# EDGAR Filing Document

**Accession Number:** 0001378140
**File Stem:** 0001493152-26-027653
**Filing Date:** 2026-6
**Character Count:** 241527
**Document Hash:** b01b89b3c1d04ef18ea412e68eb18fce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-027653.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001493152-26-027653

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260604

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ocean Power Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001378140
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 222535818
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33417
- **FILM NUMBER:** 261071169

**BUSINESS ADDRESS:**
- **STREET 1:** 28 ENGELHARD DRIVE
- **STREET 2:** SUITE B
- **CITY:** MONROE TOWNSHIP
- **STATE:** NJ
- **ZIP:** 08831
- **BUSINESS PHONE:** 609-730-0400

**MAIL ADDRESS:**
- **STREET 1:** 28 ENGELHARD DRIVE
- **STREET 2:** SUITE B
- **CITY:** MONROE TOWNSHIP
- **STATE:** NJ
- **ZIP:** 08831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ocean Power Technologies, INc.
- **DATE OF NAME CHANGE:** 20061012

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

Date of Report (Date of earliest event reported): **June 4, 2026**

**Ocean Power Technologies, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33417** | **22-2535818** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **28 Engelhard Drive** **, Suite B**<br> **Monroe Township, New Jersey**  | **08831** |
| (Address of principal executive offices) | **(**Zip Code) |

---

**(609)** **730-0400**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
| Common Stock $0.001 Par Value | OPTT | NYSE American |
| Series A Preferred Stock Purchase Rights | N/A | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

On June 4, 2026, Ocean Power Technologies, Inc. (the "Company") entered into a securities purchase agreement (the "Securities Purchase Agreement") with those institutional accredited investors identified on the signature page thereto (the "Purchasers") pursuant to which the Company offered for sale to the Purchasers an aggregate of 25,000,000 shares of the Company's common stock, par value $0.001 per share (the "common stock"), together with common warrants (the "common warrants") to purchase up to 25,000,000 shares of common stock (the "offering"). The combined purchase price per share of common stock and accompanying common warrant was $0.40. The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-275843), which was declared effective by the United States Securities and Exchange Commission ("SEC") on December 12, 2023, a base prospectus included in the registration statement at the time it originally became effective, and a prospectus supplement, dated June 4, 2026, filed with the SEC on June 8, 2026 pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the "Prospectus Supplement").

The common warrants will be exercisable beginning on the six month anniversary of the initial issuance date at an exercise price of $0.40 per share of common stock, subject to adjustment in certain circumstances, and will expire on the six year anniversary of the initial exercise date. No fractional shares of common stock will be issued in connection with the exercise of a common warrant. In lieu of fractional shares, the Company will round up to the next whole share. The common warrants also provide that in the event of a fundamental transaction, the Company is required to cause any successor entity to assume its obligations under the common warrants. In addition, in the event of a Fundamental Transaction (as such term is defined in the common warrant), the holder of the common warrant will be entitled to receive upon exercise of the common warrant the kind and amount of securities, cash or property that the holder would have received had the holder exercised the common warrant immediately prior to such Fundamental Transaction. Notwithstanding the foregoing, in the event of a Fundamental Transaction, the holders of the common warrants will have the right to require the Company or a successor entity to purchase the common warrant for cash in the amount of the Black Scholes Value (as defined in the common warrant) of the unexercised portion of the common warrants concurrently with or within 30 days following the consummation of a Fundamental Transaction. However, in the event of a Fundamental Transaction which is not in the Company's control, including a Fundamental Transaction not approved by the Company's board of directors, the holders of the common warrants will only be entitled to receive from the Company or its successor entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the common warrant that is being offered and paid to the holders of common stock in connection with the Fundamental Transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether the holders of common stock are given the choice to receive alternative forms of consideration in connection with the Fundamental Transaction.

The common warrants initially provide that the holder may not exercise any portion of the common warrants to the extent that the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of such common warrant. Such percentage may be increased or decreased to any number not in excess of 9.99% at the holder's election upon notice to the Company, any such change not to take effect until the 61st day after notice to the Company.

Except as otherwise provided in the common warrants or by virtue of such holder's ownership of shares of common stock, the holder of a common warrant will not have the rights or privileges of a holder of common stock, including any voting rights, until the holder exercises such common warrant.

The closing of the offering is expected to occur on or about June 8, 2026. The Company expects the gross proceeds from the offering to be $10.0 million. The Company intends to use the net proceeds from the offering for working capital needs and for other general corporate purposes.

The Securities Purchase Agreement contains customary representations, warranties and agreements by the Company and customary conditions to closing.

The foregoing descriptions of the Securities Purchase Agreement and the common warrants are not complete and are qualified in their entirety by reference to the full text of the Securities Purchase Agreement and the form of common warrant, copies of which are included as Exhibit 10.1 and Exhibit 4.1, respectively, and incorporated by reference herein.

The representations, warranties and covenants contained in the Securities Purchase Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Securities Purchase Agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Securities Purchase Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Securities Purchase Agreement and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the SEC.

The legal opinion, including the related consent, of Porter Hedges LLP relating to the issuance and sale of the shares of common stock, the common warrants and the shares of common stock underlying the common warrants is filed as Exhibit 5.1 hereto.

In connection with the offering, Ladenburg Thalmann & Co. Inc. ("Ladenburg") acted as exclusive placement agent. Pursuant to an engagement letter with Ladenburg, the Company agreed to pay Ladenburg a cash fee equal to 6.0% of the gross proceeds received in the offering and to reimburse certain expenses of Ladenburg up to $50,000.

This Current Report on Form 8-K does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

*Forward-Looking Statements*

This Current Report on Form 8-K contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the offering. The words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. While the Company believes its plans, intentions and expectations reflected in those forward-looking statements are reasonable, these plans, intentions or expectations may not be achieved. The Company's actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. For information about the factors that could cause such differences, please refer to the Company's Annual Report on Form 10-K for the year ended April 30, 2025, including the information discussed under the captions "Item 1. Business," "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as the Company's various other filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statement.

**Item 8.01 Other Events.**

On June 5, 2026, the Company issued a press release announcing the transactions contemplated by the Securities Purchase Agreement, a copy of which is filed herewith as Exhibit 99.1.

**Item 9.01. Financial Statements and Exhibits**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| 4.1 | [Form of Common Warrant.](ex4-1.htm) |
| 5.1 | [Opinion of Porter Hedges LLP.](ex5-1.htm) |
| 10.1 | [Form of Securities Purchase Agreement dated June 4, 2026.](ex10-1.htm) |
| 23.1 | [Consent of Porter Hedges LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 99.1 | [Press Release dated June 5, 2026.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | **Ocean Power Technologies, Inc.** |
| Dated: June 8, 2026 | */s/ Philipp Stratmann* |
|  | Philipp Stratmann |
|  | President and Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

**COMMON STOCK PURCHASE WARRANT**

**Ocean Power Technologies** **, INC.**

Warrant Shares: _________<sup>1</sup> Issue Date: June [__], 2026

THIS COMMON STOCK PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _______________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time or times on or after the six (6) month anniversary of the Issue Date (the "<u>Initial Exercise Date</u>") and on or prior to 5:00 p.m. (New York City time) on the six (6) year anniversary of the Initial Exercise Date (the "<u>Termination Date</u>"), but not thereafter, to subscribe for and purchase from Ocean Power Technologies, Inc., a Delaware corporation (the "<u>Company</u>"), up to ________ shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>") of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "<u>Purchase Agreement</u>"), dated June [__], 2026, by and between the Company and the Purchaser signatory thereto. In addition to the terms defined elsewhere in this Warrant, the following words and terms have the meanings indicated in this Section 1:

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York, N.Y. time) to 4:02 p.m. (New York, N.Y. time)), (b) if the Common Stock is not then listed or quoted on a Trading Market and if the Common Stock is listed or quoted for trading on OTCQB Venture Market ("<u>OTCQB</u>") or the OTCQX Best Market ("<u>OTCQX</u>"), the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on a Trading Market, OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or its successor operated by OTC Markets or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

1 Aggregate number of shares of Common Stock underlying the warrant issued to the Holder is equal to 100% of the sum of the number of shares of Common Stock and shares of Common Stock underlying Pre-Funded Warrants, if any, purchased by the Holder pursuant to the Purchase Agreement.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted on a Trading Market and if the Common Stock is then listed or quoted on the OTCQB or the OTCQX, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchaser, or if more than one Purchaser, then the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form attached hereto as **<u>Exhibit A</u>** (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation as soon as reasonably practicable after the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise on the Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, upon exercise of a portion of this Warrant, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per share of Common Stock under this Warrant shall be $**[ ]**, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, assuming that no commission or other remuneration is paid or given directly or indirectly for soliciting such exercise, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, including with respect to the holding period and/or the registration thereof. The Company agrees not to take any position contrary to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate or by electronic delivery through books and records maintained by the Company's transfer agent (at the election of the Holder), registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>") ; <u>provided</u>, <u>however</u>, that in the event the Holder duly delivers the Notice of Exercise to the Company but has not delivered the aggregate Exercise Price to the Company within two (2) Trading Days of delivery of such Notice of Exercise, the Warrant Share Delivery Date shall be deemed to occur one (1) Trading Day after delivery of the aggregate Exercise Price to the Company. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as partial liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day beginning five (5) Trading Days after such damages have begun to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market (or the OTCQB or OTCQX, depending upon which of these the Common Stock trades if the Common Stock is not listed on a Trading Market) with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. For the avoidance of doubt, the Standard Settlement Period as of the date of this Warrant is one (1) Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions and mark-ups, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company with written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as **<u>Exhibit B</u>** duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Closing of Books</u>. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Beneficial Ownership Limitation</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates, and any other Persons whose beneficial ownership of the shares of Common Stock would or could be aggregated with the Holder's for the purposes of Section 13(d) of the Exchange Act (such Persons, "<u>Attribution Parties</u>")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock held by such Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination (other than to the extent that the information on the number of outstanding shares of Common Stock is provided by the Company, either directly or through one or more public filings relied upon by the Holder). In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, upon election by a Holder in compliance with this Section 2(d) prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of the outstanding Common Stock or more than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock or more than 50% of the voting power of the common equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder's option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of the consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), valued at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. "Black Scholes Value" means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg, L.P. ("Bloomberg") determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of (1) 100%, (2) the 30 day volatility, (3) the 100 day volatility or (4) the 365 day volatility, each of clauses (2)-(4) as obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of such Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder's request pursuant to this Section 3(d), and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business Days of the Holder's election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "Successor Entity") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. For purposes of clarification, whether or not the Company provides any such notice, each Holder shall only be required to pay the adjusted Exercise Price with respect to such exercise, regardless of whether a Holder accurately refers to such price in any Notice of Exercise If the aggregate Exercise Price paid by the Holder exceeds the amount that should have been paid based on the adjusted Exercise Price, the Company shall promptly return any excess aggregate Exercise Price to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or any Fundamental Transaction, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register (as defined below) of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Transfer Restrictions</u>. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Representation by the Holder</u>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c), or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv), in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize the "cashless exercise" feature, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies, notwithstanding the fact that the right to exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder (or the beneficial owner of this Warrant), on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

(Signature Page Follows)

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **Ocean Power Technologies** **, INC.** | **Ocean Power Technologies** **, INC.** |
| By: |  |
| Name: | Philipp Stratmann |
| Title: | Chief Executive Officer |

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**<u>EXHIBIT A</u>**

**NOTICE OF EXERCISE**

To: OCEAN POWER TECHNOLOGIES, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Accredited Investor</u>. The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: ___________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity:* _____________________________________________________

Name of Authorized Signatory: _______________________________________________________________________

Title of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

**<u>EXHIBIT B</u>**

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares.)*

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: |  |
|  | (Please Print) |
| <br> Phone Number:<br>Email Address:<br>|  |
| Dated: _______________ __, ______ |  |
| Holder's Signature:__________________________ |  |
| Holder's Address:___________________________ |  |

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## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | &nbsp;&nbsp;1000 Main Street, 36<sup>th</sup> Floor<br> Houston, Texas 77002<br> Telephone {713} 226-6000<br> Telecopier {713} 228-1331<br> porterhedges.com |

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June 4, 2026

**014660/0032**

Ocean Power Technologies, Inc.

28 Engelhard Drive, Suite B

Monroe Township, NJ 08831

Ladies and Gentlemen:

We have acted as counsel to Ocean Power Technologies, Inc., a Delaware corporation (the "***Company***"), in connection with the preparation for filing with the Securities and Exchange Commission (the "***Commission***") of a prospectus supplement (the "***Prospectus Supplement***") under the Securities Act of 1933, as amended (the "***Act***"), related to the Company's shelf registration statement on Form S-3 (Registration No. 333-275843) (as amended, the "***Registration Statement***"). The Prospectus Supplement relates to the issuance by the Company of up to (i) 25,000,000 shares (the "***Shares***") of the Company's common stock, par value $0.001 per share ("***Common Stock***"); (ii) common warrants to purchase up to 25,000,000 shares of Common Stock (the "***Common Warrants***"); and (iii) the 25,000,000 shares of Common Stock underlying the Common Warrants (the "***Warrant Shares***"). The Shares, the Common Warrants and the Warrant Shares are being sold by the Company pursuant to a securities purchase agreement (the "***SPA***") entered into by and between the Company and certain accredited institutional investors.

For purposes of the opinions we express below, we have examined the originals or copies, certified or otherwise identified, of: (i) the certificate of incorporation and amended and restated bylaws, each as amended to date, of the Company; (ii) the Registration Statement; (iii) the Prospectus Supplement; and (iv) the corporate records of the Company, including minute books of the Company, certificates of public officials and of representatives of the Company, statutes and other instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed. In giving such opinions, we have relied upon certificates of officers of the Company and of public officials with respect to the accuracy of the material factual matters contained in such certificates. In giving the opinions below, we have assumed that the signatures on all documents examined by us are genuine, that all documents submitted to us as originals are accurate and complete, that all documents submitted to us as copies are true and correct copies of the originals thereof and that all information submitted to us was accurate and complete.

In making our examination, we have assumed and have not verified (i) that all signatures on documents examined by us are genuine, (ii) the legal capacity of all natural persons, (iii) the authenticity of all documents submitted to us as originals and (iv) the conformity to the original documents of all documents submitted to us as copies thereof.

Ocean Power Technologies, Inc.

June 4, 2026

Based on the foregoing, and subject to the assumptions, limitations and qualifications stated herein, we are of the opinion that (i) the Shares have been duly authorized and, when issued and paid for in accordance with the terms of the SPA, will be validly issued, fully paid and non-assessable, (ii) the Common Warrants have been duly authorized and, when executed and delivered by the Company will constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency or other similar laws affecting creditors' rights and to general equitable principles and (iii) the Warrant Shares have been duly authorized and, when issued and paid for upon the due exercise of the Common Warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable.

The opinions set forth above are limited in all respects to matters of the General Corporation Law of the State of Delaware, the applicable law of the State of New York and applicable federal law.

We hereby consent to the filing of this opinion as Exhibit 5.1 to a Current Report on Form 8-K that will be filed by the Company and incorporated by reference into the Registration Statement. We also consent to the references to our Firm under the heading "Legal Matters" in the prospectus included in the Registration Statement. In giving this consent, we do not hereby admit we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Porter Hedges LLP |
| PORTER HEDGES LLP |

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## Exhibit 10.1

**Exhibit 10.1**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of June 4, 2026, between Ocean Power Technologies, Inc., a Delaware corporation (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

1. <u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Definitions</u>.
 In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement,
 the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.4.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1.10.

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally open for use by customers on such day.

"<u>Closing</u>" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the first (1<sup>st</sup>) Trading Day following the date hereof <u>(or the</u> second (2nd) Trading Day following the date hereof if this Agreement is signed on a day that is not a Trading Day or after 4:00 p.m. (New York City time) and before midnight (New York City time) on a Trading Day).

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Stock</u>" means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Common Stock Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"<u>Common Warrants</u>" means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2.1 hereof, which warrants shall be exercisable beginning on the six (6) month anniversary of the date of issuance and have a term equal to six (6) years from the initial exercise date, in the form of Exhibit C attached hereto.

"<u>Common Warrant Shares</u>" means the aggregate number of shares of Common Stock issuable upon exercise of the Common Warrants issued to all Purchasers pursuant to the terms of this Agreement, which shall be equal to 100% of the aggregate number of Shares and Pre-Funded Warrant Shares, if any, purchased by all Purchasers pursuant to this Agreement.

"<u>Company Counsel</u>" means Porter Hedges LLP, with offices located at 1000 Main Street, 36<sup>th</sup> Floor, Houston, Texas 77002.

"<u>Disclosure Schedules</u>" means the Disclosure Schedules of the Company delivered concurrently herewith.

"<u>Disclosure Time</u>" means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1.19.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) shares of Common Stock, options restricted stock units or other securities to employees, officers, directors or independent contractors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company provided, however, that any securities issued to independent contractors under this clause (a) are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.9.1, (b) shares of Common Stock issued pursuant to securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations or as otherwise required by the existing terms of such securities) or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.9.1 herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" shall have the meaning ascribed to such term in Section 3.1.8.

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1.16.

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreement</u>" means the Lock-Up Agreement, dated as of the date hereof, by and among the Company and the directors, officers, and certain stockholders of the Company, in the form of <u>Exhibit A</u> attached hereto.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1.2.

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1.14.

"<u>Per Share and Common Warrant Purchase Price</u>" equals $[●], subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement, provided that the purchase price per Pre-Funded Warrant and Common Warrant shall be the Per Share and Common Warrant Purchase Price minus $0.001.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Placement Agent</u>" means Ladenburg Thalmann & Co. Inc.

"<u>Pre-Funded Warrants</u>" means, collectively, the pre-funded warrants to purchase shares of Common Stock delivered to the Purchasers at the Closing in accordance with Section 2.2.1 hereof, which warrants shall be exercisable upon issuance and will not expire until exercised in full, in the form of Exhibit B attached hereto.

"<u>Pre-Funded Warrant Shares</u>" means the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or, to the Company's knowledge, threatened.

"<u>Prospectus</u>" means the final prospectus filed for the Registration Statement.

"<u>Prospectus Supplement</u>" means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.7.

"<u>Registration Statement</u>" means the effective registration statement with Commission file No. 333-275843 which registers the sale of the Securities to the Purchasers, and includes any Rule 462(b) Registration Statement.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1.5.

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 462(b) Registration Statement</u>" means any registration statement prepared by the Company registering additional Public Securities, which was filed with the Commission on or prior to the date hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities Act.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1.8.

"<u>Securities</u>" means the Shares, the Warrants, and the Warrant Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

"<u>Short Sales</u>" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).

"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid for Shares (and/or the Pre-Funded Warrants) and Common Warrants purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in United States dollars and in immediately available funds (minus, if applicable, a Purchaser's aggregate exercise price of the Pre-Funded Warrants, which amounts shall be paid as and when such Pre-Funded Warrants are exercised for cash).

"<u>Subsidiary</u>" means any subsidiary of the Company as set forth on Exhibit 21.1 of the Company's Annual Report on Form 10-K for the year ended April 30, 2025, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, all exhibits and schedules thereto and hereto, the Warrants, and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 250 Royall Street, Canton, MA 02021-1011, and any successor transfer agent of the Company.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in Section 4.9.2.

"<u>Warrants</u>" means, collectively, the Common Warrants and the Pre-Funded Warrants.

"<u>Warrant Shares</u>" means the shares of Common Stock issuable upon exercise of the Warrants.

2. <u>Purchase and Sale</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Closing</u>.
 On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company
 agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an
 aggregate of $[___] of Shares and Common Warrants; provided, however, that, to the extent
 that a Purchaser determines, in its sole discretion, that such Purchaser (together with such
 Purchaser's Affiliates, and any Person acting as a group together with such Purchaser
 or any of such Purchaser's Affiliates) would beneficially own in excess of the Beneficial
 Ownership Limitation, or as such Purchaser may otherwise choose, in lieu of purchasing Shares
 such Purchaser may elect to purchase Pre-Funded Warrants in lieu of Shares in such manner
 to result in the same aggregate purchase price being paid by such Purchaser to the Company.
 In each case, the election to receive Pre-Funded Warrants is solely at the option of the
 Purchaser. Each Purchaser's Subscription Amount as set forth on the signature page
 hereto executed by such Purchaser shall be made available for "Delivery Versus Payment"
 settlement with the Company or its designee. The Company shall deliver to each Purchaser
 its respective Securities, and the Company and each Purchaser shall deliver the other items
 set forth in Section 2.2 deliverable at the Closing. On the Closing Date, the Company will
 (A) cause the Transfer Agent to issue the Shares in book-entry form, free and clear of all
 restrictive and other legends (except as expressly provided in Section 4.13 hereof), (B)
 deliver to each Purchaser Common Warrants exercisable for a number of shares of Common Stock
 as set forth on the signature page of this Agreement with respect to such Purchaser, and
 (C) deliver to each Purchaser that elected to receive Pre-Funded Warrants, Pre-Funded Warrants
 exercisable for a number of shares of Common Stock as set forth on the signature page of
 this Agreement with respect to such Purchaser. Upon satisfaction of the covenants and conditions
 set forth in Sections 2.2 and 2.3, the Closing shall take place remotely by electronic transfer
 of the Closing documentation. Unless otherwise directed by the Placement Agent, settlement
 of the Shares shall occur via "Delivery Versus Payment" (i.e., on the Closing
 Date, the Company shall issue the Shares registered in the Purchasers' names and addresses
 and released by the Transfer Agent directly to the account(s) at the Placement Agent identified
 by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically
 deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the
 Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding
 anything herein to the contrary, if at any time on or after the time of execution of this
 Agreement by the Company and an applicable Purchaser, through, and including the time immediately
 prior to the Closing (the " <u>Pre-Settlement Period</u> "), such Purchaser sells
 to any Person all, or any portion, of the Shares to be issued hereunder to such Purchaser
 at the Closing (collectively, the " <u>Pre-Settlement Shares</u> "), such Purchaser
 shall, automatically hereunder (without any additional required actions by such Purchaser
 or the Company), be deemed to be unconditionally bound to purchase, such Pre-Settlement Shares
 at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement
 Shares to such Purchaser prior to the Company's receipt of the purchase price of such
 Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges
 and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser
 as to whether or not during the Pre-Settlement Period such Purchaser shall sell any shares
 of Common Stock to any Person and that any such decision to sell any shares of Common Stock
 by such Purchaser shall solely be made at the time such Purchaser elects to effect any such
 sale, if any. Notwithstanding anything to the contrary herein and a Purchaser's Subscription
 Amount set forth on the signature pages attached hereto, the number of Shares purchased by
 a Purchaser (and its Affiliates) hereunder shall not, when aggregated with all other shares
 of Common Stock owned by such Purchaser (and its Affiliates) at such time, result in such
 Purchaser beneficially owning (as determined in accordance with Section 13(d) of the Exchange
 Act) in excess of 9.9% of the then issued and outstanding Common Stock outstanding at the
 Closing (the " <u>Beneficial Ownership Maximum</u> "), and such Purchaser's
 Subscription Amount, to the extent it would otherwise exceed the Beneficial Ownership Maximum
 immediately prior to the Closing, shall be conditioned upon the issuance of Securities at
 the Closing to the other Purchasers signatory hereto. To the extent that a Purchaser's
 beneficial ownership of the Securities would otherwise be deemed to exceed the Beneficial
 Ownership Maximum, such Purchaser's Subscription Amount shall automatically be reduced
 as necessary in order to comply with this paragraph. Purchaser shall not engage in net short
 sales prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. On
 or prior to the Closing Date (except as indicated below), the Company shall deliver or cause
 to be delivered to each Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.1. this
 Agreement duly executed by the Company;

2.2.1.2. a
 legal opinion of Company Counsel, substantially in the form reasonably acceptable to each
 Purchaser;

2.2.1.3. subject
 to the last sentence of Section 2.1, the Company shall have provided each Purchaser with
 the Company's wire instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1.4. subject
 to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer
 Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository
 Trust Company Deposit or Withdrawal at Custodian system Shares equal to such Purchaser's
 Subscription Amount divided by the Per Share and Common Warrant Purchase Price (minus the
 number of shares of Common Stock issuable upon exercise of such Purchaser's Pre-Funded
 Warrant, if applicable), registered in the name of such Purchaser;

2.2.1.5. a
 Common Warrant registered in the name of such Purchaser to purchase up to a number of shares
 of Common Stock equal to [____]% of the sum of such Purchaser's Shares and Pre-Funded
 Warrant Shares, with an exercise price equal to $____, subject to adjustment therein;

2.2.1.6. for
 each Purchaser of Pre-Funded Warrants pursuant to Section 2.1, a Pre-Funded Warrant registered
 in the name of such Purchaser to purchase up to a number of shares of Common Stock equal
 to the portion of such Purchaser's Subscription Amount applicable to Pre-Funded Warrant
 divided by the Per Share and Common Warrant Purchase Price minus $0.001, with an exercise
 price equal to $0.001, subject to adjustment therein;

2.2.1.7. on
 the date hereof, the duly executed Lock-Up Agreements;

2.2.1.8. an
 Officer's Certificate, in form and substance reasonably satisfactory to the Placement
 Agent;

2.2.1.9. a
 Secretary's Certificate, in form and substance reasonably satisfactory to the Placement
 Agent; and

2.2.1.10. from
 the Chief Financial Officer of the Company, a certificate certifying as to certain financial
 matters set forth therein and in form and substance satisfactory in all respects to the Placement
 Agent, dated as of the date of this Agreement; and

2.2.1.11. the
 Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172
 under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. On
 or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the
 Company, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2.1. this
 Agreement duly executed by such Purchaser; and

2.2.2.2. such
 Purchaser's Subscription Amount, which shall be made available for "Delivery
 Versus Payment" settlement with the Company or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1. The
 obligations of the Company hereunder in connection with the Closing are subject to the following
 conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1.1. the
 accuracy in all material respects (or, to the extent representations or warranties are qualified
 by materiality, in all respects) on the Closing Date of the representations and warranties
 of the Purchasers contained herein (unless as of a specific date therein in which case they
 shall be accurate in all material respects (or, to the extent representations or warranties
 are qualified by materiality, in all respects) as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1.2. all
 obligations, covenants and agreements of each Purchaser required to be performed at or prior
 to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1.3. the
 delivery by each Purchaser of the items set forth in Section 2.2.2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2. The
 respective obligations of the Purchasers hereunder in connection with the Closing are subject
 to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2.1. the
 accuracy in all material respects (or, to the extent representations or warranties are qualified
 by materiality or Material Adverse Effect, in all respects) when made and on the Closing
 Date of the representations and warranties of the Company contained herein (unless as of
 a specific date therein in which case they shall be accurate in all material respects, or
 to the extent representations or warranties are qualified by materiality or Material Adverse
 effect, in all respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2.2. all
 obligations, covenants and agreements of the Company required to be performed at or prior
 to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2.3. the
 delivery by the Company of the items set forth in Section 2.2.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2.4. there
 shall have been no Material Adverse Effect with respect to the Company since the date hereof;

2.3.2.5. from
 the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended
 by the Commission or the Company's principal Trading Market, and, at any time prior
 to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
 not have been suspended or limited, or minimum prices shall not have been established on
 securities whose trades are reported by such service, or on any Trading Market, nor shall
 a banking moratorium have been declared either by the United States or New York State authorities
 nor shall there have occurred any material outbreak or escalation of hostilities or other
 national or international calamity of such magnitude in its effect on, or any material adverse
 change in, any financial market which, in each case, in the reasonable judgment of such Purchaser,
 makes it impracticable or inadvisable to purchase the Securities at the Closing.

3. <u>Representations and Warranties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Representations and Warranties of the Company</u>. Except as set forth in the SEC Reports or the Disclosure
 Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any
 representation or otherwise made herein to the extent of the disclosure contained in the
 corresponding section of the Disclosure Schedules, the Company hereby makes the following
 representations and warranties to each Purchaser as of the date hereof and as of the Closing
 Date as follows (unless as of a specific date therein, in which case they shall be accurate
 as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. <u>Subsidiaries</u>.
 All of the subsidiaries of the Company are set forth on Exhibit 21.1 of the Company's
 Annual Report on Form 10-K for the year ended April 30, 2025. The Company owns, directly
 or indirectly, all of the capital stock or other equity interests of each Subsidiary free
 and clear of any Liens, and all of the issued and outstanding shares of capital stock of
 each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive
 and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries,
 all other references to the Subsidiaries or any of them in the Transaction Documents shall
 be disregarded.

3.1.2. <u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated
 or otherwise organized, validly existing and in good standing under the laws of the jurisdiction
 of its incorporation or organization, with the requisite power and authority to own and use
 its properties and assets and to carry on its business as currently conducted, except where
 the failure to be in good standing could not reasonably be expected to have a Material Adverse
 Effect. Neither the Company nor any Subsidiary is in violation nor default of any of the
 provisions of its respective certificate or articles of incorporation, bylaws or other organizational
 or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct
 business and is in good standing as a foreign corporation or other entity in each jurisdiction
 in which the nature of the business conducted or property owned by it makes such qualification
 necessary, except where the failure to be so qualified or in good standing, as the case may
 be, would not have or reasonably be expected to result in: (i) a material adverse effect
 on the legality, validity or enforceability of any Transaction Document, (ii) a material
 adverse effect on the results of operations, assets, business, prospects or condition (financial
 or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material
 adverse effect on the Company's ability to perform in any material respect on a timely
 basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a " <u>Material Adverse Effect</u> ") and no Proceeding has been instituted in any such jurisdiction
 revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
 or qualification.

3.1.3. <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into
 and to consummate the transactions contemplated by this Agreement and each of the other Transaction
 Documents and otherwise to carry out its obligations hereunder and thereunder. The execution
 and delivery of this Agreement and each of the other Transaction Documents by the Company
 and the consummation by it of the transactions contemplated hereby and thereby have been
 duly authorized by all necessary action on the part of the Company and no further action
 is required by the Company, the Board of Directors or the Company's stockholders in
 connection herewith or therewith other than in connection with the Required Approvals. This
 Agreement and each other Transaction Document to which the Company is a party has been (or
 upon delivery will have been) duly executed by the Company and, when delivered in accordance
 with the terms hereof and thereof, will constitute the valid and binding obligation of the
 Company enforceable against the Company in accordance with its terms, except (i) as limited
 by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
 and other laws of general application affecting enforcement of creditors' rights generally,
 (ii) as limited by laws relating to the availability of specific performance, injunctive
 relief or other equitable remedies and (iii) insofar as indemnification and contribution
 provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4. <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and
 the other Transaction Documents to which it is a party, the issuance and sale of the Securities
 and the consummation by it of the transactions contemplated hereby and thereby do not and
 will not (i) conflict with or violate any provision of the Company's or any Subsidiary's
 certificate or articles of incorporation, bylaws or other organizational or charter documents,
 (ii) conflict with, or constitute a default (or an event that with notice or lapse of time
 or both would become a default) under, result in the creation of any Lien upon any of the
 properties or assets of the Company or any Subsidiary pursuant to, or give to others any
 rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation
 (with or without notice, lapse of time or both) of, any agreement, credit facility, debt
 or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding
 to which the Company or any Subsidiary is a party or by which any property or asset of the
 Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals,
 conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
 decree or other restriction of any court or governmental authority to which the Company or
 a Subsidiary is subject (including federal and state securities laws and regulations), or
 by which any property or asset of the Company or a Subsidiary is bound or affected; except
 in the case of each of clauses (ii) and (iii), such as could not, individually or in the
 aggregate, have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5. <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization
 or order of, give any notice to, or make any filing or registration with, any court or other
 federal, state, local or other governmental authority or other Person in connection with
 the execution, delivery and performance by the Company of the Transaction Documents, other
 than: (i) the filings required pursuant to Section 4.3 of this Agreement, (ii) the filing
 with the Commission of the Prospectus Supplement, (iii) application(s) to each applicable
 Trading Market for the listing of the Shares for trading thereon in the time and manner required
 thereby and (iv) such filings as are required to be made under applicable state securities
 laws (collectively, the " <u>Required Approvals</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6. <u>Issuance of the Securities; Registration</u>. The Shares and the Warrants are duly authorized and,
 when issued and paid for in accordance with the applicable Transaction Documents, will be
 duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
 by the Company. The Warrants, when paid for and issued in accordance with this Agreement,
 will constitute valid and binding obligations of the Company, enforceable against the Company
 in accordance with their terms, except as such enforceability may be limited by bankruptcy,
 insolvency, reorganization, moratorium and similar laws affecting the rights of creditors
 generally and subject to general principles of equity. The Warrant Shares, when issued in
 accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable,
 free and clear of all Liens imposed by the Company. The Company has reserved and will keep
 available from its duly authorized capital stock the maximum number of shares of Common Stock
 issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed
 the Registration Statement in conformity with the requirements of the Securities Act, which
 became effective on December 12, 2023, including the Prospectus, and such amendments and
 supplements thereto as may have been required to the date of this Agreement. The Registration
 Statement is effective under the Securities Act and no stop order preventing or suspending
 the effectiveness of the Registration Statement or suspending or preventing the use of the
 Prospectus has been issued by the Commission and no proceedings for that purpose have been
 instituted or, to the knowledge of the Company, are threatened by the Commission. The Company,
 if required by the rules and regulations of the Commission, shall file the Prospectus with
 the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments
 thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
 Statement and any amendments thereto conformed and will conform in all material respects
 to the requirements of the Securities Act and did not, does not and will not contain any
 untrue statement of a material fact or omit to state any material fact required to be stated
 therein or necessary to make the statements therein not misleading; and the Prospectus and
 any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement
 thereto was issued and at the Closing Date, conformed and will conform in all material respects
 to the requirements of the Securities Act and did not, does not and will not contain 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 under which they were made, not
 misleading. The Company was at the time of the filing of the Registration Statement eligible
 to use Form S-3. The Company is eligible to use Form S-3 under the Securities Act and it
 meets the transaction requirements with respect to the aggregate market value of securities
 being sold pursuant to this offering and during the twelve (12) months prior to this offering,
 as set forth in General Instruction I.B.I of Form S-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7. <u>Capitalization</u>.
 The Company has an authorized and outstanding capitalization as set forth in the SEC Reports.
 The Company has not issued any capital stock since its most recently filed periodic report
 under the Exchange Act, other than pursuant to the exercise of employee stock options under
 the Company's stock option plans, the issuance of shares of Common Stock to employees
 pursuant to the Company's employee stock purchase plans, pursuant to the conversion
 and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently
 filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive
 right, right of participation, or any similar right to participate in the transactions contemplated
 by the Transaction Documents. There are no outstanding options, warrants, scrip rights to
 subscribe to, calls or commitments of any character whatsoever relating to, or securities,
 rights or obligations convertible into or exercisable or exchangeable for, or giving any
 Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock
 of any Subsidiary, or contracts, commitments, understandings or arrangements by which the
 Company or any Subsidiary is or may become bound to issue additional shares of Common Stock
 or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of
 the Securities will not obligate the Company or any Subsidiary to issue shares of Common
 Stock or other securities to any Person (other than the Purchasers). There are no outstanding
 securities or instruments of the Company or any Subsidiary with any provision that adjusts
 the exercise, conversion, exchange or reset price of such security or instrument upon an
 issuance of securities by the Company or any Subsidiary. Except as set forth in Schedule
 3.1.7 or as a result of the purchase and sale of the Securities, there are no outstanding
 securities or instruments of the Company or any Subsidiary that contain any redemption or
 similar provisions, and there are no contracts, commitments, understandings or arrangements
 by which the Company or any Subsidiary is or may become bound to redeem a security of the
 Company or such Subsidiary. The Company does not have any stock appreciation rights or "phantom
 stock" plans or agreements or any similar plan or agreement. All of the outstanding
 shares of capital stock of the Company are duly authorized, validly issued, fully paid and
 nonassessable, have been issued in compliance with all federal and state securities laws,
 and none of such outstanding shares was issued in violation of any preemptive rights or similar
 rights to subscribe for or purchase securities. No further approval or authorization of any
 stockholder, the Board of Directors or others is required for the issuance and sale of the
 Securities. There are no stockholders agreements, voting agreements or other similar agreements
 with respect to the Company's capital stock to which the Company is a party or, to
 the knowledge of the Company, between or among any of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8. <u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements
 and other documents required to be filed by the Company under the Securities Act and the
 Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding
 the date hereof (or such shorter period as the Company was required by law or regulation
 to file such material) (the foregoing materials, including the exhibits thereto and documents
 incorporated by reference therein, together with the Prospectus and the Prospectus Supplement,
 being collectively referred to herein as the " <u>SEC Reports</u> ") on a timely
 basis or has received a valid extension of such time of filing and has filed any such SEC
 Reports prior to the expiration of any such extension. As of their respective dates, the
 SEC Reports complied in all material respects with the requirements of the Securities Act
 and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any
 untrue statement of a material fact or omitted to state a material fact required to be stated
 therein or necessary in order to make the statements therein, in the light of the circumstances
 under which they were made, not misleading. The financial statements of the Company included
 in the SEC Reports comply in all material respects with applicable accounting requirements
 and the rules and regulations of the Commission with respect thereto as in effect at the
 time of filing. Such financial statements have been prepared in accordance with United States
 generally accepted accounting principles applied on a consistent basis during the periods
 involved (" <u>GAAP</u> "), except as may be otherwise specified in such financial
 statements or the notes thereto and except that unaudited financial statements may not contain
 all footnotes required by GAAP, and fairly present in all material respects the financial
 position of the Company and its consolidated Subsidiaries as of and for the dates thereof
 and the results of operations and cash flows for the periods then ended, subject, in the
 case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9. <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest
 audited financial statements included within the SEC Reports, and except as otherwise set
 forth in Schedule 3.1.9, (i) there has been no event, occurrence or development that has
 had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the
 Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
 and accrued expenses incurred in the ordinary course of business consistent with past practice
 and (B) liabilities not required to be reflected in the Company's financial statements
 pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has
 not altered its method of accounting, (iv) the Company has not declared or made any dividend
 or distribution of cash or other property to its stockholders or purchased, redeemed or made
 any agreements to purchase or redeem any shares of its capital stock and (v) the Company
 has not issued any equity securities to any officer, director or Affiliate, except pursuant
 to existing Company stock option plans. The Company does not have pending before the Commission
 any request for confidential treatment of information. Except for the issuance of the Securities
 contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development
 has occurred or exists or is reasonably expected to occur or exist with respect to the Company
 or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
 or financial condition that would be required to be disclosed by the Company under applicable
 securities laws at the time this representation is made or deemed made that has not been
 publicly disclosed at least one Trading Day prior to the date that this representation is
 made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10. <u>Litigation</u>.
 Except as disclosed in Schedule 3.1.10, there is no action, suit, inquiry, notice of violation,
 proceeding or investigation pending or, to the knowledge of the Company, threatened against
 or affecting the Company, any Subsidiary or any of their respective properties before or
 by any court, arbitrator, governmental or administrative agency or regulatory authority (federal,
 state, county, local or foreign) (collectively, an " <u>Action</u> ") which (i)
 adversely affects or challenges the legality, validity or enforceability of any of the Transaction
 Documents or the Securities or (ii) would, if there were an unfavorable decision, have or
 reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any
 Subsidiary, nor any director or officer thereof, is or has been the subject of any Action
 involving a claim of violation of or liability under federal or state securities laws or
 a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company,
 there is not pending or contemplated, any investigation by the Commission involving the Company
 or to the Company's knowledge any current or former director or officer of the Company.
 The Commission has not issued any stop order or other order suspending the effectiveness
 of any registration statement filed by the Company or any Subsidiary under the Exchange Act
 or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11. <u>Labor Relations</u>. No labor dispute exists or, to the knowledge of the Company, is imminent with
 respect to any of the employees of the Company, which would reasonably be expected to result
 in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees
 is a member of a union that relates to such employee's relationship with the Company
 or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective
 bargaining agreement, and the Company and its Subsidiaries believe that their relationships
 with their employees are good. To the knowledge of the Company, no executive officer of the
 Company or any Subsidiary, is, or is now expected to be, in violation of any material term
 of any employment contract, confidentiality, disclosure or proprietary information agreement
 or non-competition agreement, or any other contract or agreement or any restrictive covenant
 in favor of any third party, and the continued employment of each such executive officer
 does not subject the Company or any of its Subsidiaries to any liability with respect to
 any of the foregoing matters. The Company and its Subsidiaries are in compliance with all
 U.S. federal, state, local and foreign laws and regulations relating to employment and employment
 practices, terms and conditions of employment and wages and hours, except where the failure
 to be in compliance would not, individually or in the aggregate, reasonably be expected to
 have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12. <u>Compliance</u>.
 Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no
 event has occurred that has not been waived that, with notice or lapse of time or both, would
 result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary
 received notice of a claim that it is in default under or that it is in violation of, any
 indenture, loan or credit agreement or any other agreement or instrument to which it is a
 party or by which it or any of its properties is bound (whether or not such default or violation
 has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator
 or other governmental authority or (iii) is or has been in violation of any statute, rule,
 ordinance or regulation of any governmental authority, including without limitation all foreign,
 federal, state and local laws relating to taxes, environmental protection, occupational health
 and safety, product quality and safety and employment and labor matters, except in each case
 as would not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13. <u>Environmental Laws</u>. To the Company's knowledge, the Company and its Subsidiaries (i) are in compliance
 in all material respects with all federal, state, local and foreign laws relating to pollution
 or protection of human health or the environment (including ambient air, surface water, groundwater,
 land surface or subsurface strata), including laws relating to emissions, discharges, releases
 or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances
 or wastes (collectively, " <u>Hazardous Materials</u> ") into the environment,
 or otherwise relating to the manufacture, processing, distribution, use, treatment, storage,
 disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes,
 decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
 letters, orders, permits, plans or regulations, issued, entered, promulgated or approved
 thereunder (" <u>Environmental Laws</u> "); (ii) have received all permits licenses
 or other approvals required of them under applicable Environmental Laws to conduct their
 respective businesses; and (iii) are in compliance with all terms and conditions of any such
 permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply
 could be reasonably expected to have, individually or in the aggregate, a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14. <u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations and
 permits issued by the appropriate federal, state, local or foreign regulatory authorities
 necessary to conduct their respective businesses as described in the SEC Reports, except
 where the failure to possess such permits would not reasonably be expected to result in a
 Material Adverse Effect (" <u>Material Permits</u> "), and neither the Company
 nor any Subsidiary has received any notice of proceedings relating to the revocation or modification
 of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15. <u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple
 to all real property owned by them and good and marketable title in all personal property
 owned by them that is material to the business of the Company and the Subsidiaries, in each
 case free and clear of all Liens, except for (i) Liens as do not materially affect the value
 of such property and do not materially interfere with the use made and proposed to be made
 of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal,
 state or other taxes, for which appropriate reserves have been made therefor in accordance
 with GAAP and, the payment of which is neither delinquent nor subject to penalties, and except
 those matters that would not reasonably be expected, individually or in the aggregate, to
 have a Material Adverse Effect. Any real property and facilities held under lease by the
 Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases
 with which the Company and the Subsidiaries are in compliance, except where the failure to
 be in compliance would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16. <u>Intellectual Property</u>. Except as would not, individually or in the aggregate, reasonably be expected
 to have a Material Adverse Effect, the Company and the Subsidiaries have, or have rights
 to use, all patents, patent applications, trademarks, trademark applications, service marks,
 trade names, trade secrets, inventions, copyrights, licenses and other intellectual property
 rights and similar rights necessary or required for use in connection with their respective
 businesses as described in the SEC Reports and which the failure to so have could have a
 Material Adverse Effect (collectively, the " <u>Intellectual Property Rights</u> ").
 None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
 that any of, the Intellectual Property Rights has expired, terminated or been abandoned,
 or except as would not have a Material Adverse Effect is expected to expire or terminate
 or be abandoned, within two (2) years from the date of this Agreement. Neither the Company
 nor any Subsidiary has received, since the date of the latest audited financial statements
 included within the SEC Reports, a written notice of a claim or otherwise has any knowledge
 that the Intellectual Property Rights violate or infringe upon the rights of any Person,
 except as would not have or reasonably be expected to not have a Material Adverse Effect.
 To the knowledge of the Company, all such Intellectual Property Rights are enforceable and
 there is no existing infringement by another Person of any of the Intellectual Property Rights.
 The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
 confidentiality and value of all of their intellectual properties, except where failure to
 do so would not, individually or in the aggregate, reasonably be expected to have a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.17. [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.18. <u>Data Security</u>. (i) To the best of the Company's knowledge, the Company has complied
 and is presently in compliance in all material respects with all internal and external privacy
 policies, contractual obligations, applicable laws, statutes, judgments, orders, rules and
 regulations of any court or arbitrator or other governmental or regulatory authority and
 any other legal obligations, in each case, relating to the collection, use, transfer, import,
 export, storage, protection, disposal and disclosure by the Company of personal, personally
 identifiable, household, sensitive, confidential or regulated data (" <u>Data Security Obligations</u> ", and such data, " <u>Data</u> "); (ii) the Company has not
 received any notification of or complaint regarding and is unaware of any other facts that,
 individually or in the aggregate, would reasonably indicate non-compliance with any Data
 Security Obligation; and (iii) there is no action, suit or proceeding by or before any court
 or governmental agency, authority or body pending or, to the Company's knowledge, threatened
 alleging non-compliance with any Data Security Obligation nor are there any incidents under
 internal review or investigations relating to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.19. <u>Data Protection; No Breaches</u>. To the best of the Company's knowledge, the Company's
 information technology assets and equipment, computers, systems, networks, hardware, software,
 websites, applications, and databases are adequate for, and operate and perform in all material
 respects as required in connection with, the operation of the business of the Company as
 currently conducted, free and clear of all material bugs, errors, defects, Trojan horses,
 time bombs, malware and other corruptants. The Company has taken commercially reasonable
 efforts to protect the information technology systems and Data used in connection with the
 operation of the Company's business. Without limiting the foregoing, the Company has
 used reasonable efforts to establish and maintain reasonable information technology, information
 security, cyber security and data protection controls, policies and procedures, including
 oversight, access controls, encryption, technological and physical safeguards and business
 continuity/disaster recovery and security plans that are designed to protect against and
 prevent breach, destruction, loss, unauthorized distribution, use, access, disablement, misappropriation
 or modification, or other compromise or misuse of or relating to any information technology
 system or Data used in connection with the operation of the Company's business (" <u>Breach</u> ").
 There has been no such Breach, and the Company has not been notified of and has no knowledge
 of any event or condition that would reasonably be expected to result in, any such Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.20. <u>Insurance</u>.
 The Company and the Subsidiaries are insured by insurers of recognized financial responsibility
 against such losses and risks and in such amounts as are prudent and customary in the businesses
 in which the Company and the Subsidiaries are engaged, including, but not limited to, directors
 and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to
 believe that it will not be able to renew its existing insurance coverage as and when such
 coverage expires or to obtain similar coverage from similar insurers as may be necessary
 to continue its business without a significant increase in cost.

3.1.21. <u>Transactions With Affiliates and Employees</u>. None of the officers or directors of the Company or any
 Subsidiary and, to the knowledge of the Company, none of the employees of the Company or
 any Subsidiary is presently a party to any transaction with the Company or any Subsidiary
 (other than for services as employees, officers and directors), including any contract, agreement
 or other arrangement providing for the furnishing of services to or by, providing for rental
 of real or personal property to or from, providing for the borrowing of money from or lending
 of money to or otherwise requiring payments to or from any officer, director or such employee
 or, to the knowledge of the Company, any entity in which any officer, director, or any such
 employee has a substantial interest or is an officer, director, trustee, stockholder, member
 or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting
 fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company
 and (iii) other employee benefits, including stock option agreements under any stock option
 plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.22. <u>Sarbanes-Oxley; Internal Accounting Controls</u>. The Company and the Subsidiaries are in compliance with
 any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are
 effective as of the date hereof, and any and all applicable rules and regulations promulgated
 by the Commission thereunder that are effective as of the date hereof and as of the Closing
 Date. Except as disclosed in the Disclosure Schedules, the Company and the Subsidiaries maintain
 a system of internal accounting controls sufficient to provide reasonable assurance that:
 (i) transactions are executed in accordance with management's general or specific authorizations,
 (ii) transactions are recorded as necessary to permit preparation of financial statements
 in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
 only in accordance with management's general or specific authorization, and (iv) the
 recorded accountability for assets and liabilities is compared with the existing assets and
 liabilities at reasonable intervals and appropriate action is taken with respect to any differences.
 Except as disclosed in the Disclosure Schedules, the Company and the Subsidiaries have established
 disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
 for the Company and the Subsidiaries and designed such disclosure controls and procedures
 to ensure that information required to be disclosed by the Company in the reports it files
 or submits under the Exchange Act is recorded, processed, summarized and reported, within
 the time periods specified in the Commission's rules and forms. The Company's
 certifying officers have evaluated the effectiveness of the disclosure controls and procedures
 of the Company and the Subsidiaries as of the end of the period covered by the most recently
 filed periodic report under the Exchange Act (such date, the " <u>Evaluation Date</u> ").
 The Company presented in its most recently filed periodic report under the Exchange Act the
 conclusions of the certifying officers about the effectiveness of the disclosure controls
 and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
 Date, there have been no changes in the internal control over financial reporting (as such
 term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially
 affected, or is reasonably likely to materially affect, the internal control over financial
 reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.23. <u>Certain Fees</u>. Except for fees payable by the Company to the Placement Agent, no brokerage or
 finder's fees or commissions are or will be payable by the Company or any Subsidiary
 to any broker, financial advisor or consultant, finder, placement agent, investment banker,
 bank or other Person with respect to the transactions contemplated by the Transaction Documents.
 The Purchasers shall have no obligation with respect to any fees or with respect to any claims
 made by or on behalf of other Persons for fees of a type contemplated in this Section that
 may be due in connection with the transactions contemplated by the Transaction Documents.

3.1.24. <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt
 of payment for the Securities, will not be or be an Affiliate of, an "investment company"
 within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct
 its business in a manner so that it will not become an "investment company" subject
 to registration under the Investment Company Act of 1940, as amended.

3.1.25. <u>Registration Rights</u>. Except as disclosed in the Disclosure Schedules, no Person has any right to cause
 the Company or any Subsidiary to effect the registration under the Securities Act of any
 securities of the Company or any Subsidiary.

3.1.26. <u>Listing and Maintenance Requirements</u>. The Common Stock is registered pursuant to Section 12(b)
 of the Exchange Act, and the Company has taken no action designed to terminate, or which
 to its knowledge is likely to have the effect of, terminating the registration of the Common
 Stock under the Exchange Act nor has the Company received any notification that the Commission
 is contemplating terminating such registration. The Company has not, in the 12 months preceding
 the date hereof, received notice from any Trading Market on which the Common Stock is or
 has been listed or quoted to the effect that the Company is not in compliance with the listing
 or maintenance requirements of such Trading Market. The Company is, and has no reason to
 believe that it will not in the foreseeable future continue to be, in compliance with all
 such listing and maintenance requirements. The Common Stock is currently eligible for electronic
 transfer through the Depository Trust Company or another established clearing corporation
 and the Company is current in payment of the fees to the Depository Trust Company (or such
 other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.27. <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary
 action, if any, in order to render inapplicable any control share acquisition, business combination,
 poison pill (including any distribution under a rights agreement) or other similar anti-takeover
 provision under the Company's certificate of incorporation (or similar charter documents)
 or the laws of its state of incorporation that is or could become applicable to the Purchasers
 as a result of the Purchasers and the Company fulfilling their obligations or exercising
 their rights under the Transaction Documents, including without limitation as a result of
 the Company's issuance of the Securities and the Purchasers' ownership of the
 Securities.

3.1.28. <u>Disclosure</u>.
 Except with respect to the material terms and conditions of the transactions contemplated
 by the Transaction Documents, the Company confirms that neither it nor any other Person acting
 on its behalf has provided any of the Purchasers or their agents or counsel with any information
 that it believes constitutes or might constitute material, non-public information which is
 not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms
 that the Purchasers will rely on the foregoing representation in effecting transactions in
 securities of the Company. All of the disclosure furnished by or on behalf of the Company
 to the Purchasers regarding the Company and its Subsidiaries, their respective businesses
 and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement,
 is true and correct in all material respects and does not contain any untrue statement of
 a material fact or omit to state any material fact necessary in order to make the statements
 made therein, in the light of the circumstances under which they were made, not misleading.
 The press releases disseminated by the Company during the twelve months preceding the date
 of this Agreement taken as a whole do not contain any untrue statement of a material fact
 or omit to state a material fact required to be stated therein or necessary in order to make
 the statements therein, in the light of the circumstances under which they were made and
 when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or
 has made any representations or warranties with respect to the transactions contemplated
 hereby other than those specifically set forth in Section 3.2 hereof.

3.1.29. <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and
 warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor
 any Person acting on its or their behalf has, directly or indirectly, made any offers or
 sales of any security or solicited any offers to buy any security, under circumstances that
 would cause this offering of the Securities to be integrated with prior offerings by the
 Company for purposes of any applicable shareholder approval provisions of any Trading Market
 on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.30. <u>Solvency.</u> Based on the consolidated financial condition of the Company as of the date hereof, after
 giving effect to the receipt by the Company of the proceeds from the sale of the Securities
 hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that
 will be required to be paid on or in respect of the Company's existing debts and other
 liabilities (including known contingent liabilities) as they mature, (ii) the Company's
 assets do not constitute unreasonably small capital to carry on its business as now conducted
 and as proposed to be conducted including its capital needs taking into account the particular
 capital requirements of the business conducted by the Company, consolidated and projected
 capital requirements and capital availability thereof, and (iii) the current cash flow of
 the Company, together with the proceeds the Company would receive, were it to liquidate all
 of its assets, after taking into account all anticipated uses of the cash, would be sufficient
 to pay all amounts on or in respect of its liabilities when such amounts are required to
 be paid. The Company does not intend to incur debts beyond its ability to pay such debts
 as they mature (taking into account the timing and amounts of cash to be payable on or in
 respect of its debt). The Company has no knowledge of any facts or circumstances which lead
 it to believe that it will file for reorganization or liquidation under the bankruptcy or
 reorganization laws of any jurisdiction within one year from the Closing Date.

3.1.31. <u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or
 reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries
 each (i) has made or filed all United States federal, state and local income and all foreign
 income and franchise tax returns, reports and declarations required by any jurisdiction to
 which it is subject, (ii) has paid all taxes and other governmental assessments and charges
 that are material in amount, shown or determined to be due on such returns, reports and declarations
 and (iii) has set aside on its books provision reasonably adequate for the payment of all
 material taxes for periods subsequent to the periods to which such returns, reports or declarations
 apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
 of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis
 for any such claim.

3.1.32. <u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the
 Company or any Subsidiary, any agent or other person acting on behalf of the Company or any
 Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts,
 entertainment or other unlawful expenses related to foreign or domestic political activity,
 (ii) made any unlawful payment to foreign or domestic government officials or employees or
 to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed
 to disclose fully any contribution made by the Company or any Subsidiary (or made by any
 person acting on its behalf of which the Company is aware) which is in violation of law,
 or (iv) violated in any material respect any provision of FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.33. <u>Accountants</u>.
 The Company's accounting firm is Baker Tilly US, LLP. To the knowledge and belief of
 the Company, such accounting firm (i) is a registered public accounting firm as required
 by the Exchange Act and (ii) shall express its opinion with respect to the financial statements
 to be included in the Company's Annual Report for the fiscal year ending April 30,
 2026.

3.1.34. <u>Acknowledgment Regarding Purchasers' Purchase of</u> Securities. The Company acknowledges and agrees
 that each of the Purchasers is acting solely in the capacity of an arm's length purchaser
 with respect to the Transaction Documents and the transactions contemplated thereby. The
 Company further acknowledges that, to its knowledge, no Purchaser is acting as a financial
 advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction
 Documents and the transactions contemplated thereby and any advice given by any Purchaser
 or any of their respective representatives or agents in connection with the Transaction Documents
 and the transactions contemplated thereby is merely incidental to the Purchasers' purchase
 of the Securities. The Company further represents to each Purchaser that the Company's
 decision to enter into this Agreement and the other Transaction Documents has been based
 solely on the independent evaluation of the transactions contemplated hereby by the Company
 and its representatives.

3.1.35. <u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere
 herein to the contrary notwithstanding (except for Sections 3.2.6 and 4.11 hereof), it is
 understood and acknowledged by the Company that: (i) none of the Purchasers has been asked
 by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
 long and/or short, securities of the Company, or "derivative" securities based
 on securities issued by the Company or to hold the Securities for any specified term; (ii)
 past or future open market or other transactions by any Purchaser, specifically including,
 without limitation, Short Sales and/or "derivative" transactions, before or after
 the closing of this or future private placement transactions, may negatively impact the market
 price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties
 in "derivative" transactions to which any such Purchaser is a party, directly
 or indirectly, presently may have a "short" position in the Common Stock, and
 (iv) each Purchaser shall not be deemed to have any affiliation with or control over any
 arm's length counter-party in any "derivative" transaction. The Company
 further understands and acknowledges that (y) one or more Purchasers may engage in hedging
 activities at various times during the period that the Securities are outstanding, including
 without limitation, during the periods that the value of the Warrant Shares deliverable with
 respect to the Securities are being determined, and (z) such hedging activities (if any)
 could reduce the value of the existing stockholders' equity interests in the Company
 at and after the time that the hedging activities are conducted. The Company acknowledges
 that such aforementioned hedging activities do not constitute a breach of any of the Transaction
 Documents. Each Purchaser will comply with Regulation M and anti-manipulation laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.36. <u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has,
 (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization
 or manipulation of the price of any security of the Company to facilitate the sale or resale
 of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting
 purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation
 for soliciting another to purchase any other securities of the Company, other than, in the
 case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with
 the placement of the Securities.

3.1.37. <u>Cybersecurity</u>.
 To the Company's knowledge, (i)(x) there has been no security breach or other compromise
 of or relating to any of the Company's or any Subsidiary's information technology
 and computer systems, networks, hardware, software, data (including the data of its respective
 customers, employees, suppliers, vendors and to the Company's knowledge any third party
 data maintained by or on behalf of it), equipment or technology (collectively, " <u>IT Systems and Data</u> ") and (y) the Company and the Subsidiaries have not been notified
 of, and has no knowledge of any event or condition that would reasonably be expected to result
 in, any security breach or other compromise to its IT Systems and Data; (ii) the Company
 and the Subsidiaries are presently in 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 Data and to the protection of such IT Systems and Data from
 unauthorized use, access, misappropriation or modification, except as would not, individually
 or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries
 have implemented and maintained commercially reasonable safeguards to maintain and protect
 its material confidential information and the integrity, continuous operation, redundancy
 and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented
 backup and disaster recovery technology consistent with industry standards and practices.

3.1.38. <u>Stock Option Plans</u>. Each stock option granted by the Company under the Company's stock
 option plan was granted (i) in accordance with the terms of the Company's stock option
 plan and (ii) with an exercise price at least equal to the fair market value of the Common
 Stock on the date such stock option would be considered granted under GAAP and applicable
 law. No stock option granted under the Company's stock option plan has been backdated.
 The Company has not knowingly granted, and there is no and has been no Company policy or
 practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the
 grant of stock options with, the release or other public announcement of material information
 regarding the Company or its Subsidiaries or their financial results or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.39. <u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's
 knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary
 is currently subject to any sanctions administered or enforced by the U.S. Government, including,
 without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury
 (" <u>OFAC</u> ") or the U.S. Department of State and including, without limitation,
 the designation as a "specially designated national" or "blocked person"
 (" <u>Sanctions</u> "). Since April 24, 2019, the Company nor any of its Subsidiaries
 have knowingly engaged in or are 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.40. <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real
 property holding corporation within the meaning of Section 897 of the Internal Revenue Code
 of 1986, as amended, and the Company shall so certify upon Purchaser's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.41. <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or Affiliates is
 subject to the Bank Holding Company Act of 1956, as amended (the " <u>BHCA</u> ")
 and to regulation by the Board of Governors of the Federal Reserve System (the " <u>Federal Reserve</u> "). Neither the Company nor any of its Subsidiaries or Affiliates owns or
 controls, directly or indirectly, five percent (5%) or more of the outstanding shares of
 any class of voting securities or twenty-five percent or more of the total equity of a bank
 or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
 the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over
 the management or policies of a bank or any entity that is subject to the BHCA and to regulation
 by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.42. <u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted
 at all times in compliance with applicable financial record-keeping and reporting requirements
 of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money
 laundering statutes and applicable rules and regulations thereunder (collectively, the " <u>Money Laundering Laws</u> "), and no Action or Proceeding by or before any court or governmental
 agency, authority or body or any arbitrator involving the Company or any Subsidiary with
 respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any
 Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser,
 hereby represents and warrants as of the date hereof and as of the Closing Date to the Company
 as follows (unless as of a specific date therein, in which case they shall be accurate as
 of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed,
 validly existing and in good standing under the laws of the jurisdiction of its incorporation
 or formation with full right, corporate, partnership limited liability company or similar
 power and authority to enter into and to consummate the transactions contemplated by the
 Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
 The execution and delivery of the Transaction Documents and performance by such Purchaser
 of the transactions contemplated by the Transaction Documents have been duly authorized by
 all necessary corporate, partnership, limited liability company or similar action, as applicable,
 on the part of such Purchaser. Each Transaction Document to which it is a party has been
 duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
 the terms hereof, will constitute the valid and legally binding obligation of such Purchaser,
 enforceable against it in accordance with its terms, except: (i) as limited by general equitable
 principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws
 of general application affecting enforcement of creditors' rights generally, (ii) as
 limited by laws relating to the availability of specific performance, injunctive relief or
 other equitable remedies and (iii) insofar as indemnification and contribution provisions
 may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own
 account and has no direct or indirect arrangement or understandings with any other persons
 to distribute or regarding the distribution of such Securities in violation of the Securities
 Act or any applicable state securities law (this representation and warranty not limiting
 such Purchaser's right to sell the Securities pursuant to the Registration Statement
 or otherwise in compliance with applicable federal and state securities laws). Such Purchaser
 is acquiring the Securities hereunder in the ordinary course of its business.

3.2.3. <u>Purchaser Status</u>. At the time such Purchaser was offered the Securities it was, and as of the date
 hereof it is an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3),
 (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Securities Act.

3.2.4. <u>Experience of Such Purchaser</u>. Such Purchaser, either alone or together with its representatives,
 has such knowledge, sophistication and experience in business and financial matters so as
 to be capable of evaluating the merits and risks of the prospective investment in the Securities,
 and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear
 the economic risk of an investment in the Securities and, at the present time, is able to
 afford a complete loss of such investment.

3.2.5. <u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review
 the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports
 and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary
 of, and to receive answers from, representatives of the Company concerning the terms and
 conditions of the offering of the Securities and the merits and risks of investing in the
 Securities; (ii) access to information about the Company and its financial condition, results
 of operations, business, properties, management and prospects sufficient to enable it to
 evaluate its investment; and (iii) the opportunity to obtain such additional information
 that the Company possesses or can acquire without unreasonable effort or expense that is
 necessary to make an informed investment decision with respect to the investment. Such Purchaser
 acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement
 Agent has provided such Purchaser with any information or advice with respect to the Securities
 nor is such information or advice necessary or desired. Neither the Placement Agent nor any
 Affiliate has made or makes any representation as to the Company or the quality of the Securities
 and the Placement Agent and any Affiliate may have acquired non-public information with respect
 to the Company which such Purchaser agrees need not be provided to it. In connection with
 the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of
 its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6. <u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated
 hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to
 any understanding with such Purchaser, directly or indirectly executed any purchases or sales,
 including Short Sales, of the securities of the Company during the period commencing as of
 the time that such Purchaser first received a term sheet (written or oral) from the Company
 or any other Person representing the Company setting forth the material pricing terms of
 the transactions contemplated hereunder and ending immediately prior to the execution hereof.
 Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment
 vehicle whereby separate portfolio managers manage separate portions of such Purchaser's
 assets and the portfolio managers have no direct knowledge of the investment decisions made
 by the portfolio managers managing other portions of such Purchaser's assets, the representation
 set forth above shall only apply with respect to the portion of assets managed by the portfolio
 manager that made the investment decision to purchase the Securities covered by this Agreement.
 Other than to other Persons party to this Agreement or to such Purchaser's representatives,
 including, without limitation, its officers, directors, partners, legal and other advisors,
 employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all
 disclosures made to it in connection with this transaction (including the existence and terms
 of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing
 contained herein shall constitute a representation or warranty, or preclude any actions,
 with respect to locating or borrowing shares in order to effect Short Sales or similar transactions
 in the future.

3.2.7. <u>Independent Investment Decision</u>. Each Purchaser has independently evaluated the merits of its decision
 to purchase Securities pursuant to this Agreement. Each Purchaser understands that nothing
 in this Agreement or any other materials presented by or on behalf of the Company to the
 Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment
 advice. Each Purchaser has consulted such legal, tax and investment advisors as it, in its
 sole discretion, has deemed necessary or appropriate in connection with its purchase of the
 Securities.

3.2.8. <u>Acknowledgment of Risk</u>. Each Purchaser acknowledges and understands that its investment in the Securities
 involves a significant degree of risk, including, without limitation: (i) the Company may
 remain a development stage business with limited operating history and requires substantial
 funds in addition to the proceeds from the sale of the Securities; (ii) an investment in
 the Company is speculative, and only investors who can afford the loss of their entire investment
 should consider investing in the Company and the Common Stock; (iii) each Purchaser may not
 be able to liquidate its investment; (iv) transferability of the Securities is extremely
 limited; (v) in the event of a disposition of the Securities, the Purchaser could sustain
 the loss of its entire investment; (vi) the Company has not paid any dividends on its Common
 Stock since inception and does not anticipate the payment of dividends in the foreseeable
 future; (vii) the foregoing risks are more fully set forth in the SEC Reports; and (viii)
 that no United States federal or state agency or any other government or governmental agency
 has passed on or made any recommendation or endorsement of the Securities or the fairness
 or suitability of the investment in the Securities nor have such authorities passed upon
 or endorsed the merits of the offering of the Securities.

The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

4. <u>Other Agreements of the Parties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Furnishing of Information</u>. Until the time that no Purchaser owns Securities, the Company covenants
 to timely file (or obtain extensions in respect thereof and file within the applicable grace
 period) all reports required to be filed by the Company after the date hereof pursuant to
 the Exchange Act even if the Company is not then subject to the reporting requirements of
 the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Integration</u>.
 The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate
 in respect of any security (as defined in Section 2 of the Securities Act) that would be
 integrated with the offer or sale of the Securities for purposes of the rules and regulations
 of any Trading Market such that it would require shareholder approval prior to the closing
 of such other transaction unless shareholder approval is obtained before the closing of such
 subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) by the Disclosure Time, issue a press
 release disclosing the material terms of the transactions contemplated hereby, and (b) file
 a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with
 the Commission within the time required by the Exchange Act. From and after the issuance
 of such press release, the Company represents to the Purchasers that it shall have publicly
 disclosed all material, non-public information delivered to any of the Purchasers by the
 Company or any of its Subsidiaries, or any of their respective officers, directors, employees,
 Affiliates or agents, including, without limitation, the Placement Agent, in connection with
 the transactions contemplated by the Transaction Documents. In addition, effective upon the
 issuance of such press release, the Company acknowledges and agrees that any and all confidentiality
 or similar obligations under any agreement entered into connection with the transaction contemplated
 by this Agreement, whether written or oral, between the Company, any of its Subsidiaries
 or any of their respective officers, directors, agents, employees, Affiliates or agents,
 including without limitation, the Placement Agent, on the one hand, and any of the Purchasers
 or any of their Affiliates on the other hand, shall terminate and be of no further force
 or effect. The Company understands and confirms that each Purchaser shall be relying on the
 foregoing covenant in effecting transactions in securities of the Company. The Company and
 each Purchaser shall consult with each other in issuing any other press releases with respect
 to the transactions contemplated hereby, and neither the Company nor any Purchaser shall
 issue any such press release nor otherwise make any such public statement without the prior
 consent of the Company, with respect to any press release of any Purchaser, or without the
 prior consent of each Purchaser, with respect to any press release of the Company, which
 consent shall not unreasonably be withheld or delayed, except if such disclosure is required
 by law or the rules of any Trading Market, in which case the disclosing party shall promptly
 provide the other party with prior notice of such public statement or communication. Notwithstanding
 the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include
 the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading
 Market, without the prior written consent of such Purchaser, except (a) as required by federal
 securities law in connection with the filing of final Transaction Documents with the Commission
 and (b) to the extent such disclosure is required by law or Trading Market regulations, in
 which case the Company shall provide the Purchasers with prior notice of such disclosure
 permitted under this clause (b) and reasonably cooperate with such Purchaser regarding such
 disclosure.

4.4. <u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of
 the Company, any other Person, that any Purchaser is an " <u>Acquiring Person</u> "
 under any control share acquisition, business combination, poison pill (including any distribution
 under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
 adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of
 any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents
 or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions
 contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.3,
 the Company covenants and agrees that neither it, nor any other Person acting on its behalf
 will provide any Purchaser or its agents or counsel with any information that constitutes,
 or the Company reasonably believes constitutes, material non-public information, unless prior
 thereto such Purchaser shall have consented in writing to the receipt of such information
 and agreed in writing with the Company to keep such information confidential. The Company
 understands and confirms that each Purchaser shall be relying on the foregoing covenant in
 effecting transactions in securities of the Company. To the extent that the Company, any
 of its Subsidiaries, or any of their respective officers, directors, employees or Affiliates
 delivers any material, non-public information to a Purchaser without such Purchaser's
 consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty
 of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers,
 directors, employees, Affiliates or agents, including, without limitation, the Placement
 Agent, or a duty to the Company, any of its Subsidiaries or any of their respective officers,
 directors, employees, Affiliates or agents including, without limitation, the Placement Agent,
 not to trade on the basis of, such material, non-public information, provided that the Purchaser
 shall remain subject to applicable law. To the extent that any notice provided pursuant to
 any Transaction Document constitutes, or contains, material, non-public information regarding
 the Company or any Subsidiaries, the Company shall simultaneously with the delivery of such
 notice file such notice with the Commission pursuant to a Current Report on Form 8-K. The
 Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
 in effecting transactions in securities of the Company.

4.6. <u>Use of Proceeds</u>. The Company shall use the net proceeds from the sale of the Securities hereunder
 for working capital purposes and shall not use such proceeds: (a) for the redemption of any
 Common Stock or Common Stock Equivalents, (b) for the settlement of any outstanding litigation
 or (c) in violation of FCPA or OFAC regulations.

4.7. <u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.7, the Company will indemnify
 and hold each Purchaser and its directors, officers, shareholders, members, partners, investment
 managers, employees and agents (and any other Persons with a functionally equivalent role
 of a Person holding such titles notwithstanding a lack of such title or any other title),
 each Person who controls such Purchaser (within the meaning of Section 15 of the Securities
 Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents,
 members, partners, investment managers, or employees (and any other Persons with a functionally
 equivalent role of a Person holding such titles notwithstanding a lack of such title or any
 other title) of such controlling persons (each, a "Purchaser Party") harmless
 from any and all losses, liabilities, obligations, claims, contingencies, damages, costs
 and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
 attorneys' fees and costs of investigation that any such Purchaser Party may suffer
 or incur as a result of or relating to (a) any breach of any of the representations, warranties,
 covenants or agreements made by the Company in this Agreement or in the other Transaction
 Documents or (b) any action instituted against the Purchaser Parties in any capacity, or
 any of them or their respective Affiliates, by any stockholder of the Company who is not
 an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated
 by the Transaction Documents, unless such action is solely based upon a material breach of
 such Purchaser Party's representations, warranties or covenants under the Transaction
 Documents or any agreements or understandings such Purchaser Party may have with any such
 stockholder or any violations by such Purchaser Party of state or federal securities laws
 or any conduct by such Purchaser Party which is finally judicially determined to constitute
 fraud, gross negligence or willful misconduct. If any action shall be brought against any
 Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such
 Purchaser Party shall promptly notify the Company in writing, and, the Company shall have
 the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
 to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel
 in any such action and participate in the defense thereof, but the fees and expenses of such
 counsel shall be at the expense of such Purchaser Party except to the extent that (i) the
 employment thereof has been specifically authorized by the Company in writing, (ii) the Company
 has failed after a reasonable period of time to assume such defense and to employ counsel
 reasonably acceptable to the Purchaser Party or (iii) in such action there is, in the reasonable
 opinion of counsel a material conflict on any material issue between the position of the
 Company and the position of such Purchaser Party, in which case the Company shall be responsible
 for the reasonable fees and expenses of no more than one such separate counsel. The Company
 will not be liable to any Purchaser Party under this Agreement (y) for any settlement by
 a Purchaser Party effected without the Company's prior written consent, which shall
 not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that
 a loss, claim, damage or liability is attributable to any Purchaser Party's breach
 of any such Purchaser Party's representations, warranties or covenants under the Transaction
 Documents, as determined by a final, non-appealable judgment of a court of competent jurisdiction.
 The Company shall not, without the prior written consent of the Purchaser Party, effect any
 settlement of any pending or threatened action or proceeding in respect of which any Purchaser
 Party is or could have been a party and indemnity could have been sought hereunder by such
 Purchaser Party, unless such settlement includes an unconditional release of such Purchaser
 Party from all liability on claims that are the subject matter of such proceeding and does
 not include any statements as to or any findings of fault, culpability or failure to act
 by or on behalf of any Purchaser Party. The indemnification required by this Section 4.7
 shall be made by periodic payments of the amount thereof during the course of the investigation
 or defense, as and when bills are received or are incurred. The indemnity agreements contained
 herein shall be in addition to any cause of action or similar right of any Purchaser Party
 against the Company or others and any liabilities the Company may be subject to pursuant
 to law.

&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Listing and Reservation of Common Stock</u>. The Company hereby agrees to use best efforts to maintain
 the listing or quotation of the Common Stock on the Trading Market on which it is currently
 listed, and concurrently with the Closing, the Company shall apply to list or quote all of
 the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all
 of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the
 Company applies to have the Common Stock traded on any other Trading Market, it will then
 include in such application all of the Shares and Warrant Shares, and will take such other
 action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted
 on such other Trading Market as promptly as possible. The Company will then take all action
 reasonably necessary to continue the listing and trading of its Common Stock on a Trading
 Market and will comply in all respects with the Company's reporting, filing and other
 obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain
 the eligibility of the Common Stock for electronic transfer through the Depository Trust
 Company or another established clearing corporation, including, without limitation, by timely
 payment of fees to the Depository Trust Company or such other established clearing corporation
 in connection with such electronic transfer. As of the date hereof, the Company has reserved,
 and the Company shall continue to reserve and keep available at all times, free of preemptive
 rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
 to issue Shares pursuant to this Agreement and Warrant Shares pursuant to the exercise of
 the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Subsequent Equity Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.1. From
 the date hereof until thirty (30) days after the Closing Date, neither the Company nor any
 Subsidiary shall (i) issue, enter into any agreement to issue or announce the issuance or
 proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file
 any registration statement or amendment or supplement thereto, other than the Prospectus
 Supplement or filing a registration statement on Form S-8 in connection with any employee
 benefit plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.2. From
 the date hereof until the six (6) month anniversary of the Closing Date, the Company shall
 be prohibited from effecting or entering into an agreement to effect any issuance by the
 Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination
 of units thereof) involving a Variable Rate Transaction. " <u>Variable Rate Transaction</u> "
 means a transaction in which the Company (i) issues or sells any debt or equity securities
 that are convertible into, exchangeable or exercisable for, or include the right to receive
 additional shares of Common Stock either (A) at a conversion price, exercise price or exchange
 rate or other price that is based upon and/or varies with the trading prices of or quotations
 for the shares of Common Stock at any time after the initial issuance of such debt or equity
 securities, or (B) with a conversion, exercise or exchange price that is subject to being
 reset at some future date after the initial issuance of such debt or equity security or upon
 the occurrence of specified or contingent events directly or indirectly related to the business
 of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction
 under, any agreement, including, but not limited to, an equity line of credit or an "at-the-market
 offering", whereby the Company may issue securities at a future determined price whereby
 the Company may issue securities at a future determined price regardless of whether shares
 pursuant to such agreement have actually been issued and regardless of whether such agreement
 is subsequently canceled. Notwithstanding anything to the contrary contained in this Section
 4.9.2, sales of Common Stock pursuant to the At Market Issuance Sales Agreement, dated August
 8, 2025, between the Company and Ladenburg Thalmann & Co. Inc. shall be permitted beginning
 thirty (30) days after the Closing Date. Any Purchaser shall be entitled to obtain injunctive
 relief against the Company to preclude any issuance prohibited under this Section 4.9.2,
 which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.3. Notwithstanding
 the foregoing, this Section 4.9 shall not apply in respect of an Exempt Issuance, except
 that no Variable Rate Transaction shall be an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;4.10. <u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction
 Document) shall be offered or paid to any Person to amend or consent to a waiver or modification
 of any provision of the Transaction Documents unless the same consideration is also offered
 to all of the parties to such Transaction Document. For clarification purposes, this provision
 constitutes a separate right granted to each Purchaser by the Company and negotiated separately
 by each Purchaser, and is intended for the Company to treat the Purchasers as a class and
 shall not in any way be construed as the Purchasers acting in concert or as a group with
 respect to the purchase, disposition or voting of Securities or otherwise.

4.11. <u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the
 other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant
 to any understanding with it will execute any purchases or sales, including Short Sales of
 any of the Company's securities during the period commencing with the execution of
 this Agreement and ending at such time that the transactions contemplated by this Agreement
 are first publicly announced pursuant to the initial press release as described in Section
 4.3. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
 until such time as the transactions contemplated by this Agreement are publicly disclosed
 by the Company pursuant to the initial press release as described in Section 4.3, such Purchaser
 will maintain the confidentiality of the existence and terms of this transaction and the
 information included in the Disclosure Schedules (other than as disclosed to its legal and
 other representatives). Notwithstanding the foregoing, and notwithstanding anything contained
 in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i)
 no Purchaser makes any representation, warranty or covenant hereby that it will not engage
 in effecting transactions in any securities of the Company after the time that the transactions
 contemplated by this Agreement are first publicly announced pursuant to the initial press
 release as described in Section 4.3, (ii) no Purchaser shall be restricted or prohibited
 from effecting any transactions in any securities of the Company in accordance with applicable
 securities laws from and after the time that the transactions contemplated by this Agreement
 are first publicly announced pursuant to the initial press release as described in Section
 4.3 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in
 the securities of the Company to the Company, any of its Subsidiaries, or any of their respective
 officers, directors, employees, Affiliates or agent, including without limitation, the Placement
 Agent, after the issuance of the initial press release as described in Section 4.3. Notwithstanding
 the foregoing, (A) in the case of a Purchaser that is a multi-managed investment vehicle
 whereby separate portfolio managers manage separate portions of such Purchaser's assets
 and the portfolio managers have no direct knowledge of the investment decisions made by the
 portfolio managers managing other portions of such Purchaser's assets, the covenant
 set forth above shall only apply with respect to the portion of assets managed by the portfolio
 manager that made the investment decision to purchase the Securities covered by this Agreement,
 and (B) in the case of a Purchaser that has implemented internal information barriers pursuant
 to an information controls policy to "wall off" certain trading personnel, this
 Section 4.13 shall apply only with respect to activities of trading personnel who are not
 so walled-off from the persons who made the investment decision to purchase the Securities
 covered by this Agreement.

4.12. <u>Lock-Up Agreements</u>. The Company shall not amend, modify, waive or terminate any provision of
 any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce
 the provisions of each Lock-Up Agreement in accordance with its terms. If any party to a
 Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly
 use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

4.13. <u>Legends.</u> The Shares shall be issued free of all restrictive legends. If all or any portion of a Warrant
 is exercised at a time when there is an effective registration statement to cover the issuance
 or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the
 Warrant Shares issued pursuant to any such exercise shall be issued free of all legends.
 If at any time following the date hereof the Registration Statement (or any subsequent registration
 statement registering the sale or resale of the Warrant Shares) is not effective or is not
 otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately
 notify the holders of the Warrants in writing that such registration statement is not then
 effective and thereafter shall promptly notify such holders when the registration statement
 is effective again and available for the sale or resale of the Warrant Shares (it being understood
 and agreed that the foregoing shall not limit the ability of the Company to issue, or any
 Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state
 securities laws). The Company shall use best efforts to keep a registration statement (including
 the Registration Statement) registering the issuance or resale of the Warrant Shares effective
 during the term of the Warrants.

5. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Termination</u>.
 This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations
 hereunder only and without any effect whatsoever on the obligations between the Company and
 the other Purchasers, by written notice to the other parties, if the Closing has not been
 consummated on or before the fifth (5<sup>th</sup>) Trading Day following the date hereof; <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party
 to sue for any breach by any other party (or parties).

5.2. <u>Fees and Expenses</u>. Each party shall pay the fees and expenses of its advisers, counsel, accountants
 and other experts, if any, and all other expenses incurred by such party incident to the
 negotiation, preparation, execution, delivery and performance of this Agreement. The Company
 shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection
 with the delivery of any Securities to the Purchaser, as well as the fees and expenses of
 the Placement Agent as set forth in the Placement Agency Agreement, by and between the Company
 and the Placement Agent.

5.3. <u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto,
 the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties
 with respect to the subject matter hereof and thereof and supersede all prior agreements
 and understandings, oral or written, with respect to such matters, which the parties acknowledge
 have been merged into such documents, exhibits and schedules.

5.4. <u>Notices</u>.
 Any and all notices or other communications or deliveries required or permitted to be provided
 hereunder shall be in writing and shall be deemed given and effective on the earliest of:
 (a) the time of transmission, if such notice or communication is delivered via email attachment
 at the email address as set forth on the signature pages attached hereto at or prior to 5:30
 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
 if such notice or communication is delivered via email attachment at the email address as
 set forth on the signature pages attached hereto on a day that is not a Trading Day or later
 than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup>nd</sup>) Trading
 Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
 service or (d) upon actual receipt by the party to whom such notice is required to be given.
 The address for such notices and communications shall be as set forth on the signature pages
 attached hereto. To the extent that any notice provided pursuant to any Transaction Document
 constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
 the Company shall simultaneously file such notice with the Commission pursuant to a Current
 Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended
 except in a written instrument signed, in the case of an amendment, by the Company and Purchasers
 which purchased at least 50% in interest of the Shares and Pre-Funded Warrants based on the
 initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser)
 or, in the case of a waiver, by the party against whom enforcement of any such waived provision
 is sought, provided that if any amendment, modification or waiver disproportionately and
 adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately
 impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default
 with respect to any provision, condition or requirement of this Agreement shall be deemed
 to be a continuing waiver in the future or a waiver of any subsequent default or a waiver
 of any other provision, condition or requirement hereof, nor shall any delay or omission
 of any party to exercise any right hereunder in any manner impair the exercise of any such
 right. Any proposed amendment or waiver that disproportionately, materially and adversely
 affects the rights and obligations of any Purchaser relative to the comparable rights and
 obligations of the other Purchasers shall require the prior written consent of such adversely
 affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding
 upon each Purchaser and holder of Securities and the Company.

5.6. <u>Headings</u>.
 The headings herein are for convenience only, do not constitute a part of this Agreement
 and shall not be deemed to limit or affect any of the provisions hereof.

5.7. <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties
 and their successors and permitted assigns. The Company may not assign this Agreement or
 any rights or obligations hereunder without the prior written consent of each Purchaser (other
 than by merger). Any Purchaser may assign any or all of its rights under this Agreement to
 any Person to whom such Purchaser assigns or transfers any Securities, provided that such
 transferee agrees in writing to be bound, with respect to the transferred Securities, by
 the provisions of the Transaction Documents that apply to the "Purchasers."

5.8. <u>No Third-Party Beneficiaries</u>. This Agreement is intended for the benefit of the parties
 hereto and their respective successors and permitted assigns only, and is not for the benefit
 of, nor may any provision hereof be enforced by, any other Person.

5.9. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation
 of the Transaction Documents shall be governed by and construed and enforced in accordance
 with the internal laws of the State of New York, without regard to the principles of conflicts
 of law thereof. Each party agrees that all legal Proceedings concerning the interpretations,
 enforcement and defense of the transactions contemplated by this Agreement and any other
 Transaction Documents (whether brought against a party hereto or its respective affiliates,
 directors, officers, shareholders, partners, members, employees or agents) shall be commenced
 exclusively in the state and federal courts sitting in the City of New York. Each party hereby
 irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
 in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
 or in connection herewith or with any transaction contemplated hereby or discussed herein
 (including with respect to the enforcement of any of the Transaction Documents), and hereby
 irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that
 it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
 is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably
 waives personal service of process and consents to process being served in any such Action
 or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
 (with evidence of delivery) to such party at the address in effect for notices to it under
 this Agreement and agrees that such service shall constitute good and sufficient service
 of process and notice thereof. Nothing contained herein shall be deemed to limit in any way
 any right to serve process in any other manner permitted by law. If any party shall commence
 an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in
 addition to the obligations of the Company under Section 4.7, the prevailing party in such
 Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys'
 fees and other costs and expenses incurred with the investigation, preparation and prosecution
 of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;5.10. <u>Survival</u>.
 The representations and warranties contained herein shall survive the Closing and the delivery
 of the Securities.

5.11. <u>Execution</u>.
 This Agreement may be executed in two or more counterparts, all of which when taken together
 shall be considered one and the same agreement and shall become effective when counterparts
 have been signed by each party and delivered to each other party, it being understood that
 the parties need not sign the same counterpart. In the event that any signature is delivered
 by e-mail delivery of a ".pdf" format data file, such signature shall create
 a valid and binding obligation of the party executing (or on whose behalf such signature
 is executed) with the same force and effect as if such ".pdf" signature page
 were an original thereof.

5.12. <u>Severability</u>.
 If any term, provision, covenant or restriction of this Agreement is held by a court of competent
 jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
 covenants and restrictions set forth herein shall remain in full force and effect and shall
 in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
 reasonable efforts to find and employ an alternative means to achieve the same or substantially
 the same result as that contemplated by such term, provision, covenant or restriction. It
 is hereby stipulated and declared to be the intention of the parties that they would have
 executed the remaining terms, provisions, covenants and restrictions without including any
 of such that may be hereafter declared invalid, illegal, void or unenforceable.

5.13. <u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without
 limiting any similar provisions of) any of the other Transaction Documents, whenever any
 Purchaser exercises a right, election, demand or option under a Transaction Document and
 the Company does not timely perform its related obligations within the periods therein provided,
 then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon
 written notice to the Company, any relevant notice, demand or election in whole or in part
 without prejudice to its future actions and rights.

&nbsp;&nbsp;&nbsp;&nbsp;5.14. <u>Replacement of</u> Securities. If any certificate or instrument evidencing any Securities is mutilated,
 lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and
 substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
 and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
 reasonably satisfactory to the Company of such loss, theft or destruction. The applicant
 for a new certificate or instrument under such circumstances shall also pay any reasonable
 third-party costs (including customary indemnity) associated with the issuance of such replacement
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;5.15. <u>Remedies</u>.
 In addition to being entitled to exercise all rights provided herein or granted by law, including
 recovery of damages, each of the Purchasers and the Company will be entitled to specific
 performance under the Transaction Documents. The parties agree that monetary damages may
 not be adequate compensation for any loss incurred by reason of any breach of obligations
 contained in the Transaction Documents and hereby agree to waive and not to assert in any
 Action for specific performance of any such obligation the defense that a remedy at law would
 be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;5.16. <u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser
 pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder,
 and such payment or payments or the proceeds of such enforcement or exercise or any part
 thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside,
 recovered from, disgorged by or are required to be refunded, repaid or otherwise restored
 to the Company, a trustee, receiver or any other Person under any law (including, without
 limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
 then to the extent of any such restoration the obligation or part thereof originally intended
 to be satisfied shall be revived and continued in full force and effect as if such payment
 had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;5.17. <u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser
 under any Transaction Document are several and not joint with the obligations of any other
 Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance
 of the obligations of any other Purchaser under any Transaction Document. Nothing contained
 herein or in any other Transaction Document, and no action taken by any Purchaser pursuant
 hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
 a joint venture or any other kind of entity, or create a presumption that the Purchasers
 are in any way acting in concert or as a group with respect to such obligations or the transactions
 contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
 protect and enforce its rights including, without limitation, the rights arising out of this
 Agreement or out of the other Transaction Documents, and it shall not be necessary for any
 other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each
 Purchaser has been represented by its own separate legal counsel in its review and negotiation
 of the Transaction Documents. The Company has elected to provide all Purchasers with the
 same terms and Transaction Documents for the convenience of the Company and not because it
 was required or requested to do so by any of the Purchasers. It is expressly understood and
 agreed that each provision contained in this Agreement and in each other Transaction Document
 is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
 collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;5.18. <u>Saturdays, Sundays, Holidays, etc.</u> If the last or appointed day for the taking of any action or
 the expiration of any right required or granted herein shall not be a Business Day, then
 such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;5.19. <u>Construction</u>.
 The parties agree that each of them and/or their respective counsel have reviewed and had
 an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction
 to the effect that any ambiguities are to be resolved against the drafting party shall not
 be employed in the interpretation of the Transaction Documents or any amendments thereto.
 In addition, each and every reference to share prices and shares of Common Stock in any Transaction
 Document shall be subject to adjustment for reverse and forward stock splits, stock dividends,
 stock combinations and other similar transactions of the Common Stock that occur after the
 date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.20.**  **<u>WAIVER OF JURY TRIAL</u>. <u>IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.</u>** 

[*Signature pages follow.*]

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | |
|:---|:---|
| **Ocean Power Technologies, Inc.** | <u>Address for Notice:</u> |
|  | Ocean Power Technologies, Inc. |
|  | 28 Engelhard Drive, Suite B |
|  | Monroe Township, New Jersey 08831 |
|  | Attention: Robert Powers |
|  | Email: rpowers@oceanpowertech.com |

---

By:   <br> Name: <br> Title:

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

Porter Hedges LLP<br> 1000 Main Street, 36<sup>th</sup> Floor<br> Houston, Texas 77002<br> Attention: Kevin J. Poli<br> Email: <u>KPoli@porterhedges.com</u>

[*Remainder of page intentionally left blank.<br> Signature page for purchaser follows.*]

*[Signature page to Securities Purchase Agreement]*

[PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: ________________________________________________________

*Signature of Authorized Signatory of Purchaser*: _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

Email Address of Authorized Signatory:_________________________________________

Address for Notice to Purchaser:

Address for Delivery of Shares to Purchaser (if not same as address for notice):

Subscription Amount: $_________________

Shares: _________________

Pre-Funded Warrant Shares: ______________ Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%

Common Warrant Shares: ______________ Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%

EIN Number: ____________________

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2<sup>nd</sup>) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

**<u>Exhibit A</u>**<br>**Form of Lock-Up Agreement**

June __, 2026

Ladenburg Thalmann & Co. Inc.<br> 640 5th Avenue, 4th Floor<br> New York, NY 10019

RE: Ocean Power Technologies, Inc. Registered Direct Offering

Ladies and Gentlemen:

The undersigned understands that you, as the placement agent (the "*Placement Agent*"), propose to enter into a placement agency agreement (the "*Placement Agency Agreement*"), as Placement Agent, with Ocean Power Technologies, Inc., a Delaware corporation (the "*Company*"), providing for the offer and sale (the "*Offering*") of securities of the Company (the "*Securities*"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Placement Agency Agreement.

**Lock Up**

In consideration of the Placement Agent's agreement to act as Placement Agent for the Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Placement Agent, the undersigned will not, and will not cause any direct or indirect affiliate to, during the period beginning on the date of the final prospectus supplement relating to the Offering (the "*Prospectus*") and ending at the close of business 30 days after the date of the Prospectus (such period, the "*Restricted Period*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. offer,
 pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
 or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
 or dispose of, directly or indirectly, any shares of common stock, par value $0.001 per share,
 of the Company (the "*Common Stock*") or any securities convertible into
 or exercisable or exchangeable for Common Stock (including without limitation, Common Stock
 or such other securities which may be deemed to be beneficially owned by the undersigned
 in accordance with the rules and regulations of the Securities and Exchange Commission and
 securities which may be issued upon exercise of a stock option or warrant) (collectively
 with the Common Stock, the "*Lock-Up Securities* "),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. enter
 into any hedging, swap or other agreement or transaction that transfers, in whole or in part,
 any of the economic consequences of ownership of the Lock-Up Securities, whether any such
 transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up
 Securities, in cash or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. make
 any demand for or exercise any right with respect to the registration of any Lock-Up Securities,
 or

4. publicly
 disclose the intention to do any of the foregoing.

The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise. The undersigned further confirms that it has furnished the Placement Agent with the details of any transaction the undersigned, or any of its affiliates, is a party to as of the date hereof, which transaction would have been restricted by this Letter Agreement (the "Letter Agreement") if it had been entered into by the undersigned during the Restricted Period.

**Lock Up Exceptions**

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer
 or dispose of the undersigned's Lock-Up Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 a bona fide gift or gifts, or for bona fide estate planning purposes,

(ii) by
 will or intestacy,

(iii) to
 any trust for the direct or indirect benefit of the undersigned or the immediate family of
 the undersigned, or if the undersigned is a trust, to a trustor or beneficiary of the trust
 or to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, "immediate
 family" shall mean any relationship by blood, current or former marriage, domestic
 partnership or adoption, not more remote than first cousin),

(iv) to
 a corporation, partnership, limited liability company or other entity of which the undersigned
 or the immediate family of the undersigned are the legal and beneficial owner of all of the
 outstanding equity securities or similar interests,

(v) to
 a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible
 under clauses (i) through (iv) above,

(vi) if
 the undersigned is a corporation, partnership, limited liability company, trust or other
 business entity, (A) to another corporation, partnership, limited liability company, trust
 or other business entity that is an affiliate (as defined in Rule 405 promulgated under the
 Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other
 entity controlling, controlled by, managing or managed by or under common control with the
 undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where
 the undersigned is a partnership, to its general partner or a successor partnership or fund,
 or any other funds managed by such partnership), or (B) as part of a distribution to members,
 partners, shareholders or other equity holders of the undersigned,

(vii) by
 operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce
 decree or separation agreement, or related court order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to
 the Company from an employee of the Company upon death, disability or termination of employment,
 in each case, of such employee,

(ix) as
 part of a sale of the undersigned's Lock-Up Securities acquired in open market transactions
 after the completion of the Offering,

(x) to
 the Company in connection with the vesting, settlement, exchange, conversion or exercise
 of restricted stock units, options, warrants or other rights to purchase shares of Common
 Stock (including, in each case, by way of "net" or "cashless" exercise),
 including for the payment of exercise price and tax and remittance payments due as a result
 of the vesting, settlement, or exercise of such restricted stock units, options, warrants
 or rights, provided that any such shares of Common Stock received upon such exercise, vesting
 or settlement (other than such shares as are transferred or surrendered to the Company in
 connection with such vesting, settlement or exercise event) shall be subject to the terms
 of this Letter Agreement, and provided further that any such restricted stock units, options,
 warrants or rights are held by the undersigned pursuant to an agreement or equity awards
 granted under a stock incentive plan or other equity award plan, each such agreement or plan
 which is described in the Registration Statement, the Incorporated Documents, the Base Prospectus
 and the Final Prospectus, or

(xi) pursuant
 to a bona fide third-party tender offer, merger, consolidation or other similar transaction
 that is approved by the Board of Directors of the Company and made to all holders of the
 Company's capital stock involving a Change of Control<sup>1</sup> of the Company;
 provided that in the event that such tender offer, merger, consolidation or other similar
 transaction is not completed, the undersigned's Lock-Up Securities shall remain subject
 to the provisions of this Letter Agreement;

<sup>1</sup> "*Change of Control*" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than the Placement Agent pursuant to the Offering), of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold more than 50% of the outstanding voting securities of the Company (or the surviving entity).

In addition, notwithstanding anything herein to the contrary, the undersigned may, without the consent of the Placement Agent, (i) establish a trading plan under Rule 10b5-1 under the Exchange Act (a "*10b5-1 Trading Plan*") or amend an existing 10b5-1 Trading Plan so long as there are no sales of Common Stock of the Company or derivative instruments under such plan during the Restricted Period; <u>provided</u> that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan, in either case, providing for sales of shares of Common Stock of the Company or any derivative instrument shall only be permitted if (1) the establishment or amendment of such plan is not required to be reported during the Restricted Period in any public report or filing with the SEC, or otherwise, and (2) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment or amendment of such plan, and (ii) transfer shares of Common Stock of the Company pursuant to a 10b5-1 Trading Plan in effect as of the date hereof which has been provided to the Placement Agent or their legal counsel, provided that any filing required under Section 16 of the Exchange Act during the Restricted Period shall clearly indicate in the footnotes thereto that the filing relates to a transaction pursuant to a 10b5-1 Trading Plan.

Furthermore, the undersigned may, without the consent of Placement Agent, sell shares of Common Stock of the Company purchased by the undersigned in the Offering or on the open market following the Offering if and only if (i) such sales are not required to be reported in any public report or filing with the SEC, or otherwise, during the Restricted Period and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales during the Restricted Period.

<u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 the case of any transfer or distribution pursuant to clauses (a)(i), (ii), (iii), (iv), (v)
 and (vi), such transfer shall not involve a disposition for value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in
 the case of any transfer or distribution pursuant to clauses (a)(i), (ii), (iii), (iv), (v),
 (vi) and (vii), each donee, devisee, transferee or distributee shall execute and deliver
 to the Placement Agent a lock-up letter in the form of this Letter Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in
 the case of any transfer or distribution pursuant to clause (a)(ii), (iii), (iv), (v) and
 (vi), no filing by any party (donor, donee, devisee, transferor, transferee, distributer
 or distributee) under the Exchange Act, or other public announcement reporting a reduction
 in beneficial ownership of shares of Common Stock shall be required or shall be made voluntarily
 in connection with such transfer or distribution (other than a filing on a Form 5 made after
 the expiration of the Restricted Period referred to above), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in
 the case of any transfer or distribution pursuant to clauses (a)(i), (vii), (viii) and (x)
 it shall be a condition to such transfer that no public filing, report or announcement shall
 be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public
 filing, report or announcement reporting a reduction in beneficial ownership of shares of
 Common Stock in connection with such transfer or distribution shall be legally required during
 the Restricted Period, such filing, report or announcement shall clearly indicate in the
 footnotes thereto the nature and conditions of such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 outstanding options, settle restricted stock units or other equity awards or exercise outstanding
 warrants pursuant to plans described in the Registration Statement, the Incorporated Documents,
 the Base Prospectus and the Final Prospectus; provided that any Lock-up Securities received
 upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement; <u>provided</u> that if the undersigned is required to make any filing under Section 16(a)
 of the Exchange Act, or other public filing, report or announcement during the Restricted
 Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates
 to the circumstances described in this clause and that the shares of Common Stock received
 upon the exercise or settlement, as applicable, of the stock option, warrant or restricted
 stock unit or other right or vesting event are subject to this Letter Agreement, and no public
 filing, report or announcement shall be voluntarily made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) establish
 trading plans pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of
 Lock-Up Securities (each such plan, a "*Trading Plan* "); provided that such
 Trading Plans do not provide for the transfer of Lock-Up Securities during the Restricted
 Period.

**Beneficial Ownership**

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act) other than a natural person, entity or "group" (as described above) that has executed a Letter Agreement in substantially the same form as this Letter Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

**Transfer Agent**

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.

**Power and Authority**

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

**No Placement Agent Recommendation**

The undersigned acknowledges and agrees that the Placement Agent has not provided any recommendation or investment advice nor has the Placement Agent solicited any action from the undersigned with respect to the Offering of the Securities and the undersigned has consulted its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Placement Agent may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Offering, the Placement Agent is not making a recommendation to you to enter into this Letter Agreement, and nothing set forth in such disclosures is intended to suggest that the Placement Agent is making such a recommendation.

**Term and Termination**

The undersigned understands that, (i) if the Placement Agency Agreement does not become effective by [●], 2026, (ii) if the Placement Agency Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, (iii) the Company notifies the Placement Agent in writing prior to the execution of the Placement Agency Agreement that it does not intend to proceed with the Offering, or (iv) prior to payment for the Securities, the Registration Statement is withdrawn prior to the execution of the Placement Agency Agreement, this Letter Agreement shall automatically terminate and be of no further force or effect and undersigned shall be released from all obligations under this Letter Agreement. The undersigned understands that the Placement Agent is entering into the Placement Agency Agreement and proceeding with the Offering in reliance upon this Letter Agreement.

**Miscellaneous**

The undersigned hereby consents to receipt of this Letter Agreement in electronic form and understands and agrees that this Letter Agreement may be signed electronically. In the event that any signature is delivered by facsimile transmission, electronic mail, or otherwise by electronic transmission (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) evidencing an intent to sign this Letter Agreement, such facsimile transmission, electronic mail or other electronic transmission shall create a valid and binding obligation of the undersigned with the same force and effect as if such signature were an original. Execution and delivery of this Letter Agreement by facsimile transmission, electronic mail or other electronic transmission is legal, valid and binding for all purposes.

[*Remainder of page left blank intentionally. Signature page follows.*]

This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Name of Security Holder *(Print exact name)* | Name of Security Holder *(Print exact name)* |
| By: |  |
|  | Signature |
| If not signing in an individual capacity: | If not signing in an individual capacity: |
| Name of Authorized Signatory *(Print)* | Name of Authorized Signatory *(Print)* |
| Title of Authorized Signatory *(Print)* | Title of Authorized Signatory *(Print)* |
| *(indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity)* | *(indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity)* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Ocean Power Technologies Announces Pricing of $10,000,000 Registered Direct Offering Priced At A Premium to Market**

**MONROE TOWNSHIP, NEW JERSEY, June 5, 2026 — Ocean Power Technologies, Inc. (NYSE American: OPTT) ("OPT" or the "Company")**, today announced that it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 25,000,000 shares of the Company's common stock together with common warrants to purchase up to 25,000,000 shares of common stock in a registered direct offering at a combined purchase price of $0.40 per share of common stock and accompanying common warrant. The offering was priced at a premium to yesterday's closing price. The common warrants will be exercisable on the six month anniversary of the date of issuance at an exercise price of $0.40 per share and will expire 6 years from the initial date of exercise.

Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering.

The closing of the registered direct offering is expected to occur on or about June 8, 2026, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company from the registered direct offering, before deducting the placement agent fees and other offering expenses payable by the Company, are expected to be approximately $10.0 million. The Company intends to use the net proceeds from the offering for working capital and for general corporate purposes.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-275843, which was declared effective by the United States Securities and Exchange Commission ("SEC") on December 12, 2023. A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov . Electronic copies of the prospectus supplement and accompanying base prospectus may be obtained, when available, by contacting Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, New York 10019 or by email at prospectus@ladenburg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described therein, nor shall there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

**About Ocean Power Technologies, Inc.**

OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. OPT's PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. OPT also provides WAM-V® unmanned surface vessels (USVs) and marine robotics services. The Company's headquarters are in Monroe Township, New Jersey, with an additional office in Richmond, California.

**Cautionary Statement Regarding Forward-Looking Statements**

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. The forward-looking statements included in this press release include statements regarding the anticipated closing of the registered direct offering and the use of proceeds. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the prospectus and the Company's most recent Form 10-K and subsequent filings with the SEC on Forms 10-Q and Form 8-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

Investors: <u>203-561-6945 or investorrelations@oceanpowertech.com</u>

Media: <u>609-730-0400 x402 or MediaRelations@oceanpowertech.com</u>