# EDGAR Filing Document

**Accession Number:** 0001662684
**File Stem:** 0001104659-25-057892
**Filing Date:** 2025-6
**Character Count:** 172692
**Document Hash:** bb292500eeef9cb08ff6eab50216cbfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057892.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001104659-25-057892

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250609

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KULR Technology Group, Inc.
- **CENTRAL INDEX KEY:** 0001662684
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS & ACCESSORIES [3670]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 811004273
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40454
- **FILM NUMBER:** 251035148

**BUSINESS ADDRESS:**
- **STREET 1:** 4863 SHAWLINE STREET
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92111
- **BUSINESS PHONE:** 408-663-5247

**MAIL ADDRESS:**
- **STREET 1:** 4863 SHAWLINE STREET
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KT High-Tech Marketing Inc.
- **DATE OF NAME CHANGE:** 20160420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Grant Hill Acquisition Corp
- **DATE OF NAME CHANGE:** 20151231

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

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): June 9, 2025

**KULR TECHNOLOGY GROUP, INC.**

(Exact name of the registrant as specified in its charter)

<u>Delaware</u> <u>001-40454</u> <u>81-1004273</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

<u>555 Forge River Road, Suite 100, Webster, Texas 77598</u>

(Address of principle executive offices) (Zip code)

Registrant's telephone number, including area code: (408) 663-5247

N/A

(Former name or address if changed since last report)

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:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered:** |
| Common Stock | KULR | NYSE American LLC |

---

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

*Controlled Equity Offering<sup>SM</sup> Sales Agreement*

On June 9, 2025, KULR Technology Group, Inc. (the "Company") entered into a Controlled Equity Offering<sup>SM</sup> Sales Agreement (the "Sales Agreement") with each of Cantor Fitzgerald & Co. ("Cantor") and Craig-Hallum Capital Group LLC ("Craig-Hallum") (each an "Agent" and together the "Sales Agents"). Pursuant to the terms of the Sales Agreement the Company may, from time to time at its option offer and sell shares of its common stock par value $0.0001 per share (the "Common Stock"), to or through Cantor, acting as the sole designated agent, having an aggregate offering amount of up to $300,000,000 (collectively, the "Shares").

Any sale of the Shares will be made pursuant to the Company's effective shelf registration statement on Form S-3, including the prospectus contained therein (File No. 333-287576) filed by the Company with the Securities and Exchange Commission (the "SEC") on May 27, 2025 and declared effective on June 5, 2025, as supplemented by a prospectus supplement (the "Prospectus Supplement") dated June 9, 2025. In no event will the actual number of Shares offered and sold pursuant to the Sales Agreement and the Prospectus Supplement exceed the number of authorized but unissued shares of Common Stock (less shares of Common Stock that are issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company's authorized capital stock).

Under the Sales Agreement, the Company will set the parameters for the sale of the Shares, including the number of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one trading day, and any minimum price below which sales may not be made.

Sales of the Shares under the Sales Agreement may be made by any method that is deemed to be an "at the market" offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, or by any other method permitted by law. Cantor will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices The Company has agreed to pay the Sales Agents an aggregate commission of up to 3.0% of the gross sales price from each sale of the Shares pursuant to the Sales Agreement and has agreed to customary indemnification and contribution rights in favor of the Sales Agents. The Sales Agreement may be terminated by the Company or the Sales Agents in accordance with the terms therein.

The description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Sales Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The legal opinion of Sichenzia Ross Ference Carmel LLP relating to the Shares is being filed as Exhibit 5.1 to this Current Report on Form 8-K and incorporated herein by reference.

The representations, warranties and covenants contained in the Sales Agreement were made solely for purposes of the agreement and as of a specific date, were solely for the benefit of the parties to the agreement and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to security holders. Security holders should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company.

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

**Item 9.01 Exhibits**

---

| | |
|:---|:---|
| **Exhibit <br> No.** | **Description** |
| [5.1](tm2517523d1_ex5-1.htm) | [Opinion of Sichenzia Ross Ference Carmel LLP](tm2517523d1_ex5-1.htm) |
| [10.1](tm2517523d1_ex10-1.htm) | [Sales Agreement, dated June 9, 2025, by and among the Company, Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC](tm2517523d1_ex10-1.htm) |
| [23.1](tm2517523d1_ex5-1.htm) | [Consent of Sichenzia Ross Ference Carmel LLP (included in Exhibit 5.1)](tm2517523d1_ex5-1.htm) |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | KULR TECHNOLOGY GROUP, INC. | KULR TECHNOLOGY GROUP, INC. |
| Date: June 9, 2025 | By: | /s/ Michael Mo |
|  |  | Michael Mo |
|  |  | Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm2517523d1_ex5-1img001.jpg)

June 9, 2025

KULR Technology Group, Inc.

555 Forge River Road, Suite 100

Webster, Texas 77598

Re: <u>Prospectus Supplement to the Registration Statement on Form S-3</u>

Ladies and Gentlemen:

We have acted as counsel to KULR Technology Group, Inc., a Delaware corporation (the "Company"), in connection with (i) the Registration Statement on Form S-3 (File No. 333-287576) (the "Registration Statement"), filed with the Securities and Exchange Commission (the "Commission") on May 27, 2025, pursuant to the Securities Act of 1933, as amended (the "Securities Act"), and declared effective on June 5, 2025, relating to the registration by the Company of, among other things, common stock, par value $0.0001 per share (the "Common Stock"), which may be issued from time to time as set forth in the Registration Statement and the prospectus contained therein; and (ii) the Controlled Equity Offering<sup>SM</sup> Sales Agreement dated June 9, 2025 (the "Sales Agreement") by and between the Company, Cantor Fitzgerald & Co., and Craig-Hallum Capital Group LLC (collectively the "Agents"), pursuant to which the Company may offer and sell, from time to time through Cantor up to $300.0 million in shares of Common Stock (the "Shares"), pursuant to the Registration Statement, and the prospectus contained therein as supplemented by the prospectus supplement dated June 9, 2025, filed with the Commission pursuant to Rule 424(b) promulgated under the Securities Act (the "Prospectus Supplement").

We have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinion set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinion set forth below, on certificates of officers of the Company.

The opinion expressed below is limited to the federal securities laws of the United States of America and the laws of the state of Delaware. We express no opinion as to the effect on the matters covered by the laws of any other jurisdiction.

Based on the foregoing, we are of the opinion that the Shares have been duly authorized and, when issued and sold in the manner described in the Registration Statement, the Prospectus Supplement and the Sales Agreement will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion to the Company's Current Report on Form 8-K filed with the SEC on June 9, 2025 and which is incorporated by reference in the Registration Statement and the Prospectus Supplement. We also hereby consent to the reference to our firm under the caption "Legal Matters" in the Prospectus Supplement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

---

| |
|:---|
| Very truly yours, |
| */s/ Sichenzia Ross Ference Carmel LLP* |
| Sichenzia Ross Ference Carmel LLP |

---

## Exhibit 10.1

**Exhibit 10.1**

**KULR Technology Group, Inc.**<br> Shares of Common Stock

(par value $0.0001 per share)

**Controlled Equity Offering<sup>SM</sup>**

**<u>Sales Agreement</u>**

June 9, 2025

Cantor Fitzgerald & Co.

499 Park Avenue

New York, NY 10022

Craig-Hallum Capital Group, LLC

222 South Ninth Street, Suite 350 Minneapolis, MN 55402

Ladies and Gentlemen:

KULR Technology Group, Inc., a Delaware corporation (the "**<u>Company</u>**"), confirms its agreement (this "**<u>Agreement</u>**") with Cantor Fitzgerald & Co. and Craig-Hallum Capital Group, LLC (each an "**<u>Agent</u>**" and together, the "**<u>Agents</u>**"), as follows:

1. <u>Issuance and Sale of Shares</u>. The Company agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell to or through Cantor, as the sole designated
sales agent, shares of common stock (the "  **<u>Placement Shares</u>**") of the Company, par value $0.0001 per share (the
"  **<u>Common Stock</u>** "); *provided*, *however*, that in no event shall the Company issue or sell through the
Agents such number or dollar amount of Placement Shares that would (a) exceed the number or dollar amount of shares of Common Stock registered
on the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) exceed the number of authorized
but unissued shares of Common Stock (less shares of Common Stock issuable upon exercise, conversion or exchange of any outstanding securities
of the Company or otherwise reserved from the Company's authorized capital stock), (c) exceed the number or dollar amount of shares
of Common Stock permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if applicable) or (d) exceed the number
or dollar amount of shares of Common Stock for which the Company has filed a Prospectus Supplement (as defined below) (the lesser of (a),
(b), (c) and (d), the "  **<u>Maximum Amount</u>** "). Notwithstanding anything to the contrary contained herein, the parties
hereto agree that compliance with the limitations set forth in this <u>Section 1</u> on the amount of Placement Shares issued and sold
under this Agreement shall be the sole responsibility of the Company and that the Agents shall have no obligation in connection with such
compliance. The offer and sale of Placement Shares through the Agents will be effected pursuant to the Registration Statement (defined
below) filed by the Company with the Securities and Exchange Commission (the "  **<u>Commission</u>** "), although nothing
in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Common Stock.

The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended (the "**<u>Securities Act</u>**"), and the rules and regulations thereunder (the "**<u>Securities Act Regulations</u>**"), with the Commission a shelf registration statement on Form S-3 (File No. 333-287576), including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"), and the rules and regulations thereunder. The Company has prepared a prospectus or a prospectus supplement to the base prospectus included as part of the registration statement, which prospectus or prospectus supplement relates to the Placement Shares to be issued from time to time by the Company (the "**<u>Prospectus Supplement</u>**"). The Company will furnish to the Agents, for use by the Agents, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the Company. Except where the context otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act Regulations, and any one or more additional effective registration statements on Form S-3 from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares, is herein called the "**<u>Registration Statement</u>**." The base prospectus or base prospectuses, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented, if necessary, by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act Regulations, together with the then issued Issuer Free Writing Prospectus(es) (as defined below), is herein called the "**<u>Prospectus</u>**."

Any reference herein to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus, and any amendments and supplements thereto, shall be deemed to refer to and include the documents, if any, incorporated by reference therein (the "**<u>Incorporated Documents</u>**"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and incorporated therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval system, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, "**<u>EDGAR</u>**"). The Company's obligations under this Agreement to furnish, provide, deliver or make available (and all other references of like import) copies of any filing, report or statement shall be deemed satisfied if the same is filed with the Commission through EDGAR or any successor system.

2. <u>Placements</u>. Each time that the Company wishes to issue and sell Placement Shares hereunder (each,
a "  **<u>Placement</u>** "), it will notify Cantor by email notice (or other method mutually agreed to by the parties) of
the number of Placement Shares to be issued, the time period during which sales are requested to be made, any limitation on the number
of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a "  **<u>Placement Notice</u>** "), the form of which is attached hereto as <u>Schedule 1</u>. The Placement Notice shall originate from any of the
individuals from the Company set forth on <u>Schedule 3</u> (with a copy to each of the other individuals from the Company listed on such
schedule), and shall be addressed to each of the individuals from Cantor set forth on <u>Schedule 3</u>, as such <u>Schedule 3</u> may
be amended from time to time. The Placement Notice shall be effective unless and until (i) Cantor declines to accept the terms contained
therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder have been sold, (iii) the
Company suspends or terminates the Placement Notice, or (iv) this Agreement has been terminated under the provisions of <u>Section 12</u>. The amount of any discount, commission or other compensation to be paid by the Company to Cantor in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in <u>Schedule 2</u>. It is expressly acknowledged and
agreed that neither the Company nor Cantor will have any obligation whatsoever with respect to a Placement or any Placement Shares unless
and until the Company delivers a Placement Notice to Cantor and Cantor does not decline such Placement Notice pursuant to the terms set
forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will control.

3. <u>Sale of Placement Shares by Cantor</u>. Subject to the provisions of <u>Section 5(a)</u>, Cantor, for
the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable state and federal laws, rules and regulations and the rules of the NYSE American LLC (the "  **<u>Exchange</u>** "),
to sell the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. Cantor
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day,
the compensation payable by the Company to Cantor pursuant to <u>Section 2</u> with respect to such sales, and the Net Proceeds (as defined
below) payable to the Company, with an itemization of the deductions made by Cantor (as set forth in <u>Section 5(b)</u>) from the gross
proceeds that it receives from such sales. Subject to the terms of the Placement Notice, Cantor may sell Placement Shares by any method
permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act Regulations.
"  **<u>Trading Day</u>**" means any day on which Common Stock is traded on the Exchange.

4. <u>Suspension of Sales</u>. The Company or Cantor may, upon notice to the other party in writing (including
by email correspondence to each of the individuals of the other party set forth on <u>Schedule 3</u>, if receipt of such correspondence
is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately
by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <u>Schedule 3</u>),
suspend any sale of Placement Shares (a "  **<u>Suspension</u>** "); *provided*, *however*, that such Suspension
shall not affect or impair any party's obligations with respect to any Placement Shares sold hereunder prior to the receipt of such
notice. While a Suspension is in effect any obligation under <u>Sections 7(l)</u>, <u>7(m)</u>, and <u>7(n)</u> with respect to the delivery
of certificates, opinions, or comfort letters to the Agents, shall
be waived. Each of the parties agrees that no such notice under this <u>Section 4</u> shall be effective against any other party unless
it is made to one of the individuals named on <u>Schedule 3</u> hereto, as such Schedule may be amended from time to time. Notwithstanding
any other provision of this Agreement, during any period in which the Company is in possession of material non-public information, the
Company and the Agents agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any
Placement Shares, and (iii) the Agents shall not be obligated to sell or offer to sell any Placement Shares.

5. <u>Sale and Delivery to Cantor; Settlement</u>.

(a) <u>Sale of Placement Shares</u> *.* On the basis of the representations and warranties herein contained
and subject to the terms and conditions herein set forth, upon Cantor's acceptance of the terms of a Placement Notice, and unless
the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms
of this Agreement, Cantor, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with
its normal trading and sales practices and applicable law and regulations to sell such Placement Shares up to the amount specified, and
otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance
that Cantor will be successful in selling Placement Shares, (ii) Cantor will incur no liability or obligation to the Company or any other
person or entity if it does not sell Placement Shares for any reason other than a failure by Cantor to use its commercially reasonable
efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares as required
under this Agreement and (iii) Cantor shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this
Agreement, except as otherwise agreed by Cantor and the Company.

(b) <u>Settlement of Placement Shares</u> *.* Unless otherwise specified in the applicable Placement
Notice, settlement for sales of Placement Shares will occur on the first (1st) Trading Day (or such earlier day as is industry practice
for regular-way trading) following the date on which such sales are made (each, a "  **<u>Settlement Date</u>** "). Cantor
shall notify the Company of each sale of Placement Shares no later than the opening of the Trading Day immediately following the Trading
Day on which it has made sales of Placement Shares hereunder. The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Placement Shares sold (the "  **<u>Net Proceeds</u>**") will be equal to the aggregate sales price
received by Cantor, after deduction for (i) Cantor's commission, discount or other compensation for such sales payable by the Company
pursuant to <u>Section 2</u> hereof, and (ii) any transaction fees imposed by any Governmental Authority (defined below) in respect of
such sales.

(c) <u>Delivery of Placement Shares</u>. On or before each Settlement Date, the Company will, or will cause
its transfer agent to, electronically transfer the Placement Shares being sold by crediting Cantor's or its designee's account
(provided Cantor shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at
The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually
agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form.
On each Settlement Date, Cantor will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or
prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to
deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations
set forth in <u>Section 10(a)</u> hereto, it will (i) hold Cantor harmless against any loss, claim, damage, or expense (including reasonable
legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to Cantor any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.

(d) <u>Denominations; Registration</u> *.* Certificates for the Placement Shares, if any, shall be in
such denominations and registered in such names as the Agents may request in writing at least one full Business Day (as defined below)
before the applicable Settlement Date. The certificates for the Placement Shares, if any, will be made available by the Company for examination
and packaging by the Agents in The City of New York not later than noon (New York time) on the Business Day prior to the applicable
Settlement Date. The Company and the Agents each acknowledge and agree that the Placement Shares shall, unless agreed to by the Company
and Agent or required by applicable law, not be issued in certificated form.

(e) <u>Limitations on Offering Size</u> *.* Under no circumstances shall the Company cause or request
the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds
of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under
this Agreement, the Maximum Amount and (B) the amount authorized from time to time to be issued and sold under this Agreement by
the Company's board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to
Cantor in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this
Agreement at a price lower than the minimum price authorized from time to time by the Company's board of directors, a duly authorized
committee thereof or a duly authorized executive committee. Further, under no circumstances shall the Company cause or permit the aggregate
offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount.

6. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to, and agrees
with each Agent that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty
or agreement specified a different time:

(a) <u>Subsidiaries</u>. All of the direct and indirect subsidiaries (individually, a "  **<u>Subsidiary</u>** ")
of the Company are set forth on Exhibit 21.1 to the Company's most recent Annual Report on Form 10-K filed with the Commission.
The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any
"  **<u>Liens</u>**" (which for purposes of this Agreement shall mean a lien, charge, security interest, encumbrance, right
of first refusal, preemptive right or other restriction), 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.

(b) <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. Neither
the Company nor any Subsidiary is in violation nor
in 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, could not have or reasonably be expected to result
in: (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (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, from that set forth in the Registration Statement, the Base Prospectus, any Prospectus Supplement, the Prospectus or the Incorporated
Documents, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its
obligations under this Agreement (any of (i), (ii) or (iii), a "  **<u>Material Adverse Effect</u>**") and no "  **<u>Proceeding</u>** "
(which for purposes of this Agreement shall mean any action, claim, suit, investigation or proceeding (including, without limitation,
an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened) has been instituted in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

(c) <u>Authorization and Enforcement</u>. The Company has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary action on part of the Company and no further action is required by the Company, the Board or the Company's stockholders
in connection herewith other than in connection with the Required Approvals. This Agreement has been duly executed and delivered by the
Company and, when delivered in accordance with the terms hereof, 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.

(d) <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement, the issuance
and sale of the Placement Shares and the consummation by it of the transactions contemplated hereby 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, or (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, 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.

(e) <u>Filings, Consents and Approvals</u>. It 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" (defined as 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, including the Trading Market) in connection with the execution, delivery and performance by the Company of this Agreement, other
than (i) the filings required by this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) the filing of
application(s) to and approval by the Trading Market for the listing of the Placement 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 and the rules and regulations
of the Financial Industry Regulatory Authority, Inc. ("FINRA") (collectively, the "Required Approvals"), the absence
of which would not reasonably be expected to have a Material Adverse Effect.

(f) <u>Issuance of Placement Shares</u>. The Placement Shares are duly authorized and, when issued and paid
for in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
by the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable
pursuant to this Agreement. The issuance by the Company of the Placement Shares has been registered under the Act and all of the Placement
Shares are freely transferable and tradable by the purchasers thereof without restriction (other than any restrictions arising solely
from an act or omission of such a purchaser). The Placement Shares are being issued pursuant to the Registration Statement and the issuance
of the Placement Shares has been registered by the Company under the Act. The "  **<u>Plan of Distribution</u>**" section
within the Registration Statement permits the issuance and sale of the Placement Shares as contemplated by this Agreement. Upon receipt
of the Placement Shares, the purchasers of such Placement Shares will have good and marketable title to such Placement Shares and the
Placement Shares will be freely tradable on the Trading Market.

(g) <u>Capitalization</u>. The capitalization of the Company is 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, and pursuant to the conversion and/or exercise of securities exercisable,
exchangeable or convertible into Common Stock ("  **<u>Common Stock Equivalents</u>**") 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 this Agreement. Except as set forth in the SEC Reports, 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 Placement
Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person. 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. 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 or others is required for the issuance and sale of the Placement Shares. 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.

(h) <u>Registration Statement</u>. The Company meets the requirements for use of Form S-3 under the
Act and has prepared and filed with the Commission the Registration Statement, including a related Base Prospectus, for registration under
the Act of the offering and sale of the Placement Shares. The Registration Statement is effective and available for the offer and sale
of the Placement Shares as of the date hereof. As filed, the Base Prospectus contains all information required by the Act and the rules
thereunder, and, except to the extent the Agents shall agree in writing to a modification, shall be in all substantive respects in the
form furnished to the Agents prior to the date hereof or prior to any such time this representation is repeated or deemed to be made.
The Registration Statement contains all exhibits and schedules as required by the Act. Each of the Registration Statement and any post-effective
amendment thereto, if any, at the time it became effective, complied in all material respects with the Act and the Exchange Act and did
not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. The Registration Statement, as of the date hereof, each such time this representation is
repeated or deemed to be made, and at all times during which a prospectus is required by the Act to be delivered (whether physically or
through compliance with Rule 172, 173 or any similar rule) in connection with any offer or sale of the Placement Shares, meets the
requirements set forth in Rule 415(a)(1)(x). The initial effective date of the Registration Statement was not earlier than the date
three years before the date hereof. The Company meets the transaction requirements as set forth in General Instruction I.B.1 of Form S-3
or, if applicable, as set forth in General Instruction I.B.6 of Form S-3 with respect to the aggregate market value of securities being
sold pursuant to this offering and during the twelve (12) months prior to such time that this representation is repeated or deemed to
be made. The Company is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at
least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as
defined in Instruction I.B.6 of Form S-3) with the Commission at least twelve (12) months previously reflecting its status as an entity
that is not a shell company.

(i) <u>Accuracy of Incorporated Documents</u>. The Incorporated Documents, when they were filed with the Commission,
conformed in all material respects to the requirements of the Exchange Act and the rules thereunder, and none of the Incorporated Documents,
when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made not misleading; and any further documents so
filed and incorporated by reference in the Registration Statement, the Base Prospectus, the Prospectus Supplement or the Prospectus, when
such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the rules
thereunder, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading.

(j) <u>Ineligible Issuer</u>. (i) At the earliest time after the filing of the Registration Statement
that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Placement
Shares and (ii) as of the Execution Time and on each such time this representation is repeated or deemed to be made (with such date
being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as
defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary
that the Company be considered an Ineligible Issuer, in connection with the offering of the Placement Shares.

(k) <u>Free Writing Prospectus</u>. The Company is eligible to use Issuer Free Writing Prospectuses. Each
Issuer Free Writing Prospectus does not include any information the substance of which conflicts with the information contained in the
Registration Statement, including any Incorporated Documents and any prospectus supplement deemed to be a part thereof that has not been
superseded or modified; and each Issuer Free Writing Prospectus does not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and
in conformity with written information furnished to the Company by the Agents specifically for use therein. Any Issuer Free Writing Prospectus
that the Company is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission in accordance with the requirements
of the Act and the rules thereunder. Each Issuer Free Writing Prospectus that the Company has filed, or is required to file, pursuant
to Rule 433(d) or that was prepared by or behalf of or used by the Company complies or will comply in all material respects with the requirements
of the Act and the rules thereunder. The Company will not, without the prior consent of the Agents, prepare, use or refer to, any Issuer
Free Writing Prospectuses.

(l) <u>Proceedings Related to Registration Statement</u>. The Registration Statement is not the subject of
a pending proceeding or examination under Section 8(d) or 8(e) of the Act, and the Company is not the subject of a pending proceeding
under Section 8A of the Act in connection with the offering of the Placement Shares. The Company has not received any notice that
the Commission has issued or intends to issue a stop-order with respect to the Registration Statement or that the Commission otherwise
has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened
in writing to do so.

(m) <u>SEC Reports</u>. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for
the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material)
(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 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.

(n) <u>Financial Information</u>. The consolidated financial statements of the Company included or incorporated
by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together with the related
notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries
(as defined below) as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders'
equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange
Act and in conformity with U.S. Generally Accepted Accounting Principles ("  **<u>GAAP</u>**") applied on a consistent basis
during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries (as defined below)
contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any,
are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company;
there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration
Statement, or the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries (as defined
below) do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described
in the Registration Statement (excluding the exhibits thereto), and the Prospectus; and all disclosures contained or incorporated by reference
in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding "non-GAAP financial measures"
(as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and
has been prepared in accordance with the Commission's rules and guidelines applicable thereto.

(o) <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest
audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior
to the date on which this representation is being made, (i) there has been no event, occurrence or development that has had or that could
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, (v) the Company has not issued any equity securities to any officer, director or "  **<u>Affiliate</u>** "
(defined as 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 144 under the Act), except pursuant to existing Company stock
option plans, and (vi) no executive officer of the Company or member of the Board has resigned from any position with the Company. The
Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of
the Placement Shares 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 (1) Trading Day prior to
the date that this representation is made.

(p) <u>Litigation</u>. Except as set forth in the SEC Reports, 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>** "). None of the Actions set forth in the
SEC Reports, (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the Placement Shares or
(ii) could, 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 to the Company's knowledge, 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, which (i)
adversely affects or challenges the legality, validity or enforceability of this Agreement or the Placement Shares or (ii) could, if there
were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. 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 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 Act.

(q) <u>Labor Relations</u>. No labor dispute exists or, to the knowledge of the Company, is threatened with
respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. To the knowledge
of the Company, 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 applicable 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 could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

(r) <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 of (i), (ii),
or (iii), as could not have or reasonably be expected to result in a Material Adverse Effect.

(s) <u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance 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.

(t) <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 could 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.

(u) <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. 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.

(v) <u>Intellectual Property</u>. 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 is expected to expire or terminate or be abandoned,
within two (2) years from the date of this Agreement, except as could not have or reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect. 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 could not have or reasonably be expected to have a Material Adverse
Effect. To the knowledge of the Company, all 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 could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(w) <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 the Company and each of its Subsidiaries reasonably believe are adequate, and as
are customary for companies engaged in similar businesses in similar industries 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.

(x) <u>Affiliate Transactions</u>. Except as set forth in the SEC Reports, 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.

(y) <u>Sarbanes Oxley Compliance</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. 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 is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. 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.

(z) <u>Certain Fees</u>. Other than payments to be made to the Agents, 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 this Agreement. The Agents 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 this Agreement.

(aa) <u>No Other Sales Agency Agreement</u>. The Company has not entered into any other sales agency agreements
or other similar arrangements with any agent or any other representative in respect of at the market offerings of the Placement Shares.

(bb) <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after
receipt of payment for the Placement Shares from the Agents pursuant to this Agreement, 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.
The Company shall conduct its business in a manner so as to reasonably ensure that it or its Subsidiaries will not become an "investment
company" subject to registration under the Investment Company Act of 1940, as amended.

(cc) <u>Listing and Maintenance Requirements</u>. The Common Stock is listed on the Trading Market and the
issuance of the Placement Shares as contemplated by this Agreement does not contravene the rules and regulations of the Trading Market.
The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to,
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. Other than as disclosed
in the SEC Reports, 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.

(dd) <u>Application of Takeover Protections</u>. The Company and the Board 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 Placement Shares.

(ee) <u>Solvency</u>. Based on the consolidated financial condition of the Company as of the date hereof (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) within
one year from the date hereof. 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 date hereof. The
SEC Reports set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for
which the Company or any Subsidiary has commitments. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.
For the purposes of this Agreement, "  **<u>Indebtedness</u>**" means (x) any liabilities for borrowed money or amounts owed
in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements
and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's
consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection
or similar transactions in the ordinary course of business; and (z) the present
value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.

(ff) <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.

(gg) <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 the Foreign Corrupt Practices Act of 1977, as amended.

(hh) <u>Accountants</u>. The Company's accounting firm is set forth in the SEC Reports. 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 next Annual Report of the Company.

(ii) <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 Placement Shares, (ii) sold, bid for, purchased, or, paid
any compensation for soliciting purchases of, any of the Placement Shares, 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 Agents in connection with the Placement Shares.

(jj) <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.

(kk) <u>Cybersecurity</u>. (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 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.

(ll) <u>Compliance with Data Privacy Laws</u>. (i) The Company and the Subsidiaries are, and at all
 times during the past three years were, in material compliance with all applicable data privacy and security laws and regulations,
 including, as applicable, the European Union General Data Protection Regulation ("  **<u>GDPR</u>**") (EU 2016/679)
 (collectively, "  **<u>Privacy Laws</u>** "); (ii) the Company and the Subsidiaries have in place, comply with,
 and take appropriate steps reasonably designed to ensure compliance with their policies and procedures relating to data privacy and
 security and the collection, storage, use, disclosure, handling and analysis of Personal Data (the
 "  **<u>Policies</u>** "); (iii) the Company provides accurate notice of its applicable Policies to its customers,
 employees, third party vendors and representatives as required by Privacy Laws; and (iv) applicable Policies provide accurate
 and sufficient notice of the Company's then-current privacy practices relating to its subject matter, and do not contain any
 material omissions of the Company's then-current privacy practices, as required by Privacy Laws, except, in each case, such as
 would not have or reasonably be expected to result in a Material Adverse Effect. "  **<u>Personal Data</u>** "
 means (i) a natural person's name, street address, telephone number, email address, photograph, social security number,
 bank information, or customer or account number; (ii) any information which would qualify as "personally identifying
 information" under the Federal Trade Commission Act, as amended; (iii) "personal data" as defined by GDPR; and
 (iv) any other piece of information that allows the identification of such natural person, or his or her family, or permits
 the collection or analysis of any identifiable data related to an identified person's health or sexual orientation.
 (i) None of such disclosures made or contained in any of the Policies have been inaccurate, misleading, or deceptive in
 violation of any Privacy Laws and (ii) the execution, delivery and performance of this Agreement will not result in a breach
 of any Privacy Laws or Policies, except, in each case, such as would not have or reasonably be expected to result in a Material
 Adverse Effect. Neither the Company nor the Subsidiaries, (i) has, to the knowledge of the Company, received written
 notice of any actual or potential liability of the Company or the Subsidiaries under, or actual or potential violation by the
 Company or the Subsidiaries of, any of the Privacy Laws; (ii) is currently conducting or paying for, in whole or in part, any
 investigation, remediation or other corrective action pursuant to any regulatory request or demand pursuant to any Privacy Law; or
 (iii) is a party to any order, decree, or agreement by or with any court or arbitrator or governmental or regulatory authority
that imposed any obligation or liability under any Privacy Law.

(mm) <u>Office of Foreign Assets Control</u>. Neither the Company nor any of its Subsidiaries, nor to the knowledge
of the Company, any of the directors, officers or employees of the Company or its Subsidiaries, is an individual or entity that is, or
is owned or controlled by an individual or entity that is: (i) the subject of any sanctions administered or enforced by the U.S.
Department of Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty's
Treasury, or other relevant sanctions authority (collectively, "  **<u>Sanctions</u>** "), nor (ii) located, organized
or resident in a country or territory that is the subject of Sanctions. Neither the Company nor any of its Subsidiaries will, directly
or indirectly, use the proceeds of the transactions contemplated hereby, or lend, contribute or otherwise make available such proceeds
to any Subsidiary, joint venture partner or other individual or entity: (i) to fund or facilitate any activities or business of
or with any individual or entity or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions
or (ii) in any other manner that will result in a violation of Sanctions by any individual or entity (including any individual or
entity participating in the transactions contemplated hereby, whether as underwriter, advisor, investor or otherwise). For the past five
years, neither the Company nor any of its Subsidiaries has knowingly engaged in, and is not now knowingly engaged in, any dealings or
transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the
subject of Sanctions.

(nn) <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 the Agents' request.

(oo) <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 (25%) 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.

(pp) <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.

(qq) <u>FINRA Matters</u>. The information provided to the Agent by the Company, its counsel, and its officers
and directors for purposes of the Agent's compliance with applicable FINRA rules in connection with the offering of the Placement
Shares is true, complete, and correct and compliant with FINRA's rules. The Company
meets the definition of the term "experienced issuer" specified in FINRA Rule 5110(j)(6).

(rr) <u>Conformity with EDGAR Filing.</u> The Prospectus delivered to the Agent for use in connection with
the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted
to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.

(ss) <u>No Preferential Rights</u>. Except as set forth in the Registration Statement and the Prospectus, (i) no
person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a "  **<u>Person</u>** "),
has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other
capital stock or other securities of the Company, (ii) no Person has any preemptive rights, resale rights, rights of first refusal,
rights of co-sale, or any other rights (whether pursuant to a "poison pill" provision or otherwise) to purchase any Common
Stock or shares of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter
or as a financial advisor to the Company in connection with the offer and sale of the Common Stock, and (iv) no Person has the right,
contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital
stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering
contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares
as contemplated thereby or otherwise.

(tt) <u>Enforceability of Agreements</u>. All agreements between the Company and third parties expressly referenced
in the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms, except
to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements
may be limited by federal or state securities laws or public policy considerations in respect thereof.

(uu) <u>Broker/Dealer Relationships</u>. Neither the Company nor any of the Subsidiaries (i) is required
to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act or (ii) directly
or indirectly through one or more intermediaries, controls or is a "person associated with a member" or "associated
person of a member" (within the meaning set forth in the FINRA Manual).

(vv) <u>No Reliance</u>. The Company has not relied upon the Agents or legal counsel for the Agents for any
legal, tax or accounting advice in connection with the offering and sale of the Placement Shares.

(ww) <u>ERISA</u>. To the knowledge of the Company, each material employee benefit plan, within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("  **<u>ERISA</u>** "), that is maintained,
administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and any of its
Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules
and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the "  **<u>Code</u>** ");
no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has
occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant
to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or
Section 302 of ERISA, no "accumulated funding deficiency" as defined in Section 412 of the Code has been incurred, whether
or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions)
exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.

(xx) <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act) (a "  **<u>Forward-Looking Statement</u>**") contained in the Registration
Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

(yy) <u>Agent Purchases</u>. The Company acknowledges and agrees that the Agents have informed the Company
that each Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell Common Stock for its own
account while this Agreement is in effect, *provided*, that the Company shall not be deemed to have authorized or consented to any
such purchases or sales by such Agent.

(zz) <u>Margin Rules</u>. Neither the issuance, sale and delivery of the Placement Shares nor the application
of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X
of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

(aaa) <u>No Improper Practices</u>. (i) Neither the Company nor the Subsidiaries, nor any director,
 officer, or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent, affiliate or other person
 acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for
 any political office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution or other
 payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar
 public or quasi-public duty in violation of any applicable law or of the character required to be disclosed in the Prospectus;
 (ii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of any of
 them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that is
 required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described;
 (iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on
 the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand, that is required by
 the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) except as
 described in the Registration Statement and the Prospectus, there are no material outstanding loans or advances or material
 guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of their respective officers or directors
 or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer,
 Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any Subsidiary
 to alter the customer's or supplier's level or type of business with the Company or any Subsidiary or (B) a trade
 journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective products or services, and, (vi) neither the Company
nor any Subsidiary nor any director, officer or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent,
affiliate or other person acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively,
"  **<u>Anti-Corruption Laws</u>** "), (B) promised, offered, provided, attempted to provide or authorized the provision of
anything of value, directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision
of the recipient, or securing any improper advantage; or (C) made any payment of funds of the Company or any Subsidiary or received or
retained any funds in violation of any Anti-Corruption Laws.

(bbb) <u>Stock Transfer Taxes</u>. On each Settlement Date, all stock transfer or other taxes (other than income
taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or
will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with.

7. <u>Covenants of the Company</u>. The Company covenants and agrees with each Agent that:

&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>Registration Statement Amendments</u>. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by the Agents under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule), (i) the Company will notify the Agents promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated therein by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus related to the Placement Shares has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon the Agents' request, any amendments or supplements to the Registration Statement or the Prospectus that, in the Agents' reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by the Agents (*provided*, *however*, that the failure of the Agents to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agents' right to rely on the representations and warranties made by the Company in this Agreement and *provided*, *further*, that the only remedy the Agents shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or the Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to the Agents within a reasonable period of time before the filing and the Agents have not objected thereto (*provided*, *however*, that the failure of the Agents to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agents' right to rely on the representations and warranties made by the Company in this Agreement and that the Company has no obligation to provide the Agents any advance copy of such filing or to provide the Agents an opportunity to object to such filing if the filing does not name the Agents or does not relate to a Placement or other transaction contemplated hereunder and *provided*, *further*, that the only remedy the Agents shall have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or the Prospectus, except for those documents available via EDGAR or any successor system; and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <u>Section 7(a)</u>, based on the Company's reasonable opinion or reasonable objections, shall be made exclusively by 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;(b) <u>Notice of Commission Stop Orders</u>. The Company will advise the Agents, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agents promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus, in all cases, solely to the extent any such request relates to the transactions contemplated hereby.

&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>Delivery of Prospectus; Subsequent Changes</u>. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the Agents under the Securities Act with respect to the offer and sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule), the Company will use commercially reasonable efforts to comply in all material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under the Securities Act, it will use its best efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430B and to notify the Agents promptly of all such filings. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or the Prospectus to comply with the Securities Act, the Company will promptly notify the Agents to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance, (it being acknowledged that the Company may delay the filing of any amendment or supplement, if, in the judgment of the Company, it is in the best interest 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;(d) <u>Listing of Placement Shares</u>. Prior to the date of the first Placement Notice, the Company will use its reasonable best efforts to have filed a Supplemental Listing Application form with the Exchange.

(e) <u>Delivery of Registration Statement and Prospectus</u>. The Company will furnish to the Agents and their
counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by
reference therein) and all amendments and supplements to the Registration Statement or the Prospectus that are filed with the Commission
during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including
all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon
as reasonably practicable and in such quantities as the Agents may from time to time reasonably request and, at the Agents' request,
will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; *provided*, *however*, that the Company shall not be required to furnish any document (other than the Prospectus) to the Agents to the extent
such document is available on EDGAR or any successor system.

(f) <u>Earning Statement</u>. The Company will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earning statement
covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.

(g) <u>Use of Proceeds</u>. The Company will use the Net Proceeds as described in the Prospectus in the section
entitled "Use of Proceeds."

(h) <u>Notice of Other Sales</u>. Without the prior written consent of the Agents, the Company will not,
 directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock
 (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common
 Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the fifth (5<sup>th</sup>) Trading
 Day immediately prior to the date on which any Placement Notice is delivered to the Agents hereunder and ending on the fifth
 (5<sup>th</sup>) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such
 Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by
 a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other "at the
 market" or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose
 of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or
 exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior to the sixtieth (60<sup>th</sup>)
 day immediately following the termination of this Agreement; *provided*, *however*, that such restrictions will not be
 required in connection with the Company's issuance or sale of (i) Common Stock, options to purchase Common Stock or
 Common Stock issuable upon the exercise of options, pursuant to any employee or director stock option or benefits plan, stock
 ownership plan or dividend reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its dividend
 reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii) Common Stock issuable upon conversion of
 securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company
 available on EDGAR or otherwise in writing to the Agents and (iii) Common Stock or securities convertible into or exchangeable for
 shares of Common Stock as consideration for mergers, acquisitions,
other business combinations or strategic alliances occurring after the date of this Agreement which are not issued for capital raising
purposes.

(i) <u>Change of Circumstances</u>. The Company will, at any time during the pendency of a Placement Notice,
advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter
or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Agents pursuant to
this Agreement.

(j) <u>Due Diligence Cooperation</u>. The Company will cooperate with any reasonable due diligence review
conducted by the Agents or their representatives in connection with the transactions contemplated hereby, including, without limitation,
providing information and making available documents and senior corporate officers, during regular business hours and at the Company's
principal offices, as the Agents may reasonably request.

(k) <u>Required Filings Relating to Placement of Placement Shares</u>. The Company shall disclose, in its
Quarterly Reports on Form 10-Q and in its Annual Report on Form 10-K to be filed by the Company with the Commission from time to time,
the number of the Placement Shares sold through the Agents under this Agreement, and the net proceeds to the Company from the sale of
the Placement Shares pursuant to this Agreement during the relevant quarter or, in the case of an Annual Report on Form 10-K, during the
fiscal year covered by such Annual Report and the fourth quarter of such fiscal year. The Company agrees that on such dates as the Securities
Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b)
under the Securities Act (each and every filing date under Rule 424(b), a "  **<u>Filing Date</u>** "), which prospectus supplement
will set forth, within the relevant period, the amount of Placement Shares sold through the Agents, the Net Proceeds to the Company and
the compensation payable by the Company to the Agents with respect to such Placement Shares, and (ii) deliver such number of copies
of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations
of such exchange or market.

(l) <u>Representation Dates; Certificate</u>. (1) Prior to the date of the first Placement Notice and (2)
each time the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) files the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) files an Annual Report on Form 10-K under the Exchange Act (including any Annual Report on Form 10-K/A containing amended financial information or a material amendment to the previously filed Annual Report on Form 10-K);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) files its Quarterly Reports on Form 10-Q under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) files a Current Report on Form 8-K containing amended financial information (other than information "furnished" pursuant to Items 2.02 or 7.01 of a Current Report on Form 8-K or to provide disclosure pursuant to Item 8.01 of a Current Report on Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a "**<u>Representation Date</u>**");

the Company shall furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determine that the information contained in such Current Report on Form 8-K is material) with a certificate dated the Representation Date, in the form and substance reasonably satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this <u>Section 7(l)</u> shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending or a Suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement Shares hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when a waiver or a Suspension was in effect and did not provide the Agents with a certificate under this <u>Section 7(l)</u>, then before the Company delivers the instructions for the sale of Placement Shares or the Agents sell any Placement Shares pursuant to such instructions, the Company shall provide the Agents with a certificate in conformity with this <u>Section 7(l)</u> dated as of the date that the instructions for the sale of Placement Shares are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Legal Opinion</u>. (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause to be furnished to the Agents a written
opinion and negative assurance letter of Sichenzia Ross Ference Carmel LLP ("  **<u>Company Counsel</u>**") and a written
opinion and negative assurance letter of Greenberg Traurig, LLP, intellectual property counsel of the Company ("  **<u>Company IP Counsel</u>** "), or other counsel satisfactory to the Agents, in form and substance satisfactory to the Agents and their counsel,
substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; *provided*, that in lieu of such opinions or negative assurance letters
for subsequent periodic filings under the Exchange Act, counsel may furnish the Agents with a letter (a "  **<u>Reliance Letter</u>** ")
to the effect that the Agents may rely on a prior opinion or negative assurance letter delivered under this <u>Section 7(m)</u> to the
same extent as if it were dated the date of such letter (except that statements in such prior opinion or negative assurance letter, as
the case may be, shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date
of the Reliance Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Comfort Letter</u>. (1) Prior to the date of the first Placement Notice and (2) within five (5) Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause its independent registered public
accounting firm to furnish the Agents letters (the "  **<u>Comfort Letters</u>** "),
dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this <u>Section 7(n)</u>; *provided*,
that if requested by the Agents, the Company shall cause a Comfort Letter to be furnished to the Agents within ten (10) Trading Days after
the date of occurrence of any material transaction or event requiring the filing of a Current Report on Form 8-K containing financial
information (including the restatement of the Company's financial statements). The Comfort Letter from the Company's independent
registered public accounting firm shall be in a form and substance satisfactory to the Agents, (i) confirming that they are an independent
registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board ("  **<u>PCAOB</u>** "),
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily
covered by accountants' "comfort letters" to underwriters in connection with registered public offerings (the first
such letter, the "  **<u>Initial Comfort Letter</u>**") and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Market Activities; Compliance with Regulation M</u>. The Company will not, directly or indirectly,
(i) take any action designed to cause or result in, or that constitutes or would reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for,
or purchase Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares
other than the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Investment Company Act</u>. The Company will conduct its affairs in such a manner so as to reasonably
ensure that neither it nor any of its Subsidiaries will be or become, at any time prior to the termination of this Agreement, required
to register as an "investment company," as such term is defined in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Offer to Sell</u>. Other than an Issuer Free Writing Prospectus approved in advance by the Company
and the Agents in their capacity as agents hereunder, neither the Agents nor the Company (including its agents and representatives, other
than the Agents in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined
in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of
an offer to buy Placement Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Blue Sky and Other Qualifications</u> *.* The Company will use its commercially reasonable efforts,
in cooperation with the Agents, to qualify the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares
to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agents
may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Placement
Shares; *provided*, *however*, that the Company shall not be obligated to file any general consent to service of process or
to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself
to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the
Placement Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of
such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution
of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Sarbanes-Oxley Act</u>. The Company and the Subsidiaries will maintain and keep accurate books and
records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including
those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded
as necessary to permit the preparation of the Company's consolidated financial statements in accordance with GAAP, (iii) that
receipts and expenditures of the Company are being made only in accordance with management's and the Company's directors'
authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company's assets that could have a material effect on its financial statements. The Company and the Subsidiaries
will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley
Act, and the applicable regulations thereunder that are designed to ensure that information required to be disclosed by the Company in
the reports that 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, including, without limitation, controls and procedures designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company's management, including its principal executive officer and principal financial officer, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information relating to
the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which such periodic
reports are being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Secretary's Certificate; Further Documentation</u>. Prior to the date of the first Placement
Notice, the Company shall deliver to the Agents a certificate of the Secretary of the Company and attested to by an executive officer
of the Company, dated as of such date, certifying as to (i) the Certificate of Incorporation of the Company, (ii) the Bylaws of the Company,
(iii) the resolutions of the Board of Directors of the Company authorizing the execution, delivery and performance of this Agreement and
the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute this Agreement and the other documents
contemplated by this Agreement. Within five (5) Trading Days of each Representation Date with respect to which the Company is obligated
to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable, the Company shall have furnished to the Agents such
further information, certificates and documents as the Agents may reasonably request.

8. <u>Payment of Expenses</u>. The Company will pay all
expenses incident to the performance of its obligations under this Agreement, including (i) the preparation and filing of the Registration
Statement, including any fees required by the Commission, and the printing or electronic delivery of the Prospectus as originally filed
and of each amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the
Agents of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery
of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the
Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale,
issuance or delivery of the Placement Shares to the Agents, (iv) the fees and disbursements of the counsel, accountants and other
advisors to the Company, (v) the fees and expenses of the Agents including but not limited to the fees and expenses of the counsel
to the Agents, payable upon the execution of this Agreement, (a) in an amount not to exceed $100,000 in connection with the execution
of this Agreement, (b) in an amount not to exceed $25,000 per calendar quarter thereafter payable in connection with each Representation
Date with respect to which the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable
and excluding the date of this Agreement, and (c) in an amount not to exceed $50,000 for each program "refresh" (filing of
a new registration statement, prospectus or prospectus supplement relating to the Placement Shares and/or an amendment of this Agreement)
executed pursuant to this Agreement, (vi) the qualification or exemption of the Placement Shares under state securities laws in
accordance with the provisions of <u>Section 7(r)</u> hereof, including filing fees, but excluding fees of the Agents' counsel,
(vii) the printing and delivery to the Agents of copies of any Permitted Issuer Free Writing Prospectus and the Prospectus and any
amendments or supplements thereto in such number as the Agents shall deem necessary, (viii) the preparation, printing and delivery
to the Agents of copies of the blue sky survey, (ix) the fees and expenses of the transfer agent and registrar for the Common Stock,
(x) the filing and other fees incident to any review by FINRA of the terms of the sale of the Placement Shares including the fees
of the Agents' counsel (subject to the cap, set forth in clause (v) above), and (xi) the fees and expenses incurred in connection
with the listing of the Placement Shares on the Exchange. The Company agrees to pay the fees and expenses of counsel to the Agents set
forth in clause (v) above by wire transfer of immediately available funds directly to such counsel upon presentation of an invoice containing
the requisite payment information prepared by such counsel, and such counsel shall be a third-party beneficiary of the expense reimbursement
obligations set forth in this <u>Section 8</u>.

9. <u>Conditions to the Agents' Obligations</u>. The obligations of the Agents hereunder with respect
to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein,
to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due diligence review satisfactory
to it in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole discretion) of the following
additional conditions:

(a) <u>Registration Statement Effective</u>. The Registration Statement shall have become effective and shall
be available for the (i) resale of all Placement Shares issued to the Agents and not yet sold by the Agents and (ii) sale of all
Placement Shares contemplated to be issued by any Placement Notice.

(b) <u>No Material Notices</u>. None of the following events shall have occurred and be continuing:
 (i) receipt by the Company of any request for additional information from the Commission or any other federal or state
 Governmental Authority during the period of effectiveness of the Registration Statement, the response to which would require any
 post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission
 or any other federal or state Governmental Authority of any stop order suspending the effectiveness of the Registration Statement or
 the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the
 suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the
 initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any statement of a
 material fact made in the Registration Statement or the Prospectus or any document incorporated or deemed to be incorporated therein
by reference untrue or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in
the case of the Registration Statement, it will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein not misleading and, that in the case of the Prospectus,
it will not contain an 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, not misleading.

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

(d) <u>Material Changes</u>. Except as contemplated in the Registration Statement or the Prospectus, or disclosed
in the Company's reports filed with the Commission, there shall not have been any material adverse change in the authorized capital
stock of the Company or any Material Adverse Effect or any development that would cause a Material Adverse Effect, or a downgrading in
or withdrawal of the rating assigned to any of the Company's securities (other than asset backed securities) by any rating organization
or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company's
securities (other than asset backed securities), the effect of which, in the case of any such action by a rating organization described
above, in the reasonable judgment of the Agents (without relieving the Company of any obligation or liability it may otherwise have),
is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus.

(e) <u>Legal Opinions</u>. The Agents shall have received the opinions and negative assurance letters of Company
Counsel and Company IP Counsel required to be delivered pursuant to <u>Section 7(m)</u> on or before the date on which such delivery of
such opinions and negative assurance letters, as applicable, is required pursuant to <u>Section 7(m)</u>.

(f) <u>Comfort Letter</u>. The Agents shall have received the Comfort Letter required to be delivered pursuant
to <u>Section 7(n)</u> on or before the date on which such delivery of such Comfort Letter is required pursuant to <u>Section 7(n)</u>.

(g) <u>Representation Certificate</u>. The Agents shall have received the certificate required to be delivered
pursuant to <u>Section 7(l)</u> on or before the date on which delivery of such certificate is required pursuant to <u>Section 7(l)</u>.

(h) <u>No Suspension</u>. Trading in the Common Stock shall not have been suspended on the Exchange and the
Common Stock shall not have been delisted from the Exchange.

(i) <u>Other Materials</u>. On each date on which the Company is required to deliver a certificate pursuant
to <u>Section 7(l)</u>, the Company shall have furnished to the Agents such appropriate further information, opinions, certificates, letters
and other documents as the Agents may reasonably request. All such opinions, certificates, letters
and other documents will be in compliance with the provisions hereof.

(j) <u>Securities Act Filings Made</u>. All filings with the Commission required by Rule 424 under the Securities
Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period
prescribed for such filing by Rule 424.

(k) <u>Approval for Listing</u>. The Placement Shares shall either have been (i) approved for listing on the
Exchange, subject only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares
on the Exchange at, or prior to, the issuance of any Placement Notice and the Exchange shall have reviewed such application and not provided
any objections thereto.

(l) <u>FINRA</u>. If applicable, FINRA shall have raised no objection to the terms of this offering and the
amount of compensation allowable or payable to the Agents as described in the Prospectus.

(m) <u>No Termination Event</u>. There shall not have occurred any event that would permit the Agents to terminate
this Agreement pursuant to <u>Section 12(a)</u>.

10. <u>Indemnification and Contribution</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>Company Indemnification</u>. The Company agrees to indemnify and hold harmless each Agent, its affiliates and their respective partners, members, directors, officers, employees and agents and each person, if any, who controls such Agent or any affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) against any and all loss, liability, claim, damage and reasonable and documented expense, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) against any and all loss, liability, claim, damage and reasonable and documented expense, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; *provided* that (subject to <u>Section 10(d)</u> below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all reasonable and documented expense, as incurred (including the reasonable and documented fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), only to the extent that any such expense is not paid under (i) or (ii) above,

*provided*, *however*, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Agents' Information (as defined below).

&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>Agents Indemnification</u>. Each Agent, severally but not jointly, agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in <u>Section 10(a)</u>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto), the Prospectus, any Prospectus Supplement (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to such Agent and furnished to the Company in writing by such Agent expressly for use therein. The Company hereby acknowledges that the only information that the Agents have furnished to the Company expressly for use in the Registration Statement, the Prospectus, any Prospectus Supplement or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth in the first sentence of the fifth paragraph and the seventh and eighth paragraphs under the caption "Plan of Distribution" in the Prospectus (the "**<u>Agents' Information</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>Procedure</u>. Any party that proposes to assert the right to be indemnified under this <u>Section 10</u> will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this <u>Section 10</u>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this <u>Section 10</u> and (ii) any liability that it may have to any indemnified party under the foregoing provision of this <u>Section 10</u> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such reasonable and documented fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this <u>Section 10</u> (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&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>Settlement Without Consent if Failure to Reimburse</u>*.* If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <u>Section 10(a)(ii)</u> effected without its written consent if (1) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (2) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (3) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&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>Contribution</u>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this <u>Section 10</u> is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or an Agent, the Company and such Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Company and the Agents may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agents on the other hand. The relative benefits received by the Company on the one hand and the Agents on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agents from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and such Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or such Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Agent agree that it would not be just and equitable if contributions pursuant to this <u>Section 10(e)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <u>Section 10(e)</u> shall be deemed to include, for the purpose of this <u>Section 10(e)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <u>Section 10(c)</u> hereof. Notwithstanding the foregoing provisions of this <u>Section 10(e)</u>, an Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 10(e)</u>, any person who controls a party to this Agreement within the meaning of the Securities Act, any affiliates of an Agent and any officers, directors, partners, employees or agents of an Agent or any of its affiliates, will have the same rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this <u>Section 10(e)</u>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this <u>Section 10(e)</u> except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of <u>Section 10(c)</u> hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to <u>Section 10(c)</u> hereof. The Agents' respective obligations to contribute pursuant to this <u>Section 10(e)</u> are several in proportion to the respective number of Placement Shares they have sold hereunder, and not joint.

11. <u>Representations and Agreements to Survive Delivery</u>. The indemnity and contribution agreements contained
in <u>Section 10</u> of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant
hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of any Agent, any controlling
persons, or the Company (or any of their respective officers, directors, employees or controlling persons), (ii) delivery and acceptance
of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

12. <u>Termination</u>.

(a) Each Agent may terminate this Agreement with respect to itself, by notice to the Company and the other
Agents, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date
as of which information is given in the Prospectus, any change, or any development or event involving a prospective change, in the condition,
financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Company and its Subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, which individually or in the aggregate, in the
sole judgment of such Agent is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce
contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in
the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis
or any change or development involving a prospective change in national or international political, financial or economic conditions,
in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable to market the Placement
Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited
by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading
have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter
market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United
States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York
authorities. Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 8</u> (Payment of Expenses), <u>Section 10</u> (Indemnification and Contribution), <u>Section 11</u> (Representations and Agreements to
Survive Delivery), <u>Section 17</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 18</u> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination. If an Agent elects to terminate this Agreement as provided in
this <u>Section 12(a)</u>, such Agent shall provide the required notice as specified in <u>Section 13</u> (Notices). For the avoidance
of doubt, the termination by one Agent of its rights and obligations under this Agreement pursuant to this <u>Section 12(a)</u> shall
not affect the rights and obligations of the other Agents under this Agreement.

(b) The Company shall have the right, by giving ten (10) days' notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of
any party to any other party except that the provisions of <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> hereof shall remain in full force and effect notwithstanding such termination. For the avoidance of doubt, the termination
by the Company of this Agreement with respect to one Agent pursuant to this <u>Section 12(b)</u> shall not affect the rights and obligations
of the other Agents under this Agreement.

(c) Each Agent shall have the right, by giving ten (10) days' notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of
any party to any other party except that the provisions of <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> hereof shall remain in full force and effect notwithstanding such termination. For the avoidance of doubt, the termination
by one Agent of its rights and obligations under this Agreement
pursuant to this <u>Section 12(c)</u> shall not affect the rights and obligations of the other Agents under this Agreement.

(d) This Agreement shall remain in full force and effect unless terminated pursuant to <u>Sections 12(a)</u>, <u>(b)</u>, or <u>(c)</u> above or otherwise by mutual agreement of the parties; *provided*, *however*, that any such termination
by mutual agreement shall in all cases be deemed to provide that <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> shall remain in full force and effect.

(e) Any termination of this Agreement shall be effective on the date specified in such notice of termination; *provided*, *however*, that such termination shall not be effective until the close of business on the date of receipt of such
notice by the Agents or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of
Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.

13. <u>Notices</u>. All notices or other communications required or permitted to be given by any party to
any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agents, shall
be delivered to:

Cantor Fitzgerald & Co.

110 East 59<sup>th</sup> Street

New York, NY 10022

Attention: Capital Markets

and:

Cantor Fitzgerald & Co.

110 East 59<sup>th</sup> Street

New York, NY 10022

Attention: General Counsel

and

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite 350

Minneapolis, Minnesota 55402

Attention: Chris Jensen

with a copy to:

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, NY 10020

Attention: Stephen P. Alicanti

and if to the Company, shall be delivered to:

KULR Technology Group, Inc.

555 Forge River Road

Webster, Texas 77598

Attention: Shawn Canter, Chief Financial Officer

with a copy to:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st Floor

New York, New York 10036

Attention: Darrin M. Ocasio

Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) by Electronic Notice, as set forth below, (iii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iv) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, "**<u>Business Day</u>**" shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.

An electronic communication ("**<u>Electronic Notice</u>**") shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form ("**<u>Nonelectronic Notic</u>e**") which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

14. <u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the Company
and each Agent and their respective successors and the parties referred to in Section 10 hereof. References to any of the parties contained
in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party
may assign its rights or obligations under this Agreement without the prior written consent of the other party; *provided*, *however*,
that each Agent may assign its rights and obligations hereunder to an affiliate thereof without obtaining the Company's consent.

15. <u>Adjustments for Stock Splits</u>. The parties acknowledge and agree that all share-related numbers
contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect
to the Placement Shares.

16. <u>Entire Agreement; Amendment; Severability; Waiver</u>. This Agreement (including all schedules and
exhibits attached hereto, any side letters and Placement Notices issued pursuant hereto, any contemporaneous side letters and any prior
engagement letters between the Company and either of the Agents) constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and each Agent. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal
or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder
of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver
by a party shall arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising any right, power,
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any right, power, or privilege hereunder.

17.  **<u>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.** 

18.  **<u>CONSENT TO JURISDICTION</u>. 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 WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) 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 MANNER PERMITTED BY LAW.** 

19. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party
to the other may be made by facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

20. <u>Construction</u>. The section and exhibit headings herein are for convenience only and shall not
affect the construction hereof. References herein to any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental
Authority shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority
as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations
promulgated thereunder.

21. <u>Permitted Free Writing Prospectuses</u>. The Company represents,
warrants and agrees that, unless it obtains the prior written consent of the Agents, and each Agent represents, warrants and agrees that,
unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Placement Shares
that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a "free writing prospectus,"
as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agents or
by the Company, as the case may be, is hereinafter referred to as a "Permitted Free Writing Prospectus." The Company represents
and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing
prospectus," as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to
any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For
the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <u>Exhibit 21</u> hereto
are Permitted Free Writing Prospectuses.

22. <u>Absence of Fiduciary Relationship</u>. The Company acknowledges and agrees that:

(a) each Agent is acting solely as agent in connection with the public offering of the Placement Shares and
in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory
relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or
any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether or not any Agent has advised or is advising the Company on other matters, and
the Agents have no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly
set forth in this Agreement;

(b) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions
of the transactions contemplated by this Agreement;

(c) neither the Agents nor their respective affiliates have provided any legal, accounting, regulatory or
tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate;

(d) it is aware that each Agent and its affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and such Agent and its affiliates have no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

(e) it waives, to the fullest extent permitted by law, any claims it may have against an Agent or its affiliates
for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement
and agrees that such Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise)
to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the
Company, employees or creditors of the Company.

23. <u>Definitions</u>. As used in this Agreement, the following terms have the respective meanings set forth
below:

"**<u>Applicable Time</u>**" means (i) each Representation Date, (ii) the time of each sale of any Placement Shares pursuant to this Agreement and (iii) each Settlement Date.

"**<u>Governmental Authority</u>**" means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing.

"**<u>Issuer Free Writing Prospectus</u>**" means any "issuer free writing prospectus," as defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a "road show" that is a "written communication" within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) under the Securities Act Regulations.

"**<u>Rule 164</u>**," "**<u>Rule 172</u>**," "**<u>Rule 405</u>**," "**<u>Rule 415</u>**," "**<u>Rule 424</u>**," "**<u>Rule 424(b)</u>**," "**<u>Rule 430B</u>**," and "**<u>Rule 433</u>**" refer to such rules under the Securities Act Regulations.

All references in this Agreement to financial statements and schedules and other information that is "contained," "included" or "stated" in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference into the Registration Statement or the Prospectus, as the case may be.

All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to "supplements" to the Prospectus shall include, without limitation, any supplements, "wrappers" or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agents outside of the United States.

[***Signature Page Follows***]

If the foregoing correctly sets forth the understanding between the Company and each Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement between the Company and each Agent.

Very truly yours,

---

| | |
|:---|:---|
| KULR TECHNOLOGY GROUP, INC. | KULR TECHNOLOGY GROUP, INC. |
| By: | /s/ Michael Mo |
|  | Name: Michael Mo |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| ACCEPTED as of the date first-above written: | ACCEPTED as of the date first-above written: |
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. |
| By: | /s/ Sameer Vasudev |
|  | Name: Sameer Vasudev |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| CRAIG-HALLUM CAPITAL GROUP LLC | CRAIG-HALLUM CAPITAL GROUP LLC |
| By: | /s/ Rick Hartfiel |
|  | Name: Rick Hartfiel |
|  | Title: Partner |

---

[*Signature Page to Sales Agreement*]

**SCHEDULE 1**

__________________________

**Form of Placement Notice**

__________________________

---

| | |
|:---|:---|
| From: | KULR Technology Group, Inc. |
| To: | Cantor Fitzgerald & Co.<br> Attention: Sameer Vasudev |
| Subject: | Placement Notice |
| Date: | [•], 202[•] |

---

Ladies and Gentlemen:

Pursuant to the terms and subject to the conditions contained in the Sales Agreement by and among KULR Technology Group, Inc., a Delaware corporation (the "**<u>Company</u>**"), Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC, dated June 9, 2025, the Company hereby requests that Cantor Fitzgerald & Co. sell up to [•] shares of the Company's common stock, par value $0.0001 per share, at a minimum market price of $[•] per share, during the time period beginning [month, day, time] and ending [month, day, time].

Very truly yours,

**SCHEDULE 2**

__________________________

**Compensation**

__________________________

The Company shall pay to Cantor in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount up to 3.0% of the aggregate gross proceeds from each sale of Placement Shares.

**SCHEDULE 3**

__________________________

**Notice Parties**

__________________________

<u>The Company</u>

<u>Cantor Fitzgerald & Co.</u>

With copies to:

**SCHEDULE 4**

__________________________

**Subsidiaries**

__________________________

Incorporated by reference to Exhibit 21.1 of the Company's most recently filed Annual Report on Form 10-K.

**Form of Representation Date Certificate Pursuant to Section 7(l)**

The undersigned, the duly qualified and elected [•], of KULR Technology Group, Inc., a Delaware corporation (the "<u>Company</u>"), does hereby certify in such capacity and on behalf of the Company, pursuant to <u>Section 7(l)</u> of the Sales Agreement, dated June 9, 2025 (the "<u>Sales Agreement</u>"), by and among the Company, Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC, that to the best of the knowledge of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in <u>Section 6</u> of the Sales Agreement are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; *provided*, *however*, that such representations and warranties shall be qualified by the disclosure included in or incorporated by reference into the Registration Statement and Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.

Capitalized terms used herein without definition shall have the meanings given to such terms in the Sales Agreement.

---

| |
|:---|
| **KULR Technology Group, Inc.** |
| By: |
| Name: |
| Title: |

---

Date: [•]

**<u>Exhibit 21</u>**

**Permitted Free Writing Prospectus**

None.