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and,
when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable,
and the issuance and sale of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase the Shares.


 


(j)                
No Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have
any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement,
except for such rights as have been duly waived.


 


(k)              
No Material Adverse Change. Except as otherwise disclosed in the Registration Statement and the Prospectus, since the date
of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus:
(i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse
change, in (A) the condition, financial or otherwise, or in the earnings, business, properties, operations, operating results, assets,
liabilities or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries,
considered as one entity or (B) the ability of the Company to consummate the transactions contemplated by this Agreement or perform its
obligations hereunder (any such change being referred to herein as a “Material Adverse Change”); (ii) the Company
and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, whether or not
covered by insurance, that is material, individually or in the aggregate, to the Company and its subsidiaries, considered as one entity,
and have not entered into any material transactions not in the ordinary course of business; and (iii) there has not been any material
decrease in the capital stock or any material increase in any short-term or long-term indebtedness of the Company or its subsidiaries
and there has been no dividend or distribution of any kind declared, paid or made by the Company except for dividends declared and paid
on the Company’s 5% Series B Cumulative Convertible Perpetual Preferred Stock or, except for dividends paid to the Company or other
subsidiaries, by any of the Company’s subsidiaries on any class of capital stock, or any repurchase or redemption by the Company
or any of its subsidiaries of any class of capital stock.


 




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(l)                
Independent Accountants. KPMG LLP, who has certified certain financial statements (which term as used in this Agreement
includes the related notes thereto) of the Company and its subsidiaries, is an independent registered public accounting firm with respect
to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting
Oversight Board (United States) and as required by the Securities Act.


 


(m)        
       Financial Statements. The financial statements incorporated by reference in the
Registration Statement and the Prospectus, together with the related notes and schedules, present fairly, in all material respects,
the consolidated financial position of the Company and its subsidiaries as of the dates indicated and the results of their
operations, changes in stockholders’ equity and cash flows for the periods specified. Such financial statements and supporting
schedules have been prepared in conformity with generally accepted accounting principles in the United States
(“GAAP”) as in effect as of the time of filing applied on a consistent basis throughout the periods involved,
except for (i) any adjustments as may be expressly stated in the related notes thereto and (ii) in the case of unaudited statements,
to the extent they may exclude footnotes or may be condensed or summary statements. The interactive data in eXtensible Business
Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in
all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. No
other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus. The
financial data set forth in each of the Registration Statement and the Prospectus under the caption “Selected Financial
Data” fairly present the information set forth therein on a basis consistent with that of the audited financial statements
contained in the Registration Statement and the Prospectus. All disclosures contained in the Registration Statement and the
Prospectus that constitute non-GAAP financial measures (as defined by the rules and regulations under the Securities Act and the
Exchange Act) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K under the Securities Act, as applicable.
To the Company’s knowledge, no person who has been suspended or barred from being associated with a registered public
accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the Public Company Accounting
Oversight Board (“PCAOB”), has participated in or otherwise aided the preparation of, or audited, the financial
statements, supporting schedules or other financial data filed with the Commission as a part of the Registration Statement and the
Prospectus.


 


(n)              
Company’s Accounting System. The Company, for itself and its consolidated subsidiaries, makes and keeps accurate books
and records and maintains a system of internal accounting controls sufficient to provide reasonable
assurance that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and
to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or
specific authorization; (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material
respects and is prepared in accordance with the Commission's rules and guidelines applicable thereto.


 




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(o)              
Incorporation and Good Standing of the Company. The Company has been duly incorporated and is validly existing as
a corporation in good standing under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own,
lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus and to enter
into and perform its obligations under this Agreement. The Company is duly qualified as a foreign corporation to transact business and
is in good standing in the State of Connecticut and each other jurisdiction in which such qualification is required, whether by reason
of the ownership or leasing of property or the conduct of business, except where the failure to be so qualified or in good standing, individually
or in the aggregate, would not result in a Material Adverse Change.


 


(p)              
Subsidiaries. Each “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X) of the
Company (each a “Subsidiary” and, collectively, the “Subsidiaries”) has been duly incorporated or
organized, as the case may be, and is validly existing as a corporation, partnership or limited liability company, as applicable, in good
standing under the laws of the jurisdiction of its incorporation or organization and has the power and authority (corporate or other)
to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus. Each
of the Company’s Subsidiaries is duly qualified as a foreign corporation, partnership or limited liability company, as applicable,
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except where the failure to be so qualified or in good standing would not result in
a Material Adverse Change. All of the issued and outstanding capital stock or other equity or ownership interests of each of the Company’s
Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company, directly or
through Subsidiaries, and, except as otherwise disclosed in the Registration Statement and the Prospectus, is free and clear of any security
interest, mortgage, pledge, lien, encumbrance or adverse claim. None of the outstanding capital stock or equity interest in any Subsidiary
was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. The constitutive or organizational
documents of each of the Subsidiaries comply in all material respects with the requirements of applicable laws of its jurisdiction of
incorporation or organization and are in full force and effect. The Company does not own or control, directly or indirectly, any corporation,
association or other entity other than (a) the entities listed in Exhibit 21 to the Company’s Annual Report on Form 10-K for the
fiscal year ended October 31, 2020 and (b) certain other subsidiaries not listed on such Exhibit 21 which, considered in the aggregate
as a single entity, do not constitute a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X.


 




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(q)        
      Capitalization and Other Capital Stock Matters. The
authorized, issued and outstanding capital stock of the Company is as set forth in the Prospectus (other than (i) subsequent grants
of equity awards under the stock option or equity incentive plans described in the Registration Statement and the Prospectus, (ii)
subsequent changes in the number of outstanding Common Shares due to the issuance of Common Shares upon the exercise or conversion
of securities exercisable for, or convertible into, Common Shares described in the Registration Statement and the Prospectus, (iii)
as a result of the issuance of Shares hereunder, (v) as a result of the issuance of Common Shares under the employee stock purchase
plan described in the Registration Statement and the Prospectus, or (vi) any repurchases of capital stock of the Company). The
Common Shares (including the Shares) conform in all material respects to the description thereof contained in the Prospectus. Except
with respect to the Company’s “at the market” program in place from August 2005 to April 2017, all of the issued
and outstanding Common Shares have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in
compliance with all federal and state securities laws. None of the outstanding Common Shares was issued in violation of any
preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are
no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or
debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its subsidiaries
other than those described in the Registration Statement and the Prospectus. The descriptions of the Company’s stock option,
stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Registration
Statement and the Prospectus accurately and fairly presents in all material respects the information required to be shown with
respect to such plans, arrangements, options and rights.


 


(r)              
Stock Exchange Listing. The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and are
listed on the Principal Market, and the Company has taken no action intended to result in, or likely to have the effect of, terminating
the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the Principal Market, nor has the Company
received any written notification that the Commission or the Principal Market is contemplating terminating such registration or listing.
To the Company’s knowledge, it is in compliance, in all material respects, with all applicable listing requirements of the Principal
Market.





 




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(s)              
Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required. Neither the Company nor any
of its subsidiaries is in violation of its charter or by-laws, partnership agreement or operating agreement or similar organizational
documents, as applicable, or is in default (or, with the giving of notice or lapse of time, would be in default) (“Default”)
under any indenture, loan, credit agreement, note, lease, license agreement, contract, franchise or other instrument (including, without
limitation, any pledge agreement, security agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or
relating to indebtedness) to which the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or to
which any of their respective properties or assets are subject (each, an “Existing Instrument”), except for such Defaults
that, individually or in the aggregate, would not be reasonably expected to result in a Material Adverse Change. The Company’s execution,
delivery and performance of this Agreement, consummation of the transactions contemplated hereby and by the Registration Statement and
the Prospectus and the issuance and sale of the Shares (including the use of proceeds
from the sale of the Shares as described in the Prospectus under the caption “Use of Proceeds”) (i) have been duly authorized
by all necessary corporate action and will not result in any violation of the provisions of the charter or by-laws, partnership agreement
or operating agreement or similar organizational documents, as applicable, of the Company or any subsidiary, (ii) will not conflict
with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or require
the consent of any other party to, any Existing Instrument, and (iii) will not result in any violation of any law, administrative
regulation or administrative or court decree applicable to the Company or any of its subsidiaries, except in the cases of clauses (ii)
and (iii) above, where such conflicts, breaches, Defaults, violations, or other occurrences, individually or in the aggregate, would not
be reasonably expected to result in a Material Adverse Change. No consent, approval, authorization or other order of, or registration
or filing with, any court or other governmental or regulatory authority or agency, is required for the Company’s execution, delivery
and performance of this Agreement and consummation of the transactions contemplated hereby and by the Registration Statement and the Prospectus,
except such (i) as have been obtained or made by the Company and are in full force and effect under the Securities Act, (ii) such filings
as have been made (and as of the date of this Agreement are still under review) under, or are not yet required to be made under, the rules
and regulations of The Nasdaq Stock Market, and (iii) such as may be required under applicable state securities or blue sky laws or by
FINRA (as defined below). As used herein, a “Debt Repayment Triggering Event” means any event or condition which gives,
or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any
person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such
indebtedness by the Company or any of its subsidiaries.


 


(t)                
No Material Actions or Proceedings. Except as otherwise disclosed in the Prospectus, there is no (i) action, suit, proceeding,
inquiry or investigation brought by or before any legal or governmental entity now pending or, to the knowledge of the Company, threatened,
against or adversely affecting the Company or any of its subsidiaries, or (ii) material labor dispute with the employees of the Company
or any of its subsidiaries, or with the employees of any principal supplier, manufacturer, customer or contractor of the Company, which
exists or, to the knowledge of the Company, is threatened or imminent, in each case which, individually or in the aggregate, would reasonably
be expected to result in a Material Adverse Change.


 





 




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(u)              
Intellectual Property Rights. Except as otherwise disclosed in the Registration Statement or the Prospectus, the Company
and its subsidiaries own, or have obtained valid and enforceable licenses for, the inventions, patent applications, patents, trademarks,
trade names, service names, copyrights, trade secrets and other intellectual property described in the Registration Statement and the
Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective businesses as currently conducted
or as currently proposed to be conducted (collectively, “Intellectual Property”), except to the extent the failure
to own or possess adequate rights to such Intellectual Property, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Change. Neither the Company nor any of its subsidiaries has received any written notice that the conduct
of their respective businesses infringes, misappropriates or otherwise conflicts in any material respect with any such rights of others.
The Intellectual Property of the Company has not been adjudged by a court of competent jurisdiction to be invalid or unenforceable,
in whole or in part, and the Company is unaware of any facts which would form a reasonable basis for any such adjudication. To the Company's
knowledge: (i) there are no third parties who have rights to any Intellectual Property, except for customary reversionary rights of third-party
licensors with respect to Intellectual Property that is disclosed in the Registration Statement and the Prospectus as licensed to the
Company or one or more of its subsidiaries, and (ii) except as set forth in the Registration Statement and the Prospectus, there is no
infringement by third parties of any Intellectual Property. There is no pending or, to the Company’s knowledge, threatened action,
suit, proceeding or claim by others: (A) challenging the Company’s rights in or to any Intellectual Property, and the Company
is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B) challenging the validity,
enforceability or scope of any Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for
any such action, suit, proceeding or claim; or (C) asserting that the Company or any of its subsidiaries infringes or otherwise violates,
or would, upon the commercialization of any product or service described in the Registration Statement or the Prospectus as under development,
infringe or violate, any patent, trademark, trade name, service name, copyright, trade secret or other proprietary rights of others, and
the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim, except, in each
case, where such action, suit, proceeding or claim would not reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Change. The Company and its subsidiaries have complied with the terms of each agreement pursuant to which Intellectual
Property has been licensed to the Company or any subsidiary, and all such agreements are in full force and effect, except where the failure
to comply would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. To the Company’s
knowledge, there are no material defects in any of the patents or patent applications included in the Intellectual Property. The Company
and its subsidiaries have taken all reasonable steps to protect, maintain and safeguard their Intellectual Property, including the execution
of appropriate nondisclosure, confidentiality and invention assignment agreements with their employees, and, to the Company’s knowledge,
no employee of the Company is in or has been in violation of any term of any employment contract, patent disclosure agreement, invention
assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement, or any restrictive covenant to or
with a former employer where the basis of such violation relates to such employee’s employment with the Company. The product candidates
described in the Registration Statement and the Prospectus as under development by the Company or any subsidiary fall within the scope
of the claims of one or more patents owned by, or exclusively licensed to, the Company or any subsidiary.


 


(v)              
All Necessary Permits, etc. Except as otherwise disclosed in the Prospectus, (i) the Company and each subsidiary possess
such valid and current certificates, authorizations or permits required by state, federal or foreign regulatory agencies or bodies to
conduct their respective businesses as currently conducted and as described in the Registration Statement or the Prospectus (“Permits”),
and (ii) neither the Company nor any of its subsidiaries is in violation of, or in default under, any of the Permits or has received written
notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or
permit, except where the failure to have such certificates, authorizations or permits or such violation, default, revocation, modification
or non-compliance, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Change.


 




    	 	11	 



     


    

 


(w)            
 Title to Properties. Except as otherwise disclosed in the Prospectus, the Company and its subsidiaries have good and marketable
title to all of the real and personal property and other assets reflected as owned in the most recent financial statements of the Company
incorporated by reference in the Registration Statement and the Prospectus (other than property and/or assets held by the Company pursuant
to sale-leaseback transactions), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse
claims and other defects, except those that (i) do not materially interfere with the use made and proposed to be made of such property
and assets by the Company and its subsidiaries or (ii) would not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change. The real property, improvements, equipment and personal property held under lease by the Company or any
of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere
with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company or such subsidiary.


 


(x)              
Tax Law Compliance. The Company and its subsidiaries have filed all necessary federal, state and foreign income and franchise
tax returns or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable,
any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
proceedings, except where such failure would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Change. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section
2(m) above in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of
the Company or any of its subsidiaries has not been finally determined.


 


(y)              
Company Not an “Investment Company.” The Company is not, and will not be, either after receipt of payment for
the Shares or after the application of the proceeds therefrom as described under “Use of Proceeds” in the Prospectus, required
to register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company
Act”).


 


(z)              
Insurance. The Company and its subsidiaries carry, or are covered by, insurance in such amounts and covering such risks
as the Company and its subsidiaries reasonably believe are adequate for the conduct of their business, provided by recognized, financially
sound and reputable institutions. Neither the Company nor any of its subsidiaries has received written notice that it will not be able
(i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected
to result in a Material Adverse Change.


 


(aa)           
No Price Stabilization or Manipulation; Compliance with Regulation M. Neither the Company nor any of its subsidiaries has
taken, directly or indirectly, any action designed to or that might cause or result in stabilization or manipulation of the price of the
Common Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation
M”)) with respect to the Common Shares, whether to facilitate the sale or resale of the Shares or otherwise, or has taken any
action which would directly or indirectly violate Regulation M.


 




    	 	12	 



     


    

 


(bb)          
 Related Party Transactions. There are no business relationships or related-party transactions involving the Company or
any of its subsidiaries or any other person required to be described in the Registration Statement or the Prospectus which have not been
described as required.


 


(cc)          
   FINRA Matters. All of the information provided to the Agents or to counsel for the Agents by the Company, its
counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the
Company in connection with the offering of the Shares is true, complete, correct and compliant with Financial Industry Regulatory
Authority, Inc.’s (“FINRA”) rules and any letters, filings or other supplemental information provided to
FINRA pursuant to FINRA Rules or NASD Conduct Rules is true, complete and correct. The Company meets the requirements for use
of Form S-3ASR under the Securities Act specified in FINRA Rule 5110(h)(1)(C).


 


(dd)   
         No Unlawful Contributions or Other Payments. Except as otherwise
disclosed in the Prospectus, neither the Company nor any of its subsidiaries nor, to the Company’s knowledge, any employee or
agent of the Company or any subsidiary, has made any contribution or other payment to any official of, or candidate for, any
federal, state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement
and the Prospectus.


 


(ee)        
     Compliance with Environmental Laws. Except as described in the Prospectus or except as would
not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Change: (i) neither the Company
nor any of its subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code,
policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation,
laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products (collectively, “Hazardous Materials”) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials
(collectively, “Environmental Laws”), (ii) the Company and its subsidiaries have all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance, in all material respects, with their
requirements, (iii) there are no pending, or to the Company’s knowledge, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating
to any Environmental Law against the Company or any of its subsidiaries and (iv) the Company has not received written notice of any
pending or potential order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body
or agency, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental
Laws.


 







    	 	13	 



     


    

 


(ff)             
ERISA Compliance. Except as otherwise disclosed in the Prospectus or as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change, any “employee benefit plan” (as defined under the Employee
Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, “ERISA”))
established or maintained by the Company, its subsidiaries or their “ERISA Affiliates” (as defined below)
(each a “Company Benefit Plan”) are in compliance in all material respects with ERISA. “ERISA Affiliate”
means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b),
(c), (m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the “Code”)
of which the Company or such subsidiary is a member. No “reportable event” (as defined under ERISA) has occurred or is reasonably
expected to occur with respect to any Company Benefit Plan that is subject to Title IV of ERISA. No Company Benefit Plan that is subject
to Title IV of ERISA, if such plan were terminated, would have any “amount of unfunded benefit liabilities” (as defined under
ERISA) that would reasonably be expected to result in a Material Adverse Change. Except as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change, neither the Company, its subsidiaries nor any of their ERISA Affiliates
has incurred or reasonably expects to incur any liability with respect to any Company Benefit Plan under (i) Title IV of ERISA
with respect to termination of, or withdrawal from, such plan or (ii) Sections 412, 4971, or 4975 of the Code. Each Company
Benefit Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether
by action or failure to act, which would cause the loss of such qualification.


 


(gg)          
Brokers. Except as otherwise disclosed in the Prospectus, there is no broker, finder or other party that is entitled to
receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by
this Agreement.


 


(hh)          
No Outstanding Loans or Other Extensions of Credit. The Company does not have any outstanding extension of credit, in the
form of a personal loan, to or for any director or executive officer (or equivalent thereof) of the Company, except for such extensions
of credit as are expressly permitted by Section 13(k) of the Exchange Act.


 


(ii)             
Compliance with Laws. The Company and its subsidiaries have been and are in compliance with all applicable laws, rules and
regulations, except where failure to be so in compliance would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change.


 


(jj)             
Dividend Restrictions. Except as disclosed in the Prospectus or except with respect to subsidiaries subject to customary
project finance dividend restrictions and foreign subsidiaries, no subsidiary of the Company is prohibited or restricted, directly or
indirectly, from paying dividends to the Company, or from making any other distribution with respect to such subsidiary’s equity
securities or from repaying to the Company or any other subsidiary of the Company any amounts that may from time to time become due under
any loans or advances to such subsidiary from the Company or any other subsidiary or from transferring any property or assets to the Company
or to any other subsidiary.








 




    	 	14	 



     


    

 


(kk)          
Anti-Corruption and Anti-Bribery Laws. Neither the Company nor any of its subsidiaries
nor, to the knowledge of the Company, any director, officer, or employee of the Company or any of its subsidiaries or any agent, Affiliate
or other person acting on behalf of the Company or any of its subsidiaries has, in the course of its actions for, or on behalf of, the
Company or any of its subsidiaries: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expenses relating to political activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization
of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned
or controlled entity or public international organization, or any political party, party official, or candidate for political office;
(iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”),
or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized, requested, or taken an act in furtherance
of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit. The Company and its subsidiaries
and, to the knowledge of the Company, the Company’s Affiliates have conducted their respective businesses in compliance with the
FCPA and have instituted and maintain policies and procedures designed to ensure continued compliance therewith.


 


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


 


(mm)        
Sanctions. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any of its directors,
officers, employees, agents, Affiliates or other persons acting on behalf of the Company or any of its subsidiaries is currently the subject
or the target of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)
or the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom,
or other relevant sanctions authority (collectively, “Sanctions”); nor is the Company or any of its subsidiaries located,
organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Crimea,
Cuba, Iran, North Korea, and Syria; and the Company will not directly or indirectly, use the proceeds of this offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, or any joint venture partner or other person or entity (i) for the purpose
of financing the activities of or business with any person, or in any country or territory, that at the time of such financing, is the
subject or the target of Sanctions, or (ii) in any other manner that will result in a violation by any person (including any person participating
in the transaction whether as underwriter, advisor, investor or otherwise) of applicable Sanctions. For the past five years, the Company
and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that
at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any sanctioned country (including Cuba,
Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine).


 


(nn)          
Sarbanes-Oxley. The Company is in compliance, in all material respects, with all applicable provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder.


 




    	 	15	 



     


    

 


(oo)          
 Duties, Transfer Taxes, Etc. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding
or other taxes are payable by the Agents in the United States or any political subdivision or taxing authority thereof or therein in connection
with the execution, delivery or performance of this Agreement by the Company or the sale and delivery by the Company of the Shares.


 


(pp)          
Cybersecurity. The Company and its subsidiaries’ information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate for,
and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries
as currently conducted, and, to the Company’s knowledge, are free and clear of all material bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants, except as would not reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Change. The Company and its subsidiaries have implemented and maintained commercially reasonable physical, technical
and administrative controls, policies, procedures, and safeguards to maintain and protect their material confidential information and
the integrity, continuous operation, redundancy and security of all IT Systems and data, including “Personal Data,” used in
connection with their businesses, except where the failure to so implement and maintain would not reasonably be expected to result in
a Material Adverse Change. “Personal Data” means (i) a natural person’s name, street address, telephone number,
e-mail address, photograph, social security number or tax identification number, driver’s license number, passport number, credit
card number, bank information, or customer or account number; (ii) any information which would qualify as “personally identifying
information” under the Federal Trade Commission Act, as amended; (iii) “personal data” as defined by GDPR (as defined
below); (iv) any information which would qualify as “protected health information” under the Health Insurance Portability
and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”);
and (v) any other piece of information that allows the identification of such natural person, or his or her family, or permits the collection
or analysis of any data related to an identified person’s health or sexual orientation. To the Company’s knowledge, there
have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without
material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating
to the same. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change.


 




    	 	16	 



     


    

 


(qq)        
Compliance with Data Privacy Laws. Except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change, (i) the Company and its subsidiaries are in material compliance with all applicable state and federal data
privacy and security laws and regulations, including without limitation HIPAA, and (ii) the Company and its subsidiaries have taken commercially
reasonable actions to prepare to comply with, and since May 25, 2018, have been and currently are in compliance with, the European Union
General Data Protection Regulation (“GDPR”) (EU 2016/679) (collectively, the “Privacy Laws”). To
ensure compliance with the Privacy Laws, the Company
and its subsidiaries have in place, comply with, and take appropriate steps reasonably designed to ensure compliance in all material respects
with their policies and procedures relating to data privacy and security and the collection, storage, use, disclosure, handling, and analysis
of Personal Data (the “Policies”). The Company and its subsidiaries have made all disclosures to users or customers
required by applicable Privacy Laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy
have, to the knowledge of the Company, been inaccurate or in violation of any applicable laws and regulatory rules or requirements in
any material respect. The Company further certifies that neither it nor any subsidiary: (i) has received written notice of any actual
or potential liability under or relating to, or actual or potential violation of, any of the Privacy Laws or has knowledge of any event
or condition that would reasonably be expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in
part, any investigation, remediation, or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree,
or agreement that imposes any obligation or liability under any Privacy Law.


 


(rr)          
Other Sales Agreements. The Company is not a party to any agreement with an agent or underwriter for any other “at
the market” or continuous equity transaction, except for the Open Market Sale Agreement, dated June 16, 2020, between the Company
and Jefferies LLC, which the Company and Jefferies LLC hereby mutually agree to terminate as of the date hereof.


 


Any certificate signed by
any officer of the Company or any of its subsidiaries and delivered to the Agents or their counsel in connection with an issuance of Shares
shall be deemed a representation and warranty by the Company to the Agents as to the matters covered thereby on the date of such certificate.


 


The
Company acknowledges that the Agents and, for purposes of the opinions to be delivered pursuant to Section 4(o) hereof,
counsel to the Company and counsel to the Agents, will rely upon the accuracy and truthfulness of the foregoing representations and hereby
consents to such reliance.


 


	Section
3.	ISSUANCE AND SALE OF COMMON SHARES



 


(a)          
Sale of Securities. On the basis of the representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company and the Agents agree that the Company may from time to time seek to sell Shares through
the Agents, acting as sales agents, or directly to the Agents, acting as principals, as follows, with an aggregate Sales Price of up to
the Maximum Program Amount, based on and in accordance with such Issuance Notices as the Company may deliver, during the Agency Period.


 


(b)           
Mechanics of Issuances.


 


(i)            
Issuance Notice. Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on
which the conditions set forth in Section 5(a) and Section 5(b) shall have been satisfied, the Company may exercise
its right to request an issuance of Shares by delivering to an Agent (the “Designated Agent”) an Issuance Notice; provided,
however, that (A) in no event may the Company deliver an Issuance Notice to the extent that the sum of (x) the aggregate Sales Price
of the requested Issuance Amount, plus (y) the aggregate Sales Price of all Shares issued under all previous
Issuance Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance
Notice, the period set forth for any previous Issuance Notice shall have expired or been terminated. An Issuance Notice shall be considered
delivered on the Trading Day on which it is received by e-mail to the persons designated by the Designated Agent in Schedule A
hereto and confirmed by the Company by telephone (including a voicemail message to the persons so identified), with the understanding
that, with adequate prior written notice, the Designated Agent may modify the list of such persons from time to time.


 




    	 	17	 



     


    




 


(ii)           Designated
Agent’s Efforts. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice,
the Designated Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the
Shares with respect to which the Designated Agent has agreed to act as sales agent, subject to, and in accordance with the information
specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated
in accordance with the terms of this Agreement. For the avoidance of doubt, the parties to this Agreement may modify an Issuance Notice
at any time provided they both agree in writing to any such modification.


 


(iii)           Method
of Offer and Sale. The Shares may be offered and sold (A) in privately negotiated transactions with the consent of the Company; (B)
as block transactions; or (C) by any other method permitted by law deemed to be an “at the market offering” as defined in
Rule 415(a)(4) under the Securities Act, including sales made directly on the Principal Market or sales made into any other existing trading
market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale
specified in the preceding sentence, and (except as specified in clauses (A) and (B) above) the method of placement of any Shares by the
Designated Agent shall be at the Designated Agent’s discretion.


 


(iv)          Confirmation
to the Company. If acting as sales agent hereunder, the Designated Agent will provide written confirmation to the Company no later
than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of
Shares sold on such Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in respect thereof.


 


(v)           Settlement.
Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions of
Section 5, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer
the Shares being sold by crediting the Designated Agent or such Designated Agent’s designee’s account at The Depository Trust
Company through its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by
the parties hereto and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable, registered shares in good
deliverable form, the Designated Agent will deliver, by wire transfer of immediately available funds, the related Issuance Price in same
day funds delivered to an account designated by the Company prior to the Settlement Date. The Company may sell Shares to the Designated
Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a “Time of
Sale”).


 




    	 	18	 



     


    

 


(vi)           Suspension
or Termination of Sales. Consistent with standard market settlement practices, the Company or the Designated Agent may, upon notice
to the other in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and the period set forth
in an Issuance Notice shall immediately terminate; provided, however, that (A) such suspension and termination shall not affect
or impair either party’s obligations with respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B)
if the Company suspends or terminates any sale of Shares after the Designated Agent confirms such sale to the Company, the Company shall
still be obligated to comply with Section 3(b)(v) with respect to such Shares; and (C) if the Company defaults in its obligation
to deliver Shares on a Settlement Date, the Company agrees that it will hold the Designated Agent harmless against any loss, claim, damage
or expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or
in connection with such default by the Company. The parties hereto acknowledge and agree that, in performing its obligations under this
Agreement, the Designated Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered Shares to
settle sales as required by subsection (v) above, and may use the Shares to settle or close out such borrowings. The Company agrees that
no such notice shall be effective against the Designated Agent unless it is made to the persons identified in writing by the Designated
Agent pursuant to Section 3(b)(i).


 


(vii)          No
Guarantee of Placement, Etc. The Company acknowledges and agrees that (A) there can be no assurance that the Designated Agent will
be successful in placing Shares; (B) the Designated Agent will incur no liability or obligation to the Company or any other Person if
it does not sell Shares; and (C) the Designated Agent shall be under no obligation to purchase Shares on a principal basis pursuant
to this Agreement, except as otherwise specifically agreed by the Designated Agent and the Company.


 


(viii)         Material
Non-Public Information. Notwithstanding any other provision of this Agreement, the Company and the Agents agree that the Company shall
not deliver any Issuance Notice to the Agents, and neither Agent shall be obligated to place any Shares, during any period in which the
Company is in possession of material non-public information.


 


(ix)           Sales
Through Agents. With respect to the offering and sale of Shares pursuant to this Agreement, the Company agrees that any offer to sell
Shares, any solicitation of an offer to buy Shares, and any sales of Shares shall only be effected by or through a single Agent on any
single given day, and the Company shall in no event request that more than one Agent offer to sell Shares pursuant to this Agreement on
the same day.


 


(c)           
Fees. As compensation for services rendered, the Company shall pay to the Designated Agent, on the applicable Settlement
Date, the Selling Commission for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to
Section 3(b)(vi)) by the Designated Agent deducting the Selling Commission from the applicable Issuance Amount.


 




    	 	19	 



     


    

 


(d)           Expenses.
The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and
in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the
issuance and delivery of the Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar
and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance
and sale of the Shares; (iv) all fees and expenses of the Company’s counsel, independent public or certified public
accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing,
shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and
certificates of experts), the Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by, or
referred to by the Company, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees,
attorneys’ fees and expenses incurred by the Company or the Agents in connection with qualifying or registering (or obtaining
exemptions from the qualification or registration of) all or any part of the Shares for offer and sale under the state securities or
blue sky laws or the provincial securities laws of Canada, and, if requested by the Agents, preparing and printing a “Blue
Sky Survey” or memorandum and a “Canadian wrapper, and any supplements thereto, advising the Agents of such
qualifications, registrations, determinations and exemptions; (vii) the reasonable fees and disbursements of the Agents’
counsel, including the reasonable fees and expenses of counsel for the Agents in connection with, FINRA review, if any, and
approval of the Agents’ participation in the offering and distribution of the Shares; (viii) the filing fees incident to
FINRA review, if any; (ix) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with
the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the
Company, travel and lodging expenses of the representatives, employees and officers of the Company and of the Agents and any such
consultants with the prior approval of the Company, and the cost of any aircraft chartered in connection with the road show with the
prior approval of the Company; and (x) the fees and expenses associated with listing the Shares on the Principal Market. The
fees and disbursements of Agents’ counsel pursuant to subsections (vi) and (vii) above shall not exceed (A) $50,000, in the
aggregate, in connection with the execution of this Agreement and (B) $15,000, in the aggregate, in connection with each Triggering
Event Date (as defined below) on which the Company is required to provide a certificate pursuant to Section 5(o).


 


	Section
4.	ADDITIONAL COVENANTS



 


The Company covenants and
agrees with the Agents as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:


 


(a)          
Exchange Act Compliance. During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all
reports and documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required
by the Exchange Act; and (ii) either (A) include in its quarterly reports on Form 10-Q and its annual reports on Form 10-K, a summary
detailing, for the relevant reporting period, (1) the number of Shares, if any, sold through the Agents pursuant to this Agreement and
(2) the net proceeds, if any, received by the Company from such sales or (B) prepare a prospectus supplement containing, or include in
such other filing permitted by the Securities Act or Exchange Act (each an “Interim Prospectus Supplement”), such summary
information and, at least once a quarter and subject to this Section 4, file such Interim Prospectus Supplement pursuant to Rule
424(b) under the Securities Act (and within the time periods required
by Rule 424(b) and Rule 430B under the Securities Act).


 




    	 	20	 



     


    




 


(b)             
Securities Act Compliance. After the date of this Agreement, the Company shall promptly advise the Agents in writing (i)
of the receipt of any comments of, or requests for additional or supplemental information from, the Commission relating to the Registration
Statement or the Prospectus; (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement, any
Rule 462(b) Registration Statement, any amendment or supplement to the Prospectus, or any Free Writing Prospectus; (iii) of the time and
date that any post-effective amendment to the Registration Statement or any Rule 462(b) Registration Statement becomes effective; and
(iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto, any Rule 462(b) Registration Statement or any amendment or supplement to the Prospectus or of any order preventing
or suspending the use of any Free Writing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing
or quotation the Common Shares from any securities exchange upon which they are listed for trading or included or designated for quotation,
or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at
any time, the Company will use its commercially reasonable efforts to obtain the lifting of such order as soon as reasonably practicable.
Additionally, the Company agrees that it shall comply with the provisions of Rule 424(b) and Rule 433, as applicable, under the Securities
Act and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were received
in a timely manner by the Commission.


 


(c)             
Amendments and Supplements to the Prospectus and Other Securities Act Matters. If any event shall occur or condition exist
as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Prospectus is delivered to a purchaser, not misleading, or if in the opinion of the Agents or counsel for the Agents
it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, including the Securities Act, the Company
agrees (subject to Section 4(d) and Section 4(f)) to promptly prepare, file with the Commission and furnish at its own expense
to the Agents, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will
not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or so that the Prospectus,
as amended or supplemented, will comply with applicable law including the Securities Act. Neither the Agents’ consent to, or delivery
of, any such amendment or supplement shall constitute a waiver of any of the Company’s obligations under Section 4(d) and
Section 4(f). Notwithstanding the foregoing, the Company shall not be required to file such amendment or supplement if there is
no pending Issuance Notice and the Company believes that it is in its best interest not to file such amendment or supplement; provided,
however, that if the Company subsequently chooses to deliver an Issuance Notice to the Agents, the Company agrees to file such amendment
or supplement prior to the delivery of such Issuance Notice.


 




    	 	21	 



     


    

 


(d)              
 Agents’ Review of Proposed Amendments and Supplements. Prior to amending or supplementing the Registration Statement
(including any registration statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding any amendment
or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish to the Agents for review, a
reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and
the Company shall not file or use any such proposed amendment or supplement without the Agents’ prior consent, such consent not
to be unreasonably withheld, conditioned or delayed, and to file with the Commission within the applicable period specified in Rule 424(b)
under the Securities Act any prospectus required to be filed pursuant to such Rule.


 


(e)              
Use of Free Writing Prospectus. Neither the Company nor the Agents have prepared, used, referred to or distributed, or will
prepare, use, refer to or distribute, without the other party’s prior written consent, any “written communication” that
constitutes a “free writing prospectus” as such terms are defined in Rule 405 under the Securities Act with respect to the
offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a “Free Writing Prospectus”).


 


(f)               
Free Writing Prospectuses. The Company shall furnish to the Agents for review, a reasonable amount of time prior to the
proposed time of filing or use thereof, a copy of each proposed Free Writing Prospectus or any amendment or supplement thereto to be prepared
by or on behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed Free Writing Prospectus
or any amendment or supplement thereto without the Agents’ consent, such consent not to be unreasonably withheld, conditioned or
delayed. The Company shall furnish to the Agents, without charge, as many copies of any Free Writing Prospectus prepared by or on behalf
of, or used by the Company, as the Agents may reasonably request. If at any time when a prospectus is required by the Securities Act (including,
without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares (but in any event if at any time
through and including the date of this Agreement) there occurred or occurs an event or development as a result of which any Free Writing
Prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or would conflict with the information contained
in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time,
not misleading, the Company shall promptly amend or supplement such Free Writing Prospectus to eliminate or correct such conflict or so
that the statements in such Free Writing Prospectus as so amended or supplemented will not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such
subsequent time, not misleading, as the case may be; provided, however, that prior to amending or supplementing any such Free Writing
Prospectus, the Company shall furnish to the Agents for review, a reasonable amount of time prior to the proposed time of filing or use
thereof, a copy of such proposed amended or supplemented Free Writing Prospectus and the Company shall not file, use or refer to any such
amended or supplemented Free Writing Prospectus without the Agents’ consent, such consent not to be unreasonably withheld, conditioned
or delayed.


 




    	 	22	 



     


    

 


(g)              
 Filing of Agents’ Free Writing Prospectuses. The Company shall not take any action that would result in the Agents
or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a Free Writing Prospectus prepared
by or on behalf of the Agents that the Agents otherwise would not have been required to file thereunder.


 


(h)              
Copies of Registration Statement and Prospectus. After the date of this Agreement through the last time that a prospectus
is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales
of the Shares, the Company agrees to furnish the Agents with copies (which may be electronic copies) of the Registration Statement and
each amendment thereto, and with copies (which may be electronic copies) of the Prospectus and each amendment or supplement thereto in
the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act, both in
such quantities as the Agents may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities
Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date for any period
set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at such time any event has occurred as a
result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such
Prospectus is delivered, not misleading, or, if for any other reason it is necessary during such same period to amend or supplement the
Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Securities
Act or the Exchange Act, to notify the Agents and to request that the Agents suspend offers to sell Shares (and, if so notified, the Agents
shall cease such offers as soon as practicable); and if the Company decides to amend or supplement the Registration Statement or the Prospectus
as then amended or supplemented, to advise the Agents promptly by telephone (with confirmation in writing) and to prepare and cause to
be filed promptly with the Commission an amendment or supplement to the Registration Statement or the Prospectus as then amended or supplemented
that will correct such statement or omission or effect such compliance (it being acknowledged that the Company may delay the filing of
any amendment or supplement, if, in the reasonable judgment of the Company, it is in the best interest of the Company); provided, however,
that if during such same period the Agents are required to deliver a prospectus in respect of transactions in the Shares, the Company
shall promptly prepare and file with the Commission such an amendment or supplement.


 


(i)                
Blue Sky Compliance. The Company shall cooperate with the Agents and counsel for the Agents to qualify or register the Shares
for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities
laws of those jurisdictions designated by the Agents, shall comply with such laws and shall continue such qualifications, registrations
and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign
corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently
qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Agents promptly of the suspension
of the qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction
or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification,
registration or exemption, the Company shall use its commercially reasonable efforts to obtain the withdrawal thereof as soon as reasonably
practicable.


 




    	 	23	 



     


    

 


(j)              
 Earnings Statement. As soon as practicable, the Company will make generally available to its security holders and to the
Agents an earnings statement (which need not be audited) covering a period of at least twelve months which shall satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 under the Securities Act, provided that the Company will be deemed to have furnished
such statements to its security holders and the Agents to the extent they are filed on EDGAR or any successor system.


 


(k)             
Listing; Reservation of Shares. (a) The Company will apply for and then maintain the listing of the Shares on the Principal
Market; and (b) the Company will reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling
the Company to satisfy its obligations under this Agreement.


 


(l)              
Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.


 


(m)           
Due Diligence. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence
review conducted by the Agents in connection with the transactions contemplated hereby, including, without limitation, providing information
and making available documents and senior corporate officers, during normal business hours and at the Company’s principal offices,
as the Agents may reasonably request from time to time.


 


(n)             
Representations and Warranties. The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares
on a Settlement Date shall be deemed to be (i) an affirmation to the Designated Agent that the representations and warranties of the Company
contained in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement Date,
as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents
incorporated by reference therein and any supplements thereto); and (ii) an undertaking that the Company will advise the Designated
Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to
such Issuance Notice, as though made at and as of each such date (except that such representations and warranties shall be deemed to relate
to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).


 


(o)              
Deliverables at Triggering Event Dates; Certificates. The Company agrees that on or prior to the date of the first Issuance
Notice and, during the term of this Agreement after the date of the first Issuance Notice, upon:


 


(A)      the
filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement
relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to Section 4(a)(ii)(B)),
by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into the Registration
Statement or Prospectus;


 


(B)       the
filing with the Commission of an annual report on Form 10-K or a quarterly report on Form 10-Q (including any Form 10-K/A or Form 10-Q/A
containing amended financial information or a material amendment to the previously filed annual report on Form 10-K or quarterly report
on Form 10-Q), in each case, of the Company; or


 




    	 	24	 



     


    

 


(C)       the
filing with the Commission of a current report on Form 8-K of the Company containing amended financial information (other than information
 “furnished” pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating
to reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No.
144) that is material to the offering of securities of the Company in the Agents’ reasonable discretion;


 


(any
such event, a “Triggering Event Date”), the Company shall furnish the Agents (but in the case of clause (C) above only
if the Agents reasonably determine that the information contained in such current report on Form 8-K of the Company is material) with
a certificate as of the Triggering Event Date, in the form and substance satisfactory to the Agents and their counsel, substantially similar
to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement and the
Prospectus as amended or supplemented, (A) confirming that the representations and warranties of the Company contained in this Agreement
are true and correct, (B) that the Company has performed all of its obligations hereunder to be performed on or prior to the date of such
certificate and as to the matters set forth in Section 5(a)(iii) hereof, and (C) containing any other certification that
the Agents shall reasonably request. The requirement to provide a certificate under this Section 4(o) shall be waived for any Triggering
Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the
earlier to occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall
be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agents with a certificate
under this Section 4(o), then before the Company delivers the instructions for the sale of Shares or the Designated Agent sells
any Shares pursuant to such instructions, the Company shall provide the Designated Agent with a certificate in conformity with this Section
4(o) dated as of the date that the instructions for the sale of Shares are issued.


 


(p)              
Legal Opinion. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect
to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding
the date of this Agreement, the Company shall cause Foley & Lardner LLP, counsel to the Company, to furnish to the Agents a negative
assurances letter and a written legal opinion, each dated the date of delivery, in form and substance reasonably satisfactory to the Agents
and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate
to the Registration Statement and the Prospectus as then amended or supplemented. In lieu of such opinions for subsequent periodic filings,
in the discretion of the Agents, the Company may furnish a reliance letter from such counsel to the Agents, permitting the Agents to rely
on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering Event Date (except that statements
in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such
Triggering Event Date).


 




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(q)              
Comfort Letter. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with
respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for
which no waiver is applicable and excluding the date of this Agreement, the Company shall cause KPMG LLP, the independent registered public
accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement, to furnish
the Agents a comfort letter, dated the date of delivery, in form and substance reasonably satisfactory to the Agents and their counsel,
substantially similar to the form previously provided to the Agents and their counsel; provided, however, that any such comfort letter
will only be required on the Triggering Event Date specified to the extent that it contains financial statements filed with the Commission
under the Exchange Act and incorporated or deemed to be incorporated by reference into a Prospectus. If requested by the Agents, the Company
shall also cause a comfort letter to be furnished to the Agents within ten (10) Trading Days of the date of occurrence of any material
transaction or event requiring the filing of a current report on Form 8-K containing material amended financial information of the Company,
including the restatement of the Company’s financial statements. The Company shall be required to furnish no more than one comfort
letter hereunder per calendar quarter.


 


(r)              
Secretary’s Certificate. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date
with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is
applicable, the Company shall furnish the Agents a certificate executed by the Secretary of the Company, signing in such capacity, dated
the date of delivery (i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the Board of
Directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby (including, without limitation, the issuance of the Shares pursuant to this Agreement), which authorization shall be in full force
and effect on and as of the date of such certificate, (ii) certifying and attesting to the office, incumbency, due authority and specimen
signatures of each Person who executed this Agreement for or on behalf of the Company, and (iii) containing any other certification that
the Agents shall reasonably request.


 


(s)              
Agents’ Own Account; Clients’ Account. The Company consents to the Agents trading, in compliance with applicable
law, in the Common Shares for the Agents’ own account and for the account of its clients at the same time as sales of the Shares
occur pursuant to this Agreement.


 


(t)               
Investment Limitation. The Company shall not invest, or otherwise use the proceeds received by the Company from its sale
of the Shares in such a manner as would require the Company or any of its subsidiaries to register as an investment company under the
Investment Company Act.


 


(u)              
Market Activities. The Company will not take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate
the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its Affiliates to, comply with all applicable
provisions of Regulation M. If the limitations of Rule 102 of Regulation M (“Rule 102”) do not apply with respect to
the Shares or any other reference security pursuant to any exception set forth in Section (d) of Rule 102, then promptly upon notice from
the Agents (or, if later, at the time stated in the notice), the Company will, and shall cause each of its Affiliates to, comply with
Rule 102 as though such exception were not available but the other provisions of Rule 102 (as interpreted by the Commission) did
apply. The Company shall promptly notify the Agents if it no longer meets the requirements set forth in Section (d) of Rule 102.


 




    	 	26	 



     


    




 


(v)              
Notice of Other Sale. Without the written consent of the Agents, the Company will not, directly or indirectly, offer to
sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable
for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, during the period beginning
on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered to a Designated Agent hereunder and ending
on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant to such Issuance Notice, provided
that if the sale of Shares pursuant to an Issuance Notice is suspended or an Issuance Notice is suspended or terminated, then such period
will end on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant such Issuance Notice
prior to such suspension or termination; and will not directly or indirectly enter into any other “at the market” or continuous
equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than
the Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights
to purchase or acquire Common Shares prior to the termination of this Agreement; provided, however, that such restrictions will not be
required in connection with the Company’s (i) issuance or sale of Common Shares (including restricted stock), options to purchase
Common Shares, restricted stock units, performance stock units, phantom equity awards or Common Shares issuable upon the exercise of options
or the vesting or exercise of other equity awards pursuant to any employee or director share option, incentive or benefit plan, share
purchase or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under the rules of the Nasdaq Stock
Market or other compensation plan of the Company or its subsidiaries, (ii) issuance or sale of Common Shares issuable upon exchange, conversion
or redemption of securities or the exercise or vesting of warrants, options or other equity awards, (iii) modification of any outstanding
options, warrants or other rights to purchase or acquire Common Shares, (iv) issuance of Common Shares issuable upon the exercise of participation
rights disclosed in the Prospectus (including any documents incorporated by reference therein), (v) issuance or sale of Common Shares,
or securities convertible into or exercisable for Common Shares, offered and sold in a privately negotiated transaction to vendors, customers,
strategic partners or potential strategic partners or other investors conducted in a manner so as not to be integrated with the offering
of Common Shares hereby, provided that the aggregate number of Common Shares issued under this subsection (v) pursuant to any such arrangement
shall not exceed five percent (5%) of the number of Common Shares outstanding immediately prior to giving effect to such issuance; and
(vi) issuance or sale of Common Shares in connection with any acquisition, strategic investment or other similar transaction (including
any joint venture, strategic alliance or partnership) provided that the aggregate number of Common Shares issued under this subsection
(vi) pursuant to any such arrangement shall not exceed five percent (5%) of the number of Common Shares outstanding immediately prior
to giving effect to such issuance.


 


	Section
5.	CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT



 


(a)           
Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Designated Agent to
Sell Shares. The right of the Company to deliver an Issuance Notice hereunder is subject to the
satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Designated Agent to use its commercially reasonable
efforts to place Shares during the applicable period set forth in the Issuance Notice is subject to the satisfaction, on each Trading
Day during the applicable period set forth in the Issuance Notice, of each of the following conditions:


 




    	 	27	 



     


    




 


		(i)	Accuracy of the Company’s
Representations and Warranties; Performance by the Company. The Company shall have delivered the certificate required to be delivered
pursuant to Section 4(o) on or before the date on which delivery of such certificate is required pursuant to Section
4(o). The Company shall have performed, satisfied and complied, in all material respects, with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited
to, the covenants contained in Section 4(p), Section 4(q) and Section 4(r).



 


		(ii)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby that prohibits or directly and materially adversely affects any of
the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or
materially adversely affecting any of the transactions contemplated by this Agreement.



 


		(iii)	Material Adverse Changes. Except as disclosed in the Prospectus and the Time of Sale Information,
(A) in the judgment of the Agents there shall not have occurred any Material Adverse Change; and (B) there shall not have occurred any
downgrading, and no written notice shall have been given of any intended or potential downgrading or of any review for a possible change
that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries
by any “nationally recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62) of
the Exchange Act.



 


		(iv)	No Suspension of Trading in or Delisting of Common Shares; Other Events. The trading of the
                                                                                                                                                 Common Shares (including without limitation the Shares) shall not have been suspended by the Commission, the Principal Market or
                                                                                                                                                 FINRA and the Common Shares (including without limitation the Shares) shall have been approved for listing or quotation on and shall
                                                                                                                                                 not have been delisted from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets. There shall
                                                                                                                                                 not have occurred (and be continuing in the case of occurrences under clauses (A) and (B) below) any of the following:
                                                                                                                                                 (A) trading or quotation in any of the Company’s securities shall have been suspended or limited by the Commission or by
                                                                                                                                                 the Principal Market or trading in securities generally on the Principal Market shall have been suspended or limited, or minimum or
                                                                                                                                                 maximum prices shall have been generally established on any of such stock exchanges by the Commission or FINRA; (B) a general
                                                                                                                                                 banking moratorium shall have been declared by any federal or New York authorities; or (C) there
shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the
United States or international financial markets, or any substantial change or development involving a prospective substantial change
in United States’ or international political, financial or economic conditions, as in the judgment of the Agents is material and
adverse and makes it impracticable to market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts
for the sale of securities.



 




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(b)          
Documents Required to be Delivered on each Issuance Notice Date. Each Agent’s obligation to use its commercially reasonable
efforts to place Shares hereunder shall additionally be conditioned upon the delivery to the Agents on or before the Issuance Notice Date
of a certificate in form and substance reasonably satisfactory to the Agents, executed by the President and Chief Executive Officer or
Chief Financial Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied
as of the date of such certificate (which certificate shall not be required if the foregoing representations shall be set forth in the
Issuance Notice).


 


(c)          
No Misstatement or Material Omission. The Agents shall not have advised the Company that the Registration Statement, the
Prospectus or the Time of Sale Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agents’
reasonable opinion is material, or omits to state a fact that in the Agents’ reasonable opinion is material and is required to be
stated therein or is necessary to make the statements therein not misleading.


 


	Section
                            6.	INDEMNIFICATION AND CONTRIBUTION



 


(a)          
Indemnification of the Agents. The Company agrees to indemnify and hold harmless each Agent, its respective officers and
employees, and each person, if any, who controls such Agent within the meaning of the Securities Act or the Exchange Act against any loss,
claim, damage, liability or expense, as incurred, to which such Agent or such officer, employee or controlling person may become subject,
under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign
jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any litigation), insofar
as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment
thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading;
or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company
has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment
or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, and to reimburse each Agent and each such officer, employee
and controlling person for any and all documented expenses (including the reasonable and documented out-of-pocket fees and disbursements
of counsel chosen by such Agent) as such expenses are reasonably incurred
by such Agent or such officer, employee or controlling person in connection with investigating, defending, settling, compromising or paying
any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply
to any loss, claim, damage, liability, expense or action to the extent, but only to the extent, arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information
furnished to the Company by the Agents expressly for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agents to the
Company consists of the first sentence of the ninth paragraph under the caption “Plan of Distribution” in the Prospectus.
The indemnity agreement set forth in this Section 6(a) shall be in addition to any liabilities that the Company may otherwise have.


 




    	 	29	 



     


    




 


(b)              
Indemnification of the Company and its Directors and Officers. Each Agent, severally but not jointly, agrees to indemnify
and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any,
who controls the Company within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense,
as incurred, to which the Company or any such director, officer or controlling person may become subject, under the Securities Act, the
Exchange Act, or other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares
have been offered or sold or at common law or otherwise (including in settlement of any litigation), which arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment thereto,
including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue
statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; but, for each of (i) and (ii) above, only to the extent arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information
furnished to the Company by the Agents expressly for use in the Registration Statement or the Prospectus (or any amendment or supplement
thereto), it being understood and agreed that the only such information furnished by the Agents to the Company consists of the information
set forth in the first sentence of the ninth paragraph under the caption “Plan of Distribution” in the Prospectus, and to
reimburse the Company and each such director, officer and controlling person for any and all documented expenses (including the reasonable
and documented out-of-pocket fees and disbursements of counsel chosen by the Company) as such expenses are reasonably incurred by the
Company or such officer, director or controlling person in connection with investigating, defending, settling, compromising or paying
any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this Section 6(b) shall be in
addition to any liabilities that the Agents or the Company may otherwise have.





 




    	 	30	 



     


    

 


(c)              
Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section
6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party under this Section 6, notify the indemnifying
party in writing of the commencement thereof, but the omission to so notify the indemnifying party will not relieve it from any liability
which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in this Section
6 or to the extent it is not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified
party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled
to participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written
notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense
thereof with one firm of counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded based on the advice
of counsel that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense
of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select one firm of separate counsel
to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.
Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to assume
the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified
party under this Section 6 for any legal or other expenses subsequently incurred by such indemnified party in connection with the
defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding
sentence (it being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate
counsel (together with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with
any local counsel) for the indemnified parties shall be selected by the indemnified party (in the case of counsel for the indemnified
parties referred to in Section 6(a) and Section 6(b) above), (ii) the indemnifying party shall not have employed counsel
reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement
of the action or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense
of the indemnifying party, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and
shall be paid as they are incurred.


 


(d)              
Settlements. The indemnifying party under this Section 6 shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by Section 6(c) hereof, the indemnifying party agrees that
it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 30 days after receipt by such indemnifying party of the aforesaid request; and (ii) such indemnifying party shall
not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened
action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been
sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such action, suit or proceeding.


 




    	 	31	 



     


    




 


(e)              
Contribution. If the indemnification provided for in this Section 6 is for any reason held to be unavailable to or
otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred
to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred,
as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Agents, on the other hand, from the offering of the
Shares pursuant to this Agreement; or (ii) if the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company, on the one hand, and the Agents, on the other hand, in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits
received by the Company, on the one hand, and the Agents, on the other hand, in connection with the offering of the Shares pursuant to
this Agreement shall be deemed to be in the same respective proportions as the total gross proceeds from the offering of the Shares (before
deducting expenses) received by the Company bear to the total Selling Commissions received by the Agents. The relative fault of the Company,
on the one hand, and the Agents, on the other hand, shall be determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
the Company, on the one hand, or the Agents, on the other hand, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.


 


The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed
to include, subject to the limitations set forth in Section 6(c), any reasonable legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in Section 6(c)
with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 6(e);
provided, however, that no additional notice shall be required with respect to any action for which notice has been given under
Section 6(c) for purposes of indemnification.


 


The
Company and the Agents agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in this Section 6(e).


 


Notwithstanding
the provisions of this Section 6(e), the Agents shall not be required to contribute any amount in excess of the Selling
Commissions received by the Agents in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section 6(e), each officer and employee of the Agents and each person, if any, who controls such Agent within
the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Agents, and each director of the
Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the
meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. The Agents’ respective
obligations to contribute pursuant to this Section 6(e) are several in proportion to the respective number of Shares they have
sold hereunder, and not joint.


 




    	 	32	 



     


    




 


	Section
7.	TERMINATION & SURVIVAL



 


(a)          
Term. Subject to the provisions of this Section 7, the term of this Agreement shall continue from the date of this
Agreement until the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this Section 7.


 


(b)          
Termination; Survival Following Termination.


 


		(i)	Any party may terminate this
Agreement prior to the end of the Agency Period, by giving written notice as required by this Agreement, upon ten (10) Trading Days’
notice to the other party; provided that, (A) if the Company terminates this Agreement after a Designated Agent confirms to the Company
any sale of Shares, the Company shall remain obligated to comply with Section 3(b)(v) with respect to such Shares, (B) Section
2, Section 6, Section 7 and Section 8 shall survive termination of this Agreement and (C) for the avoidance of
doubt, the termination of or by one Agent (the “Terminating Agent”) of its rights and obligations under this Agreement
pursuant to this Section 7(b)(i) shall not affect the rights and obligations of the other Agent under this Agreement and shall
not terminate this Agreement between the Company and the other Agent. If termination shall occur prior to the Settlement Date for any
sale of Shares, such sale shall nevertheless settle in accordance with the terms of this Agreement. Except as set forth herein, upon termination
of this Agreement by, or with respect to, an Agent, the Terminating Agent shall not have any liability to the remaining Agent for any
discount, commission or other compensation with respect to any Shares not otherwise sold by the Agents under this Agreement.



 


		(ii)	In
addition to the survival provision of Section 7(b)(i), the respective indemnities, agreements, representations, warranties
and other statements of the Company, of its officers and of the Agents set forth in or made pursuant to this Agreement will remain in
full force and effect, regardless of any investigation made by or on behalf of the Agents or the Company or any of its or their partners,
officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive
delivery of and payment for the Shares sold hereunder and any termination of this Agreement.






 




    	 	33	 



     


    

 


	Section 8.	MISCELLANEOUS



 


(a)          
Press Releases and Disclosure. The Company may issue a press release describing the material terms of the transactions contemplated
hereby as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 8-K,
with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby, and the Company
shall consult with the Agents prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts,
acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties hereto. No party hereto
shall issue thereafter any press release or like public statement (including, without limitation, any disclosure in reports filed with
the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior
written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to
make disclosure to comply with the requirements of applicable law or stock exchange rules, including, for the avoidance of doubt, disclosure
regarding periodic sales under this Agreement as required to be included in the Company’s periodic reports pursuant to the rules
of the Exchange Act. If any such press release or like public statement is so required, the party making such disclosure shall consult
with the other party prior to making such disclosure, and the parties shall use all commercially reasonable efforts, acting in good faith,
to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto.


 


(b)          
No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (i) the transactions contemplated by this
Agreement, including the determination of any fees, are arm’s-length commercial transactions between the Company and the Agents,
(ii) when acting as a principal under this Agreement, each Agent is and has been acting solely as a principal and is not the agent or
fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) neither Agent has assumed or will assume
an advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading
thereto (irrespective of whether either Agent has advised or is currently advising the Company on other matters) and neither Agent has
any obligation to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this
Agreement, (iv) each Agent and its affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Company, and (v) neither Agent has provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.


 


(c)          
Research Analyst Independence. The Company acknowledges that each Agent’s research analysts and research departments
are required to and should be independent from their respective investment banking divisions and are subject to certain regulations and
internal policies, and as such the Agents’ research analysts may hold views and make statements or investment recommendations and/or
publish research reports with respect to the Company or the offering that differ from the views of their respective investment banking
divisions. The Company understands that each Agent is a full service securities firm and as such from time to time, subject to applicable
securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt
or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.


 




    	 	34	 



     


    

 


(d)         
 Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:


 


If
to the Agents:




Jefferies LLC

520 Madison Avenue

New York, NY 10022

Facsimile: (646) 619-4437

Attention: General Counsel


 


and



 


Barclays Capital Inc.


745 Seventh Avenue


New York, NY 10019


Facsimile: (646) 834-8133


Attention: Syndicate Registration


 


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


 


Duane Morris LLP


1540 Broadway


New York, NY 10036


Attention: James T. Seery


Email: jtseery@duanemorris.com


 


If to the Company:


 


FuelCell Energy, Inc.


3 Great Pasture Road


Danbury, Connecticut 06810

Attention: Michael Bishop

Telephone: (203) 825-6049


Email:mbishop@fce.com


 


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


 


Foley & Lardner LLP


111 Huntington Avenue, Suite 2500


Boston, Massachusetts 02199-7610

Attention:Paul D. Broude

Telephone: (617) 342-4027


Email:  PBroude@foley.com


 




    	 	35	 



     


    

 


Any
party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this Section
8(d).


 


(e)           
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the
employees, officers and directors and controlling persons referred to in Section 6, and in each case their respective successors,
and no other person will have any right or obligation hereunder. The term “successors” shall not include any purchaser of
the Shares as such from the Agents merely by reason of such purchase.


 


(f)            
Partial Unenforceability. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.


 


(g)           
Governing Law Provisions. This Agreement shall be governed by and construed in accordance with the internal laws of the
State of New York applicable to agreements made and to be performed in such state. Any legal suit, action or proceeding arising out of
or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America
located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough
of Manhattan in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to
the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which
such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or
document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action
or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court
that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.


 


(h)            
General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all
prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.
This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable
document format (PDF) file. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition
herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings
herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.


 


[Signature Page Immediately Follows]




    	 	36	 



     


    

 


If the foregoing is in accordance
with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument,
along with all counterparts hereof, shall become a binding agreement in accordance with its terms


 


	 	Very truly yours,
	 	 	 
	 	FUELCELL ENERGY, INC.
	 	 	 
	 	By: 	/s/ Michael S. Bishop
	 	 	Name:  Michael S. Bishop
	 	 	Title:  EVP,
CFO



  





The foregoing Agreement is hereby confirmed and
accepted by the Agents in New York, New York as of the date first above written.


 


	JEFFERIES LLC 	 
	 	 	 
	By: 	/s/ Michael Magarro	 
	 	Name: Michael Magarro	 
	 	Title:   Managing Director	 
	 	 	 
	BARCLAYS CAPITAL INC.	 
	 	 	 
	By: 	/s/ Nicholas Cunningham	 
	 	Name:  Nicholas Cunningham	 
	 	Title:   Managing Director	 



 




    	 



     


    

 


EXHIBIT A


 


ISSUANCE NOTICE


 


[Date]


 


[Jefferies LLC


520 Madison Avenue


New York, New York 10022]


 


[Barclays Capital Inc.


745 7th Avenue


New York, New York 10019]


 


(the “Designated Agent”)


 


[Each Issuance Notice may only be issued to
one Designated Agent.]


 


Attn: [__________]


 


Reference is made to the Open Market Sale Agreement
between FuelCell Energy, Inc. (the “Company”) and Jefferies LLC and Barclays Capital Inc. (each individually, an “Agent”
and collectively, the “Agents”) dated as of June 11, 2021. The Company confirms that all conditions to the delivery
of this Issuance Notice are satisfied as of the date hereof.





 





	Date of Delivery of Issuance Notice (determined pursuant to Section 3(b)(i)): 	 	 
	 	 	 
	Issuance Amount (equal to the total Sales Price for such Shares):	$	
	 	 	 
	Number of days in selling period:	 	 
	 	 	 
	First date of selling period:	 	 
	 	 	 
	Last date of selling period:	 	 
	 	 	 
	Settlement Date(s) if other than standard T+2 settlement:	 	 
	 	 	 
	Floor Price Limitation: $ ____ per share	 	 
	 	 	 
	Comments: 	 	 



 




    	 	A-1	 



     


    

 





	 	By: 	 
	 	 	Name:  
	 	 	Title:    


 










    	 	B-1	 



     


    

 


Schedule A


 


Notice Parties


 


The Company


 


Michael Bishop


 


Daniel Case


 


Joshua Dolger


 


 


Jefferies LLC


 


Mike Magarro


 


 





Barclays Capital Inc.


 


Nicholas Cunningham


 


Scott Kinloch


 


Brian Ulmer