Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

ZOSANO PHARMA CORPORATION 

UP TO $20,000,000 OF COMMON STOCK 

(par value $0.0001 per share) 

AT-THE-MARKET SALES AGREEMENT 

June 8, 2020 
 BTIG, LLC 

600 Montgomery Street 
 6th Floor 

San Francisco, CA 94111 
 Ladies and Gentlemen: 

Zosano Pharma Corporation, a Delaware corporation (the “Company”), confirms its agreement (this
“Agreement”) with BTIG, LLC (“BTIG” and, together with the Company, the “Parties”), as follows: 

1. Issuance and Sale of Shares. 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 BTIG, as sales agent and/or principal, up to that number of shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
having an aggregate offering price of $20,000,000 (the “Shares”); provided, however, that in no event shall the Company issue or sell to or through BTIG such number of Shares that would (a) exceed the number or
amount of shares of Common Stock permitted to be sold under Form S-3 (including, if and so long as applicable, General Instruction I.B.6 of Form S-3), (b) exceed the
number or amount of shares of Common Stock then available for offer and sale under the currently effective Registration Statement (as defined below) pursuant to which the offering hereunder and under any Terms Agreement is being made or
(c) exceed the number of authorized but unissued shares of the Company’s Common Stock (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the Parties
acknowledge and agree that compliance with the limitations set forth in this Section 1 on the Maximum Amount of Shares that may be issued and sold under this Agreement and any Terms Agreement (as defined below) shall be the
sole responsibility of the Company, and that BTIG shall have no obligation in connection with such compliance. The Company agrees that whenever it determines to sell Shares directly to BTIG, as principal, it will enter into a separate agreement
(each, a “Terms Agreement”) in a form to be agreed upon by the Company and BTIG relating to such sale in accordance with Section 2(b) of this Agreement (each such transaction being referred to as a
“Principal Transaction”). Each transaction pursuant to this Agreement in which the Company determines to sell Shares through BTIG, as sales agent, is hereinafter referred to as an “Agency Transaction”.
The issuance and sale of Shares to or through BTIG will be effected pursuant to the Registration Statement (as defined below) filed by the Company and which was declared effective under the Securities Act (as defined below) by the U.S. Securities
and Exchange Commission (the “Commission”). 
  

 The Company has prepared and filed, in accordance with the provisions of the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the “Securities Act”), with the Commission, not earlier than three years prior to the date hereof, a shelf registration statement on
Form S-3 (File No. 333-237187), including a base prospectus, with respect to offerings of certain securities of the Company, including the Shares, 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, and the rules and regulations promulgated thereunder (collectively, the
“Exchange Act”). The Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement at the time it became effective specifically relating to the offering of the Shares
pursuant to this Agreement (the “Prospectus Supplement”). The Company will furnish to BTIG, for use by BTIG, copies of the base prospectus included as part of such registration statement at the time it became effective, as
supplemented by the Prospectus Supplement. Except where the context otherwise requires, such registration statement, as declared effective by the Commission, including the information, if any, deemed pursuant to Rule 430B or 430C under the
Securities Act, as applicable, to be part of the registration statement at the time of its effectiveness and all documents filed as part thereof or incorporated by reference therein, and including any information contained in the Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act, collectively, are herein called the “Registration Statement,” and the base prospectus included in the registration
statement at the time it became effective, including all documents incorporated therein by reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule
430B(g) of the Securities Act), as it may be supplemented by the Prospectus Supplement, in the form filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, including all documents incorporated therein by reference,
together with any “issuer free writing prospectus”, as defined in Rule 433 under the Securities Act (“Rule 433”), relating to the Shares that (i) is required to be filed with the Commission by the Company or
(ii) is exempt from filing pursuant to Rule 433(d)(5)(i), 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),
is herein called the “Prospectus.” If the Company has filed an abbreviated registration statement to register additional securities of the Company pursuant to Rule 462(b) under the Securities Act, then any reference to
the Registration Statement in this Agreement shall also be deemed to include such abbreviated registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act. Any reference herein to the Registration Statement, the
Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with
respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (such documents incorporated or
deemed to be incorporated by reference are herein called the “Incorporated Documents”). 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 any copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval system, or if applicable, the Interactive Data Electronic Applications system when used by the Commission (collectively,
“EDGAR”). 

  
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 2. Placements; Principal Transactions.  

(a) Each time that the Company wishes to issue and sell Shares hereunder in an Agency Transaction (each, a
“Placement”), it will notify BTIG by email notice (or other method mutually agreed to in writing by the Parties) of the amount of Shares requested to be sold or the gross proceeds to be raised in a given time period, the time
period during which sales are requested to be made, any limitation on the amount of Shares that may be sold in any single day, any minimum price below which sales may not be made or any minimum price requested for sales in a given time period and
any other instructions relevant to such requested sales (a “Placement Notice”), the form of which is attached hereto as Schedule 1. A Placement Notice shall originate from any of the individual representatives
of the Company set forth on Schedule 3, and shall be addressed to each of the individual representatives of BTIG set forth on Schedule 3, as such Schedule 3 may be amended from time to time. Provided
the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall be effective unless and until (i) BTIG, in accordance with the notice requirements set forth in Section 4, declines to
accept the terms contained therein for any reason, in its sole discretion (which shall not be deemed a breach of BTIG’s agreement herein), (ii) the entire amount of the Shares thereunder have been sold or the aggregate Shares sold under this
Agreement and all Terms Agreements equals the Maximum Amount, whichever occurs first, (iii) the Company, in accordance with the notice requirements set forth in Section 4, suspends or terminates the Placement Notice or
sales thereunder, (iv) BTIG, in accordance with the notice requirements set forth in Section 4, suspends sales under the Placement Notice, (v) the Company issues a subsequent Placement Notice with parameters
superseding those on the earlier dated Placement Notice or (vi) this Agreement has been terminated under the provisions of Section 13. The amount of any commission to be paid by the Company to BTIG in connection with
the sale of the Shares effected through BTIG, as agent, in an Agency Transaction shall be calculated in accordance with the terms set forth in Schedule 2. It is expressly acknowledged and agreed that neither the Company nor BTIG will
have any obligation whatsoever with respect to a Placement or any Shares unless and until the Company delivers a Placement Notice to BTIG and BTIG 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. 

(b) If the Company wishes to issue and sell Shares hereunder in a Principal Transaction, it will notify BTIG by email notice
(or other method mutually agreed to in writing by the Parties) of the proposed terms of the Principal Transaction. If BTIG, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion)
or, following discussions with the Company, wishes to accept amended terms, the Company and BTIG shall enter into a Terms Agreement setting forth the terms of such Principal Transaction. Neither the Company nor BTIG shall have any obligation to
enter into a Principal Transaction. The terms set forth in a Terms Agreement shall not be binding on the Company or BTIG, unless and until the Company and BTIG have each executed such Terms Agreement accepting all of the terms of such Terms
Agreement. Any such Terms Agreement shall specify the number or amount of Shares to be sold by the Company to and purchased by BTIG pursuant thereto, the per share purchase price to be paid to the Company for such Shares (specifying and giving
effect to all market price discounts applicable to such Principal Transaction), all other compensation and/or 

  
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other fees or expenses payable by the Company to or for the benefit of BTIG in connection with such Principal Transaction, the Net Proceeds (as defined below) payable to the Company, the time,
date and place of delivery of and payment for such Shares (to the extent the settlement terms for sales of such Shares are intended to differ from those set forth in Section 5 hereof), and the other terms upon which such
sale is to occur. A Terms Agreement may also specify certain provisions relating to the reoffering of such Shares by BTIG. Each of the Parties acknowledges and agrees that such Principal Transaction shall be based on compensation that is mutually
agreeable to both the Company and BTIG. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement, the terms of the Terms Agreement will control. The commitment of BTIG to purchase the Shares as principal
pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations, warranties and agreements of the Company contained in this Agreement and shall be subject to the terms and conditions herein set forth. Each of
the Parties acknowledges and agrees that, notwithstanding anything to the contrary contained in this Agreement or any Terms Agreement, BTIG may engage in sales and other transactions in respect of a number of shares of Common Stock equal to the
number of Shares deliverable to BTIG pursuant to a Terms Agreement, whether or not BTIG has taken possession of such Shares at the time of such sales or other transactions, and nothing contained in this Agreement or any Terms Agreement shall
limit or be deemed to limit BTIG’s ability to engage in such sales or other transactions. 
 3. Sale of Shares by BTIG. On the
basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the Company’s issuance of a Placement Notice in an Agency Transaction, and unless the sale of the Shares described
therein has been declined, suspended or otherwise terminated in accordance with the terms of this Agreement, BTIG, as sales agent for the Company, 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 Nasdaq Stock Market (the “Exchange”), for the period specified in the Placement Notice to sell such Shares up to the amount specified by the
Company in, and otherwise in accordance with the terms of, such Placement Notice. If acting as sales agent in an Agency Transaction, BTIG will provide written confirmation to the Company no later than the opening of the Trading Day (as defined
below) next following the Trading Day on which it has made sales of Shares hereunder, setting forth the number of Shares sold on such day, the compensation payable by the Company to BTIG with respect to such sales pursuant to
Section 2 (it being hereby acknowledged and agreed that such compensation shall not apply when BTIG acts as principal, in which case such compensation, discounts or other fees shall be set forth in the applicable Terms
Agreement), and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by BTIG (as set forth in Section 5(a)) from the gross proceeds for the Shares that it receives from such
sales. BTIG may sell Shares, as sales agent in an Agency Transaction, by any method permitted by law deemed to be an “at-the-market” offering as defined in
Rule 415 under the Securities Act, including, without limitation, sales made directly on the Exchange, on any other existing trading market for the Common Stock or to or through a market maker or through an electronic communications network. After
consultation with the Company and subject to the terms of a Placement Notice, BTIG may also sell Shares, as sales agent in an Agency Transaction, in privately negotiated transactions. During the term of this Agreement and notwithstanding anything to
the contrary herein, BTIG agrees that in no event will it or any of its affiliates engage in any market making, bidding, stabilization or other trading 

  
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activity with regard to the Common Stock if such activity would be prohibited under Regulation M or other anti-manipulation rules under the Exchange Act. The Company acknowledges and agrees that
(i) there can be no assurance that BTIG will be successful in selling Shares in any Agency Transaction hereunder, (ii) BTIG will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares in
any Agency Transaction for any reason other than a failure by BTIG to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Shares as required under this Section 3, and
(iii) BTIG shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement. For the purposes hereof, “Trading Day” means any day on which Common Stock is purchased and sold on the
principal market on which the Common Stock is listed or quoted. 
 4. Suspension of Sales. 

(a) The Company or BTIG may, upon notice to the other party in writing (including by email correspondence to each of the
individual representatives of the other party set forth on Schedule 3, 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 individual representatives of the other party set forth on Schedule 3), suspend this offering and any sale of Shares in an Agency
Transaction for a period of time (a “Suspension Period”); provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any Shares sold hereunder prior to the
receipt of such notice. Each of the Parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals named on Schedule 3 hereto, as such
Schedule may be amended from time to time. During a Suspension Period, the Company shall not issue any Placement Notices and BTIG shall not sell any Shares hereunder. The party that issued a Suspension Notice shall notify the other party in writing
of the Trading Day on which the Suspension Period shall expire not later than twenty-four (24) hours prior to such Trading Day. 

(b) Notwithstanding any other provision of this Agreement or any Terms Agreement, the Company shall not offer or sell, or
request the offer or sale of, any Shares and, by notice to BTIG given by telephone (confirmed promptly by verifiable facsimile transmission or email), shall cancel any instructions for the offer or sale of any Shares, and BTIG shall not be obligated
to offer or sell any Shares, (i) during any period in which the Company is, or may be deemed to be, in possession of material non-public information or (ii) except as expressly provided in
Section 4(c) below, at any time from and including the date (each, an “Announcement Date”) on which the Company shall issue a press release containing, or shall otherwise publicly announce, its
earnings, revenues or other results of operations (each, an “Earnings Announcement”) through and including the time that is 24 hours after the time that the Company files (a “Filing Time”) a quarterly
report on Form 10-Q or an annual report on Form 10-K that includes financial statements as of and for the same period or periods, as the case may be, covered by such
Earnings Announcement. 
 (c) If the Company wishes to offer, sell or deliver Shares at any time during the period from and
including an Announcement Date through and including the time that is 24 hours after the corresponding Filing Time, the Company shall, as conditions to the 

  
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giving or continuation of any Placement Notice with respect to an Agency Transaction or the execution by BTIG of any Terms Agreement with respect to a Principal Transaction, (i) prepare and
deliver to BTIG (with a copy to counsel to BTIG) a report on Form 8-K which shall include substantially the same financial and related information as was set forth in the relevant Earnings Announcement (other
than any earnings or other projections, similar forward-looking data and officers’ quotations) (each, an “Earnings 8-K”), in form and substance reasonably satisfactory to BTIG and
its counsel, (ii) provide BTIG with the officers’ certificate and the Chief Financial Officer’s certificate called for by Sections 7(n) and 7(q), respectively, dated the date of the Placement Notice for such Agency
Transaction or the Settlement Date (as defined below) of such Principal Transaction, as applicable, which certificates shall be deemed to remain in effect during the applicable period unless withdrawn by the Company, and the opinion of Company
Counsel (or Reliance Letter, as applicable) and Comfort Letter called for by Sections 7(o) and 7(p), respectively, dated the date of the Placement Notice for such Agency Transaction or the Settlement Date of such Principal Transaction,
as applicable, (iii) afford BTIG the opportunity to conduct a due diligence review in accordance with Section 7(l) hereof and (iv) file such Earnings 8-K with the Commission
(so that it is deemed “filed” for purposes of Section 18 of the Exchange Act). The provisions of clause (ii) of Section 4(b) shall not be applicable for the period from and after the time at which the
conditions set forth in the immediately preceding sentence shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first publicly released) through and including the time that is
24 hours after the Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be. For purposes of clarity, the Parties
agree that (A) the delivery of any officers’ certificate, opinion of Company Counsel (or Reliance Letter, as applicable) and Comfort Letter pursuant to this Section 4(c) shall not relieve the Company from any of
its obligations under this Agreement with respect to any quarterly report on Form 10-Q, annual report on Form 10-K, or report on Form
8-K, as the case may be, including, without limitation, the obligation to deliver the officers’ certificate, opinion of Company Counsel (or Reliance Letter, as applicable), Comfort Letter and Chief
Financial Officer’s certificate called for by Sections 7(n), 7(o), 7(p) and 7(q), respectively, which Sections shall have independent application, and (B) this Section 4(c) shall in no
way affect or limit the operation of the provisions of clause (i) of Section 4(b), which shall have independent application. 

5. Settlement. 

(a) Settlement of Shares. Unless otherwise specified in the applicable Placement Notice or Terms Agreement (as
applicable), settlement for sales of Shares will occur on the second (2nd) 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 “Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Shares sold (the “Net Proceeds”) will be equal to the aggregate sales
price received by BTIG for the Shares, after deduction for (i) BTIG’s commission for such sales payable by the Company pursuant to Section 2 hereof in an Agency Transaction, or BTIG’s compensation, discounts
or other fees pursuant to the terms of the applicable Terms Agreement in a Principal Transaction, as applicable, (ii) any other amounts due and payable by the Company to BTIG hereunder and under any Terms Agreement, as applicable, pursuant to
Section 7(h) (Expenses) hereof and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. 

  
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 (b) Delivery of Shares. On or before each Settlement Date, the
Company will, or will cause its transfer agent to, issue and electronically transfer the Shares being sold by crediting BTIG’s or its designee’s (provided BTIG shall have given the Company written notice of such designee prior to the
Settlement Date) account 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, which Shares in all cases shall be freely tradeable,
transferable, registered shares in good deliverable form. On each Settlement Date, BTIG will deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the Settlement Date. The Company agrees that if the
Company, or its transfer agent, defaults in its obligation to deliver Shares on a Settlement Date pursuant to the terms of any Agency Transaction or Terms Agreement (other than as a result of a failure by BTIG to provide instructions for delivery),
in addition to and in no way limiting the rights and obligations set forth in Section 10(a) (Indemnification by the Company), the Company will (i) hold BTIG, its directors, officers, members, partners, employees and
agents of BTIG and each person, if any, who (A) controls BTIG within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled by or is under common control with BTIG (other than the
Company and its subsidiaries) (a “BTIG Affiliate”), harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable and documented 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 BTIG (without duplication) any commission or other compensation (including the value of any market price discounts in any applicable Principal
Transaction) to which it would otherwise have been entitled absent such default. 
 (c) Limitations on Offering Size.
Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement or any Terms Agreement (i) if, after giving effect to the sale of such Shares, the aggregate number of Shares sold pursuant to
this Agreement and all Terms Agreements would exceed the lesser of (A) the Maximum Amount and (B) the number or 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 BTIG in writing, or (ii) at a price lower than the minimum price therefor authorized from time to time by the Company’s board of directors, a duly
authorized committee thereof or a duly authorized executive committee, and notified to BTIG in writing. Under no circumstances shall the Company cause or request the offer or sale of any Shares in any Agency Transaction pursuant to this Agreement or
cause the offer or sale to BTIG of any Shares in any Principal Transaction pursuant to this Agreement and any Terms Agreement, in each case, at a price lower than the minimum price therefor authorized from time to time by the Company’s board of
directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to BTIG in writing. Under no circumstances shall the aggregate number of Shares sold pursuant to this Agreement and all Terms Agreements exceed the
Maximum Amount. Notwithstanding anything to the contrary contained herein, the Parties acknowledge and agree that compliance with the limitations set forth in this Section 5(c) on the number or amount of Shares that may be
issued and sold under this Agreement and any Terms Agreement shall be the sole responsibility of the Company, and that BTIG shall have no obligation in connection with such compliance. 

  
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 6. Representations and Warranties of the Company. The Company represents and warrants
to, and agrees with, BTIG that as of (i) the date of this Agreement, (ii) each Representation Date (as defined in Section 7(n)) on which a certificate is required to be delivered pursuant to
Section 7(n), (iii) the date on which any Placement Notice is delivered by the Company hereunder, (iv) the date on which any Terms Agreement is executed by the Company and BTIG and (v) each time of sale of Shares
pursuant to this Agreement or any Terms Agreement (each such time of sale, an “Applicable Time”), as the case may be: 

(a) Compliance with Registration Requirements. The Registration Statement has become effective under the Securities Act.
The Company has complied, to the Commission’s satisfaction, with all requests of the Commission for additional or supplemental information, if any. No stop order suspending the effectiveness of the Registration Statement is in effect and no
proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission. At the time the Company’s most recent Annual Report on Form
10-K was filed with the Commission, or, if later, at the time the Registration Statement was originally filed with the Commission, the Company met the then-applicable requirements for use of Form S-3 under the Securities Act, including, if applicable, General Instruction I.B.6 of Form S-3. The documents incorporated or deemed to be incorporated by reference in the
Registration Statement and the Prospectus, at the time they were or hereafter are filed with the Commission, or became effective under the Exchange Act, as the case may be, complied and will comply in all material respects with the requirements of
the Exchange Act. 
 (b) Disclosure. The Prospectus when filed complied in all material respects with the Securities
Act and, if filed by electronic transmission pursuant to EDGAR, was identical (except as may be permitted by Regulation S-T under the Securities Act) to the copy thereof delivered to BTIG for use in connection
with the offer and sale of the Shares. Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, complied and will comply in all material respects with the Securities Act and did not and
will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statement therein not misleading. The Prospectus does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do
not apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with written information relating
to BTIG furnished to the Company in writing by BTIG expressly for use therein, it being understood and agreed that the only such information consists of the information described in Section 10(b). There are no contracts or other documents
required to be described in the Prospectus or to be filed as an exhibit to the Registration Statement which have not been described or filed as required. 

  
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 (c) Market Capitalization. On March 16, 2020 (the
“Determination Date”), the aggregate market value of the outstanding voting and non-voting common equity (as defined in Securities Act Rule 405) of the Company held by persons other than
affiliates of the Company (pursuant to Securities Act Rule 144, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate Shares”), was equal to or greater than $75 million (calculated by multiplying (x) the highest price at which the common equity of the Company closed on the Exchange within 60
days of Determination Date times (y) the number of Non-Affiliate Shares). 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 12
calendar months previously reflecting its status as an entity that is not a shell company. 
 (d) Free Writing
Prospectuses. As of the determination date referenced in Rule 164(h) under the Securities Act, the Company was not, is not or will not be (as applicable) an “ineligible issuer” in connection with the offering of the Shares pursuant to
Rules 164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements
of the Securities Act. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will
comply in all material respects with the requirements of Rule 433 under the Securities Act, including timely filing with the Commission or retention where required and legending, and each such free writing prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Shares did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the
Prospectus and not superseded or modified. The Company has not prepared, used or referred to, and will not, without BTIG’s prior written consent, prepare, use or refer to, any free writing prospectus. 

(e) Emerging Growth Company. From the filing of the Registration Statement with the Commission through the date of this
Agreement, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”). 

(f) Distribution of Offering Material by the Company. The Company has not distributed and will not distribute any
offering material in connection with the offering and sale of the Shares other than the Registration Statement, the Prospectus or any free writing prospectus reviewed and consented to by BTIG. 

  
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 (g) Financial Information. The financial statements of the Company
included or incorporated by reference in the Registration Statement and the Prospectus, if any, together with the related notes and schedules, present fairly, in all material respects, the financial position of the Company as of the dates indicated
and the 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
United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved; there are no financial statements (historical or pro forma) that are required to be included or
incorporated by reference in the Registration Statement and the Prospectus that are not included or incorporated by reference as required; the Company does 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 and the Prospectus 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. 

(h) Conformity with EDGAR Filing. The Prospectus delivered to BTIG for use in connection with the sale of the 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. 

(i) Organization. The Company is duly organized, validly existing as a corporation and in good standing under the Laws
(as defined below) of its jurisdiction of organization. The Company is duly licensed or qualified as a foreign corporation for transaction of business and in good standing under the Laws of each other jurisdiction in which its ownership or lease of
property or the conduct of its business requires such license or qualification, and has all corporate power and authority necessary to own or hold its properties and to conduct its business as described in the Registration Statement and the
Prospectus, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on or affecting the assets, business, operations, earnings,
properties, condition (financial or otherwise), prospects, stockholders’ equity or results of operations of the Company, or prevent or materially interfere with the consummation of the transactions contemplated hereby (a “Material
Adverse Effect”). “Law” means any and all laws, including all federal, state, local, municipal, national or foreign statutes, codes, ordinances, guidelines, decrees, rules, regulations and
by-laws and all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other requirements of any Governmental Authority (as
defined below), binding on or affecting the person referred to in the context in which the term is used and rules, regulations and policies of any stock exchange on which securities of the Company are listed for trading. “Governmental
Authority” 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. 

  
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 (j) Subsidiaries. The Company, directly or indirectly, owns no
capital stock or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity. 

(k) No Violation or Default. The Company is not (i) in violation of its charter or by laws or similar
organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; or (iii) in violation of
any Law of any Governmental Authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, have a Material Adverse Effect. To the Company’s
knowledge, no other party under any material contract or other agreement to which it is a party is in default in any respect thereunder where such default would have a Material Adverse Effect. 

(l) No Material Adverse Effect. Subsequent to the respective dates as of which information is given in the Registration
Statement and the Prospectus (including any document deemed incorporated by reference therein), there has not been (i) any Material Adverse Effect or the occurrence of any development that the Company reasonably expects will result in a
Material Adverse Effect, (ii) any transaction which is material to the Company, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the
Company, which is material to the Company, (iv) any material change in the capital stock or outstanding long-term indebtedness of the Company or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of
the Company, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document deemed incorporated by reference therein). 

(m) Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are
fully paid and nonassessable and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding
capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other than the grant of additional options under the Company’s existing stock option plans, or changes in the number of
outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof) and such authorized capital stock
conforms in all material respects to the description thereof set forth in the Registration Statement and the Prospectus. The description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in
all material respects. Except as disclosed in the Registration Statement or the Prospectus, as of the dates referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any
securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities. 

  
 11 

 (n) Authorization; Enforceability. The Company has full legal right,
power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable
in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
Laws affecting creditors’ rights generally and by general equitable principles. 
 (o) Authorization of the
Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be duly and validly issued, fully paid and
nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered
pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Registration Statement and the Prospectus. 

(p) No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any
Governmental Authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale by the Company of the Shares, except for such consents, approvals, authorizations, orders and registrations or
qualifications as may be required under applicable state securities Laws or Laws of the Financial Industry Regulatory Authority Inc. (“FINRA”) or the Exchange in connection with the sale of the Shares. 

(q) No Preferential Rights. (i) No person, as such term is defined in Rule
1-02 of Regulation S-X promulgated under the Securities Act (each, a “Person”), 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) other than BTIG, no Person has the right to act as an underwriter, sales agent 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 Shares as contemplated thereby or otherwise. 

  
 12 

 (r) Independent Public Accounting Firm. To the Company’s
knowledge, Deloitte & Touche LLP (the “Accountant”), whose report on the financial statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with the Commission and incorporated by reference into the Registration Statement and the Prospectus, is and, during the periods covered by its report, was an independent registered public accounting firm
within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of
2002 (the “Sarbanes-Oxley Act”) with respect to the Company. 
 (s) Enforceability of
Agreements. 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. 
 (t)
No Litigation. There are no actions, suits or proceedings by or before any Governmental Authority pending, nor, to the Company’s knowledge, any audits or investigations by or before any Governmental Authority, to which the Company is a
party or to which any property of the Company is the subject that, individually or in the aggregate, would have a Material Adverse Effect and, to the Company’s knowledge, no such actions, suits, proceedings, audits or investigations are
threatened or contemplated by any Governmental Authority or threatened by others; and to the Company’s knowledge (i) there are no current or pending audits, investigations, actions, suits or proceedings by or before any Governmental
Authority that are required under the Securities Act to be described in the Prospectus that are not so described; and (ii) there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed. 
 (u) Consents and Permits. The Company has made all filings,
applications and submissions required by, possesses and is operating in compliance with, all approvals, licenses, certificates, certifications, clearances, consents, grants, exemptions, marks, notifications, orders, permits and other authorizations
issued by, each appropriate federal, state or foreign Governmental Authorities (including the United States Food and Drug Administration (the “FDA”) or any other foreign, federal, state, provincial or local Governmental
Authorities engaged in the regulation of clinical trials or pharmaceutical products) necessary for the ownership or lease of its properties or to conduct its business as described in the Registration Statement and the Prospectus (collectively,
“Permits”), except for such Permits the failure of which to possess, obtain or make the same would not have a Material Adverse Effect; the Company is in compliance with the terms and conditions of all such Permits, except
where the failure to be in compliance would not have a Material Adverse Effect; all of the Permits are valid and in full force and effect, except where any invalidity, individually or in the aggregate, would not have a Material Adverse Effect; and
the Company has not received any written notice relating to the limitation, 

  
 13 

 
revocation, cancellation, suspension, modification or non-renewal of any such Permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a Material Adverse Effect, or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. To the extent required by applicable Laws of the FDA, the Company has submitted to the FDA an Investigational New Drug Application or amendment or supplement thereto for each
clinical trial it has conducted or sponsored or is conducting or sponsoring; all such submissions were in material compliance with applicable Laws when submitted and no material deficiencies have been asserted by the FDA with respect to any such
submissions. 
 (v) Regulatory Filings. The Company has not failed to file with the applicable Governmental Authority
(including the FDA, or any foreign, federal, state, provincial or local Governmental Authority performing functions similar to those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such
failures that, individually or in the aggregate, would not have a Material Adverse Effect; all such filings, declarations, listings, registrations, reports or submissions were in compliance with applicable Laws when filed and no deficiencies have
been asserted by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually or in the aggregate, would not have a Material
Adverse Effect. The Company has operated and currently is, in all material respects, in compliance with the United States Federal Food, Drug, and Cosmetic Act, all applicable rules and regulations of the FDA and other federal, state, local and
foreign Governmental Authority exercising comparable authority. 
 (w) Intellectual Property. The Company owns,
possesses, licenses or has other rights to use all foreign and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet
domain names, know-how and other intellectual property (collectively, the “Intellectual Property”), necessary for the conduct of its business as now conducted except to the extent that
the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect. (i) Except as disclosed in the Registration Statement and the
Prospectus, there are no rights of third parties to any such Intellectual Property owned by the Company, except for any such rights as would not, individually or in the aggregate, result in a Material Adverse Effect; (ii) to the Company’s
knowledge, there is no infringement by third parties of any such Intellectual Property; (iii) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s rights
in or to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (v) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the
Company infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company’s knowledge, there is no third-party U.S. patent or published

  
 14 

 
U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described in
the Registration Statement and the Prospectus as being owned by or licensed to the Company; and (vii) the Company has complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company, and all
such agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually or in the
aggregate, result in a Material Adverse Effect. 
 (x) Clinical Studies. The preclinical studies and tests and
clinical trials described in the Registration Statement and the Prospectus were, and, if still pending, are being conducted in all material respects in accordance with the experimental protocols established for such tests or trials; the descriptions
of such studies, tests and trials, and the results thereof, contained in the Registration Statement and the Prospectus are accurate in all material respects; the Company is not aware of any tests, studies or trials not described in the Registration
Statement and the Prospectus, the results of which reasonably call into question in any material respect the results of the tests, studies and trials described in the Registration Statement and the Prospectus; and the Company has not received any
written notice or correspondence from the FDA or any foreign, state or local Governmental Authority exercising comparable authority or any institutional review board or comparable authority requiring the termination, suspension, clinical hold or
material modification of any tests, studies or trials. 
 (y) No Material Defaults. The Company has not defaulted on
any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant to Sections
13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or
(ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect. 

(z) No Stabilization or Manipulation; Compliance with Regulation M. During the Prospectus Delivery Period (as
defined below), the Company will not take, and will ensure that no affiliate of the Company will take, directly or indirectly, without giving effect to activities by BTIG, any action designed to or that might cause or result in stabilization or
manipulation of the price of the Shares or any reference security with respect to the Shares, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all
applicable provisions of Regulation M. 
 (aa) Broker/Dealer Relationships. The Company (i) is not required to
register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act and (ii) does not, directly or indirectly through one or more intermediaries, control, and is not, a “person associated with a
member” or “associated person of a member” (within the meaning set forth in the FINRA Manual). 
  

  
 15 

 (bb) No Reliance. The Company has not relied upon BTIG or legal
counsel for BTIG for any legal, tax or accounting advice in connection with the offering and sale of the Shares. 
 (cc)
Taxes. The Company has filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being
contested in good faith, except where the failure to so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined
adversely to the Company which has had, or would have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment that has been, or
would reasonably be expected to be, asserted or threatened against it which would have a Material Adverse Effect. 
 (dd)
Title to Real and Personal Property. The Company does not own any real property. Except as set forth in the Registration Statement and the Prospectus, the Company has good and valid title to all personal property described in the Registration
Statement or the Prospectus as being owned by it that is material to the business of the Company, in each case free and clear of all liens, encumbrances and claims, except those matters that (i) do not materially interfere with the use made and
proposed to be made of such property by the Company or (ii) would not, individually or in the aggregate, have a Material Adverse Effect. Any real or personal property described in the Registration Statement or the Prospectus as being leased by
the Company is held by it under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or (B) would not, individually or in the
aggregate, have a Material Adverse Effect. To the Company’s knowledge, each of the properties of the Company complies with all applicable Laws (including building and zoning Laws and Laws relating to access to such properties), except if and to
the extent disclosed in the Registration Statement or the Prospectus or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to interfere in any material respect with the use made and proposed
to be made of such property by the Company or otherwise have a Material Adverse Effect. The Company has not received from any Governmental Authorities any notice of any condemnation of, or zoning change affecting, the properties of the Company, and
the Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property by the Company or
otherwise have a Material Adverse Effect, individually or in the aggregate. 
 (ee) Environmental Laws. The Company
(i) is in compliance with any and all applicable federal, state, local and foreign Laws relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
“Environmental Laws”); (ii) has received and is in 

  
 16 

 
compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct its business as described in the Registration Statement or the Prospectus;
and (iii) has not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses
(i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, have a Material Adverse Effect. 

(ff) Periodic Review of Costs of Environmental Compliance. In the ordinary course of its business, the Company conducts
a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company, in the course of which it identifies and evaluates associated costs and liabilities (including any capital or operating expenditures
required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third
parties). No facts or circumstances have come to the Company’s attention in connection with such reviews that would, individually or in the aggregate, have a Material Adverse Effect. 

(gg) Disclosure Controls. The Company maintains systems 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’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over
financial reporting (other than as set forth in the Registration Statement or Prospectus). Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company’s internal
control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting (other than as set forth in the Registration Statement or Prospectus). The
Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and
procedures to ensure that material information relating to the Company is made known to the certifying officers by others within those entities, particularly during the period in which the Company’s Annual Report or Quarterly Report on Form 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the last day of the period covered
by the Form 10-K for the fiscal year most recently ended (such date, the “Evaluation Date”). The Company presented in its Form 10-K for
the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures are
effective as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of Regulation S-K under
the Securities Act) or, to the Company’s knowledge, in other factors that could materially affect the Company’s internal controls. 

  
 17 

 (hh) Sarbanes-Oxley. There is and has been no failure on the part of
the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of
the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications
required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence,
“principal executive officer” and “principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act. 

(ii) Brokers. The Company has not incurred any liability for any finder’s fees, brokerage commissions or similar
payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to or pursuant to this Agreement. 

(jj) Labor Disputes. No labor disturbance by or dispute with employees of the Company exists or, to the knowledge of the
Company, is threatened which would have a Material Adverse Effect. 
 (kk) Investment Company Act. The Company is not,
and will not be, either after receipt of payment for the Shares or after the application of the proceeds therefrom as described under “Use of Proceeds” in the Registration Statement or the Prospectus, required to register as an
“investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940 (the “Investment Company Act”). 

(ll) Operations. The operations of the Company 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, the money laundering Laws of all jurisdictions to which the Company is subject, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”); and no action, suit or proceeding by or before any Governmental Authority
involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(mm) Off-Balance Sheet Arrangements. There are no transactions, arrangements and
other relationships between and/or among the Company, and/or any of its affiliates and any unconsolidated entity, including any structural finance, special purpose or limited purpose entity (each, an
“Off-Balance Sheet Transaction”) that would affect materially the Company’s liquidity or the availability of or requirements for its capital resources, including those Off-Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as required. 

  
 18 

 (nn) ERISA. 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 (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees
or former employees of the Company has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including ERISA and the Internal Revenue Code of 1986 (the
“Code”); 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. 
 (oo) Forward-Looking
Statements. Each financial or operational projection or other “forward-looking statement” (as defined by Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement or the
Prospectus (i) was so included by the Company in good faith and with reasonable basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii) is accompanied by
meaningful cautionary statements identifying those factors that could cause actual results to differ materially from those in such forward-looking statement. 

(pp) Margin Rules. Neither the issuance, sale and delivery of the 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. 

(qq) Insurance. The Company carries, or is covered by, insurance in such amounts and covering such risks as the Company
reasonably believes are adequate for the conduct of its properties and as is customary for companies engaged in similar businesses in similar industries. 

(rr) No Improper Practices. (i) Neither the Company nor any director or officer of the Company, nor, to the
Company’s knowledge, any employee, agent, affiliate or other person acting on behalf of the Company 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 

  
 19 

 
indirect, exists between or among the Company or any affiliate of the Company, on the one hand, and the directors, officers and stockholders of the Company, 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 affiliate of the Company, on the one hand, and
the directors, officers, or stockholders of the Company, 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 to or for the benefit of any of its 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 to alter the customer’s
or supplier’s level or type of business with the Company or (B) a trade journalist or publication to write or publish favorable information about the Company or any of its products or services, and, (vi) neither the Company nor any
director or officer of the Company, nor, to the Company’s knowledge, any employee, agent, affiliate or other person acting on behalf of the Company has (A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt
Practices Act of 1977, or any other applicable anti-bribery or anti-corruption Law (collectively, “Anti-Corruption Laws”), (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 received or
retained any funds in violation of any Anti-Corruption Laws. 
 (ss) No Conflicts. Neither the execution of this
Agreement, nor the issuance, offering or sale of the Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof and thereof will conflict with, or
will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of
the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived
and (ii) such conflicts, breaches and defaults that would not have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in
any material violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any Governmental Authority having jurisdiction over the Company. 

(tt) Sanctions. 

i) The Company represents that, neither the Company (in this paragraph (tt), the “Entity”) nor any
director or officer of the Entity, nor, to the Company’s knowledge, any employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (tt), “Person”) that is, or is
owned or controlled by a Person that is: 

  
 20 

 (A) the subject of any sanctions administered or enforced by the U.S.
Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including designation on
OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions Evaders List (as amended, collectively, “Sanctions”), nor 

(B) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit
dealings with that country or territory (including Cuba, Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine) (the “Sanctioned Countries”). 

ii) The Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: 

(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the
time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; or 
 (B) in any other
manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). 

iii) The Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the
past 5 years, it has not knowingly engaged in, is not now knowingly engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the
subject of Sanctions or is or was a Sanctioned Country. 
 (uu) Compliance with Laws. Except as would not,
individually or on the aggregate, have a Material Adverse Effect, the Company: (i) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the ownership, testing, development, manufacture, packaging,
processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company (“Applicable Laws”); (ii) has not received any
FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the FDA or any other Governmental Authority alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates,
approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”); (iii) possesses all Authorizations and such Authorizations are valid and in full
force and effect and are not in violation of any term of any such Authorizations; (iv) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Authority or third party has threatened any such claim,
litigation, arbitration, 

  
 21 

 
action, suit, investigation or proceeding; (v) has not received written notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify or
revoke any Authorizations and has no knowledge that any such Governmental Authority has threatened such action; (vi) has filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct on the date
filed (or were corrected or supplemented by a subsequent submission); and (vii) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or
replacement, safety alert, post sale warning, “dear healthcare provider” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the
Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action. 
 (vv)
Statistical and Market-Related Data. All statistical, demographic and market-related data included in the Registration Statement or the Prospectus are based on or derived from sources that the Company
believes to be reliable and accurate in all material respects or represent the Company’s good faith estimates that are made on the basis of data derived from such sources. 

(ww) Stock Exchange Listing. The Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and
are listed on the Exchange, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Shares under the Exchange Act or delisting the Shares from the Exchange, nor has the Company received
any notification that the Commission or the Exchange is contemplating terminating such registration or listing. To the Company’s knowledge, it is in compliance with all applicable listing requirements for the listing of the Shares on the
Exchange. 
 (xx) Related-Party Transactions. There are no business relationships or related-party transactions
involving the Company or any other person required to be described in the Registration Statement or the Prospectus that have not been described as required. 

(yy) FINRA Matters. All of the information provided to BTIG or to counsel for BTIG by the Company, and, to the
Company’s knowledge, by its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the offering of the Shares is true, complete, correct and
compliant with FINRA’s rules and any letters, filings or other supplemental information provided by the Company, and, to the Company’s knowledge, by its counsel, its officers and directors and the holders of any securities (debt or equity)
or options to acquire any securities of the Company in connection with the offering of the Shares to FINRA pursuant to FINRA Rules is true, complete and correct. 

(zz) No Rights to Purchase Preferred Stock. The issuance and sale of the Shares as contemplated hereby will not cause
any holder of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital stock or options, warrants or other rights to purchase capital stock or any other securities of the Company to have any right to
acquire any shares of preferred stock of the Company. 

  
 22 

 (aaa) No Contract Terminations. The Company has not sent or received
any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in the Registration Statement or the Prospectus, and no such termination or
non-renewal has been threatened by the Company or, to the Company’s knowledge, any other party to any such contract or agreement, which threat of termination or
non-renewal has not been rescinded as of the date hereof. 
 (bbb) Cyber
Security. (i) Except as may be included or incorporated by reference in the Registration Statement or the Prospectus, (x) to the Company’s knowledge, there has been no security breach or other compromise of any of the
Company’s information technology and computer systems, networks, hardware, software, data (including the data of its employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology
(collectively, “IT Systems and Data”) and (y) the Company has not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any material security breach or other
material compromise to its IT Systems and Data; (ii) the Company is presently in compliance with applicable Laws 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, in the case of either clause (i) or (ii), individually or in the aggregate, result in a Material Adverse Effect; and (iii) the Company has implemented backup and disaster
recovery technology. 
 Any certificate signed by an officer of the Company and delivered to BTIG or to counsel for BTIG pursuant to or in
connection with this Agreement or any Terms Agreement shall be deemed to be a representation and warranty by the Company to BTIG as to the matters set forth therein as of the date or dates indicated therein. 

The Company has a reasonable basis for making each of the representations set forth in this Section 6. The Company acknowledges that BTIG
and, for purposes of the opinions to be delivered pursuant to Section 7, counsel to the Company and counsel to BTIG, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance. 

7. Covenants of the Company. The Company covenants and agrees with BTIG that: 

(a) Registration Statement Amendments. After the date of this Agreement and during any period in which a Prospectus
relating to any Shares is required to be delivered by BTIG under the Securities Act (without regard to the effects of Rules 153, 172 and 173 under the Securities Act) (the “Prospectus Delivery Period”), (i) the Company will
notify BTIG promptly of the time when any subsequent amendment to the Registration Statement, other than the Incorporated Documents, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has
been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon BTIG’s
request, any amendments or supplements 

  
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 to the Registration Statement or Prospectus that, in BTIG’s reasonable judgment, may be
necessary or advisable in connection with the distribution of the Shares by BTIG (provided, however, that the failure of BTIG to make such request shall not relieve the Company of any obligation or liability hereunder and under any Terms
Agreement, as applicable, or affect BTIG’s right to rely on the representations and warranties made by the Company in this Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus
relating to the Shares (except for the Incorporated Documents) unless a copy thereof has been submitted to BTIG a reasonable period of time before the filing and BTIG has not reasonably objected thereto (provided, however, (A) that the
failure of BTIG to make such objection shall not relieve the Company of any obligation or liability hereunder and under any Terms Agreement, as applicable, or affect BTIG’s right to rely on the representations and warranties made by the Company
in this Agreement, (B) that, if BTIG objects thereto, BTIG may cease making sales of Shares pursuant to this Agreement and/or may terminate any Terms Agreement and (C) that the Company has no obligation to provide BTIG any advance copy of
such filing or to provide BTIG an opportunity to object to such filing if such filing does not name BTIG or does not relate to the transactions contemplated hereunder or under any Terms Agreement); (iv) the Company will furnish to BTIG 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 Prospectus, except for those documents available via EDGAR; and (v) 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 (without reliance on Rule 424(b)(8) of the Securities Act) or, in the case of any Incorporated
Document, 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
Section 7(a), based on the Company’s reasonable opinion or reasonable objections, shall be made exclusively by the Company). 

(b) Notice of Commission Stop Orders. During the Prospectus Delivery Period, the Company will advise BTIG, promptly
after it receives notice or obtains knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any notice objecting to, or other order preventing or suspending the use of, the
Prospectus, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities Act, or if the
Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Shares; 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. Until such time as any stop order is lifted, BTIG may cease making offers and sales under this Agreement or any Terms Agreement. 

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

  
 24 

 (d) Delivery of Prospectus; Subsequent Changes. During the Prospectus
Delivery Period, the Company will comply 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 BTIG promptly of all such filings. If during the Prospectus
Delivery 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 Prospectus to comply with the Securities Act, the Company will promptly notify BTIG to suspend the offering of
Shares during such period, and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

(e) Listing of Shares. During the Prospectus Delivery Period, the Company will use its best efforts to cause the Shares
to be listed, subject to notice of issuance, on the Exchange. The Company will timely file with the Exchange all material documents and notices required by the Exchange of companies that have or will issue securities that are traded on the Exchange.

 (f) Delivery of Registration Statement and Prospectus. The Company will furnish to BTIG and its counsel (at the
expense of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the
Prospectus Delivery Period, 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 via
e-mail in “.pdf” format to an e-mail account designated by BTIG and, at BTIG’s request, will also furnish copies of the Prospectus to each exchange or
market on which sales of the Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than the Prospectus) to BTIG to the extent such document is available on EDGAR. 

(g) Earnings Statement. The Company will make generally available to its security holders and to BTIG as soon as
practicable an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company commencing after the date of this Agreement that will satisfy the provisions of
Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder; provided the Company will be deemed to have furnished such statement to its security holders and to BTIG to the extent it is filed on EDGAR. 

  
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 (h) Expenses. The Company, whether or not the transactions
contemplated hereunder or under any Terms Agreement are consummated or this Agreement or any Terms Agreement is terminated in accordance with the provisions of Section 13 hereunder, will pay all expenses incident to the
performance of its obligations hereunder and under each Terms Agreement, including, but not limited to, expenses relating to: (i) the preparation, printing, filing and delivery to BTIG of the Registration Statement and each amendment and
supplement thereto, of each Prospectus and of each amendment and supplement thereto, and of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Shares; (ii) the
preparation, issuance and delivery of the Shares, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Shares to BTIG; (iii) the fees and disbursements of the counsel,
accountants and other advisors to the Company in connection with the transactions contemplated by this Agreement and any Terms Agreement; (iv) the reimbursement for reasonable and documented out-of-pocket expenses incurred by BTIG, including the reasonable and documented fees and disbursements of counsel to BTIG, (A) in an amount not to exceed $50,000 in connection with the establishment of
the offering program contemplated by this Agreement and (B) in an amount not to exceed an additional $7,500 per calendar quarter during or with respect to which BTIG conducts bring-down due diligence, either directly or through its counsel;
(v) the qualification of the Shares under securities laws in accordance with the provisions of Section 7(z), including filing fees, if any (provided, however, that any fees or disbursements of outside counsel for BTIG
in connection therewith shall be paid by BTIG except as set forth in clause (iv) above); (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the Exchange; (vii) the fees and
expenses of the transfer agent or registrar for the Common Stock; and (viii) filing fees and expenses, if any, of the Commission and FINRA. 

(i) Use of Proceeds. The Company shall apply the net proceeds from the sale of the Shares sold by it in the manner
described under the caption “Use of Proceeds” in the Registration Statement and the Prospectus. 
 (j) Other
Sales. During the pendency of any Placement Notice given hereunder and for 5 Trading Days following the final Settlement Date or the suspension or termination of any Placement Notice given hereunder, the Company shall provide BTIG notice as
promptly as reasonably possible before it offers to sell, sells, contracts to sell, grants any option to sell or otherwise disposes of any Common Stock (other than the 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 provided, however, that such notice will not be required in connection with the Company’s issuance, grant or sale of (i) Common Stock,
options to purchase Common Stock, restricted stock units, other equity awards to acquire Common Stock, or Common Stock issuable upon the exercise or vesting of options or other equity awards, pursuant to any employee or director equity awards or
benefits plan, stock ownership plan, other stock 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 or vesting 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 BTIG,
(iii) any shares of Common Stock issuable upon the exchange, conversion or redemption of securities or the 

  
 26 

 
exercise of warrants, options or other rights in effect or outstanding, and (iv) Common Stock or securities convertible into or exchangeable for shares of Common Stock as consideration for
mergers, acquisitions, a purchase of assets, other business combinations or strategic alliances, or offered and sold in a privately negotiated transaction to vendors, customers, lenders, investors, strategic partners or potential strategic partners,
occurring after the date of this Agreement which are not issued primarily for capital raising purposes. Notwithstanding the foregoing provisions, nothing herein shall be construed to restrict the Company’s ability to file a registration
statement under the Securities Act. 
 (k) Change of Circumstances. The Company will, at any time during the term of
this Agreement, advise BTIG promptly after it shall have received notice or obtained knowledge 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 BTIG pursuant to this Agreement. 
 (l) Due Diligence Cooperation. The Company will cooperate with any reasonable
due diligence review conducted by BTIG or its agents in connection with the transactions contemplated hereby or any Terms Agreement, 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 BTIG may reasonably request. 
 (m) Required
Filings Relating to Placement of Shares. The Company agrees that (i) as promptly as practicable after the close of each of the Company’s fiscal quarters, or on such other dates as required under the Securities Act or under
interpretations by the Commission thereof, the Company shall prepare a prospectus supplement, which will set forth the number of Shares sold to or through BTIG during such quarterly period (or other relevant period), the Net Proceeds to the Company
and the compensation paid or payable by the Company to BTIG with respect to such sales of Shares and shall file such prospectus supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule
430B or 430C under the Securities Act, as applicable) and shall file any issuer free writing prospectus that is required to be filed with the Commission within the applicable time period prescribed for such filing by Rule 433 of the Securities Act
or (ii) if such prospectus supplement is not so filed with respect to a particular fiscal quarter, the Company shall disclose the information referred to in clause (i) above in its quarterly report on Form
10-Q, as applicable, in respect of such quarterly period and shall file such report with the Commission within the applicable time period prescribed for such report under the Exchange Act. 

(n) Representation Dates; Certificate. On or prior to the date the first Placement Notice is given pursuant to this
Agreement, each time Shares are delivered to BTIG as principal on a Settlement Date with respect to a Principal Transaction and each time the Company (i) files the Prospectus relating to the Shares or amends or supplements the Registration
Statement or the Prospectus relating to the Shares (other than (A) a prospectus supplement filed in accordance with Section 7(m) or (B) a supplement or amendment that relates to an offering of securities other
than the Shares) by means of a post-effective amendment, sticker, or supplement, but not by means of incorporation of document(s) by 

  
 27 

 
reference in the Registration Statement or the Prospectus relating to the Shares; (ii) files an annual report on Form 10-K under the Exchange Act
(including any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K); (iii) files a quarterly report on Form 10-Q under the Exchange Act; or (iv) files a report on Form 8-K containing amended financial information (other than information “furnished” pursuant to Items
2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications 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 “Representation
Date”); the Company shall furnish BTIG within three (3) Trading Days after each Representation Date (but in the case of clause (iv) above only if BTIG reasonably determines that the information contained in such Form 8-K is material) with a certificate, in the form attached hereto as Exhibit 7(n). The requirement to provide a certificate under this Section 7(n) shall be automatically waived for
any Representation Date occurring at a time at which no Placement Notice or Terms Agreement is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar
quarter shall be considered a Representation Date), Shares are delivered to BTIG as principal on a Settlement Date with respect to a Principal Transaction and the next occurring Representation Date; provided, however, that such waiver shall
not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Representation
Date when the Company relied on such waiver and did not provide BTIG with a certificate under this Section 7(n), then before the Company delivers the Placement Notice or BTIG sells any Shares in an Agency Transaction, or on
the applicable Settlement Date with respect to a Principal Transaction, the Company shall provide BTIG with a certificate, in the form attached hereto as Exhibit 7(n), dated the date of the Placement Notice for such Agency Transaction or the
Settlement Date of such Principal Transaction, as applicable. 
 (o) Legal Opinions. On or prior to the earlier of
(i) the date the first Placement Notice is given pursuant to this Agreement and (ii) Shares are delivered to BTIG as principal on a Settlement Date with respect to the first Principal Transaction pursuant to the first Terms Agreement and
this Agreement, the Company shall cause to be furnished to BTIG the written opinion and negative assurance of Latham & Watkins LLP, as issuer’s counsel to the Company, or other counsel reasonably satisfactory to BTIG
(“Company Counsel”), substantially in the form previously agreed between the Parties, and the written opinion of Mayer Brown LLP, as counsel for the Company with respect to intellectual property matters, or other counsel
reasonably satisfactory to BTIG (“IP Counsel”), substantially in the form previously agreed between the Parties. Thereafter, each time Shares are delivered to BTIG as principal on a Settlement Date with respect to a Principal
Transaction and within three (3) Trading Days after each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(n) for which no waiver is applicable pursuant
to Section 7(n), and not more than once per calendar quarter, the Company shall cause to be furnished to BTIG the written opinion and negative assurance of Company Counsel substantially in the form previously agreed between
the Parties, modified, as necessary, to relate to the Registration Statement 

  
 28 

 
and the Prospectus as then amended or supplemented; provided, however, that if Company Counsel has previously furnished to BTIG such written opinion and negative assurance
substantially in the form previously agreed between the Parties, Company Counsel may, in respect of any future Representation Date, furnish BTIG with a letter (a “Reliance Letter”) in lieu of such opinion and negative
assurance to the effect that BTIG may rely on the prior opinion and negative assurance of Company Counsel delivered pursuant to this Section 7(o) to the same extent as if it were dated the date of such Reliance Letter
(except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented to the date of such Reliance Letter). 

(p) Comfort Letter. On or prior to the date the first Placement Notice is given pursuant to this Agreement, each time
Shares are delivered to BTIG as principal on a Settlement Date with respect to a Principal Transaction and within three (3) Trading Days after each Representation Date with respect to which the Company is obligated to deliver a certificate in
the form attached hereto as Exhibit 7(n) for which no waiver is applicable pursuant to Section 7(n), the Company shall cause the Accountant to furnish BTIG a letter, dated as of such date (the “Comfort
Letter”), in form and substance reasonably satisfactory to BTIG, (i) confirming that it is an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act and the rules and regulations of
the PCAOB and is in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission,
(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 “Initial Comfort Letter”) 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. 

(q) Chief Financial Officer’s Certificate. On or prior to the date the first Placement Notice is given pursuant to
this Agreement, each time Shares are delivered to BTIG as principal on a Settlement Date with respect to a Principal Transaction and within three (3) Trading Days after each Representation Date with respect to which the Company is obligated to
deliver a certificate in the form attached hereto as Exhibit 7(n) for which no waiver is applicable pursuant to Section 7(n) until the Company files its Annual Report on Form 10-K for the year ended
December 31, 2020, BTIG shall have received a certificate executed by the Chief Financial Officer of the Company, dated as of such date, in form and substance reasonably satisfactory to BTIG. 

(r) Market Activities. The Company shall not, and shall cause its respective directors, officers and controlling persons
not to, directly or indirectly, (i) take any action designed to stabilize or manipulate, or which constitutes or might reasonably be expected to cause or result in, the stabilization or manipulation of, the price of any security of the Company
to facilitate the sale or resale of the Shares or (ii) sell, bid for, or purchase the Shares to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting the purchases of the Shares, other than BTIG. 

  
 29 

 (s) Insurance. The Company shall maintain, or cause to be maintained,
insurance in such amounts and covering such risks the Company reasonably deems adequate. 
 (t) Compliance with Laws.
The Company shall maintain, or cause to be maintained, all material permits, licenses and other authorizations required by federal, state and local law in order to conduct its business as described in the Prospectus, and the Company shall conduct
its business, or cause its business to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable laws, except where the failure to maintain or be in compliance with such permits, licenses and
authorizations could not reasonably be expected to have a Material Adverse Effect. 
 (u) Securities Act and Exchange
Act. The Company will comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Shares as contemplated by
the provisions hereof and any Terms Agreement and the Prospectus. Without limiting the generality of the foregoing, during the Prospectus Delivery Period, the Company will file all documents required to be filed with the Commission pursuant to the
Exchange Act within the time periods required by the Exchange Act (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act). 

(v) Sarbanes-Oxley Act. The Company will 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 authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded book value for assets is compared with the fair market
value of such assets (computed in accordance with GAAP) at reasonable intervals and appropriate action is taken with respect to any differences. The Company will comply with all requirements imposed upon it by the Sarbanes-Oxley Act and the rules
and regulations of the Commission and the Exchange promulgated thereunder. 
 (w) No Offer To Sell. Other than a free
writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance in writing by the Company and BTIG in its capacity as agent hereunder or as principal hereunder and under any Terms Agreement, neither BTIG nor the Company
(including its agents and representatives other than BTIG in its capacity as such) will, directly or indirectly, make, use, prepare, authorize, approve or refer to any free writing prospectus relating to the Shares to be sold by BTIG as agent
hereunder or as principal hereunder and under any Terms Agreement. 
 (x) Investment Limitation. The Company shall not
invest or otherwise use the proceeds received by the Company from its sale of the Shares in such a manner as would require the Company to register as an investment company under the Investment Company Act. 

  
 30 

 (y) Reserved. 

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

(aa) Renewal of Registration Statement. If, immediately prior to the third (3rd) anniversary of the initial effective date of the Registration Statement (the “Renewal Date”), any of the Shares remain unsold and this Agreement has not been terminated for
any reason, the Company will, prior to the Renewal Date, file a new shelf registration statement or, if applicable, an automatic shelf registration statement relating to the Shares, in a form satisfactory to BTIG and its counsel, and, if such
registration statement is not an automatic shelf registration statement, will use its best efforts to cause such registration statement to be declared effective within 180 days after the Renewal Date. The Company will take all other reasonable
actions necessary or appropriate to permit the public offer and sale of the Shares to continue as contemplated in the expired registration statement relating to the Shares. From and after the effective date thereof, references herein to the
“Registration Statement” shall include such new shelf registration statement or such new automatic shelf registration statement, as the case may be. 

(bb) Consent to BTIG Purchases. The Company acknowledges and agrees that BTIG may, to the extent permitted under the
Securities Act and the Exchange Act (including, without limitation, Regulation M promulgated thereunder), purchase and sell shares of Common Stock for its own account and for the account of its clients while this Agreement is in effect, including,
without limitation, at the same time any Placement Notice is in effect or any sales of Shares occur pursuant to this Agreement or any Terms Agreement; provided that BTIG acknowledges and agrees that, except pursuant to a Terms Agreement, any such
transactions are not being, and shall not be deemed to have been, undertaken at the request or direction of, or for the account of, the Company, and that the Company has and shall have no control over any decision by BTIG and its affiliates to enter
into any such transactions. 
  

  
 31 

 8. Representations and Covenants of BTIG. BTIG represents and warrants that it is
duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Shares will be offered and sold, except such states in which BTIG is exempt from registration or such
registration is not otherwise required. BTIG shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Shares will be
offered and sold, except in such states in which BTIG is exempt from registration or such registration is not otherwise required, during the terms of this Agreement. BTIG will comply with all applicable laws and regulations in connection with the
sale of Shares pursuant to this Agreement and any Terms Agreement, including, but not limited to, Regulation M under the Exchange Act.  

9. Conditions to BTIG’s Obligations . The obligations of BTIG hereunder with respect to a Placement in any Agency Transaction, and
the obligations of BTIG with respect to a Principal Transaction pursuant to any Terms Agreement and this Agreement, will in each case 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 and under any Terms Agreement, as applicable, to the completion by BTIG of a due diligence review satisfactory to BTIG in its reasonable judgment, and to each of the
following additional conditions: 
 (a) Compliance with Registration Requirements; No Stop Order; No Objection from FINRA.
For a period from and after the date of this Agreement: 
 i) The Company shall have filed the Prospectus with the
Commission (including the information previously omitted from the Registration Statement pursuant to Rule 430B under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act; or the Company shall
have filed a post-effective amendment to the Registration Statement containing the information previously omitted from the Registration Statement pursuant to such Rule 430B, and such post-effective amendment shall have become effective. 

ii) No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the
Registration Statement shall be in effect, and no proceedings for such purpose shall have been instituted or threatened by the Commission. 

iii) FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements. 

(b) No Material Adverse Effect or Ratings Agency Change. For a period from and after the date of this Agreement, in the
judgment of BTIG there shall not have occurred 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, would cause a Material Adverse Effect. 

(c) No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the
Company of any request for additional information from 

  
 32 

 
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
other order preventing or suspending the use of the Prospectus 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 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 material statement made in the Registration Statement or the
Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or documents so that, in
the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in
the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. 
 (d) No Misstatement or Material Omission. BTIG shall not have advised the
Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in BTIG’s reasonable opinion is material, or omits to state a fact that in BTIG’s opinion is material
and is required to be stated therein or is necessary to make the statements therein not misleading. 
 (e) Legal
Opinion. BTIG shall have received the opinion and negative assurance letters required to be delivered pursuant to Section 7(o) on or before the date on which such delivery of such opinions are required pursuant to
Section 7(o). 
 (f) Comfort Letter. BTIG shall have received the Comfort Letter required to
be delivered pursuant to Section 7(p) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(p). 

(g) Representation Certificate. BTIG shall have received the certificate required to be delivered pursuant to
Section 7(n) on or before the date on which delivery of such certificate is required pursuant to Section 7(n). 

(h) Chief Financial Officer’s Certificate. BTIG shall have received the certificate required to be delivered
pursuant to Section 7(q) on or before the date on which delivery of such certificate is required pursuant to Section 7(q). 

(i) No Suspension. 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. 

  
 33 

 (j) Other Materials. On each date on which the Company is required to
deliver a certificate pursuant to Section 7(n), the Company shall have furnished to BTIG such appropriate further information, certificates and documents as BTIG may have reasonably requested. All such opinions,
certificates, letters and other documents will be in compliance with the provisions hereof. The Company shall have furnished BTIG with such conformed copies of such opinions, certificates, letters and other documents as BTIG shall have reasonably
requested. 
 (k) Securities Act Filings Made. All filings with the Commission required by Rule 424(b) and Rule 433
under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder or the Settlement Date with respect to any Principal Transaction under any Terms Agreement, as applicable shall have been made within the applicable
time period prescribed for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act) and Rule 433. 

(l) Approval for Listing. The Shares shall have been approved for listing on the Exchange, subject only to notice of
issuance. 
 (m) No Termination Event. There shall not have occurred any event that would permit BTIG to terminate
this Agreement pursuant to Section 13(a). 
 (n) FINRA. BTIG shall have received a letter
from the Corporate Financing Department of FINRA confirming that such department has determined to raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the sale of the Shares pursuant to this
Agreement and any Terms Agreement, as applicable. 
 10. Indemnification and Contribution. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless BTIG, its directors, officers,
members, partners, employees and agents and each BTIG Affiliate, if any, as follows: 
 (i) against any and all loss,
liability, claim, damage and expense whatsoever, 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 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 free writing
prospectus prepared, authorized or used by the Company or the Prospectus (or any amendment or supplement to the foregoing), 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; 
 (ii) against any and all loss, liability, claim,
damage and expense whatsoever, 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 Section 10(d)) any such settlement is effected with the written consent of the Company, which
consent shall not unreasonably be delayed or withheld; and 

  
 34 

 (iii) against any and all expense whatsoever, as incurred (including the
reasonable 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), 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 Agent Information (as defined below). 

(b) Indemnification by BTIG. BTIG agrees to indemnify and hold harmless the Company and its directors, 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 Section 10(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement, any free writing
prospectus, or the Prospectus (or any amendment or supplement to the foregoing) in reliance upon and in conformity with information relating to BTIG and furnished to the Company in writing by BTIG expressly for use therein. The Company hereby
acknowledges that the only information that BTIG has furnished to the Company expressly for use in the Registration Statement, any free writing prospectus or the Prospectus (or any amendment or supplement to the foregoing) are the statements set
forth in the third sentence of the eighth paragraph and the tenth paragraph under the caption “Plan of Distribution” in the Prospectus (the “Agent Information”). 

(c) Notifications and Other Indemnification Procedures. Any party that proposes to assert the right to be indemnified
under this Section 10 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 Section 10, 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 Section 10 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 10 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 

  
 35 

 
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 (A) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (B) 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, (C) 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 (D) 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 admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or
parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are reasonably 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 Section 10 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x) 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 (y) 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. 
 (d) Settlement Without Consent if Failure to Reimburse. 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
Section 10(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) 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 (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement. 

  
 36 

 (e) Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 10 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company
or BTIG, the Company and BTIG 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 BTIG may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and BTIG on the other. The relative
benefits received by the Company on the one hand and BTIG on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Shares (net of commissions to BTIG but before deducting expenses) received by the
Company bear to the total compensation received by BTIG from the sale of 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 BTIG, on the other, 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 BTIG, 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 BTIG agree that it would not be just and equitable if contributions pursuant to this Section 10(e) 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 Section 10(e) shall be deemed to include, for the purpose of this Section 10(e), 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 Section 10(c) hereof. Notwithstanding the foregoing provisions of this
Section 10(e), BTIG 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
Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 10(e), any person who controls a party to this
Agreement within the meaning of the Securities Act, and any officers, directors, members, partners, employees or agents of BTIG, will have the same rights to contribution as that party, and each director and 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 Section 10(e), 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 

  
 37 

 
obligation it or they may have under this Section 10(e) 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 Section 10(c) 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 Section 10(c) hereof. 
 11.
Recognition of the U.S. Special Resolution Regimes. 
 (a) In the event that BTIG is a Covered Entity and becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer from BTIG of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the
U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b) In the event that BTIG is a Covered Entity or a BHC Act Affiliate of BTIG becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against BTIG are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States. 
 For purposes of this Agreement, (A)
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) “Covered Entity” means any of the
following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) “Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (D) “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

12. Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in
Section 10 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 BTIG, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Shares and payment therefor or (iii) any termination of this
Agreement. 
 13. Termination. 

(a) BTIG shall have the right, by giving notice as hereinafter specified in Section 14, at any time
to terminate this Agreement and/or any Terms Agreement 

  
 38 

 
(including at any time at or prior to the Settlement Date with respect to the Shares to be sold under such Terms Agreement) if: (i) any Material Adverse Effect, or any development that has
actually occurred and that would reasonably be expected to result in a Material Adverse Effect, has occurred that, in the reasonable judgment of BTIG, may materially impair the ability of BTIG to sell the Shares hereunder or as contemplated in any
Terms Agreement or the Prospectus; (ii) there has occurred any (A) material adverse change in the financial markets in the United States or the international financial markets, (B) outbreak of hostilities or escalation thereof or
other calamity or crisis or (C) change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which, in the reasonable judgment of BTIG, may materially
impair the ability of BTIG to sell the Shares hereunder or as contemplated in any Terms Agreement or the Prospectus; (iii) 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 (including automatic halt in trading pursuant to market-decline triggers other than those in which solely program trading is temporarily halted), or minimum prices for trading have been fixed on the
Exchange; (iv) 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;
(v) a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing; or (vi) a banking moratorium has been declared by either U.S. Federal or New York authorities. The Company
may not terminate any Terms Agreement without the prior written consent of BTIG. Any such termination pursuant to this Section 13(a) shall be without liability of any party to any other party, except that the provisions of
Section 7(h) (Expenses), Section 10 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery),
Section 13(f), Section 18 (Governing Law and Time; Waiver of Jury Trial) and Section 19 (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination. 
 (b) The Company shall have the right, by giving ten (10) days’ notice as
hereinafter specified in Section 14, 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 Section 7(h), Section 10, Section 12, Section 13(f), Section 18 and
Section 19 hereof shall remain in full force and effect notwithstanding such termination. 
 (c)
BTIG shall have the right, by giving ten (10) days’ notice as hereinafter specified in Section 14, 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 Section 7(h), Section 10, Section 12,
Section 13(f), Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding such termination. 

(d) Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically
terminate upon the issuance and sale of all of the Shares to or through BTIG on the terms and subject to the conditions set forth herein and any Terms Agreement; provided that the provisions of Section 7(h),
Section 10, Section 12, Section 13(f), Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding such
termination. 

  
 39 

 (e) This Agreement shall remain in full force and effect unless terminated
pursuant to Sections 13(a), (b), (c), or (d) 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
Section 7(h), Section 10, Section 12, Section 13(f), Section 18 and Section 19 shall remain
in full force and effect. 
 (f) Any termination of this Agreement or any Terms 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 BTIG or the Company, as the case may be. If such termination,
other than a termination of any Terms Agreement pursuant to Section 13(a) above, shall occur prior to the Settlement Date for any sale of Shares, such termination shall not become effective until the close of business on
such Settlement Date and such Shares shall settle in accordance with the provisions of this Agreement (it being hereby acknowledged and agreed that a termination of any Terms Agreement pursuant to Section 13(a) above shall
become effective in accordance with the first sentence of this Section 13(f) and shall relieve the Parties of their respective obligations under such Terms Agreement, including, without limitation, with respect to the
settlement of the Shares subject to such Terms Agreement). 
 14. Notices. 

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
or any Terms Agreement shall be in writing, unless otherwise specified, and if sent to BTIG, shall be delivered to 
 BTIG,
LLC 
 600 Montgomery Street 

6th Floor 

San Francisco, CA 94111 

Attention: Equity Capital Markets 

Email: ***** 
 with copies (which
shall not constitute notice) to: 
 BTIG, LLC 

600 Montgomery Street, 6th Floor 

San Francisco, CA 94111 

Attention: General Counsel and Chief Compliance Officer 

Email: ***** 
 and: 

Covington & Burling LLP 

The New York Times Building 

620 Eighth Avenue 

  
 40 

 New York, NY 10018 

Attention: Brian K. Rosenzweig 

Email: ***** 
 and if to the
Company, shall be delivered to: 
 Zosano Pharma Corporation 

34790 Ardentech Court 

Fremont, CA 94555 

Attention: Christine Matthews 

Email: ***** 
 with a copy (which
shall not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 

Menlo Park, CA 94025 

Facsimile: (650) 463-2600 

Attention: Kathleen Wells 

Email: ***** 

Each party may change such address for notices by sending to the other party 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) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) 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, “Business Day” shall mean any day on which the Exchange and commercial banks in the City of New York are open for
business. 
 An electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this
Section 14 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 confirmation of
receipt by the receiving party (other than pursuant to auto-reply). Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice. 
 15.
Successors and Assigns. This Agreement and any Terms Agreement shall inure to the benefit of and be binding upon the Company and BTIG and their respective successors and permitted assigns and, as to Sections 5(b) and 10, the
other indemnified parties specified therein. 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 or any Terms Agreement, express or
implied, is intended to confer upon any other person any rights, remedies, obligations or liabilities under or by reason of this Agreement or any Terms Agreement, except as 

  
 41 

 
expressly provided in this Agreement or any Terms Agreement. Neither party may assign its rights or obligations under this Agreement or any Terms Agreement without the prior written consent of
the other party; provided, however, that BTIG may assign its rights and obligations hereunder or under any Terms Agreement to an affiliate of BTIG without obtaining the Company’s consent. 

16. Adjustments for Stock Splits. The Parties acknowledge and agree that all share-related numbers contained in this Agreement and any
Terms Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Common Stock. 

17. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices and Terms Agreements issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the Parties with regard to the subject matter hereof.
Neither this Agreement nor any term hereof or any Terms Agreement may be amended except pursuant to a written instrument executed by the Company and BTIG. In the event that any one or more of the terms or 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 term or 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. 
 18.
GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT AND ANY TERMS 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. THE COMPANY AND BTIG EACH 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 ANY TERMS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 19. CONSENT TO JURISDICTION.
EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-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
ANY TERMS AGREEMENT OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY, 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  

  
 42 

 
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 ANY TERMS 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. 
 20. Absence of Fiduciary Relationship. The Company
acknowledges and agrees that: 
 (a) BTIG is acting solely as agent in connection with the sale of the Shares in an Agency
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 BTIG, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement or any Terms Agreement, irrespective of whether BTIG has advised or is
advising the Company on other matters, and BTIG has no obligation to the Company with respect to the transactions contemplated by this Agreement or any Terms Agreement, except the obligations expressly set forth in this Agreement and any Terms
Agreement; 
 (b) the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and
conditions of the transactions contemplated by this Agreement; 
 (c) BTIG has not provided any legal, accounting, regulatory
or tax advice with respect to the transactions contemplated by this Agreement or any Terms Agreement, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; 

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

(e) the Company waives, to the fullest extent permitted by law, any claims it may have against BTIG for breach of fiduciary
duty or alleged breach of fiduciary duty and agrees that BTIG shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty
claim on behalf of or in right of the Company, including stockholders, partners, employees or creditors of the Company. 
 21. Effect of
Headings; Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof. All references in this Agreement and any Terms Agreement to the “knowledge of the
Company” or the “Company’s knowledge” or similar qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due inquiry. 

  
 43 

 22. Counterparts. This Agreement and any Terms 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 or Terms Agreement by one party to the other may be made by facsimile or
electronic transmission. 
 [Signature Page Follows] 

  
 44 

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

			
	Very truly yours,
	
	 ZOSANO PHARMA CORPORATION

		
	By:	 	/s/ Steven Lo
	Name:	 	Steven Lo
	Title:	 	Chief Executive Officer

  

			
	 ACCEPTED as of the date first-above written:

	
	 BTIG, LLC

		
	By:	 	/s/ K.C. Stone
	Name:	 	K.C. Stone
	Title:	 	Managing Director

  
 45 

 SCHEDULE 1 

FORM OF PLACEMENT NOTICE 

From:        [                 ] 

Cc:            [              
   ] 

To:            [              
   ] 
 Subject:    Placement Notice 

Gentlemen: 
 Pursuant to the terms and subject
to the conditions contained in the Sales Agreement between Zosano Pharma Corporation (the “Company”) and BTIG, LLC (“BTIG”) dated
[                    ], 2020 (the “Agreement”), I hereby request on behalf of the Company that BTIG sell up to
[[            ] shares] [$[            ] worth of shares] of the Company’s common stock, par value $0.0001 per
share, subject to the Maximum Amount (the “Shares”), at market prices not lower than $[            ] per share, during the time period beginning [month, day,
time] and ending [month, day, time]. 
 [The company may include such other sales parameters as it deems appropriate, subject to the terms
and conditions of the Agreement.] 
 Terms used herein and not defined herein have the meanings ascribed to them in the Agreement. 

  
 SCHEDULE 1 

 SCHEDULE 2 

COMPENSATION 
 BTIG
shall be paid compensation equal to three percent (3%) of the gross proceeds from the sales of Shares pursuant to the terms of this Agreement. 

  
 SCHEDULE 2 

 SCHEDULE 3 

BTIG, LLC 
 ZOSANO PHARMA CORPORATION

  
 SCHEDULE 3 

 Exhibit 7(n) 

ZOSANO PHARMA CORPORATION 

OFFICERS’ CERTIFICATE 

[DATE] 
  

 
 Each of the undersigned, Steven
Lo, Chief Executive Officer of Zosano Pharma Corporation, a Delaware corporation (the “Company”), and Christine Matthews, Chief Financial Officer of the Company, on behalf of the Company, does hereby certify pursuant to
Section 7(n) of that certain Sales Agreement dated                  (the “Sales Agreement”) between the Company and BTIG, that as of : 

 

	 	1.	 to the Company’s knowledge after due inquiry, no stop order suspending the effectiveness of the
Registration Statement or any post-effective amendment to the Registration Statement is in effect, and no proceedings for such purpose have been instituted or threatened by the Commission; 

 

	 	2.	 for the period from and including the date of the Sales Agreement through and including the date hereof, there
has not occurred any Material Adverse Effect; 

  

	 	3.	 the representations, warranties and covenants of the Company set forth in Section 6 of the Sales Agreement
(A) to the extent such representations, warranties and covenants are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true and correct with the same force and effect as though
expressly made on and as of the date hereof, except for those representations, warranties and covenants that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations,
warranties and covenants are not subject to any qualifications or exceptions, are true and correct in all material respects with the same force and effect as though expressly made on and as of the date hereof except for those representations,
warranties and covenants that speak solely as of a specific date and which were true and correct as of such date; and 

  

	 	4.	 the Company has complied with all agreements hereunder and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to the date hereof. 

 Capitalized terms used herein without definition shall
have the respective meanings ascribed to them in the Sales Agreement. This Officers’ Certificate may be executed in one or more counterparts. 

  
 [The Remainder of
This Page Intentionally Left Blank; Signature Page Follows] 

 IN WITNESS WHEREOF, the
undersigned have hereunto set their hands as of the date first written above. 
  

			
	 ZOSANO PHARMA CORPORATION 

		
	 By:
	 	 
		 	 Name: Steven Lo

		 	 Title: Chief Executive Officer

		
	 By:
	 	 
		 	 Name: Christine Matthews

		 	 Title: Chief Financial OfficerDocument

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of May 15, 2020 by and among NESCO Holdings, Inc., a Delaware corporation (the “Company”), and Joshua Boone (“Executive”).

WHEREAS, the Company desires to employ Executive as its Chief Financial Officer (“CFO”) and Executive desires to accept such employment upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, the Company and Executive, intending to be legally bound, hereby agree as follows:

1.Position, Duties, and Responsibilities.

a.Executive shall be employed by the Company as CFO with such customary responsibilities, duties, and authority that are consistent with past practices and such other duties that may be reasonably assigned from time to time by the Company’s Chief Executive Officer (the “CEO”). Executive, in carrying out his responsibilities, duties and authority under this Agreement, will report directly to the CEO. Executive will be based in Fort Wayne, IN.  Executive’s employment shall commence on June 15, 2020, or such earlier date as mutually agreed between the Company and Executive (the “Effective Date”).

b.During the Employment Term (as defined below), Executive shall devote substantially all of his business time and attention to the business and affairs of the Company, and shall use his best efforts, skills, and abilities to promote its interests. Executive agrees to observe and comply with the rules and policies of the Company as adopted from time to time, including any rules and policies that relate to Executive’s post-termination obligations to the Company. During the Employment Term, it shall not be a violation of this Agreement for Executive to (i) serve on industry trade, civic, charitable boards or committees and, with the prior approval of the board of directors of the Company (the “Board”), for-profit corporate boards or committees; (ii) deliver lectures or fulfill speaking engagements; or (iii) manage personal investments; in each case, as long as such activities do not materially interfere with the performance of Executive’s duties and responsibilities hereunder.

2.At-Will Employment: Executive’s Representations.

a.The term of Executive’s employment under this Agreement shall commence on the Effective date and shall end on the fourth anniversary of the Effective Date (the “Initial Term”), unless sooner terminated by the Company or Executive in accordance with Section 4 hereof (the “Employment Term”); provided that at the end of the Initial Term and on each subsequent anniversary date thereafter, the Employment Term shall be renewed automatically for a successive one (1) year period unless either the Company or Executive elects not to renew such term by giving written notice thereof at least sixty (60) days prior to the end of the 

applicable term, subject to earlier termination by the Company or Executive in accordance with Section 4 hereof.  For purposes of this Agreement, (i) the Company’s election not to renew the Initial Term or any successive term thereafter shall be treated as a termination of Executive’s employment by the Company without Cause upon the expiration of such term and (ii) the “Employment Term” means the period during which Executive shall be employed by the Company pursuant to the terms of this Agreement.

b.On the date on which Executive’s employment with the Company terminates, for whatever reason, unless specifically otherwise agreed in writing between Executive and the Company, Executive shall cease to hold any position (whether as an officer, director, manager, employee, trustee, fiduciary, or otherwise) with the Company.

c.Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of the terms of any employment agreement or other written or oral agreement(s) or policies to which Executive is a party or otherwise bound, or that may restrict or adversely impact Executive’s ability to enter into this Agreement and/or perform Executive’s duties hereunder.

3.Compensation and Benefits. Executive will be eligible to receive the following compensation and benefits during the Employment Term:

a.Annual Base Salary. In consideration of the services to be rendered by Executive under this Agreement, the Company will pay Executive an annual salary of $385,000 (as adjusted herein, the “Salary”), less all applicable local, state, and federal taxes, and other withholdings and deductions required by law or authorized by Executive, which shall be payable at the times and in the installments consistent with the Company’s existing payroll practices. The Salary shall be increased to $400,000 beginning January 1, 2021, and thereafter the Salary shall be reviewed from time to time, but no less frequently than annually, by the Board or a committee thereof for purposes of potential increase. Any such increase shall be determined in the sole discretion of the Board.

b.Annual Bonus. For each calendar year occurring during the Employment Term, Executive will be eligible for an annual cash bonus with respect to the year of employment completed as of such date equal to a target amount of fifty percent (50%) (“Bonus Target”) of Executive’s then applicable Salary and up to a maximum amount of one hundred percent (100%) of Executive’s then applicable Salary (the “Bonus”), as determined in the sole discretion of the Company and based upon the achievement of performance metrics established within the first three (3) months of each calendar year during the Employment Term and such other factors as may be determined in the discretion of the Board. Any Bonus earned by Executive as determined by the Board in its discretion, which may be higher or lower than the Bonus Target, shall be paid to Executive as soon as 

reasonably practicable following the end of the applicable calendar year, but in no event later than the last day to qualify such Bonus as a “short-term deferral” under Treasury Regulation Section 1.409A-1(b)(4) and no later than March 15th of the following calendar year. Provided the Effective Date occurs on or before June 15, 2020, for calendar year 2020, the Bonus shall be no less than $288,750, subject to Section 4 hereof.  If the Effective Date occurs after June 15, 2020, the Bonus shall be pro-rated based on the Effective Date of this Agreement at a target amount of seventy-five percent (75%) of Executive’s Salary, subject to Section 4 hereof.

c.Equity Participation.

i.Initial Award. Executive shall be entitled to an initial one-time award of 500,000 stock options in the Company (the “Options”) and 200,000 restricted stock units (the “RSUs”), granted under the Company’s Amended and Restated 2019 Omnibus Incentive Plan (“Plan”). The Options will (i) be granted as soon as practicable (but not more than five days) following the Effective Date, be subject to vesting in 4 equal annual installments (subject to Section 4), have an exercise price equal to $3.00 per share (but not less than fair market value on the date of grant, and (iv) have a ten (10) year term.  The RSUs will (a) be granted as soon as practicable (but not more than five days) following the Effective Date, (b) be subject to vesting in 4 equal annual installments (subject to Section 4), (c) with fifty percent (50%) of the RSUs deemed earned if the Company’s ten day average closing stock price on the New York Stock Exchange equals or exceeds $6.00 per share and (d) the remaining fifty percent (50%) deemed earned if the Company’s ten day average closing stock price on the New York Stock Exchange equals or exceeds $10.00 per share, in each case of (c)and (d), while Executive remains employed with the Company. The Options and the RSUs will be granted pursuant to a separate stock option agreement and restricted stock unit agreement, respectively, on the Company’s standard forms (the “Equity Agreements”), which shall be in substantially the forms previously provided to Executive.  In the event of any conflict between the terms of the Equity Agreements and this Agreement, the terms of this Agreement shall control.

ii.Annual Awards. The Executive will also be eligible to participate and receive awards, on an annual basis and as determined by the Board, under the Company’s Amended and Restated 2019 Omnibus Incentive Plan (“Annual Grants”). The Annual Grants shall initially have a grant date target value equal to thirty percent (30%) of Executive’s then applicable Salary, subject to upwards or downwards adjustment by the Board in subsequent years. The Annual Grants will be granted pursuant to separate award agreements (such agreements, together with the Equity Agreements, the “Award Agreements”).  Executive’s first Annual Grant is expected to occur during the first quarter of calendar year 2021.

d.Sign-On Bonus. In consideration of the promises contained herein and to assist in Executive’s relocation to Fort Wayne, IN, Executive shall receive a one-time cash bonus equal to $100,000, payable as soon as practicable following the Effective Date, less any required withholdings (the “Sign-on Bonus”). If Executive resigns employment with the Company without Good Reason or if the Company terminates Executive’s employment for Cause (as defined below), in either case, before the first anniversary of the Effective Date, Executive agrees to repay the full amount of the Sign-on Bonus.

e.Benefits. The Company and Executive acknowledge and agree that during the Employment Term, Executive shall be entitled to participate in certain employee benefits plans, programs and arrangements, as offered by the Company to similarly-situated senior executives of the Company. These employee benefits shall be governed by the applicable documents, which are subject to change.

f.Paid Time Off. During the Employment Term, Executive will be entitled to twenty (20) work days of paid time off each calendar year. PTO must be scheduled with sufficient advance notice to take into account the Company’s business needs. Executive will also be entitled to paid holidays in accordance with the Company’s holiday policy.

g.Business Expenses. During the Employment Term, Executive shall be reimbursed for all reasonable, ordinary, and necessary expenses incurred for business activities on behalf of the Company by Executive in the performance of his duties. All reimbursable expenses must be appropriately documented in reasonable detail by Executive and submitted in accordance with the travel and business expense reimbursement policy of the Company in effect at that time.

h.Company Automobile.  During the Employment Term, the Company shall provide Executive with either a Company vehicle or automobile allowance in either case at a level commensurate from time to time with comparable benefits provided to other Company executives.

4.Termination of Employment.

a.Termination Due to Death or Disability. Executive’s employment will terminate upon his death or may be terminated by the Company as a result of Executive’s Disability. For purposes of this Agreement, “Disability” shall refer to Executive’s physical or mental disability preventing him from carrying out substantially all of his duties under this Agreement, with reasonable accommodation, for a period of six (6) consecutive months (or twenty-five (25) weeks in any twelve (12)-month period). If Executive and the Company disagree as to the existence of a Disability, the dispute shall be resolved by an independent medical doctor selected by Executive and acceptable to the Company, such acceptance not to be unreasonably withheld.

b.Involuntary Termination for Cause. Executive’s employment hereunder may be terminated immediately by the Company, at any time, for Cause by written notice. For purposes of this Agreement, “Cause” shall mean (A) the Executive’s material breach of this Agreement or any other material agreement entered into between Executive and the Company, including the Restrictive Covenant Agreement (as defined below), (B) the Executive’s gross negligence (other than as a result of disability) or willful misconduct in carrying out his duties hereunder, resulting in harm to the Company, (C) the Executive’s material breach of any of his fiduciary obligations as an officer of the Company, including without limitation an act of fraud, conversion, misappropriation, or embezzlement by the Executive involving the assets of the Company or its affiliates or in the performance of Executive’s duties, or (D) any conviction by a court of law of, or entry of a pleading of guilty or nolo contendere by the Executive with respect to, a felony or any other crime for which fraud or dishonesty is a material element, excluding traffic violations, provided, however, the Company shall not be permitted to terminate the Executive for Cause pursuant to subsections (A), (B), or (C) if the Company shall not have previously provided the Executive with a one-time only written notice from the Company that the Executive committed any act set forth in subsections (A), (C) or (C) which the Executive failed to cure within thirty (30) days following receipt of such notice.

c.Termination Without Cause. The Company may terminate Executive’s employment and this Agreement without Cause at any time by providing written notice to Executive.

d.Resignation from the Company without Good Reason. Executive may resign his employment with the Company and terminate this Agreement at any time without Good Reason by providing sixty (60) days’ written notice to the Company.

e.Resignation from the Company for Good Reason. Executive may terminate his employment and this Agreement for Good Reason by written notice to the Company setting forth the details regarding the events which Executive asserts constitute “Good Reason” (a “Notice of Good Reason”). “Good Reason” shall mean any of the following events: (i) a material reduction in Executive’s Salary or a material reduction in Bonus Target opportunity (as a percentage of Salary), other than a reduction of less than 10% made as part of an across-the-board reduction of cash compensation of all similarly situated senior executives; (ii) a material and sustained diminution in Executive’s title, authority, duties and responsibilities (including reporting responsibilities) that is inconsistent with Executive’s title or position; (iii) a relocation of Executive’s principal place of employment by more than fifty (50) miles; (iv) any breach by the Company of a material obligation under this Agreement; or (v) any failure of a third party purchaser of all or substantially all of the assets of the Company to expressly assume the Company’s obligations under this Agreement; provided that any event described in clauses (i) through (v) shall not constitute “Good Reason” unless the Company fails to cure or cause to be cured such event within thirty (30) days after 

receipt from Executive of Notice of Good Reason; and provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following the later of its occurrence or Executive’s actual knowledge thereof, unless Executive has delivered a Notice of Good Reason prior to such date.

f.Benefits upon Termination.

i.Accrued Payments. Upon termination of Executive’s employment for any reason, Executive (or Executive’s estate) shall be entitled to receive a lump sum payment equal to Executive’s earned but unpaid Salary through the date of termination, any Bonus if declared or earned but not yet paid for a completed calendar year, any expenses owed to Executive, any accrued PTO owed to Executive, and any amount arising from Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements.

ii.Termination Due to Death or Disability. In addition to the amounts payable under Section 4(f)(i), in the event Executive’s employment terminates as a result of death or as a result of a termination by the Company due to Executive’s Disability pursuant to Section 4(a), Executive (or Executive’s estate) shall be entitled to (i) a pro-rated portion of Executive’s Bonus for the year of such termination, based on actual performance achieved, as determined by the Board and paid to Executive when bonuses for such year are paid in the ordinary course to senior executives of the Company, (ii) any Bonus if declared or earned but not yet paid for a completed calendar year and (iii) accelerated vesting of any equity awards held by Executive that vest solely based on service-based criteria and which are scheduled to vest within one year of the Date of Termination.  In addition, any equity awards held by Executive that vest based on performance- based criteria shall remain eligible to vest for one year following the Date of Termination, subject to the applicable performance criteria contained therein.  Any equity awards not otherwise vested at the end of the one year period following Executive’s termination of employment as a result of death or Disability shall be forfeited for no consideration.

iii.Termination Without Cause (including a Company Non-Renewal of the Employment Term).  In addition to the amounts payable under Section 4(f)(i), in the event that the Company terminates Executive’s employment as a result of a non-renewal of the Employment term or without Cause pursuant to Section 2(a) or Section 4(c), respectively, subject to (x) Executive’s executing, and not subsequently revoking, a general release of all claims arising under this Agreement or otherwise related to Executive’s employment by the Company in substantially the form attached hereto as Exhibit A (a “Release”), in accordance with Section 16(d), and (y) 

Executive’s continued compliance with the Restrictive Covenant Agreement (as defined in Section 5), the Company shall (A) continue to pay, in accordance with its normal payroll practices, Executive’s Salary for the period beginning on the date of termination of Executive’s employment (the “Date of Termination”) and ending on the (i) six (6)-month anniversary of the Date of Termination if such Date of Termination occurs prior to the second anniversary of the Effective Date, (ii) nine (9)-month anniversary of the Date of Termination if such Date of Termination occurs between the second anniversary of the Effective Date and prior to the third anniversary of the Effective Date or (iii) twelve (12)-month anniversary of the Date of Termination if such Date of Termination occurs either (I) on or after the third anniversary of the Effective Date or (II) upon or following the occurrence of a Change in Control (as defined in the Plan, and any such period under this clause (A), the “Severance Period”), (B) during the Severance Period, pay Executive a monthly cash amount, less taxes and withholdings, equal to the premium costs incurred by Executive (and Executive’s spouse and dependents, where applicable) to obtain COBRA coverage pursuant to one of the group health plans sponsored by Company, and (C) pay any Bonus if declared or earned but not yet paid for a completed calendar year  (collectively, clauses (A) through (C) are the “Severance Benefits”). Provided Executive signs and does not revoke a Release in accordance with Section 16(d), Executive shall also be entitled to accelerated vesting of any equity awards held by Executive that vest solely based on service-based criteria (including the Options) and which are scheduled to vest within one year of the Date of Termination.  In addition, subject to Executive’s executing, and not subsequently revoking, a Release in accordance with Section 16(d), any equity awards held by Executive that vest based on performance-based criteria (including the RSUs) shall remain eligible to vest for one year following the Date of Termination, subject to the applicable performance criteria contained therein. Any equity awards not otherwise vested at the end of the one year period following Executive’s resignation of employment with the Company for Good Reason shall be forfeited for no consideration.

iv.Resignation from the Company for Good Reason. In addition to the amounts payable under Section 4(f)(i), in the event that the Executive resigns Executive’s employment with the Company for Good Reason pursuant to Section 4(e), subject to (x) Executive’s executing, and not subsequently revoking, a Release in accordance with Section 16(d), and (y) Executive’s continued compliance with the Restrictive Covenant Agreement, Executive shall be entitled to (i) the Severance Benefits and (ii) accelerated vesting of any equity awards held by Executive that vest solely based on service-based criteria (including the Options) and which are scheduled to vest within one year of the Date of Termination. In addition, subject to Executive’s executing, and not subsequently revoking, a Release in accordance with Section 16(d), any equity awards held by Executive that vest based on performance-based criteria (including the 

RSUs) shall remain eligible to vest for one year following the Date of Termination, subject to the applicable performance criteria contained therein.  Any equity awards not otherwise vested at the end of the one year period following Executive’s resignation of employment with the Company for Good Reason shall be forfeited for no consideration.

v.Termination for Cause, or Resignation from the Company Without Good Reason.  If Executive’s employment shall terminate pursuant to Section 4(b)) for Cause or pursuant to Section 4(d) for Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits, except as provided in Section 4(f)(i).

vi.Timing of Payments. Notwithstanding the foregoing: (A) any portion of the Severance Benefits that would be deemed to be deferred compensation under Section 409A of the Code (as defined below) that would otherwise have been paid to Executive or reimbursed before the First Payment Date (as defined in Section 16(d)) shall be made on the First Payment Date; (B) Executive shall not be entitled to any Severance Benefits until Executive’s termination of employment constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h); and (C) each payment of Severance Benefits is intended to constitute a separate payment from each other payment of Severance Benefits for purposes of Treasury Regulation Section 1.409A-2(b)(2).

vii.Executive shall have no duty to mitigate the amount of any payment provided for hereunder by seeking other employment, and any income earned by Executive from other employment or self-employment shall not be offset against any obligations of the Company to Executive hereunder.

5.Restrictive Covenants. Executive acknowledges and agrees, as consideration for entering into this Agreement, that Executive is subject to the restrictive covenants set forth in the Restrictive Covenant Agreement attached hereto as Exhibit B (the “Restrictive Covenant Agreements).

6.Indemnification; Insurance.  On the Effective Date, the Company and Executive shall enter into the Company’s customary indemnification agreement for directors and officers. During the Employment Term, and at all times thereafter, the Company will provide Executive with directors’ and officers’ insurance liability coverage to cover any claims arising from her past, present or future activities on behalf of the Company or its affiliates, in the same manner as such insurance is provided to other similarly-situated officers or directors of the Company.

7.Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given when (a) delivered personally, (b) delivered by certified or registered mail, postage prepaid, return receipt requested, or (c) delivered by overnight courier (provided that a written acknowledgment of receipt is obtained by the 

overnight courier) to the party concerned at the address indicated below or to such changed address as such party may subsequently give such notice of:

If to the Company: 

NESCO Holdings, Inc.
6714 Pointe Inverness Way, Suite 220 
Ft. Wayne, IN 46804
Attention: CEO

If to Executive:
To the most recent address of Executive set forth in the personnel records of the Company.

8.Successors and Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and any of its successors. The Severance Benefits to which Executive may become entitled pursuant to Section 44(f) of this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and/or legatees. Executive agrees that his obligations under this Agreement are personal in nature and, without the consent of the Company, he may not assign, transfer, or delegate this Agreement or any rights or obligations hereunder or incorporated herein, provided, however, upon Executive’s death, Executive may assign his rights hereunder to Executive’s estate or heirs.

9.Complete and Final Agreement. Executive agrees that this Agreement, the Award Agreements, the Restrictive Covenant Agreement, and all other agreements referred to herein or therein (collectively, the “Related Agreements”) reflect the complete agreement between the Company and Executive, and that there are no written or oral understandings, promises or agreements related to this Agreement that have been made to him except those contained herein. The Related Agreements constitute the complete and final agreement by and between the Company and Executive, and supersede any and all prior and contemporaneous negotiations, representations, understandings, and agreements between the Company and Executive relating to the matters herein, including, without limitation, any term sheets and offer letters. The Company and Executive further intend that no extrinsic evidence whatsoever may be introduced in any judicial, administrative or other legal proceeding to vary the terms of the Related Agreements.

10.Construction / Counsel. This Agreement shall be deemed drafted equally by all parties. Its language shall be construed as a whole and according to its fair meaning, with no presumption that any language shall be construed against any party. Paragraph headings used herein are for convenience and are not part of this Agreement and shall not be used in construing it. Executive acknowledges that he has had adequate opportunity to consult with legal or other counsel of his choosing prior to execution of this Agreement.

11.Governing Law. Any dispute, controversy, or claim of whatever nature arising out of or relating to this Agreement or breach thereof shall be governed by and interpreted under the laws of the State of Indiana, without regard to conflict of law principles.

12.Survival of Provisions. Notwithstanding any other provision of this Agreement, the parties’ post-termination obligations and the parties’ other respective rights, including, without limitation, the provisions of Sections 4, 5 and 6 hereof shall survive any termination or expiration of this Agreement or the termination of Executive’s employment for any reason whatsoever.

13.Waiver. No provision of this Agreement may be modified, waived, or discharged unless each of the Company and Executive agrees to such modification, waiver, or discharge in writing. No waiver by the Company or Executive pursuant to this Section 13 of a breach of any condition or provision of this Agreement, or compliance therewith, shall be deemed a waiver of any breach of similar or dissimilar provisions or conditions, or compliance therewith, at the same or at any prior or subsequent time.

14.Mediation and Arbitration. Any dispute that may arise between the Company and Executive in reference to this Agreement or any Related Agreement, or the interpretation, application or construction thereof, and any matter, without limitation, arising out of Executive’s employment with the Company, shall be submitted to mediation using a mediator or mediators and procedures that are mutually acceptable to Executive and the Company. If mediation is not successful, the dispute shall be settled exclusively by arbitration, conducted before three arbitrators in Fort Wayne-Allen County, Indiana in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect. Judgment may be entered on the arbitration award in any court having jurisdiction; provided, however, that the Company or Executive shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of the provisions of Sections 4 and 5 of this Agreement, and Executive and the Company hereby consent that such restraining order or injunction may be granted without requiring the other party to post a bond. Only individuals who are on the AAA register of arbitrators may be selected as an arbitrator. Within twenty (20) days of the conclusion of the arbitration hearing, the arbitrator(s) shall prepare written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrators shall be valid, binding, final and non-appealable; provided, however, that the Company and Executive agree that the arbitrator shall not be empowered to award punitive damages against any party. The arbitrator or mediator, as the case may be, shall require the non-prevailing party to pay the arbitrator’s or mediator’s full fees and expenses or, if in the arbitrator’s or mediator’s opinion there is no prevailing party, the arbitrator’s or mediator’s fees and expenses will be borne equally by the parties thereto. In the event action is brought to enforce the provisions of this Agreement pursuant to this Section 14, the non-prevailing parties shall be required to pay the reasonable attorney’s fees and expenses of the prevailing parties to the extent determined to be appropriate by the arbitrator or the mediator, acting in its sole discretion.

15.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same Agreement.

16.Section 409A.

a.Notwithstanding anything to the contrary in this Agreement, if as of the Date of Termination, Executive is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) as determined by the Company in accordance with Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance thereunder (collectively, “Section 409A”) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in the payments or benefits ultimately paid or provided to Executive) until the date that is at least six (6) months following Executive’s termination of employment with the Company (or the earliest date permitted under Section 409A), whereupon the Company will pay Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been previously paid to Executive under this Agreement during the period in which such payments or benefits were deferred. Thereafter, payments will resume in accordance with this Agreement.

b.Additionally, in the event that following the date hereof the parties determine that any payments or benefits payable under this Agreement or otherwise may be subject to penalties or taxes under Section 409A, upon Executive’s request, the Company and Executive shall work together to adopt such amendments to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take any other commercially reasonable actions necessary or appropriate to (i) exempt the payments and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the payments and benefits provided with respect to this Agreement or (ii) comply with the requirements of Section 409A.  For purposes of Section 409A, Executive’s right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.

c.Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not affect in-kind benefits or reimbursements to be provided in any other tax year of Executive, except for the reimbursement of medical expenses referred to in Section 105(b) of the Code, and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments shall be made to Executive as soon as administratively practicable following such submission, but in no event later than 

December 31st of the calendar year following the calendar year in which the expense was incurred. In no event shall Executive be entitled to any reimbursement payments after December 31st of the calendar year following the calendar year in which the expense was incurred. This paragraph shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive.

d.Notwithstanding anything to the contrary in this Agreement, to the extent that any payments under Section 4 of this Agreement are subject to Executive’s execution and delivery of a Release, (i) the Company shall deliver the Release to Executive within seven (7) days following the Date of Termination, provided that if the Company does not deliver a Release prior to the expiration of such seven (7)-day period, the form of Release attached hereto as Exhibit A shall be deemed delivered to the Executive as of the last day of such seven (7)-day period, (ii) if Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes her acceptance of the Release thereafter, Executive shall not be entitled to the payments otherwise conditioned on the Release, and (iii) in any case where the Date of Termination and the Release Expiration Date fall in two separate taxable years, any payments of “nonqualified deferred compensation” (within the meaning of Section 409A) required to be made to Executive that are conditioned on the Release shall be made in the later taxable year. For purposes of this Section (d), “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive, or in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. To the extent that any payments due under this Agreement are delayed pursuant to this Section (d), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject to Section (d) (iii), on the first payroll period to occur in the subsequent taxable year, if later (either such date, the “First Payment Date”). The Company shall consult with Executive in good faith regarding the implementation of the provisions of Section 4(f) and this Section 16, provided, that neither the Company nor any of its affiliates, nor any of their respective employees, directors, officers, or representatives shall have any liability to Executive with respect thereto.

[Remainder of page intentionally left blank   Next page is signature page.)

IN WITNESS WHEREOF, the parties have executed this agreement as of the date first above written.

NESCO Holdings, Inc.

/s/ Lee Jacobson             
Name: Lee Jacobson
Position: Chief Executive Officer 
Date: 5/15/2020

EXECUTIVE

/s/ Joshua Boone          
Name: Joshua Boone
Date: 5/15/2020

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