Document:

Exhibit 4.5

 

AMENDED AND RESTATED BY-LAWS

OF

VUZIX CORPORATION

(a Delaware corporation)

 

Article 1

Name and Offices

 

1.1   Name.
The name of the Corporation is Vuzix Corporation.

 

1.2   Registered
Office and Agent. The Corporation shall establish, designate and continuously maintain a registered office and agent in the
State of Delaware, subject to the following provisions:

 

(a)   Registered
Office. The Corporation shall establish and continuously maintain in the State of Delaware a registered office which may be,
but need not be, the same as its place of business.

 

(b)   Registered
Agent. The Corporation shall designate and continuously maintain in the State of Delaware a registered agent, which agent may
be either an individual resident of the State of Delaware whose business office is identical with such registered office, or a
domestic corporation or a foreign corporation authorized to transact business in the State of Delaware, having a business office
identical with such registered office.

 

(c)   Change
of Registered Office or Agent. The Corporation may change its registered office or change its registered agent, or both, upon
the filing in the Office of the Secretary of State of Delaware of a statement setting forth the facts required by law, and executed
for the Corporation by a duly authorized officer.

 

1.3   Other
Offices. The Corporation may also have offices at such other places within and without the State of Delaware as the Board of
Directors may, from time to time, determine the business of the Corporation may require.

 

Article 2

Directors

 

2.1   Management
Powers. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, which
may exercise all powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of
Incorporation or by these By-laws directed or required to be exercised or done by the stockholders.

 

2.2   Number
and Qualification. The Board of Directors shall consist of not less than five nor more than 12 members. Directors need not
be residents of the State of Delaware nor stockholders of the Corporation. The number of directors shall be fixed, and may be increased
or decreased within the limits specified above, from time to time by resolution of the Board of Directors; provided, however,
no decrease shall have the effect of shortening the term of any incumbent director.

 

2.3   Voting
on Directors. At each annual meeting of stockholders, directors shall be elected by the vote of the holders of a plurality
of the shares entitled to vote on the election of directors and represented in person or by proxy at the meeting. Cumulative voting
in the election of directors is expressly prohibited.

 

2.4   Election
and Term. Members of the Board of Directors shall hold office until the next annual meeting of the stockholders of the Corporation
and until their successors shall have been elected and qualified, subject to his or her earlier removal or resignation.

     

      

    

 

2.5   Vacancies
and New Directorships. Vacancies in the Board of Directors, whether arising by virtue of the death, resignation or removal
of any director, and newly created directorships resulting from any increase in the authorized number of directors may be filled
by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director,
or by the vote of the stockholders at an annual meeting of the stockholders or at a special meeting of the stockholders called
for that purpose, and the directors so elected shall hold office until the next annual meeting of stockholders and until their
successors are elected and qualified.

 

2.6   Removal
and Resignation. Any director may be removed either with or without cause at any duly constituted special or annual meeting
of stockholders, by the affirmative vote of a majority in number of shares of the stockholders present in person or by proxy at
any meeting and entitled to vote for the election of such director, provided notice of intention to act upon such matter shall
have been given in the notice calling such meeting. Any director may resign at any time by submitting a resignation in writing
to the Chief Executive Officer of the Corporation. Any such resignation shall take effect upon receipt of such resignation if no
date is specified in the resignation, or, if a later date is specified in the resignation, upon such later date. Unless otherwise
specified in the resignation, the acceptance of such resignation shall not be necessary to make it effective.

 

2.7   Meetings.
The meetings of the Board of Directors shall be held and conducted subject to the following regulations:

 

(a)   Place.
Meetings of the Board of Directors, annual, regular or special, are to be held at the principal office or place of business of
the Corporation, or such other place, either within or without the State of Delaware, as may be specified in the respective notices,
or waivers of notice, thereof.

 

(b)   Annual
Meeting. The Board of Directors shall meet each year immediately after the annual meeting of the stockholders, at the place
where such meeting of the stockholders has been held, for the purpose of organization, election of officers, appointment of members
to the committees established by the Board of Directors, and consideration of any other business that may properly be brought before
the meeting. No notice of any kind for such annual meeting shall be required.

 

(c)   Regular
Meetings. Regular meetings of the Board of Directors may be held without notice at such time and at such place or places as
shall from time to time be determined and designated by the Board of Directors.

 

(d)   Special
Meetings. Special meetings of the Board of Directors may be called by the Chairman of the Board, the Chief Executive Officer
or the President of the Corporation on notice of two days to each director either personally or by mail or by telegram, telex or
facsimile transmission and delivery. Special meetings of the Board of Directors shall be called by the Chairman of the Board, the
Chief Executive Officer, the President or the Secretary in like manner and on like notice on the written request of any two directors.

 

(e)   Notice
and Waiver of Notice. Written notice of the meeting stating the place, day and hour of the meeting and, in the case of a special
meeting, the purpose or purposes for which the meeting is called shall be delivered in the manner set forth in Section 5.1,
not less than two nor more than 30 days before the date of the meeting by or at the direction of the Chairman of the Board,
the Chief Executive Officer, the President or the Secretary of the Corporation to each director of the Corporation. Attendance
of a director at any meeting shall constitute a waiver of notice of such meeting, except if a director attends for the express
purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business
to be transacted at, nor the purpose of, any regular meeting of the Board of Directors need be specified in the notice or waiver
of notice of such meeting.

     

      

    

 

(f)   Quorum.
At all meetings of the Board of Directors, a majority of the total number of directors shall constitute a quorum for the transaction
of business, unless a greater number is required by law or by the Certificate of Incorporation. If a quorum shall not be present
at any meeting of directors, the directors present thereat may adjourn the meeting, from time to time, without notice other than
announcement at the meeting, until a quorum shall be present.

 

(g)   Requisite
Vote. Each director shall have one vote on each matter submitted to a vote at any meeting of the Board of Directors. The act
of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors.

 

2.8   Action
without Meetings. Unless otherwise restricted by the Certificate of Incorporation or these By-laws, any action required or
permitted by law to be taken at any meeting of the Board of Directors may be taken without a meeting, if all members of the Board
of Directors consent thereto in writing and such written consent is filed with the minutes of proceedings of the Board of Directors.

 

2.9   Committees.
Committees designated and appointed by the Board of Directors shall function subject to and in accordance with the following regulations
and procedures:

 

(a)   Designation
and Appointment. The Board of Directors may, by resolution adopted by a majority of the entire Board of Directors, designate
and appoint one or more committees under such name or names and for such purpose or function as may be deemed appropriate.

 

(b)   Members;
Alternate Members; Terms. Each committee thus designated and appointed shall consist of one or more of the directors. The Board
of Directors may designate one or more of its members as alternate members of any committee, who may, subject to any limitations
imposed by the entire Board of Directors, replace absent or disqualified members at any meeting of that committee. The members
or alternate members of any such committee shall serve at the pleasure of and subject to the discretion of the Board of Directors.

 

(c)   Authority.
Each committee, to the extent provided in the resolution of the Board of Directors creating same, shall have and may exercise such
of the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation as the Board
of Directors may direct and delegate, except, however, those matters which are required by statute to be reserved unto or acted
upon by the entire Board of Directors. A committee shall have no power to act except as authorized by the Board of Directors or
these By-laws. The designation of a committee and the delegation of authority to it shall not relieve the Board of Directors or
any individual director of any responsibility imposed upon the Board or an individual director by law.

 

(d)   Records.
Each such committee shall keep and maintain regular records or minutes of its meetings and report the same to the Board of Directors
when required.

 

(e)   Change
in Number. The number of members or alternate members of any committee appointed by the Board of Directors, as herein provided,
may be increased or decreased (but not below one) from time to time by appropriate resolution adopted by a majority of the entire
Board of Directors.

 

(f)   Vacancies.
Vacancies in the membership of any committee designated and appointed hereunder shall be filled by the Board of Directors, at a
regular or special meeting of the Board of Directors, in a manner consistent with the provisions of this Section 2.9.

 

(g)   Removal
and Resignation. Any member or alternate member of any committee appointed hereunder may be removed by the Board of Directors
by the affirmative vote of a majority of the entire Board of Directors, whenever in its judgment the best interests of the Corporation
will be served thereby. A member of any committee may resign at any time by submitting a resignation in writing to either the Chairman
of the committee or to the Chief Executive Officer of the Corporation. Any such resignation shall take effect upon receipt of such
resignation if no date is specified in the resignation, or, if a later date is specified in the resignation, upon such later date.

     

      

    

 

(h)   Meetings.
The time, place and notice (if any) of committee meetings shall be determined by the members of such committee.

 

(i)   Quorum.
At meetings of any committee appointed hereunder, a majority of the members or alternate members shall constitute a quorum for
the transaction of business. If a quorum is not present at a meeting of such committee, the members or alternate members present
may adjourn the meeting from time to time, without notice other than an announcement at the meeting, until a quorum is present.

 

(j)   Requisite
Vote. The act of a majority of the members and alternate members of the committee present at any meeting at which a quorum
is present shall be the act of such committee, except as otherwise specifically provided by statute or by the Certificate of Incorporation
or by these By-laws.

 

(k)   Compensation.
Appropriate compensation for members and alternate members of any committee appointed pursuant to the authority hereof may be authorized
by the action of a majority of the entire Board of Directors pursuant to the provisions of Section 2.11.

 

(l)   Action
without Meetings. Any action required or permitted to be taken at a meeting of any committee may be taken without a meeting
if all members of such committee consent thereto in writing, and such written consent is filed with the minutes of the proceedings
of such committee.

 

(m)   Combination
of Board Committees. If the Board of Directors determines that any one or more of the committees previously established by
or otherwise designated should not exist, the Board of Directors may assign the functions of such committee to a new or existing
committee or to the Board of Directors acting as a committee of the whole.

 

2.10   Executive
Committee. Except as otherwise limited by the Board of Directors or by these By-laws, the Executive Committee, if so designated
by the Board of Directors, shall have and may exercise, when the Board is not in session, all the powers of the Board of Directors
in the management of the business and affairs of the Corporation. The Board shall have the power at any time to change the membership
of the Executive Committee, to fill vacancies in it, or to dissolve it. The Executive Committee may make rules for the conduct
of its business and may appoint such assistance as it shall from time to time deem necessary. A majority of the members of the
Executive Committee, if more than a single member, shall constitute a quorum.

 

2.11   Presumption
of Assent. A director who is present at any meeting of the Board of Directors, or at a committee thereof of which the director
is a member, at which action on any matter is taken shall be presumed to have assented to the action taken unless such director
votes against such action or abstains from voting because of an asserted conflict of interest and such vote against or abstention
is noted in the minutes of the meeting.

 

2.12   Compensation.
By appropriate resolution of the Board of Directors, the directors may be reimbursed their expenses, if any, of attendance at each
meeting of the Board of Directors or any committee thereof of which the director is a member and may be paid a fixed sum (as determined
from time to time by the vote of a majority of the directors then in office) for attendance at each meeting of the Board of Directors
or any committee thereof of which the director is a member or a stated salary as director. No such payment shall preclude any director
from serving the Corporation in another capacity and receiving compensation therefor.

     

      

    

 

2.13   Maintenance
of Records. The directors may keep the books and records of the Corporation, except such as are required by law to be kept
within the State, outside the State of Delaware or at such place or places as they may, from time to time, determine.

 

2.14   Interested
Directors and Officers. No contract or other transaction between the Corporation and one or more of its directors or officers,
or between the Corporation and any firm of which one or more of its directors or officers are members or employees, or in which
they are interested, or between the Corporation and any corporation or association of which one or more of its directors or officers
are stockholders, members, directors, officers, or employees, or in which they are interested, shall be void or voidable solely
for this reason, or solely because of the presence of such director or directors or officer or officers at the meeting of the Board
of Directors, which acts upon, or in reference to, such contract, or transaction, if (a) the material facts of such relationship
or interest shall be disclosed or known to the Board of Directors and the Board of Directors shall, nevertheless in good faith,
authorize, approve and ratify such contract or transaction by a vote of a majority of the directors present, such interested director
or directors to be counted in determining whether a quorum is present, but not to be counted in calculating the majority of such
quorum necessary to carry such vote; (b) the material facts of such relationship or interest as to the contract or transaction
are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved
in good faith by the vote of the stockholders; or (c) the contract or transaction is fair to the Corporation as of the time
it is authorized, approved or ratified by the Board of Directors, a committee thereof or the stockholders. The provisions of this
Section 2.14 shall not be construed to invalidate any contract or other transaction which would otherwise be valid under the
common and statutory law applicable thereto.

 

2.15   Minutes.
Minutes shall be recorded of all meetings of the Board of Directors or any committee thereof. A copy of the minutes shall be distributed
to all members of the Board of Directors, or the applicable committee thereof, as appropriate, for approval.

 

2.16   Advisory
Directors. The Board of Directors may appoint one or more advisory directors as it shall from time to time determine. Each
advisory director appointed shall hold office for the term for which such advisory director is appointed or until his or her earlier
death, resignation, retirement or removal, with or without cause, as set forth in this Section 2.16. Each advisory director shall
qualify as an advisory director following appointment as such by agreeing to act or acting in such capacity. An advisory director
shall be entitled, but shall have no obligation, to attend and be present at the meetings of the Board of Directors, although a
meeting of the Board of Directors may be held without notice to any advisory director and no advisory director shall be considered
in determining whether a quorum of the Board of Directors is present. An advisory director shall serve only as an advisor to the
Board of Directors and as such shall advise and counsel the Board of Directors on the business and operations of the Corporation
as requested from time to time by the Board of Directors; however, an advisory director shall not be entitled or permitted to vote
on any matter presented to the Board of Directors or to bind the Corporation in any manner. Any advisory director may be removed
by the Chairman of the Board or by the affirmative vote of a majority of the entire Board of Directors, whenever in their judgment
the best interest of the Corporation will be served thereby. An advisory director, in consideration of such person serving as an
advisory director, shall be entitled to receive from the Corporation such fees for attendance at meetings of the Board of Directors
as the Board shall from time to time determine. In addition, an advisory director shall be entitled to receive from the Corporation
reimbursement for the reasonable expenses incurred by such person in connection with the performance of such person’s duties
as an advisory director.

     

      

    

 

Article 3

Stockholders

 

3.1   Place
of Meetings. Each meeting of the stockholders is to be held at the principal offices of the Corporation or at such other place,
either within or without the State of Delaware, as may be specified in the notice of the meeting or in a duly executed waiver of
notice thereof.

 

3.2   Annual
Meetings. The annual meeting of the stockholders for the election of directors and for the transaction of such other business
as may properly come before the meeting (a) by or at the direction of the Board of Directors; or (b) by any stockholder
in compliance with Section 3.9, shall be held at such date, time and place as may be designated each year by resolution of
the Board of Directors. The failure to hold the annual meeting within the designated period of time or on the designated date shall
not work a forfeiture or dissolution of the Corporation.

 

3.3   Special
Meetings. Special meetings of the stockholders, for any purpose or purposes, may be called by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer or the President. The notice of a special meeting shall state the purpose or purposes
of the proposed meeting and the business to be transacted at any such special meeting of stockholders and shall be limited to the
purposes stated in the notice thereof.

 

3.4   Record
Date. As more specifically provided in Section 7.6 hereof, the Board of Directors may fix in advance a record date for
the purpose of determining stockholders entitled to notice of or to vote at a meeting of stockholders, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date
shall not be less than ten nor more than 60 days prior to such meeting. In the absence of any action by the Board of Directors
fixing the record date, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders
shall be at the close of business on the day before the day on which notice of the meeting is given, or, if notice is waived, at
the close of business on the day before the meeting is held.

 

3.5   Notice.
Written notice of the meeting stating the place, day and hour of the meeting, and in the case of a special meeting, the purpose
or purposes for which the meeting is called, shall be delivered in the manner set forth in Section 5.1 not less than ten nor
more than 60 days before the date of the meeting by or at the direction of the Board of Directors, the Chairman of the Board,
the Chief Executive Officer, the President, or the Secretary, to each stockholder of record entitled to vote at such meeting as
determined in accordance with of Section 3.4.

 

3.6   Voting
List. The officer or agent having charge and custody of the stock transfer books of the Corporation shall prepare, at least
ten days before each meeting of stockholders, a complete list of the stockholders entitled to vote at such meeting, arranged in
alphabetical order and showing the address of each stockholder and the number of shares having voting privileges registered in
the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting,
during ordinary business hours for a period of not less than ten days prior to such meeting either at the principal office of the
Corporation or at a place within the city where the meeting is to be held, which place shall be specified in the notice of the
meeting, or, if not so specified, at the place where the meeting is to be held. Such list shall also be produced and kept open
at the time and place of the meeting and shall be subject to the inspection of any stockholder during the entire time of the meeting.
The original stock ledger or transfer book, or a duplicate thereof, shall be prima facie evidence as to identity of the stockholders
entitled to examine such list or stock ledger or transfer book and to vote at any such meeting of the stockholders. The failure
to comply with the requirements of this Section shall not affect the validity of any action taken at said meeting.

     

      

    

 

3.7   Quorum.
Except as otherwise provided by statute or by the Certificate of Incorporation or by these By-laws, the holders of a one-third
of the shares of the capital stock issued and outstanding and entitled to vote thereat, represented in person or by proxy, shall
constitute a quorum for the transaction of business at all meetings of the stockholders. If, however, such quorum shall not be
present or represented at any such meeting of the stockholders, the stockholders entitled to vote thereat, present in person, or
represented by proxy, shall have the power to adjourn the meeting, from time to time, without notice other than announcement at
the meeting, until a quorum shall be present or represented. At such reconvened meeting at which a quorum shall be present or represented,
any business may be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for
more than 30 days, or if after the adjournment a new record date is fixed for the reconvened meeting, a notice of said meeting
shall be given to each stockholder entitled to vote at said meeting.

 

3.8   Withdrawal
of Quorum. If a quorum is present at the time of commencement of any meeting, the stockholders present at such duly convened
meeting may continue to transact any business which may properly come before said meeting until adjournment thereof, notwithstanding
the withdrawal from such meeting of sufficient holders of the shares of capital stock entitled to vote thereat to leave less than
a quorum remaining.

 

3.9   Stockholder
Proposals. In order for a stockholder to properly bring any item of business before an annual meeting of stockholders, such
stockholder (a “Noticing Stockholder”) must give timely notice thereof in writing to the Secretary of the Corporation
in compliance with the requirements of this Section 3.9. This Section 3.9 shall constitute an advance notice provision
for annual meetings for purposes of Rule 14a-4(c)(1) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

 

(a)   To be timely,
a Noticing Stockholder’s notice shall be delivered to the Secretary at the principal executive offices of the Corporation
not earlier than the close of business on the 120th day and not later than 5:00 p.m. Eastern Time on the 90th day prior to the
first anniversary of the preceding year’s annual meeting; provided, however, that in the event the date of
the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the Stockholder
to be timely must be so delivered not earlier than 5:00 p.m. Eastern Time on the 120th day prior to the date of such annual meeting
and not later than 5:00 p.m. Eastern Time on the later of the 90th day prior to the date of such annual meeting or, if the first
public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting not
later than 5:00 p.m. Eastern Time, the 10th day following the day on which public announcement of the date of such meeting is first
made by the Corporation. In no event shall any adjournment or postponement of an annual meeting, or the announcement thereof, commence
a new time period for the giving of a stockholder’s notice.

 

(b)   To be in
proper form, whether in regard to a nominee for election to the Board of Directors or other business, a Noticing Stockholder’s
notice to the Secretary must:

 

(i)   Set forth,
as to the Noticing Stockholder and, if the Noticing Stockholder holds for the benefit of another, the beneficial owner on whose
behalf the nomination or proposal is made, the following information together with a representation as to the accuracy of the information:

 

(A)   the name
and address of the Noticing Stockholder as they appear on the Corporation’s books and, if the Noticing Stockholder holds
for the benefit of another, the name and address of such beneficial owner (collectively, the “Holder”);

 

(B)   the class
or series and number of shares of the Corporation that are, directly or indirectly, owned beneficially and/or of record;

     

      

    

 

(C)   any option,
warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement
payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or
in part from the value of any class or series of shares of the Corporation, whether or not the instrument or right shall be subject
to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a “Derivative Instrument”)
that is directly or indirectly owned beneficially by the Holder and any other direct or indirect opportunity to profit or share
in any profit derived from any increase or decrease in the value of shares of the Corporation;

 

(D)   any proxy,
contract, arrangement, understanding, or relationship pursuant to which the Holder has a right to vote or has granted a right to
vote any shares of any security of the Corporation;

 

(E)   any short
interest in any security of the Corporation (for purposes of these By-laws a person shall be deemed to have a short interest in
a security if the Holder directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
the opportunity to profit or share in any profit derived from any decrease in the value of the subject security);

 

(F)   any rights
to dividends on the shares of the Corporation owned beneficially by the Holder that are separated or separable from the underlying
shares of the Corporation;

 

(G)   any proportionate
interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership
or limited liability company or similar entity in which the Holder is a general partner or, directly or indirectly, beneficially
owns an interest in a general partner, is the manager, managing member or directly or indirectly beneficially owns an interest
in the manager or managing member of a limited liability company or similar entity,

 

(H)   any performance-related
fees (other than an asset-based fee) that the Holder is entitled to base on any increase or decrease in the value of shares of
the Corporation or Derivative Instruments, if any;

 

(I)   any arrangements,
rights, or other interests described in Sections 3.9(b)(i)(C)-(H) held by members of such Holder’s immediate family
sharing the same household;

 

(J)   any other
information relating to the Holder that would be required to be disclosed in a proxy statement or other filings required to be
made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested
election pursuant to Section 14 of the Exchange Act and the rules and regulations thereunder; and

 

(K)   any other
information reasonably requested by the Corporation.

 

Such information shall be provided as of
the date of the notice and shall be supplemented by the Holder not later than ten days after the record date for the meeting to
disclose such ownership as of the record date.

 

(ii)   If the
notice relates to any business other than a nomination of a director or directors that the Holder proposes to bring before the
meeting, the notice must also set forth:

 

(A)   a brief
description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and
any material interest of the Holder, in such business; and

 

(B)   a description
of all agreements, arrangements and understandings, direct and indirect, between the Holder, and any other person or persons (including
their names) in connection with the proposal of such business by the Holder.

     

      

    

 

(iii)   If the
notice relates to any nomination of a director or directors that the Holder proposes to bring before the meeting, the notice must
also set forth:

 

(A)   information
relating to the Holder that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act
and the rules and regulations thereunder (including such person’s written consent to being named in the proxy statement as
a nominee and to serving as a director if elected);

 

(B)   a description
of all direct and indirect compensation and other material monetary agreements, arrangements, and understandings during the past
three years, and any other material relationships, between or among the Holder and respective affiliates and associates, or others
acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or
others acting in concert therewith, on the other hand, including, without limitation all information that would be required to
be disclosed pursuant to Item 404 of Regulation S-K under the Securities Act of 1933, as amended, if the Holder making
the nomination or on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert
therewith, were the “registrant” for purposes of Item 404 and the nominee were a director or executive officer
of such registrant; and

 

(C)   a representation
that the Noticing Stockholder intends to vote or cause to be voted such stock at the meeting and intends to appear in person or
by a representative at the meeting to nominate the person or propose the business specified in the notice.

 

(iv)   With respect
to each nominee for election or reelection to the Board of Directors, the Noticing Stockholder shall include a completed and signed
questionnaire, representation, and agreement required by Section 3.10. The Corporation may require any proposed nominee to
furnish such other information as may reasonably be required by the Corporation to determine the eligibility of the proposed nominee
to serve as an independent director of the Corporation or that could be material to a reasonable stockholder’s understanding
of the independence, or lack thereof, of the nominee.

 

(c)   Notwithstanding
anything in Section 3.9(a) to the contrary, if the number of directors to be elected to the Board of Directors is increased
and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the increased
Board of Directors at least 100 days prior to the first anniversary of the preceding year’s annual meeting, a Stockholder’s
Notice shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it
shall be delivered to the Secretary at the principal executive offices of the Corporation not later than 5:00 p.m. Eastern Time
on the 10th day following the day on which the public announcement naming all nominees or specifying the size of the increased
Board of Directors is first made by the Corporation.

 

(d)   For purposes
of these By-laws, “public announcement” shall mean disclosure in a press release reported by a national news service
or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14,
or 15(d) of the Exchange Act and the rules and regulations thereunder.

 

(e)   Only those
persons who are nominated in accordance with the procedures set forth in these By-laws shall be eligible to serve as directors.
Only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance
with the procedures set forth in these By-laws. Except as otherwise provided by law, the Certificate of Incorporation, or these
By-laws, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to
be brought before the meeting was made or proposed, as the case may be, in compliance with the procedures set forth in these By-laws
and, if any proposed nomination or business is not in compliance with these By-laws, to declare that such proposal or nomination
shall be disregarded.

     

      

    

 

(f)   Notwithstanding
the foregoing provisions of these By-laws, a Noticing Stockholder also shall comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder with respect to the matters set forth in these By-laws; provided, however, that any
references in these By-laws to the Exchange Act or the rules thereunder are not intended to and shall not limit the requirements
applicable to nominations or proposals as to any other business to be considered pursuant to Section 3.2 or Section 3.9.

 

(g)   Nothing
in these By-laws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation’s
proxy statement pursuant to Rule 14a-8 under the Exchange Act. Notice of stockholder proposals that are, or that the Noticing
Stockholder intends to be, governed by Rule 14a-8 under the Exchange Act are not governed by these By-laws and these By-laws
shall govern all stockholder proposals that are not made pursuant to Rule 14a-8.

 

The chairman of any meeting of stockholders
may refuse to acknowledge the nomination of any person or the proposal of any business not made in compliance with the foregoing
procedures.

 

3.10   Submission
of Questionnaire, Representation and Agreement. To be eligible to be a nominee for election or reelection as a director of
the Corporation by a Holder, a person must complete and deliver (in accordance with the time periods prescribed for delivery of
notice under Section 3.9) to the Secretary at the principal executive offices of the Corporation a written questionnaire providing
the information requested about the background and qualifications of such person and the background of any other person or entity
on whose behalf the nomination is being made and a written representation and agreement (the questionnaire, representation and
agreement to be in the form provided by the Secretary upon written request) that such person:

 

(a)   is not
and will not become a party to:

 

(i)   any agreement,
arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how the person,
if elected as a director of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) that
has not been disclosed to the Corporation, or

 

(ii)   any Voting
Commitment that could limit or interfere with the person’s ability to comply, if elected as a director of the Corporation,
with the person’s fiduciary duties under applicable law,

 

(b)   is not
and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation
with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with service or action as
a director that has not been disclosed therein, and

 

(c)   in the
person’s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be
in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance,
conflict of interest, confidentiality, and stock ownership and trading policies and guidelines of the Corporation.

 

3.11   Nomination
of Directors. Only persons who are nominated in accordance with the procedure set forth in Section 3.9 or who are nominated
for election as directors by the Board of Directors may be nominated for election as directors of the Corporation

     

      

    

 

3.12   Requisite
Vote. With respect to any action to be taken by the stockholders as to any matter other than the election of directors, the
affirmative vote of the holders of a majority of the shares of capital stock entitled to vote on that matter and represented in
person or by proxy at a meeting of stockholders at which a quorum is present shall be the act of the stockholders.

 

3.13   Voting
Power. In the exercise of voting power with respect to each matter properly submitted to a vote at any meeting of stockholders,
each stockholder of the capital stock of the Corporation having voting power shall be entitled to one vote for each such share
held in his name on the books of the Corporation, except to the extent otherwise specified by the Certificate of Incorporation
pertaining to a series of preferred stock.

 

3.14   Exercise
of Voting Power; Proxies. Each stockholder entitled to vote at a meeting or to express consent or dissent to corporate action
in writing without a meeting may vote either in person or authorize another person or persons to act for him by proxy duly appointed
by instrument in writing subscribed by such stockholder or by his duly authorized attorney-in-fact; provided, however, no such
appointment of proxy shall be valid, voted or acted upon after the expiration of three years from the date of execution of such
written instrument of appointment, unless otherwise stated therein. All proxies must indicate the number of shares subject to the
proxy and must bear the date on which the proxy was executed by the stockholder. A telegram, telex, cablegram, or similar transmission
by a stockholder, or a photographic, photostatic, facsimile, or similar reproduction of a writing executed by a stockholder, shall
be treated as an execution in writing. A proxy shall be revocable unless expressly designated therein as irrevocable and coupled
with an interest. Proxies coupled with an interest include the appointment as proxy of: (i) a pledgee; (ii) a person
who purchased or agreed to purchase or owns or holds an option to purchase the shares voted; (iii) a creditor of the Corporation
who extended its credit under terms requiring the appointment; (iv) an employee of the Corporation whose employment contract
requires the appointment; or (v) a party to a voting agreement created under Section 218 of the Delaware General Corporation
Law. Each proxy shall be filed with the Secretary prior to or at the time of the meeting. Any vote may be taken by voice vote or
by show of hands unless someone entitled to vote at the meeting objects, in which case written ballots shall be used.

 

3.15   Conduct
of Meetings. The Board of Directors of the Corporation may adopt by resolution such rules and regulations for the conduct of
the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as
adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to prescribe
such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper
conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman
of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for
the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations
on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted
proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after
the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants.
Except to the extent determined by the Board of Directors or the chairman of the meetings, meetings of stockholders shall not be
required to be held in accordance with the rules of parliamentary procedure.

 

3.16   Inspectors
of Elections.

 

(a)   Appointment
of Inspectors. In advance of any meeting of stockholders, the Board of Directors may appoint any persons, other than nominees
for office, as inspectors of election to act at that meeting or any adjournment of that meeting. If inspectors of election are
not appointed, the chairman of any meeting may, and on the request of any stockholder or stockholder’s proxy shall, appoint
inspectors of election at the meeting. The number of inspectors shall be either one or three. If appointed at a meeting on the
request of one or more stockholders or proxies, the majority of shares present shall determine whether one or three inspectors
are to be appointed. In case any person appointed as inspector fails to appear or fails or refuses to act, the vacancy may be filled
by appointment by the Board of Directors in advance of the meeting or at the meeting by the person acting as chairman.

     

      

    

 

(b)   Duties
of Inspectors. The inspectors of election shall determine the number of shares outstanding and the voting power of each, the
shares represented at the meeting, the existence of a quorum, and the authenticity, validity, and effect of proxies. The inspectors
shall also receive votes, ballots, or consents, hear and determine all challenges and questions in any way arising in connection
with the right to vote, count and tabulate all votes or consents, determine the result, and do such acts as may be proper to conduct
the election or vote with fairness to all stockholders. The inspectors of election shall perform their duties impartially, in good
faith, to the best of their ability, and as expeditiously as is practical.

 

(c)   Vote
of Inspectors. If there are three inspectors of election the decision, act, or certificate of a majority is effective in all
respects as the decision, act, or certificate of all.

 

(d)   Report
of Inspectors. On request of the chairman of the meeting or of any stockholder or the stockholder’s proxy, the inspectors
shall make a report in writing of any challenge or question or matter determined by them and execute a certificate of any fact
found by them. Any report or certificate made by them is prima facie evidence of the facts stated therein.

 

3.17   No
Action without Meetings. Action by the stockholders may only be taken at a duly constituted annual or special meeting of stockholders
and may not be taken by written consent in lieu of a meeting.

 

Article 4

Officers

 

4.1   Designation.
The officers of the Corporation shall be chosen by the Board of Directors and shall consist of the offices of:

 

(a)   President,
Secretary and Treasurer; and

 

(b) Such other offices and officers
(including a Chairman of the Board, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and one or more Vice
Presidents) and assistant officers as the Board of Directors shall deem necessary.

 

4.2   Election
of Officers. Each officer designated in Section 4.1(a) hereof shall be elected by the Board of Directors on the expiration
of the term of office of such officer, as herein provided, or whenever a vacancy exists in such office. Each officer or agent designated
in Section 4.1(b) above may be elected by the Board of Directors at any meeting.

 

4.3   Qualifications.
No officer need be a stockholder of the Corporation or a resident of Delaware. No officer is required to be a director, except
the Chairman of the Board. Any two or more offices may be held by the same person.

 

4.4   Term
of Office. Unless otherwise specified by the Board of Directors at the time of election or appointment, the term of office
of each officer shall expire on the date of the first meeting of the Board of Directors next following the annual meeting of stockholders
each year. Each such officer, unless elected or appointed to an additional term, shall serve until the expiration of the term of
his office or, if earlier, his death, resignation or removal.

     

      

    

 

4.5   Authority.
Officers shall have such authority and perform such duties in the management of the Corporation as are provided in these By-laws
or as may be determined by resolution of the Board of Directors not inconsistent with these By-laws.

 

4.6   Removal
and Resignation. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or
without cause by a majority of the directors at any annual, regular or special meeting of the Board of Directors. Such removal
shall be without prejudice to the contractual rights, if any, of the person so removed. Election or appointment of an officer shall
not of itself create contractual rights. Any officer may resign at any time by submitting a resignation in writing to the Board
of Directors or to the President of the Corporation. Any such resignation shall take effect upon receipt of such resignation if
no date is specified in the resignation, or, if a later date is specified in the resignation, upon such later date. Unless otherwise
specified in the resignation, the acceptance of such resignation shall not be necessary to make it effective.

 

4.7   Vacancies.
Any vacancy occurring in any office of the Corporation (by death, resignation, removal or otherwise) shall be filled by the Board
of Directors. The new officer elected to fill the vacancy shall serve in such capacity until the unexpired term of the predecessor
in office.

 

4.8   Compensation.
The compensation of all officers and agents of the Corporation shall be fixed from time to time by or in the manner prescribed
by the Board of Directors.

 

4.9   Chairman
of the Board. If a Chairman of the Board is elected, he shall be chosen from among the directors. The Chairman of the Board
shall have the power to call special meetings of the stockholders and of the directors for any purpose or purposes, and he shall
preside at all meetings of the Board of Directors, unless he shall be absent or unless he shall, at his election, designate the
Vice Chairman, if one is elected, to preside in his stead. The Chairman of the Board shall submit a report as to the operations
of the Corporation for the preceding fiscal year to the Board of Directors as soon as practicable in each year and, with the Chief
Executive Officer, to the stockholders at or prior to each annual meeting of the stockholders, and the Chairman of the Board shall
from time to time report to the Board of Directors matters within his knowledge which the interest of the Corporation may require
to be so reported. The Chairman of the Board shall advise and counsel the Chief Executive Officer and other officers of the Corporation
and shall exercise such powers and perform such duties as shall be assigned to or required by him from time to time by the Board
of Directors.

 

4.10   Chief
Executive Officer. Subject to the supervision of the Board of Directors, the Chief Executive Officer, if one is elected, shall
have responsibility for the general supervision, management, direction and control of the business and affairs of the Corporation
and shall see that all orders and resolutions of the Board of Directors are carried into effect. The Chief Executive Officer shall
execute bonds, mortgages and other contracts requiring a seal, under the seal of the Corporation, except where required or permitted
by law to be otherwise executed and except where the execution thereof shall be expressly delegated by the Board of Directors to
some other officer or agent of the Corporation. The Chief Executive Officer shall preside at all meetings of the stockholders and,
in the absence of the Chairman of the Board, at all meetings of the Board of Directors. The Chief Executive Officer shall have
the general powers and duties of management usually vested in the office of chief executive officer of a corporation and shall
perform such other duties and possess such other authority and powers as the Board of Directors may from time to time prescribe.
The Chief Executive Officer shall have general supervision and direction of all other officers, agents and employees of the Corporation
to see that their respective duties are properly performed. In the event no individual is elected to the office of Chief Operating
Officer, the Chief Executive Officer shall have the powers and perform the duties of the Chief Operating Officer.

     

      

    

 

4.11   Chief
Operating Officer. Subject to the supervision of the Board of Directors, the Chief Operating Officer, if one is elected, shall
have responsibility for the general supervision of the day to day operations of the Corporation. The Chief Operating Officer shall
have the general powers and duties of management usually vested in the office of chief operating officer of a corporation and shall
perform such other duties and possess such other authority and powers as the Board of Directors may from time to time prescribe.

 

4.12   Chief
Financial Officer. Subject to the supervision of the Board of Directors, the Chief Financial Officer, if one is elected, shall
have responsibility for the financial and accounting affairs of the Corporation and shall exercise supervisory responsibility for
the performance of the duties of the Treasurer. The Chief Financial Officer shall have the general powers and duties of management
usually vested in the office of chief financial officer of a corporation and shall perform such other duties and possess such other
authority and powers as the Board of Directors may from time to time prescribe.

 

4.12   President.
In the absence or disability of the Chief Executive Officer, the President shall perform all of the duties of the Chief Executive
Officer and when so acting shall have all the powers and be subject to all the restrictions upon the Chief Executive Officer, including
the power to sign all instruments and to take all actions which the Chief Executive Officer is authorized to perform by the Board
of Directors or these By-laws. The President shall have the general powers and duties usually vested in the office of president
of a corporation and shall perform such other duties and possess such other authority and powers as the Board of Directors may
from time to time prescribe or as the Chief Executive Officer may from time to time delegate.

 

4.13   Vice
Presidents. The Vice President, or if there shall be more than one, the Vice Presidents in the order determined by the majority
vote of the Board of Directors, shall, in the prolonged absence or disability of the President, perform the duties and exercise
the powers of the President and shall perform such other duties and have such other powers as the Board of Directors may from time
to time prescribe or as the Chief Executive Officer may from time to time delegate.

 

4.14   Secretary.
The Secretary shall be the custodian of and shall maintain the corporate books and records and shall record or see to the proper
recording of all proceedings of the meetings of the stockholders and the Board of Directors of the Corporation in a book to be
maintained for that purpose and shall perform like duties for the standing committees when required. The Secretary shall give,
or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, and shall perform
such other duties as may be prescribed by the Board of Directors, the Chairman of the Board, the Chief Executive Officer, or the
President. The Secretary shall have custody of the corporate seal of the Corporation, and the Secretary, or an Assistant Secretary,
shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature
or by the signature of such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix
the seal of the corporation and to attest the affixing by his signature. The Secretary shall have the authority to sign stock certificates
and shall perform all duties usually vested in the office of secretary of a corporation and shall perform such other duties and
possess such other powers as the Board of Directors may from time to time prescribe or as the Chief Executive Officer may from
time to time delegate.

 

4.15   Assistant
Secretaries. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the
Board of Directors, shall in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary
and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe or as
the Chief Executive Officer may from time to time delegate.

     

      

    

 

4.16   Treasurer.
The Treasurer shall, subject to the supervision of the Chief Financial Officer if one is elected, have charge of and be responsible
for all funds, securities, receipts and disbursements of the Corporation and shall deposit, or cause to be deposited, in the name
and to the credit of the Corporation, all moneys and valuable effects in such banks, trust companies, or other depositories as
shall from time to time be selected by or in the manner prescribed by the Board of Directors. The Treasurer shall keep full and
accurate accounts of receipts and disbursements in books belonging to the Corporation; the Treasurer shall render to the President,
the Chief Executive Officer, the Chief Financial Officer and each member of the Board of Directors, whenever requested, an account
of all of his transactions as Treasurer and of the financial condition of the Corporation and shall perform all duties usually
vested in the office of treasurer of a corporation and shall perform such other duties and possess such other powers as the Board
of Directors may from time to time prescribe or as the Chief Financial Officer may from time to time delegate.

 

4.17   Assistant
Treasurers. The Assistant Treasurer, or, if there shall be more than one, the Assistant Treasurers in the order determined
by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of
the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe
or as the Chief Financial Officer may from time to time delegate.

 

4.18   Bonds.
Any officer or employee of the Corporation shall, if required by the Board of Directors, furnish a bond for the faithful discharge
of the duties held by such officer or employee in such form and amount and with such surety or sureties as is satisfactory to the
Board of Directors.

 

Article 5

Notices

 

5.1   Method
of Notice. Whenever under the Delaware General Corporation Law, the Certificate of Incorporation or these By-laws, notice is
required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be
given in writing and delivered personally, through the United States mail, by a nationally recognized overnight delivery service
or by means of telegram, telex, facsimile transmission or electronic transmission (e-mail), addressed to such director or stockholder,
at his address, telex or facsimile transmission number, or e-mail address, as the case may be, as it appears on the records of
the Corporation, with postage and fees thereon prepaid. Such notice shall be deemed to be given at the time when the same shall
be deposited in the United States mail or with an overnight delivery service or when transmitted by telegram, telex or facsimile
transmission, e-mail, or personally delivered, as the case may be. The Secretary or the secretary of any committee of the Board
of Directors responsible for the giving of notice to any director shall give notice of the time and place of each meeting by United
States mail or overnight delivery service at least three days before such meeting, or if by telegram, telex or facsimile transmission
or e-mail, at least twenty-four hours before the meeting.

 

5.2   Waiver.
Whenever any notice is required to be given under the Delaware General Corporation Law, the Certificate of Incorporation or these
By-laws, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such notice. Attendance by such person or persons, whether in person
or by proxy, at any meeting requiring notice shall constitute a waiver of notice of such meeting, except where such person attends
the meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called
or convened.

     

      

    

 

5.3   Exception
to Requirement of Notice. Any notice required to be given to any stockholder under any provision of the Delaware General Corporation
Law, the Certificate of Incorporation or these By-laws need not be given to the stockholder if: (1) notice of two consecutive
annual meetings and all notices of meetings held during the period between those annual meetings, if any, or (2) all (but
in no event less than two) payments (if sent by first class mail) of dividends or interest on securities during a twelve-month
period have been mailed to that person, addressed at his address as shown on the records of the Corporation, and have been returned
undeliverable. Any action or meeting taken or held without notice to such a person shall have the same force and effect as if the
notice had been duly given and, if the action taken by the Corporation is reflected in any certificate filed with the Secretary
of State, that certificate need not state that notice was not given to persons to whom notice was not required to be given pursuant
to this Section. If such a person delivers to the Corporation a written notice setting forth his then current address, the requirement
that notice be given to that person shall be reinstated.

 

Article 6

Indemnification

 

6.1   Mandatory
Indemnification. Each person who was or is made a party or is threatened to be made a party, or who was or is a witness without
being named a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative,
arbitrative or investigative, any appeal in such an action, suit or proceeding, and any inquiry or investigation that could lead
to such an action, suit or proceeding (a “Proceeding”), by reason of the fact that such individual is or was a director
or officer of the Corporation, or while a director or officer of the Corporation is or was serving at the request of the Corporation
as a director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another corporation,
partnership, trust, employee benefit plan or other enterprise, shall be indemnified and held harmless by the Corporation from and
against any judgments, penalties (including excise taxes), fines, amounts paid in settlement and reasonable expenses (including
court costs and attorneys’ fees) actually incurred by such person in connection with such Proceeding if it is determined
that he acted in good faith and reasonably believed (i) in the case of conduct in his official capacity on behalf of the Corporation
that his conduct was in the Corporation’s best interests, (ii) in all other cases, that his conduct was not opposed
to the best interests of the Corporation, and (iii) with respect to any Proceeding which is a criminal action, that he had
no reasonable cause to believe his conduct was unlawful; provided, however, that in the event a determination is made that such
person is liable to the Corporation or is found liable on the basis that personal benefit was improperly received by such person,
the indemnification is limited to reasonable expenses actually incurred by such person in connection with the Proceeding and shall
not be made in respect of any Proceeding in which such person shall have been found liable for willful or intentional misconduct
in the performance of his duty to the Corporation. The termination of any Proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself be determinative of whether the person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any Proceeding which is a criminal action, had reasonable cause to believe that his conduct was unlawful. A person
shall be deemed to have been found liable in respect of any claim, issue or matter only after the person shall have been so adjudged
by a court of competent jurisdiction after exhaustion of all appeals there from.

 

6.2   Determination
of Indemnification. Any indemnification under the foregoing Section 6.1 (unless ordered by a court of competent jurisdiction)
shall be made by the Corporation only upon a determination that indemnification of such person is proper in the circumstances by
virtue of the fact that it shall have been determined that such person has met the applicable standard of conduct. Such determination
shall be made (1) by a majority vote of a quorum consisting of directors who at the time of the vote are not named defendants
or respondents in the Proceeding; (2) if such quorum cannot be obtained, by a majority vote of a committee of the Board of
Directors, designated to act in the matter by a majority of all directors, consisting of two or more directors who at the time
of the vote are not named defendants or respondents in the Proceeding; (3) by special legal counsel (in a written opinion)
selected by the Board of Directors or a committee of the Board by a vote as set forth in Subsection (1) or (2) of this
Section, or, if such quorum cannot be established, by a majority vote of all directors (in which directors who are named defendants
or respondents in the Proceeding may participate); or (4) by the stockholders of the Corporation in a vote that excludes the
shares held by directors who are named defendants or respondents in the Proceeding.

     

      

    

 

6.3   Advancement
of Expenses. Reasonable expenses, including court costs and attorneys’ fees, incurred by a person who was or is a witness
or who was or is named as a defendant or respondent in a Proceeding, by reason of the fact that such individual is or was a director
or officer of the Corporation, or while a director or officer of the Corporation is or was serving at the request of the Corporation
as a director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another corporation,
partnership, trust, employee benefit plan or other enterprise, shall be paid by the Corporation at reasonable intervals in advance
of the final disposition of such Proceeding, and without the determination set forth in Section 6.2, upon receipt by the Corporation
of a written affirmation by such person of his good faith belief that he has met the standard of conduct necessary for indemnification
under this Article 6, and a written undertaking by or on behalf of such person to repay the amount paid or reimbursed by the
Corporation if it is ultimately determined that he is not entitled to be indemnified by the Corporation as authorized in this Article 6.
Such written undertaking shall be an unlimited obligation of such person and it may be accepted without reference to financial
ability to make repayment.

 

6.4   Permissive
Indemnification. The Board of Directors of the Corporation may authorize the Corporation to indemnify employees or agents of
the Corporation, and to advance the reasonable expenses of such persons, to the same extent, following the same determinations
and upon the same conditions as are required for the indemnification of and advancement of expenses to directors and officers of
the Corporation.

 

6.5   Nature
of Rights. The indemnification and advancement of expenses provided hereunder shall not be deemed exclusive of any other rights
to which those seeking indemnification may be entitled under the Certificate of Incorporation, these By-laws, any agreement, vote
of stockholders or disinterested directors or otherwise, both as to actions taken in an official capacity and as to actions taken
in any other capacity while holding such office, shall continue as to a person who has ceased to be a director, officer, employee
or agent of the Corporation and shall inure to the benefit of the heirs, executors and administrators of such person. The rights
to indemnification and advancement of expenses conferred in this Article 6 shall be contract rights. Any amendment, repeal,
or modification of this Article 6 and, to the fullest extent permitted by Delaware law, any amendment, repeal, or modification
of the Delaware General Corporation Law, shall not adversely affect any right or protection of any then current or former director
or officer of the Corporation existing at the time of such amendment, repeal, or modification.

 

6.6   Insurance.
The Corporation shall have the power and authority to purchase and maintain insurance or another arrangement on behalf of any person
who is or was a director, officer, employee or agent of the Corporation, or who is or was serving at the request of the Corporation
as a director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic
corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, against any liability,
claim, damage, loss or risk asserted against such person and incurred by such person in any such capacity or arising out of the
status of such person as such, irrespective of whether the Corporation would have the power to indemnify and hold such person harmless
against such liability under the provisions hereof. If the insurance or other arrangement is with a person or entity that is not
regularly engaged in the business of providing insurance coverage, the insurance or arrangement may provide for payment of a liability
with respect to which the Corporation would not have the power to indemnify the person only if including coverage for the additional
liability has been approved by the stockholders of the Corporation. Without limiting the power of the Corporation to procure or
maintain any kind of insurance or other arrangement, the Corporation may, for the benefit of persons indemnified by the Corporation,
(1) create a trust fund; (2) establish any form of self-insurance; (3) secure its indemnity obligation by grant
of a security interest or other lien on the assets of the Corporation; or (4) establish a letter of credit, guaranty, or surety
arrangement. The insurance or other arrangement may be procured, maintained, or established within the Corporation or with any
insurer or other person deemed appropriate by the Board of Directors regardless of whether all or part of the stock or other securities
of the insurer or other person are owned in whole or part by the Corporation. In the absence of fraud, the judgment of the Board
of Directors as to the terms and conditions of the insurance or other arrangement and the identity of the insurer or other person
participating in the arrangement shall be conclusive and the insurance or arrangement shall not be voidable and shall not subject
the directors approving the insurance or arrangement to liability, on any ground, regardless of whether the directors participating
in the approval is a beneficiary of the insurance or arrangement.

     

      

    

 

Article 7

Stock

 

7.1   Stock
Certificates; Uncertificated Shares. Shares of the Corporation’s capital stock shall be represented by certificates,
provided that the Board of Directors may provide by resolution that some or all of any or all classes or series of the Corporation’s
capital stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until
such certificate is surrendered to the Corporation.

 

7.2   Entitlement
to Certificates. Every holder of shares of the Corporation’s capital stock represented by certificates shall be entitled
to have a certificate in the form approved by the Board of Directors and signed in the name of the Corporation by the Chairman
of the Board, the President or a Vice President and the Secretary or an Assistant Secretary of the Corporation, and sealed with
the seal of the Corporation or a facsimile thereof, certifying the class of capital stock and the number of shares represented
thereby as owned or held by such stockholder in the Corporation. At such time as the Corporation may be authorized to issue shares
of more than one class, every certificate shall set forth upon the face or back of such certificate a statement of the designations,
preferences, limitations and relative rights of the shares of each class authorized to be issued, as required by the laws of the
State of Delaware, or may state that the Corporation will furnish a copy of such statement without charge to the holder of such
certificate upon receipt of a written request therefore from such holder.

 

7.3   Signatures.
The signatures of the Chairman of the Board, the President, the Vice President, the Secretary or the Assistant Secretary upon any
stock certificate may be facsimiles. In case any officer or officers who have signed, or whose facsimile signature or signatures
have been placed upon any such certificate or certificates, shall cease to serve as such officer or officers of the Corporation,
whether because of death, resignation, removal or otherwise, before such certificate or certificates are issued and delivered by
the Corporation, such certificate or certificates may nevertheless be adopted by the Corporation and be issued and delivered with
the same effect as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures
have been used thereon had not ceased to serve as such officer or officers of the Corporation.

 

7.4   Issuance
of Stock. Shares of the Corporation’s capital stock (both treasury and authorized but unissued) may be issued for such
consideration (not less than par value, except for treasury shares which may be issued for such consideration) and to such persons
as the Board of Directors may determine from time to time. Shares shall not be issued until the full amount of the consideration,
fixed as provided by law, has been paid.

 

7.5   Payment
for Stock. Consideration for the issuance of shares of the Corporation’s capital stock shall be paid, valued and allocated
as follows:

 

(a)   Consideration.
The consideration for the issuance of shares shall consist of any tangible or intangible benefit to the Corporation or other property
of any kind or nature, including cash, promissory notes, services performed, contracts for services to be performed, or other securities
of the Corporation.

     

      

    

 

(b)   Valuation.
In the absence of fraud in the transaction, the determination of the Board of Directors as to the value of consideration received
shall be conclusive.

 

(c)   Effect.
When consideration, fixed as provided by law, has been paid, the shares shall be deemed to have been issued and shall be considered
fully paid and nonassessable.

 

(d)   Allocation
of Consideration. The consideration received for shares shall be allocated by the Board of Directors, in accordance with law,
between the stated capital and capital surplus accounts.

 

(e)   Subscriptions.
Unless otherwise provided in the subscription agreement, subscriptions of shares, whether made before or after organization of
the Corporation, shall be paid in full in such installments and at such times as shall be determined by the Board of Directors.
Any call made by the Board of Directors for payment on subscriptions shall be uniform as to all shares of the same class and series.
In case of default in the payment of any installment or call when payment is due, the Corporation may proceed to collect the amount
due in the same manner as any debt due to the Corporation.

 

7.6   Record
Date. For the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders, or any adjournment
thereof, or entitled to receive a distribution by the Corporation (other than a distribution involving a purchase or redemption
by the Corporation of any of its own shares) or a share dividend, or in order to make a determination of stockholders for any other
proper purpose, the Board of Directors may fix a record date for any such determination of stockholders, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date
shall not be more than 60 days, and in the case of a meeting of stockholders, not less than ten days prior to the date on
which the particular action requiring such determination of stockholders is to be taken. If no record date is fixed for the determination
of stockholders entitled to notice of or to vote at a meeting of stockholders, or stockholders entitled to receive a distribution
(other than a distribution involving a purchase or redemption by the Corporation of any of its own shares) or a share dividend,
the date before the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors
declaring such distribution or share dividend is adopted, as the case may be, shall be the record date for such determination of
stockholders. When a determination of stockholders entitled to vote at any meeting of stockholders has been made as provided in
this Section, such determination shall be applied to any adjournment thereof.

 

7.7   Registered
Owners. Prior to due presentment for registration of transfer of a certificate evidencing shares of the capital stock of the
Corporation in the manner set forth in Section 7.9 hereof, the Corporation shall be entitled to recognize the person registered
as the owner of such shares on its books (or the books of its duly appointed transfer agent, as the case may be) as the person
exclusively entitled to vote, to receive notices and dividends with respect to, and otherwise exercise all rights and powers relative
to such shares; and the Corporation shall not be bound or otherwise obligated to recognize any claim, direct or indirect, legal
or equitable, to such shares by any other person, whether or not it shall have actual, express or other notice thereof, except
as otherwise provided by the laws of Delaware.

 

7.8   Lost,
Stolen or Destroyed Certificates. The Corporation shall issue a new certificate in place of any certificate for shares previously
issued if the registered owner of the certificate satisfies the following conditions:

 

(a)   Proof
of Loss. Submits proof in affidavit form satisfactory to the Corporation that such certificate has been lost, destroyed or
wrongfully taken;

 

(b)   Timely
Request. Requests the issuance of a new certificate before the Corporation has notice that the certificate has been acquired
by a purchaser for value in good faith and without notice of an adverse claim;

     

      

    

 

(c)   Bond.
Gives a bond in such form, and with such surety or sureties, with fixed or open penalty, as the Corporation may direct, to indemnify
the Corporation (and its transfer agent and registrar, if any) against any claim that may be made or otherwise asserted by virtue
of the alleged loss, destruction, or theft of such certificate or certificates; and

 

(d)   Other
Requirements. Satisfies any other reasonable requirements imposed by the Corporation.

 

In the event a certificate has been lost,
apparently destroyed or wrongfully taken, and the registered owner of record fails to notify the Corporation within a reasonable
time after he has notice of such loss, destruction, or wrongful taking, and the Corporation registers a transfer (in the manner
herein below set forth) of the shares represented by the certificate before receiving such notification, such prior registered
owner of record shall be precluded from making any claim against the Corporation for the transfer required hereunder or for a new
certificate.

 

7.9   Registration
of Transfers. Subject to the provisions hereof, the Corporation shall register the transfer of a certificate evidencing shares
of its capital stock presented to it for transfer if:

 

(a)   Endorsement.
Upon surrender of the certificate to the Corporation (or its transfer agent, as the case may be) for transfer, the certificate
(or an appended stock power) is properly endorsed by the registered owner, or by his duly authorized legal representative or attorney-in-fact,
with proper written evidence of the authority and appointment of such representative, if any, accompanying the certificate;

 

(b)   Guaranty
and Effectiveness of Signature. The signature of such registered owner or his legal representative or attorney-in-fact, as
the case may be, has been guaranteed by a national banking association or member of the New York Stock Exchange, and reasonable
assurance in a form satisfactory to the Corporation is given that such endorsements are genuine and effective;

 

(c)   Adverse
Claims. The Corporation has no notice of an adverse claim or has otherwise discharged any duty to inquire into such a claim;

 

(d)   Collection
of Taxes. Any applicable law (local, state or federal) relating to the collection of taxes relative to the transaction has
been complied with; and

 

(e)   Additional
Requirements Satisfied. Such additional conditions and documentation as the Corporation (or its transfer agent, as the case
may be) shall reasonably require, including without limitation thereto, the delivery with the surrender of such stock certificate
or certificates of proper evidence of succession, assignment or other authority to obtain transfer thereof, as the circumstances
may require, and such legal opinions with reference to the requested transfer as shall be required by the Corporation (or its transfer
agent) pursuant to the provisions of these By-laws and applicable law, shall have been satisfied.

 

7.10   Restrictions
on Transfer. Any restrictions imposed by the Corporation on the sale or other disposition of its shares and on the transfer
thereof must be copied at length or in summary form on the face, or so copied on the back and referred to on the face, of each
certificate representing shares to which the restriction applies. The certificate may however state on the face or back that such
a restriction exists pursuant to a specified document and that the Corporation will furnish a copy of the document to the holder
of the certificate without charge upon written request to the Corporation at its principal place of business.

 

     

      

    

 

Article 8

General Provisions

 

8.1   Dividends.
Subject to the provisions of the Delaware General Corporation Law and the Certificate of Incorporation, dividends of the Corporation
shall be declared and paid pursuant to the following regulations:

 

(a)   Declaration
and Payment. Dividends on the issued and outstanding shares of capital stock of the Corporation may be declared by the Board
of Directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Such declaration
and payment shall be at the discretion of the Board of Directors.

 

(b)   Record
Date. The Board of Directors may fix in advance a record date for the purpose of determining stockholders entitled to receive
payment of any dividend, such record date to be not more than 60 days prior to the payment date of such dividend, or the Board
of Directors may close the stock transfer books for such purpose for a period of not more than 60 days prior to the payment
date of such dividend. In the absence of action by the Board of Directors, the date upon which the Board of Directors adopts the
resolution declaring such dividend shall be the record date.

 

8.2   Reserves.
There may be created by resolution of the Board of Directors out of the surplus of the Corporation such reserve or reserves as
the Board of Directors from time to time, in its discretion, think proper to provide for contingencies, or to repair or maintain
any property of the Corporation, or for such other purposes as the Board of Directors shall think beneficial to the Corporation,
and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.

 

8.3   Contracts
and Negotiable Instruments. Except as otherwise provided by law or these By-laws, any contract or other instrument relative
to the business of the Corporation may be executed and delivered in the name of the Corporation and on its behalf by the Chairman
of the Board, the Chief Executive Officer, the Chief Operating Officer or the President of the Corporation. The Board of Directors
may authorize any other officer or agent of the Corporation to enter into any contract or execute and deliver any contract in the
name and on behalf of the Corporation, and such authority may be general or confined to specific instances as the Board of Directors
may determine by resolution. All bills, notes, checks or other instruments for the payment of money shall be signed or countersigned
by such officer, officers, agent or agents and in such manner as are permitted by these By-laws and/or as, from time to time, may
be prescribed by resolution of the Board of Directors. Unless authorized to do so by these By-laws or by the Board of Directors,
no officer, agent or employee shall have any power or authority to bind the Corporation by any contract or engagement, or to pledge
its credit, or to render it liable peculiarly for any purpose or to any amount.

 

8.4   Execution
and Voting of Securities Owned by Corporation. All stock and other securities of other entities owned or held by the Corporation
for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the
person authorized so to do by resolution of the Board of Directors or, in the absence of such authorization, by the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer or the Secretary. Certificates
for shares of stock or other securities owned by the Corporation shall be executed, signed or endorsed by the person authorized
so to do by resolution of the Board of Directors or, in the absence of such authorization, by the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, the Treasurer, or the Secretary.

 

8.5   Fiscal
Year. The fiscal year of the Corporation shall be established by resolution of the Board of Directors.

 

8.6   Corporate
Seal. The Corporation seal shall be in such form as may be determined by the Board of Directors. The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or in any manner reproduced.

     

      

    

 

8.7   Amendment
of By-laws. These By-laws may be altered, amended, or repealed and new By-laws adopted at any meeting of the Board of Directors
or stockholders at which a quorum is present, by the affirmative vote of a majority of the directors or stockholders, as the case
may be, present at such meeting, provided notice of the proposed alteration, amendment, or repeal be contained in the notice of
such meeting; provided, however, that in addition to any vote of the holders of any class or series of stock required by law, Sections 2.3,
2.5, 3.3, 3.9, 3.10, 3.11, 3.17 and this Section 8.7 and Article 6 of these by-laws shall not be altered, amended or
repealed, and no provision inconsistent therewith shall be adopted, by the stockholders without the affirmative vote of the holders,
voting together as a single class, of not less than two-thirds of the outstanding stock of the Corporation entitled to vote in
the election of directors.

 

8.8   Construction.
Whenever the context so requires herein, the masculine shall include the feminine and neuter, and the singular shall include the
plural, and conversely. If any portion or provision of these By-laws shall be held invalid or inoperative, then, so far as is reasonable
and possible (1) the remainder of these By-laws shall be considered valid and operative, and (2) effect shall be given
to the intent manifested by the portion or provision held invalid or inoperative.

 

8.9   Telephone
Meetings. Stockholders, directors or members of any committee may hold any meeting of such stockholders, directors or committee
by means of conference telephone or similar communications equipment which permits all persons participating in the meeting to
hear each other and actions taken at such meetings shall have the same force and effect as if taken at a meeting at which persons
were present and voting in person. The Secretary shall prepare a memorandum of the action taken at any such telephonic meeting.

 

8.9   Captions.
The captions used in these By-laws have been inserted for administrative convenience only and do not constitute matter to be construed
in interpretation.

 

8.10    Exclusive
Forum. Unless the Corporation consents otherwise in writing, the Court of Chancery of the State of Delaware (or, if the Court
of Chancery does not have jurisdiction, another state court located within the State of Delaware or, if no state court located
within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) is the sole and exclusive
forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach
of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation’s
stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or the
Corporation’s Certificate of Incorporation or Bylaws, or (iv) any action asserting a claim governed by the internal affairs
doctrine.SINTX
Technologies, Inc.

Up
to $1,600,000 Shares of Common Stock

 

Equity
Distribution Agreement

 

June 4, 2019

 

Maxim
Group LLC

405 Lexington Avenue

New York, New York 10174

 

Ladies
and Gentlemen:

 

SINTX
Technologies, Inc., a Delaware corporation (the “Company”), proposes to issue and sell through Maxim
Group LLC (the “Agent”), as exclusive sales agent, shares of common stock, par value $0.01 per share
(“Common Stock”), of the Company (the “Shares”) having an aggregate offering
price of up to $1,600,000 on terms set forth herein. The Shares consist entirely of authorized but unissued shares of Common
Stock to be issued and sold by the Company.

 

The
Company hereby confirms its agreement with the Agent (this “Agreement”) with respect to the sale of
the Shares.

 

1.
Representations and Warranties of the Company.

 

(a)
The Company represents and warrants to, and agrees with, the Agent as follows:

 

(i)
A registration statement on Form S-3 (File No.
333-230492) was initially declared effective by the Securities and Exchange Commission (the “Commission”)
on April 5, 2019, and is currently effective under the Securities Act of 1933, as amended (the “Securities Act of
1933”), and the rules and regulations promulgated thereunder (the “Rules and Regulations”
and collectively with the Securities Act of 1933, the “Securities Act”); since the date of effectiveness
of the registration statement, no additional or supplemental information was requested by the Commission. No stop order of the
Commission preventing or suspending the use of the Base Prospectus (as defined below), the Prospectus Supplement (as defined below),
the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration
Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Company’s knowledge, are
contemplated by the Commission. Except where the context otherwise requires, “Registration Statement,”
as used herein, means the registration statement (Reg. No. 333-230492), as amended at the time of such registration statement’s
effectiveness for purposes of Section 11 of the Securities Act, as such section applies to the Agent, including (1) all documents
filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information contained or incorporated
by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act, to the extent such information
is deemed, pursuant to Rule 430B or Rule 430C under the Securities Act, to be part of the registration statement at such time,
and (3) any registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities
Act (the “462(b) Registration Statement”). Except where the context otherwise requires, “Base
Prospectus,” as used herein, means the base prospectus filed as part of the Registration Statement, together with
any amendments or supplements thereto as of the date of this Agreement. Except where the context otherwise requires, “Prospectus
Supplement,” as used herein, means the most recent prospectus relating to the Shares, filed or to be filed by the
Company with the Commission as part of the Base Prospectus pursuant to Rule 424(b) under the Securities Act and in accordance
with the terms of this Agreement. Except where the context otherwise requires, “Prospectus,” as used
herein, means the Prospectus Supplement together with the Base Prospectus attached to or used with the Prospectus Supplement,
as may be amended or supplemented from time to time. “Permitted Free Writing Prospectus,” as used herein,
means the documents, if any, listed on Schedule A attached hereto and, after the date hereof, any “issuer free writing
prospectus” as defined in Rule 433 of the Securities Act, that is expressly agreed to by the Company and the Agent in writing
to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement, the Base Prospectus, the Prospectus
Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the documents, if
any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 12 of Form S-3 (the “Incorporated
Documents”), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such
Incorporated Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b) Registration
Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include
the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”).
All references in this Agreement to financial statements and schedules and other information which is “described,”
“contained,” “included” or “stated” in the Registration Statement, the Base Prospectus, the
Prospectus or any Permitted Free Writing Prospectus (or other references of like import) shall be deemed to mean and include all
such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed by the
Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, the Prospectus or Permitted
Free Writing Prospectus as the case may be. Any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement, any Base Prospectus, the Prospectus, the
Prospectus Supplement or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document
under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange
Act”) on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus,
the Prospectus, the Prospectus Supplement or such Permitted Free Writing Prospectus, if any, as the case may be, and incorporated
or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3. “Time of Sale” means
each time a Share is purchased pursuant to this Agreement.

 

    	 

    	 

    

 

(ii)
(A) The Registration Statement complied when it
became effective, complies as of the date hereof, and will comply upon the effectiveness of any amendment thereto and at each
Time of Sale and each Settlement Date (as applicable), in all material respects, with the requirements of the Securities Act;
at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the “Prospectus
Delivery Period”), the Registration Statement, as may be amended, will comply, in all material respects, with the
requirements of the Securities Act; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares
as contemplated hereby (the “Offering”) have been satisfied, subject to the limitations required by
General Instruction I.B.6 of Form S-3; the Registration Statement meets, and the Offering complies with, the requirements of Rule
415 under the Securities Act (including, without limitation, Rule 415(a)(5)); the Registration Statement did not, as of the time
of effectiveness and as of the date hereof, and will not, as of the effective date of any amendment thereto, at each Time of Sale,
if any, and at all times during a Prospectus Delivery Period, contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(B)
The Prospectus, as of the date of the Prospectus
Supplement, as of the date hereof (if filed with the Commission on or prior to the date hereof), at each Settlement Date and Time
of Sale (as applicable), and at all times during a Prospectus Delivery Period, complied, complies or will comply, in all material
respects, with the requirements of the Securities Act; and the Prospectus, and each supplement thereto, as of their respective
dates, at each Settlement Date or Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, did not
and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

 

    	 

    	 

    

 

(C)
Each Permitted Free Writing Prospectus, if any,
as of its date and as of each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery
Period (when taken together with the Prospectus at such time) will not include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading.

 

The
representations and warranties set forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in
the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and
in conformity with information concerning the Agent that is furnished in writing by or on behalf of the Agent expressly for use
in the Registration Statement, the Base Prospectus, the Prospectus or such Permitted Free Writing Prospectus, if any, it being
understood and agreed that only such information furnished by the Agent as of the date hereof consists of the information described
in Section 5(b)(ii).

 

(iii)
 Prior to the execution of this Agreement, the
Company has not, directly or indirectly, offered or sold any Shares by means of any “prospectus” (within the meaning
of the Securities Act) or used any “prospectus” (within the meaning of the Securities Act) in connection with the
Offering, in each case other than the Base Prospectus or any Permitted Free Writing Prospectus; the Company has not, directly
or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rules 164 and 433
under the Securities Act; assuming that a Permitted Free Writing Prospectus, if any, is sent or given after the Registration Statement
was filed with the Commission (and after such Permitted Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d)
under the Securities Act, filed with the Commission), the Company will satisfy the provisions of Rule 164 or Rule 433 necessary
for the use of a free writing prospectus (as defined in Rule 405) in connection with the Offering; the conditions set forth in
one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the registration
statement relating to the Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of
Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities Act; neither the Company
nor the Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection
with the Offering, “free writing prospectuses” (as defined in Rule 405 under the Securities Act) pursuant to Rules
164 and 433 under the Securities Act; the Company is not an “ineligible issuer” (as defined in Rule 405 under the
Securities Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities Act with respect
to the offering of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content
of any and all “road shows” (as defined in Rule 433 under the Securities Act) related to the Offering is solely the
property of the Company.

 

    	 

    	 

    

 

(iv)
Each Permitted Free Writing Prospectus, as of
its issue date, each Time of Sale and each Settlement Date occurring after such issue date and at all subsequent times through
the Prospectus Delivery Period (as defined below) or until any earlier date that the Company notified or notifies the Agent as
described in Section 3(c)(iii), did not, does not and will not include any information that conflicted, conflicts or will
conflict with the information contained in the Registration Statement, any Base Prospectus or the Prospectus. The foregoing sentence
does not apply to statements in or omissions from any Permitted Free Writing Prospectus based upon and in conformity with written
information furnished to the Company by the Agent specifically for use therein, it being understood and agreed that the only such
information furnished by the Agent as of the date hereof consists of the information described in Section 5(b) (ii).

 

(v)
The financial statements, including the notes
thereto, and the supporting schedules incorporated by reference in the Registration Statement and the Prospectus comply in all
material respects with the requirements of the Securities Act, the Exchange Act and the Rules and Regulations, and present fairly
the financial condition of the Company and its subsidiaries (as identified in the Registration Statement and Prospectus, the “Subsidiaries”)
and financial position as of the dates indicated and the cash flows and results of operations for the periods specified of the
Company. Except as otherwise stated in the Registration Statement and the Prospectus, said financial statements have been prepared
in conformity with United States generally accepted accounting principles (“GAAP”) applied on a consistent
basis throughout the periods involved. Any selected financial data and summary financial information included in the documents
in the Registration Statement and in the Prospectus constitute or will constitute a fair summary of the information purported
to be summarized and have been compiled on a basis consistent with that of the audited financial statements included in the Registration
Statement. No other financial statements or supporting schedules are required to be included or incorporated by reference in the
Registration Statement or the Prospectus. All disclosures, if any, contained in the Registration Statement or the Prospectus or
incorporated by reference therein regarding “non-GAAP financial measures” (as such term is defined by the applicable
rules and regulations of the Commission) comply, in all material respects, with Regulation G of the Exchange Act and Item 10 of
Regulation S-K of the Securities Act to the extent applicable. The other financial information included in the Registration Statement
and the Prospectus present fairly the information included therein and have been prepared on a basis consistent with that of the
financial statements that are included in the Registration Statement and the Prospectus and the books and records of the Company.

 

    	 

    	 

    

 

(vi)
The Company and each of its Subsidiaries has
been duly incorporated and validly exists as a corporation in good standing under the laws of its jurisdiction of incorporation.
The Company and each of its Subsidiaries has all requisite corporate power and authority to own, lease and operate its respective
properties and carry on its business as it is currently being conducted and as described in the Registration Statement and the
Prospectus. The Company and each of its Subsidiaries is duly qualified to do business and is in good standing as a foreign corporation
in each jurisdiction in which the character or location of its properties (owned, leased or licensed) or the nature or conduct
of its business makes such qualification necessary, except, in each case, for those failures to be so qualified or in good standing
which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect (as defined below).

 

(vii)
All of the issued shares of capital stock of
the Company have been duly authorized and validly issued and are fully paid and nonassessable, have been issued in compliance
in all material respects with all applicable federal and state securities laws and none of those shares was issued in violation
of any preemptive rights, rights of first refusal or other similar rights to the extent any such rights were not waived; the Shares
have been duly authorized and, when issued and delivered against payment therefor as provided in this Agreement, will be validly
issued, fully paid and non-assessable, and the issuance of the Shares is not subject to any preemptive rights, rights of first
refusal or other similar rights that have not heretofore been waived (with copies of such waivers provided or made available to
the Agent). The Shares conform in all material respects to the descriptions thereof contained in the Registration Statement and
the Prospectus under the heading “Description of Capital Stock.”

 

(viii)
Tanner LLC (the “Auditor”),
whose reports relating to the Company are incorporated by reference into the Registration Statement and the Prospectus, is an
independent registered public accounting firm as required by the Securities Act, the Exchange Act and the Rules and Regulations
and the Public Company Accounting Oversight Board (the “PCAOB”). To the Company’s knowledge, the
Auditor is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”)
as such requirements pertain to the Auditor’s relationship with the Company. Except as disclosed in the Registration Statement
and the Prospectus, and except for any such non-audit services that were pre-approved by the Audit Committee of the Company’s
Board of Directors in accordance with Sections 10A(h) and (i) of the Exchange Act, the Auditor has not, during the periods covered
by the financial statements included in the Registration Statement and the Prospectus, provided to the Company any non-audit services,
as such term is used in Section 10A(g) of the Exchange Act.

 

    	 

    	 

    

 

(ix)
Subsequent to the respective dates as of which
information is presented in the Registration Statement and the Prospectus, and except as disclosed in the Registration Statement
and the Prospectus: (i) the Company (including its Subsidiaries) has not declared, paid or made any dividends or other distributions
of any kind on or in respect of its capital stock, and (ii) there has been no material adverse change or, to the Company’s
knowledge, any development which could reasonably be expected to result in a material adverse change in the future, whether or
not arising from transactions in the ordinary course of business, in or affecting: (A) the business, condition (financial or otherwise),
results of operations, stockholders’ equity, properties or prospects of the Company or its Subsidiaries; (B) the long-term
debt or capital stock of the Company or its Subsidiaries; or (C) the Offering or consummation of any of the other transactions
contemplated by this Agreement, the Registration Statement and the Prospectus (a “Material Adverse Effect”).
Since the date of the latest balance sheet included in the Registration Statement and the Prospectus, the Company (including its
Subsidiaries) has not incurred or undertaken any liabilities or obligations, whether direct or indirect, liquidated or contingent,
matured or unmatured, or entered into any transactions, including any acquisition or disposition of any business or asset, which
are material to the Company, except (I) for liabilities, obligations and transactions which are disclosed in the Registration
Statement and the Prospectus and (II) as would not be reasonably expected (individually or in the aggregate) to result in a Material
Adverse Effect.

 

(x)
There are no statutes, regulations, contracts
or documents that are required to be described in the Registration Statement and the Prospectus or to be filed as exhibits to
the Registration Statement by the Securities Act that have not been so described or filed.

 

(xi)
Neither the Company nor any of its Subsidiaries
is: (i) in violation of its certificate of incorporation or bylaws or other organizational documents, (ii) in default under any
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound
or to which any of its property or assets is subject; and no event has occurred which, with notice or lapse of time or both, would
constitute a default under or result in the creation or imposition of any lien, security interest, charge or other encumbrance
(a “Lien”) upon any of its property or assets pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its property or assets
is subject, or (iii) in violation in any respect of any applicable law, rule, regulation, ordinance, directive, judgment, decree
or order of any judicial, regulatory or other legal or governmental agency or body, foreign or domestic, except, in the case of
subsections (ii) and (iii) above, for such violations, defaults or Liens which (individually or in the aggregate) would not reasonably
be expected to have a Material Adverse Effect.

 

    	 

    	 

    

 

(xii)
The Company has all requisite corporate power
and authority to execute and deliver this Agreement and all other agreements, documents, certificates and instruments required
to be delivered pursuant to this Agreement. The Company’s execution, delivery and performance under this Agreement and each
of the transactions contemplated hereby have been duly authorized by all necessary corporate action. This Agreement has been duly
and validly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company and is
enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification
or contribution provision may be limited under federal and state securities laws; and (iii) that the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.

 

(xiii)
The execution, delivery and performance of this
Agreement and all other agreements, documents, certificates and instruments required to be delivered pursuant to this Agreement
and the consummation of the transactions contemplated hereby do not and will not: (i) conflict with, require consent under or
result in a breach of any of the terms and provisions of, or constitute a default (or an event which with notice or lapse of time,
or both, would constitute a default) under, or result in the creation or imposition of any Lien upon any property or assets of
the Company pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement, instrument, franchise, license
or permit to which the Company is a party or by which the Company or any of its properties, operations or assets may be bound,
(ii) violate or conflict with any provision of the certificate of incorporation, bylaws or other organizational documents of the
Company, or (iii) violate or conflict with any applicable law, rule, regulation, ordinance, directive, judgment, decree or order
of any judicial, regulatory or other legal or governmental agency or body, domestic or foreign, except in the case of subsections
(i) and (iii) for any default, conflict, violation or Lien for which the Company has received a waiver or that would not reasonably
be expected to result in a Material Adverse Effect.

 

    	 

    	 

    

 

(xiv)
Except as disclosed in the Registration Statement
and the Prospectus, the Company and each of its Subsidiaries has all consents, approvals, authorizations, orders, registrations,
qualifications, licenses, filings, grants, certificates and permits of, with and from all judicial, regulatory and other legal
or governmental agencies, self-regulatory agencies, authorities and bodies and all third parties, foreign and domestic, including,
without limitation, the U.S. Food and Drug Administration (“FDA”) or equivalent in non-U.S. jurisdictions
(collectively, the “Consents”), to own, lease and operate its properties and conduct its business as
it is now being conducted and as disclosed in the Registration Statement and the Prospectus, and each such Consent is valid and
in full force and effect, except which (individually or in the aggregate), in each such case, would not reasonably be expected
to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received notice of any investigation or
proceedings which results in or, if decided adversely to the Company or such Subsidiary, could reasonably be expected to result
in, the revocation of, or imposition of a restriction on, any Consent, except such restriction or revocation of such Consent which
(individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. No Consent contains any
material restriction not adequately disclosed in the Registration Statement and the Prospectus.

 

(xv)
The Company and each of its Subsidiaries is in
compliance with all applicable laws, rules, regulations, ordinances, directives, judgments, decrees and orders, foreign and domestic,
except for any non-compliance the consequences of which would not have a Material Adverse Effect.

 

(xvi)
Prior to the Settlement Date, the Shares shall
have been approved for listing on the NASDAQ Capital Market, subject to official notice of issuance (the “Exchange”),
and the Company has taken no action designed to, or likely to have the effect of, delisting the Shares nor, except as disclosed
in the Registration Statement and the Prospectus, has the Company received any notification that the Exchange is contemplating
terminating such listing.

 

(xvii)
No consent of, with or from any judicial, regulatory
or other legal or governmental agency or body or any third party, foreign or domestic is required for the execution, delivery
and performance of this Agreement or consummation of each of the transactions contemplated by this Agreement, including the issuance,
sale and delivery of the Shares to be issued, sold and delivered hereunder, except (i) such as may have previously been obtained
(with copies of such consents provided to the Agent), each of which is in full force and effect as of the date hereof, (ii) the
registration under the Securities Act of the Shares, which has become effective and which remains in full force and effect as
of the date hereof, (iii) such consents as may be required under state securities or blue sky laws or the bylaws and rules of
the Exchange, and (iv) by the Financial Industry Regulatory Authority, Inc. (“FINRA”) in connection
with the purchase and distribution of the Shares by the Agent.

 

    	 

    	 

    

 

(xviii)
Except as disclosed in the Registration Statement
and the Prospectus, there is no judicial, regulatory, arbitral or other legal or governmental proceeding or other litigation or
arbitration, domestic or foreign, pending to which the Company or any of its Subsidiaries is a party or of which any property,
operations or assets of the Company or its Subsidiaries is the subject which (i) individually or in the aggregate, if determined
adversely to the Company or applicable Subsidiary would reasonably be expected to have a Material Adverse Effect, or (ii) is reasonably
likely to materially and adversely affect the consummation of the transactions contemplated in this Agreement or the performance
by the Company of its obligations hereunder. To the Company’s knowledge, no such proceeding, litigation or arbitration is
threatened or contemplated against the Company or its Subsidiaries.

 

(xix)
The statistical, industry-related and market-related
data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably
and in good faith believes are reliable and accurate, and the Company has obtained the written consent to the use of such data
from such sources, to the extent required, except for such failures to obtain written consent which (individually or in the aggregate)
would not reasonably be expected to have a Material Adverse Effect.

 

(xx)
Except as disclosed in the Registration Statement
and the Prospectus, the Company has established and maintains disclosure controls and procedures over financial reporting (as
defined in Rules 13a-15 and 15d-15 under the Exchange Act) and such controls and procedures are designed to ensure that information
relating to the Company required to be disclosed in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the Company’s management, including its principal executive and financial officer, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company has utilized such controls
and procedures in preparing and evaluating the disclosures in the Registration Statement and in the Prospectus.

 

(xxi)
Except as disclosed in the Registration Statement
and the Prospectus, neither the board of directors nor the audit committee has been informed, nor is the Company aware, of: (i)
any significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information;
or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal control over financial reporting.

 

    	 

    	 

    

 

(xxii)
The Company has not taken, directly or indirectly,
any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause
or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Shares.

 

(xxiii)
Neither the Company nor any of its Affiliates
(within the meaning of the Securities Act) has, prior to the date hereof, made any offer or sale of any securities which are required
to be “integrated” pursuant to the Securities Act or the Rules and Regulations with the offer and sale of the Shares
pursuant to the Registration Statement. Except as disclosed in the Registration Statement and the Prospectus, neither the Company
nor any of its Affiliates has sold or issued any securities during the six-month period preceding the date of the Prospectus,
including but not limited to any sales pursuant to Rule 144A, Regulation D or Regulation S under the Securities Act, other than
shares of Common Stock issued pursuant to equity incentive plans, employee stock purchase plans, employee benefit plans, qualified
stock option plans or employee compensation plans or pursuant to outstanding options, convertible notes, convertible preferred
stock, rights or warrants to purchase shares of Common Stock.

 

(xxiv)
To the knowledge of the Company, the biographies
of the Company’s officers and directors incorporated into the Registration Statement are true and correct in all material
respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires
previously completed by the directors and officers of the Company to become inaccurate and incorrect in any material respect.

 

(xxv)
To the knowledge of the Company, no director
or officer of the Company is subject to any non-competition agreement or non-solicitation agreement with any employer or prior
employer which could materially affect his or her ability to be and act in his or her respective capacity of the Company.

 

(xxvi)
The Company is not and, at all times up to and
including the consummation of the transactions contemplated by this Agreement, and after giving effect to application of the Net
Proceeds (as defined below), will not be, subject to registration as an “investment company” under the Investment
Company Act of 1940, as amended, and is not and will not be an entity “controlled” by an “investment company”
within the meaning of such act.

 

    	 

    	 

    

 

(xxvii)
No relationship, direct or indirect, exists between
or among any of the Company or, to the Company’s knowledge, any Affiliate of the Company, on the one hand, and any director,
officer, stockholder, customer or supplier of the Company or, to the Company’s knowledge, any Affiliate of the Company,
on the other hand, which is required by the Securities Act, the Exchange Act or the Rules and Regulations to be described in the
Registration Statement or the Prospectus which is not so described as required. There are no outstanding loans, advances (except
normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company to or for
the benefit of any of the officers or directors of the Company or any of their respective family members, except as described
in the Registration Statement and the Prospectus. The Company has not, in violation of Sarbanes-Oxley, directly or indirectly
extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal
loan to or for any director or executive officer of the Company.

 

(xxviii)
Except as disclosed in the Registration Statement
and the Prospectus, the Company is in compliance with the rules and regulations promulgated by The NASDAQ Stock Market LLC or
any other governmental or self-regulatory entity or agency having jurisdiction over the Company, except for such failures to be
in compliance which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. Without
limiting the generality of the foregoing: (i) all members of the Company’s board of directors who are required to be “independent”
(as that term is defined under the rules of The NASDAQ Stock Market LLC), including, without limitation, all members of the audit
committee of the Company’s board of directors, meet the qualifications of independence as set forth under applicable laws,
rules and regulations and (ii) the audit committee of the Company’s board of directors has at least one member who is an
“audit committee financial expert” (as that term is defined under applicable laws, rules and regulations).

 

(xxix)
The Company and each of its Subsidiaries owns
or leases all such properties (other than intellectual property, which is covered below) as are necessary to the conduct of its
business as presently operated and as described in the Registration Statement and the Prospectus. The Company and each of its
Subsidiaries has good and marketable title in fee simple to all real property and good and marketable title to all personal property
owned by it, in each case free and clear of all Liens except such as are described in the Registration Statement and the Prospectus
or such as would not (individually or in the aggregate) have a Material Adverse Effect. Any real property and buildings held under
lease or sublease by the Company or its Subsidiaries are held by it under valid, subsisting and, to the Company’s knowledge,
enforceable leases with such exceptions as are not material to, and do not materially interfere with, the use made and proposed
to be made of such property and buildings by the Company or its Subsidiaries. Neither the Company nor its Subsidiaries has received
any written notice of any claim adverse to its ownership of any real or material personal property or of any claim against the
continued possession of any real property, whether owned or held under lease or sublease by the Company or its Subsidiaries, except
for such claims that, if successfully asserted against the Company or its Subsidiaries, would not (individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect.

 

    	 

    	 

    

 

(xxx)
The Company (including all of its Subsidiaries):
(i) owns, possesses or has the right to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, formulae, customer lists and know-how and other intellectual
property (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures, “Intellectual Property”) necessary for the conduct of its businesses as being conducted
and as described in the Registration Statement and the Prospectus, except as disclosed in the Registration Statement or the Prospectus,
and (ii) has no knowledge that the conduct of its business conflicts or will conflict with the rights of others, and it has not
received any written notice of any claim of conflict with, any right of others. To the Company’s knowledge, there is no
infringement by third parties of any such Intellectual Property. 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 would form a reasonable basis for any such claim; and 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, and the Company is unaware of any other
fact which would form a reasonable basis for any such claim. Except as set forth in the Registration Statement and the Prospectus,
the Company has not received any claim for royalties or other compensation from any person, including any employee of the Company
who made inventive contributions to Company’s technology or products that are pending or unsettled, and except as set forth
in the Registration Statement and the Prospectus the Company does not and will not have any obligation to pay royalties or other
compensation to any person on account of inventive contributions.

 

(xxxi)
The agreements and documents described in the
Registration Statement and the Prospectus conform in all material respects to the descriptions thereof contained therein and there
are no agreements or other documents required by the applicable provisions of the Securities Act to be described in the Registration
Statement or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so
described or filed. Each agreement or other instrument (however characterized or described) to which the Company (or its Subsidiaries)
is a party or by which its property or business is or may be bound or affected and (i) that is referred to in the Registration
Statement or the Prospectus or attached as an exhibit thereto, or (ii) is material to the Company’s business, has been duly
and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company
in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally, (y) as enforceability of any indemnification or contribution provision may be
limited under the foreign, federal and state securities laws, and (z) that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought, and none of such agreements or instruments has been assigned by the Company (including any Subsidiaries),
and neither the Company nor, to the Company’s knowledge, any other party is in material breach or default thereunder and,
to the Company’s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute
a breach or default thereunder, in any such case, which would result in a Material Adverse Effect.

 

    	 

    	 

    

 

(xxxii)
The disclosures in the Registration Statement
and the Prospectus concerning the effects of foreign, federal, state and local regulation on the Company’s business as currently
contemplated are correct in all material respects.

 

(xxxiii)
The Company has accurately prepared and filed
all federal, state, foreign and other tax returns that are required to be filed by it through the date hereof, or has received
timely extensions thereof, except where the failure to so file would not (individually or in the aggregate) reasonably be expected
to have a Material Adverse Effect, and has paid or made provision for the payment of all material taxes, assessments, governmental
or other similar charges, including without limitation, all sales and use taxes and all taxes which the Company is obligated to
withhold from amounts owing to employees, creditors and third parties, with respect to the periods covered by such tax returns,
whether or not such amounts are shown as due on any tax return (except as currently being contested in good faith and for which
reserves required by GAAP have been created in the financial statements of the Company) and except for such taxes, assessments,
governmental or other similar charges the nonpayment of which would not (individually or in the aggregate) reasonably be expected
to have a Material Adverse Effect. No deficiency assessment with respect to a proposed adjustment of the Company’s federal,
state, local or foreign taxes is pending or, to the Company’s knowledge, threatened. The accruals and reserves on the books
and records of the Company in respect of tax liabilities for any taxable period not finally determined are adequate to meet any
assessments and related liabilities for any such period and, since the date of the Company’s most recent audited financial
statements, the Company has not incurred any material liability for taxes other than in the ordinary course of its business. There
is no tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties
or business of the Company.

 

    	 

    	 

    

 

(xxxiv)
No labor disturbance or dispute by or with the
employees of the Company which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect,
currently exists or, to the Company’s knowledge, is threatened. The Company is in compliance in all material respects with
the labor and employment laws and collective bargaining agreements and extension orders applicable to its employees.

 

(xxxv)
Except as would not be reasonably expected, individually
or in the aggregate, to have a Material Adverse Effect, the Company (and its Subsidiaries) is in compliance with all material
Environmental Laws (as hereinafter defined), and, to the Company’s knowledge, no future material expenditures are or will
be required in order to comply therewith. The Company has not received any written notice or communication that relates to or
alleges any actual or potential violation or failure to comply with any Environmental Laws that would, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect. As used herein, the term “Environmental Laws”
means all applicable laws and regulations, including any licensing, permits or reporting requirements, and any action by a federal,
state or local government entity, pertaining to the protection of the environment, protection of public health, protection of
worker health and safety, or the handling of hazardous materials, including without limitation, the Clean Air Act, 42 U.S.C. §
7401, et seq., the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. § 9601, et seq.,
the Federal Water Pollution Control Act, 33 U.S.C. § 1321, et seq., the Hazardous Materials Transportation Act, 49 U.S.C.
§ 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. § 690-1, et seq., and the Toxic Substances Control
Act, 15 U.S.C. § 2601, et seq.

 

(xxxvi)
As to each product or product candidate subject
to the jurisdiction of the U.S. Food and Drug Administration (FDA) under the Federal Food, Drug and Cosmetic Act, as amended,
and the regulations thereunder (“FDCA”) and/or the jurisdiction of the non-U.S. counterparts thereof
that is currently being tested by the Company (or any of its Subsidiaries) (each such product, a “Product”),
such Product is being tested by the Company in compliance with all applicable requirements under FDCA and/or and similar laws,
rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, advertising, record
keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. Except as
disclosed in the Registration Statement and the Prospectus, the Company currently has no products that have been approved by the
FDA or any non-U.S. counterparts thereof to be manufactured, packaged, labeled, distributed, sold and/or marketed. Except as disclosed
in the Registration Statement or the Prospectus, there is no pending, completed or, to the Company’s knowledge, threatened,
action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
against the Company and the Company has not received any written notice, warning letter or other communication from the FDA or
any other governmental entity or any non-U.S. counterparts thereof, in either case which (i) contests the premarket clearance,
licensure, registration or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the
sale of, or the labeling and promotion of any Product, (ii) imposes a clinical hold on any clinical investigation by the Company,
(iii) enters or proposes to enter into a consent decree of permanent injunction with the Company, or (iv) otherwise alleges any
violation of any laws, rules or regulations by the Company, and which, either individually or in the aggregate, would have a Material
Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material respects
in accordance with all applicable laws, rules and regulations of the FDA and non-U.S. counterparts thereof. The Company has not
been informed by the FDA or any non-U.S. counterparts thereof that such agency will prohibit the marketing, sale, license or use
of any Product nor has the FDA or a non-U.S. counterpart thereof provided any written notice that could reasonably be expected
to preclude the approval or the clearing for marketing of any Product.

 

    	 

    	 

    

 

(xxxvii)
The clinical, pre-clinical and other studies
and tests (“Studies”) conducted by or on behalf of or sponsored by the Company (including its Subsidiaries)
that are described or referred to in the Registration Statement and the Prospectus were and, if still pending, are, being conducted
in accordance with all applicable statutes, laws, rules and regulations (including, without limitation, those administered by
the FDA or by any foreign, federal, state or local governmental or regulatory authority performing functions similar to those
performed by the FDA), as well as the protocols, procedures and controls designed and approved for such Studies and with standard
medical and scientific research procedures, except where the failure to be so conducted would not have a Material Adverse Effect.
The descriptions of the results of such Studies that are described or referred to in the Registration Statement and the Prospectus
are accurate and complete in all material respects and fairly present the data derived from such Studies. Except as disclosed
in the Registration Statement and the Prospectus, the Company has not received any written notices or other correspondence from
the FDA or any other foreign, federal, state or local governmental or regulatory authority performing functions similar to those
performed by the FDA requiring the termination or suspension of such Studies, other than ordinary course communications with respect
to modifications in connection with the design and implementation of such Studies.

 

(xxxviii)
Except as would not result in a Material Adverse
Effect, the Company (including its Subsidiaries) has not failed to file with the applicable regulatory authorities (including
the FDA or any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA and having jurisdiction over the Company) any filing, declaration, listing, registration, report or submission that
is required to be so filed for the Company’s business operation as currently conducted. All such filings were in material
compliance with applicable laws when filed and no material deficiencies have been asserted in writing by any applicable regulatory
authority (including, without limitation, the FDA or any foreign, federal, state or local governmental or regulatory authority
performing functions similar to those performed by the FDA) with respect to any such filings, declarations, listings, registrations,
reports or submissions.

 

(xxxix)
The Registration Statement and the Prospectus
identify each employment, severance or other similar agreement, arrangement or policy and each material arrangement providing
for insurance coverage, benefits, bonuses, stock options or other forms of incentive compensation, or post-retirement insurance,
compensation or benefits which: (i) is entered into, maintained or contributed to, as the case may be, by the Company and (ii)
covers any officer or director or former officer or former director of the Company, in each case to the extent required by the
Rules and Regulations. These contracts, plans and arrangements are referred to collectively in this Agreement as the “Benefit
Arrangements.” Each Benefit Arrangement has been maintained in material compliance with its terms and with requirements
prescribed by any and all statutes, orders, rules and regulations that are applicable to that Benefit Arrangement in each case
except where the failure to comply is not reasonably likely to have a Material Adverse Effect.

 

(xl)
Except as set forth in the Registration Statement
or the Prospectus, the Company is not a party to or subject to any employment contract or arrangement providing for annual future
compensation, or the opportunity to earn annual future compensation (whether through fixed salary, bonus, commission, options
or otherwise) of more than $120,000 to any executive officer or director.

 

(xli)
The conditions for use of Form S-3 to register
the Offering under the Securities Act, as set forth in the General Instructions to such Form, have been satisfied.

 

    	 

    	 

    

 

(xlii)
Except as disclosed in the Registration Statement
and the Prospectus, neither the execution of this Agreement nor the consummation of the Offering, constitutes a triggering event
under any Benefit Arrangement or any other employment contract, whether or not legally enforceable, which (either alone or upon
the occurrence of any additional or subsequent event) will or may result in any payment (of severance pay or otherwise), acceleration,
increase in vesting or increase in benefits to any current or former participant, employee or director of the Company other than
an event that is not material to the financial condition or business of the Company.

 

(xliii)
Neither the Company nor, to the Company’s
knowledge, any of its employees or agents, has at any time during the last three (3) years: (i) made any unlawful contribution
to any candidate for foreign office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment
to any federal or state governmental officer or official or other person charged with similar public or quasi-public duties in
the United States, other than payments that are not prohibited by the laws of the United States or any jurisdiction thereof.

 

(xliv)
The Company has not offered, or caused the Agent
to offer, any Shares to any person or entity with the intention of unlawfully influencing: (i) a supplier of the Company to alter
the supplier’s level or type of business with the Company or (ii) a journalist or publication to write or publish favorable
information about the Company.

 

(xlv)
The operations of the Company are and have been
conducted at all times in compliance in all material respects with applicable financial record keeping and reporting requirements
and money laundering statutes of the United States and, to the Company’s knowledge, all other applicable 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 applicable governmental agency (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened.

 

(xlvi)
Neither the Company nor, to the Company’s
knowledge, any director, officer, agent, employee or Affiliate of the Company is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to
any joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject
to any U.S. sanctions administered by OFAC.

 

    	 

    	 

    

 

(xlvii)
None of the Company, its directors or officers
or, to the Company’s knowledge, any agent, employee, affiliate or other person acting on behalf of the Company has engaged
in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Sanctions
Act of 1996, the National Defense Authorization Act for Fiscal Year 2012, the Iran Threat Reduction and Syria Human Rights Act
of 2012 or any Executive Order relating to any of the foregoing (collectively, and as each may be amended from time to time, the
“Iran Sanctions”); and the Company 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 or entity,
for the purpose of engaging in any activities sanctionable under the Iran Sanctions.

 

(xlviii)
Except as described in the Registration Statement
and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder’s,
consulting or origination fee by the Company or any officer, director or stockholder of the Company (each, an “Insider”)
with respect to the sale of the Shares hereunder or any other arrangements, agreements or understandings of the Company or, to
the Company’s knowledge, any of its stockholders that may affect the Agent’s compensation, as determined by FINRA.
Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments
(in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration
of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company;
(ii) to any FINRA member; or (iii) to any person or entity that has any direct or indirect affiliation or association with any
FINRA member, within the 180 days prior to the Effective Date, other than the prior payment of $20,000 to the Agent in connection
with the Offering as an advance against the Agent’s out-of-pocket expenses actually expected to be incurred, which advance
shall be reimbursed to the Company to the extent such expenses are not actually incurred by the Agent. None of the Net Proceeds
will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein. No
officer, director or, to the Company’s knowledge, any beneficial owner of 5% or more of the Company’s securities (whether
debt or equity, registered or unregistered, regardless of the time acquired or the source from which derived) (any such individual
or entity, a “Company Affiliate”) has any direct or indirect affiliation or association with any FINRA
member (as determined in accordance with the rules and regulations of FINRA); no Company Affiliate is an owner of stock or other
securities of any member of FINRA (other than securities purchased on the open market); no Company Affiliate has made a subordinated
loan to any member of FINRA; and no Net Proceeds from the sale of the Shares will be paid to any FINRA member, or any persons
associated with or affiliated with any member of FINRA. Except as disclosed in the Registration Statement and the Prospectus,
the Company has not issued any warrants or other securities or granted any options, directly or indirectly, to anyone who is a
potential underwriter in the Offering or a related person (as defined by FINRA rules) of such an underwriter within the 180-day
period prior to the initial filing date of the Registration Statement; no person to whom securities of the Company have been privately
issued within the 180-day period prior to the initial filing date of the Registration Statement has any relationship or affiliation
or association with any member of FINRA; and no FINRA member participating in the offering has a conflict of interest with the
Company. For this purpose, a “conflict of interest” has the meaning ascribed to such term in FINRA Rule 5121(f)(5).

 

    	 

    	 

    

 

(xlix)
The Company has not distributed and will not
distribute any prospectus or other offering material in connection with the Offering other than the Registration Statement and
the Prospectus or other materials permitted by the Securities Act to be distributed by the Company; provided, however, that the
Company has not made and will not make any offer relating to the Shares that would constitute a “free writing prospectus”
as defined in Rule 405 under the Securities Act, except any Permitted Free Writing Prospectus.

 

(b)
Any certificate signed by any officer of the Company and delivered to the Agent or the Agent’s counsel shall be deemed a
representation and warranty by the Company to Agent as to the matters covered thereby.

 

(c)
At each Bringdown Date (as hereinafter defined) and each Time of Sale, the Company shall be deemed to have affirmed each representation
and warranty contained in or made pursuant to this Agreement as of such date as though made at and as of such date (except that
such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and
supplemented relating to such Shares on such date).

 

(d)
As used in this Agreement, references to matters being “material” with respect to the Company shall
mean a material event, change, condition, status or effect related to the condition (financial or otherwise), properties, assets
(including intangible assets), liabilities, business, prospects, operations or results of operations of the Company, either individually
or taken as a whole, as the context requires.

 

(e)
As used in this Agreement, the term “to the Company’s knowledge” (or similar language) shall mean
the knowledge of the executive officers and directors of the Company who are named in the Prospectus, with the assumption that
such executive officers and directors shall have made reasonable and diligent inquiry of the matters presented (with reference
to what is customary and prudent for the applicable individuals in connection with the discharge by the applicable individuals
of their duties as executive officers or directors of the Company).

 

    	 

    	 

    

 

2.
Purchase, Sale and Delivery of Shares.

 

(a)
At the Market Sales. On the basis of the representations, warranties and agreements herein the Company agrees that, from
time to time on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting as sales
agent, Shares having an aggregate offering price of up to $1,600,000 (the “Offering Size”); provided,
however, that in no event shall the Company issue or sell through the Agent such number of Shares that (a) exceeds the number
or dollar amount of shares of Common Stock registered on the Registration Statement pursuant to which the Offering is being made,
(b) exceeds the number of authorized but unissued shares of Common Stock under the Company’s Restated Certificate of Incorporation,
as amended or (c) would cause the Company or the Offering to not satisfy the eligibility and transaction requirements for use
of Form S-3 (including, if then applicable, General Instruction I.B.6 of Form S-3) (the lesser of (a), (b) and (c), the “Maximum
Amount”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with
the limitations set forth in this Section 2(a) on the number and aggregate sales price of Shares issued and sold under this Agreement
shall be the sole responsibility of the Company and the Agent shall have no obligation in connection with such compliance. Notwithstanding
the foregoing, the Company agrees that it will provide the Agent with written notice no less than one (1) business day prior to
the date on which it makes the initial sale of Shares under this Agreement.

 

(i)
For purposes of selling the Shares through the
Agent, the Company hereby appoints the Agent as exclusive agent of the Company (including in the event the Company increases the
Offering Size) for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement and the Agent
agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated herein.

 

    	 

    	 

    

 

(ii)
Each time the Company wishes to issue and sell
the Shares hereunder (each, a “Transaction”), it will notify the Agent by telephone (confirmed promptly
by e-mail to the appropriate individual listed on Schedule D hereto, using a form substantially similar to that set forth
on Schedule C hereto) (a “Transaction Notice”) as to the maximum number of Shares to be sold
by the Agent on such day and in any event not in excess of the amount available for issuance under the Prospectus and the currently
effective Registration Statement, the time period during which sales are requested to be made, any limitation on the number of
shares that may be sold in any one Trading Day (as defined below), and any minimum price below which sales may not be made. The
Transaction Notice shall originate from any of the individuals from the Company set forth on Schedule B (with a copy to
each of the other individuals from the Company listed on such Schedule), and shall be addressed to each of the individuals from
the Agent set forth on Schedule D, as such Schedule D may be amended from time to time. Subject to the terms and
conditions hereof and unless the sale of the Shares described therein has been declined, suspended, or otherwise terminated in
accordance with the terms of this Agreement, the Agent shall promptly acknowledge the Transaction Notice by e-mail (or by some
other method mutually agreed to in writing by the parties) and shall use its commercially reasonable efforts to sell all of the
Shares so designated by the Company in the Transaction Notice and in accordance with the terms set forth herein; provided, however,
that any obligation of the Agent to use such commercially reasonable efforts shall be subject to the continuing accuracy of the
representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the
continuing satisfaction of the additional conditions specified in Section 4 of this Agreement. The gross sales price of
the Shares sold under this Section 2(a) shall be equal to the market price for the Common Stock sold by the Agent under
this Section 2(a) on the NASDAQ Capital Market at the time of such sale. For the purposes hereof, “Trading
Day” means any day on which shares of Common Stock are purchased and sold on the principal market on which the Common
Stock is listed or quoted.

 

(iii)
The Company or the Agent may, upon notice to
the other party hereto by telephone (confirmed promptly by e-mail to the respective individuals of the other party set forth on
Schedule D hereto, which confirmation shall be promptly acknowledged by the other party), suspend the Offering for any
reason and at any time, whereupon the Agent shall so suspend the offering of Shares until further notice is provided by the other
party to the contrary; provided, however, that such suspension or termination shall not affect or impair the parties’
respective obligations with respect to the Shares sold hereunder prior to the receipt by the Agent of such notice. Each of the
parties agrees that no such notice under this Section 2(a)(iii) shall be effective against the other unless it is made
to one of the individuals named on Schedule D hereto, as such Schedule may be amended from time to time. Notwithstanding
the foregoing, if the Agent suspends the Offering for any three (3) consecutive business days or on more than three (3) separate
occasions (in each instance other than as a result of the Company’s breach of its obligations hereunder), the Company, in
its sole discretion, may elect to terminate this Agreement.

 

    	 

    	 

    

 

(iv)
The Company acknowledges and agrees that (A)
there can be no assurance that the Agent will be successful in selling the Shares, (B) the Agent will incur no liability or obligation
to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Agent to use
its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell such Shares as required under this Agreement, and (C) the Agent shall be under no obligation to purchase shares on a principal
basis pursuant to this Agreement.

 

(v)
The Agent may sell Shares by any method permitted
by law to be an “at-the-market offering” as defined in Rule 415 of the Securities Act including without limitation
sales made directly on the NASDAQ Capital Market, on any other existing trading market for the Common Stock or to or through a
market maker. With the prior written consent of the Company, which may be provided in a Transaction Notice, the Agent may also
sell Shares in privately negotiated transactions.

 

(vi)
The compensation to the Agent for sales of the
Shares, as an agent of the Company, shall be 4.25% (the “Transaction Fee”) of the gross sales price
of all of Shares sold pursuant to this Section 2(a). The remaining proceeds, after further deduction for any transaction
or other fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds
to the Company for such Shares (the “Net Proceeds”). The Agent shall notify the Company as promptly
as practicable if any deduction referenced in the preceding sentence will be required.

 

(vii)
The Agent shall provide written confirmation
to the Company following the close of trading on the NASDAQ Capital Market each day in which the Shares are sold under this Section
2(a) setting forth the number of the Shares sold on such day, the aggregate gross sale proceeds, the Net Proceeds to the Company,
and the compensation payable by the Company to the Agent with respect to such sales.

 

(viii)
All Shares sold pursuant to this Section 2(a)
will be delivered by the Company to Agent for the accounts of the Agent on the second full business day following the date
on which such Shares are sold, or at such other time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under
the Exchange Act, each such time and date of delivery being herein referred to as a “Settlement Date.”
On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered by the Company
to the Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected
by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee’s account (provided
the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
(“DTC”) or (ii) by such other means of delivery as may be mutually agreed upon by the parties hereto,
which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in
same day funds delivered to an account designated by the Company. If the Company or its transfer agent (if applicable) shall default
on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Agent harmless against
any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which
it would otherwise be entitled absent such default. If the Agent breaches this Agreement by failing to deliver the Net Proceeds
on any Settlement Date for the shares delivered by the Company, the Agent will pay the Company interest based on the effective
prime rate until such proceeds, together with such interest, have been fully paid.

 

    	 

    	 

    

 

(ix)
Under no circumstances shall the Company cause
or request the offer or sale of any Shares if, after giving effect to the sale of such Shares, the aggregate gross sales proceeds
sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Shares under this Agreement, the Maximum
Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized
from time to time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee
thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company
cause or request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time by the Company’s
board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing.
Further, under no circumstances shall the aggregate offering amount of Shares sold pursuant to this Agreement, including any separate
underwriting or similar agreement covering principal transactions, exceed the Maximum Amount.

 

(x)
The Company agrees that any offer to sell, any
solicitation of an offer to buy, or any sales of Shares shall only be effected by or through the Agent; provided, however, that
the foregoing limitation shall not apply to the exercise of any outstanding option or warrant or conversion of any outstanding
convertible preferred stock or convertible notes described in the Registration Statement and the Prospectus.

 

(b)
Nothing herein contained shall constitute the Agent an unincorporated association or partner with the Company. Under no circumstances
shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement was first
declared effective by the Commission.

 

(c)
Notwithstanding any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place, and the Company
shall not request the sale of any Shares, and the Agent shall not be obligated to sell, during any period in which the Company
is, or could be deemed to be, in possession of material non-public information.

 

    	 

    	 

    

 

(d)
Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied with respect
to the Shares, the Company shall give the Agent at least one Business Day’s prior notice of its intent to sell any Shares
in order to allow the Agent time to comply with Regulation M.

 

3.
Covenants. The Company covenants
and agrees with the Agent as follows:

 

(a)
After the date hereof and through any Prospectus Delivery Period, prior to amending or supplementing the Registration Statement
(including any Rule 462(b) Registration Statement), Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus,
the Company shall furnish to the Agent for review a copy of each such proposed amendment or supplement, allow the Agent a reasonable
amount of time to review and comment on such proposed amendment or supplement, and the Company shall not file any such proposed
amendment or supplement to which the Agent or counsel to the Agent reasonably object; provided that the foregoing shall not apply
with regards to the filing by the Company of any Form 10-K, 10-Q, 8-K, proxy statement or other Incorporated Document. Subject
to this Section 3(a), immediately following execution of this Agreement, if not previously prepared, the Company will prepare
a prospectus supplement describing the selling terms of the Shares hereunder, the plan of distribution thereof and such other
information as may be required by the Securities Act or the Rules and Regulations or as the Agent and the Company may deem appropriate,
and if requested by the Agent, a Permitted Free Writing Prospectus containing the selling terms of the Shares hereunder and such
other information as the Company and the Agent may deem appropriate, and will file or transmit for filing with the Commission,
in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus as supplemented and each such Permitted
Free Writing Prospectus.

 

    	 

    	 

    

 

(b)
After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any comments of,
or requests for additional or supplemental information from, the Commission or for any amendments or supplements to the Registration
Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any Incorporated Documents),
(ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any Incorporated Documents), (iii)
of the time and date that any post-effective amendment to the Registration Statement becomes effective, (iv) of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus, or (v) of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any securities
exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any
proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company may terminate
this Agreement. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430B and 430C, as applicable,
under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b),
Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

 

(c)
From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any applicable Prospectus Delivery
Period, the Company will comply in all material respects with all requirements imposed upon it by the Securities Act, as now and
hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary
to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Base Prospectus,
the Prospectus and any Permitted Free Writing Prospectus. If during any applicable Prospectus Delivery Period any event occurs
as a result of which the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus 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 any applicable Prospectus Delivery Period it is necessary or appropriate in the opinion
of the Company or its counsel or in the reasonable opinion of the Agent or counsel to the Agent to amend the Registration Statement
or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, to comply with the Securities Act
or to file under the Exchange Act any document which would be deemed to be incorporated by reference in the Prospectus in order
to comply with the Securities Act or the Exchange Act, the Company will promptly notify Agent (or the Agent will notify the Company,
as applicable), and the Agent shall suspend the offering and sale of any such Shares, and the Company will amend the Registration
Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or file such document (at
the expense of the Company) so as to correct such statement or omission or effect such compliance within the time period prescribed
by the Securities Act or the Exchange Act.

 

    	 

    	 

    

 

(i)
In case the Agent is required to deliver (whether
physically or through compliance with Rule 172 under the Securities Act or any similar rule), in connection with the sale of the
Shares, a Prospectus after the nine-month period referred to in Section 10(a)(3) of the Securities Act, or after the time a post-effective
amendment to the Registration Statement is required pursuant to Item 512(a) of Regulation S-K under the Securities Act, the Company
will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus
as may be necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act or Item 512(a) of Regulation
S-K under the Securities Act, as the case may be. The Company shall cause each amendment or supplement to any Base Prospectus
or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities
Act or, in the case of any document which would be deemed to be incorporated by reference therein, to be filed with the Commission
as required pursuant to the Exchange Act, within the time period prescribed. The Company shall promptly notify the Agent if any
Material Contract is terminated or if the other party thereto gives written notice of its intent to terminate any such Material
Contract.

 

(ii)
If at any time following issuance of a Permitted
Free Writing Prospectus there occurs an event or development as a result of which such Permitted Free Writing Prospectus would
conflict with the information contained in the Registration Statement, the Base Prospectus or the Prospectus, or would include
an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify
the Agent and will promptly amend or supplement, at its own expense, such Permitted Free Writing Prospectus to eliminate or correct
such conflict, untrue statement or omission.

 

(d)
The Company shall use commercially reasonable efforts to take or cause to be taken all necessary action to qualify the Shares
for sale under the securities laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in
effect so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith
to qualify as a foreign corporation or to execute a general consent to service of process in any state. The Company shall promptly
advise the Agent of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

 

(e)
The Company will furnish to the Agent and counsel for the Agent, to the extent requested, copies of the Registration Statement,
the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents,
in each case as soon as available and in such quantities as the Agent may from time to time reasonably request.

 

    	 

    	 

    

 

(f)
The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not
be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of
the Rules and Regulations. If the Company makes any public announcement or release disclosing its results of operations or financial
condition for a completed quarterly or annual fiscal period (each, an “Earnings Release”) and the Company
has not yet filed an Annual Report on Form 10-K or a Quarterly Report on Form 10-Q or a Form 8-K with respect to such information,
as applicable, then, prior to any sale of Shares, the Company shall be obligated to (x) file a prospectus supplement with the
Commission under the applicable paragraph of Rule 424(b), which prospectus supplement shall include the applicable financial information
or (y) file a Report on Form 8-K, which Form 8-K shall include the applicable financial information.

 

(g)
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay
or cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective
transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all reasonable expenses
and fees (including, without limitation, fees and expenses of the Company’s accountants and counsel) in connection with
the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial statements therein
and all amendments, schedules, and exhibits thereto), the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus,
and any amendment thereof or supplement thereto, and the producing, word-processing, printing, delivery, and shipping of this
Agreement and other closing documents, including blue sky memoranda (covering the states and other applicable jurisdictions) and
including the cost to furnish copies of each thereof to the Agent, (iii) all filing fees, (iv) listing fees, if any, and (v) all
other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically
provided for herein (including the costs and expenses related to any investor presentations or “roadshow” undertaken
in connection with marketing of the Shares as agreed to by the Company). The Company shall have advanced prior to, or shall advance
concurrently with, the execution of this Agreement the sum of $20,000 (the “Advance”) to the Agent,
which pursuant to Rule 5110(f)(2)(C) of FINRA shall be returned to the Company to the extent the expenses have not been actually
incurred. The Company shall reimburse the Agent upon request for its actual, reasonable and documented costs and out-of-pocket
expenses incurred in connection with this Agreement, whether or not the transactions contemplated hereunder are consummated or
this Agreement is terminated, including the actual, reasonable and documented fees and out-of-pocket expenses of its legal counsel
up to $50,000 (inclusive of the Advance), with the balance of the $50,000 above the Advance being paid in installments, with the
first installment of $20,000 due when the Company has received gross proceeds from the Offering equal to $1.5 million and the
remaining $10,000 due when the Company has received gross proceeds equal to $2.5 million. In addition, the Company shall pay the
Agent $5,000 for its legal fees for each Bringdown Date.

 

    	 

    	 

    

 

(h)
The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption “Use of Proceeds”
in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.

 

(i)
The Company will not, without (1) giving the Agent at least three business days’ prior written notice specifying the nature
of the proposed sale and the date of such proposed sale, and (2) the Agent suspending activity under this Agreement for such period
of time as requested by the Company or as reasonably deemed appropriate by the Agent in light of the proposed sale, offer for
sale, sell, contract to sell, pledge, grant any option for the sale of, enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Company or any Subsidiary, or otherwise issue or dispose of, directly or indirectly (or publicly
disclose the intention to make any such offer, sale, pledge, grant, issuance or other disposition), of any Common Stock or any
securities convertible into or exchangeable for, or any options or rights to purchase or acquire, Common Stock, or permit the
registration under the Securities Act of any Common Stock, such securities, options or rights, except for (i) the registration
of the Shares and the sales through the Agent pursuant to this Agreement, (ii) the issuance of securities issuable upon exercise
or conversion of any options, convertible preferred stock, convertible notes and warrants that are outstanding as of the date
of this Agreement and described in the Registration Statement and the Prospectus, (iii) a registration statement on Form S-8 relating
to employee benefit plans, (iv) the issuance of securities pursuant to any employee stock incentive plan, stock ownership plan
or employee stock purchase plan of the Company in effect at the time of this Agreement or any compensatory inducement grants made
by the Company and approved by the Board consistent with past practice, and (v) the issuance of Common Stock or any securities
convertible into or exchangeable for, or any options or rights to purchase or acquire Common Stock pursuant to any agreement or
transaction of which the primary purpose is not to raise capital.

 

(j)
The Company shall not, at any time at or after the execution of this Agreement, offer or sell any of the Shares by means of any
“prospectus” (within the meaning of the Securities Act), or use any “prospectus” (within the meaning of
the Securities Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus or any Permitted
Free Writing Prospectus.

 

(k)
The Company has not taken and will not take, directly or indirectly, any action designed to or which might reasonably be expected
to cause or result in, or which has constituted, (i) the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Shares or (ii) a violation of Regulation M. The Company shall notify the Agent of any
violation of Regulation M by the Company or any of its officers or directors promptly after the Company has received notice or
obtained knowledge of any such violation.

 

    	 

    	 

    

 

(l)
The Company will not incur any liability for any finder’s or broker’s fee or agent’s commission in connection
with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or thereby, except
as contemplated herein.

 

(m)
During any applicable Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic and
current reports as required by the Rules and Regulations.

 

(n)
Except as disclosed in the Registration Statement and the Prospectus, the Company has maintained, and will maintain, such controls
and procedures, including without limitation those required by Sections 302 and 906 of Sarbanes-Oxley and the applicable regulations
thereunder, that are designed to ensure that information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s
rules and forms, including without limitation, controls and procedures designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s
management, including its principal executive officer and its principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company
is made known to them by others within those entities.

 

(o)
The Company hereby agrees that the Agent shall be entitled to a Transaction Fee with respect to any public or private offering
or other financing or capital-raising transaction of any kind (a “Tail Financing”) to the extent such
financing or capital is provided to the Company by investors introduced for the first time by the Agent, directly, to the Company
any time beginning on April 12, 2019 (the execution date of that certain engagement agreement by and between the Company and the
Agent) if such Tail Financing is consummated at any time within the six (6) month period following the earlier of (i) April 12,
2020 and (ii) the termination of this Agreement.

 

(p)
Each of the Company and Agent hereby represent and agree that, neither the Company nor the Agent has made and will make any offer
relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the
Securities Act, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under the Securities
Act, required to be filed with the Commission other than a Permitted Free Writing Prospectus. The Company represents that it has
treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,”
as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing
Prospectus, including timely Commission filing where required, legending and record keeping.

 

    	 

    	 

    

 

(q)
(1) On the date hereof, the Company shall cause (A) Dorsey & Whitney LLP, counsel for the Company, to furnish to the Agent
its written opinion and negative assurance letter, in form and substance stating in effect the matters set forth on Annex A-1
hereto, (B) Life Science Law PC, legal counsel to the Company, to furnish to the Agent its negative assurance letter, in form
and substance stating in effect the matters set forth on Annex A-2 and (C) Polsinelli PC, intellectual property legal counsel
to the Company, to furnish to the Agent its written opinion, in form and substance stating in effect the matters set forth on
Annex A-3, and the Agent shall cause (D) Ellenoff Grossman & Schole LLP, as counsel for the Agent to furnish to the
Agent its negative assurance letter, in form and substance stating in effect the matters set forth on Annex A-4.

 

(2)
On each date that the Company (i) amends or supplements the Registration Statement or the Prospectus (other than by means of incorporation
by reference); (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q
under the Exchange Act; (iv) files a report under Item 4.02 of Form 8-K under the Exchange Act containing amended financial information;
or (v) otherwise after each reasonable request by Agent (each of such date referred to herein as a “Bringdown Date”),
the Company shall cause (X) Dorsey & Whitney LLP, counsel for the Company, to furnish to the Agent its negative assurance
letter, in form and substance stating in effect the matters set forth on Annex A-1 hereto, and (Y) Life Science Law PC,
legal counsel to the Company, to furnish to the Agent its written opinion, in form and substance stating in effect the matters
set forth on Annex A-2, and the Agent shall cause (Z) Ellenoff Grossman & Schole LLP, as counsel for the Agent to furnish
to the Agent its negative assurance letter, in form and substance stating in effect the matters set forth on Annex A-3,
each dated as of a date within ten (10) days after the applicable Bringdown Date, addressed to the Agent and modified as necessary
to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions.
With respect to this Section 3(q)(2), in lieu of delivering such opinions or letters for Bringdown Dates subsequent to
the date of effectiveness of the Registration Statement, such counsel may furnish agent with a letter (a “Reliance
Letter”) to the effect that Agent may rely upon a prior opinion or letter delivered under Section 3(q)(1)
or this Section 3(q)(2) to the same extent as if it were dated the date of such letter (except that statements in such
prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the
date of Reliance Letter). Provided, however, the requirement to provide opinions and letters under this Section 3(q)(2)
is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue
until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date.
Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the Company
relied on such waiver and did not provide Agent with opinions and letters under this Section 3(q)(2), then before the Company
delivers the Transaction Notice or Agent sells any Shares, the Company shall cause each of Dorsey & Whitney LLP to furnish
to the Agent a written opinion and negative assurance letter, and Life Science Law PC to furnish to the agent its written opinion,
and the Agent shall cause Ellenoff Grossman & Schole LLP to furnish to the Agent its negative assurance letter, dated the
date of the Transaction Notice.

 

    	 

    	 

    

 

(r)
On the date hereof and within ten (10) days after each Bringdown Date, the Company shall cause the Auditor, or other independent
accountants satisfactory to the Agent, to deliver to the Agent (x) a customary comfort letter (the initial letter, the “Initial
Comfort Letter,” and each subsequent letter, a “Bringdown Comfort Letter”) addressed
to Agent, in form and substance satisfactory to Agent, confirming that they are independent public accountants within the meaning
of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under
Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial
information and other matters and (y) a letter 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 as modified as necessary to relate to the date of such letter.
Provided, however, the requirement to provide a Bringdown Comfort Letter under this Section 3(r) is hereby waived for any
Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to
occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the
foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver
and did not provide Agent with a Bringdown Comfort Letter under this Section 3(r), then before the Company delivers the
Transaction Notice or Agent sells any Shares, the Company shall cause the Auditor, or other independent accountants satisfactory
to the Agent, to deliver to the Agent a Bringdown Comfort Letter dated the date of the Transaction Notice.

 

(s)
On the date hereof and each Bringdown Date, the Company shall furnish to the Agent an officer’s certificate, dated as of
a date within ten (10) days after the applicable Bringdown Date and addressed to Agent, signed by the chief executive officer
and by the chief financial officer of the Company, to the effect that:

 

(i)
The representations and warranties of the Company
in this Agreement are true and correct in all material respects as if made at and as of the date of the certificate, and the Company
has complied in all material respects with all the agreements and satisfied all the conditions on its part to be performed or
satisfied at or prior to the date of the certificate;

 

    	 

    	 

    

 

(ii)
No stop order or other order suspending the effectiveness
of the Registration Statement or any part thereof or any amendment thereof or the qualification of the Shares for offering or
sale or notice that would prevent use of the Registration Statement, nor suspending or preventing the use of the Base Prospectus,
the Prospectus or any Permitted Free Writing Prospectus, has been issued, and no proceeding for that purpose has been instituted
or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body;

 

(iii)
The Shares to be sold on that date have been
duly and validly authorized by the Company and all corporate action required to be taken for the authorization, issuance and sale
of the Shares on that date has been validly and sufficiently taken;

 

(iv)
Subsequent to the respective dates as of which
information is given in the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, as amended and supplemented,
and except for pending transactions disclosed therein, the Company has not incurred any material liabilities or obligations, direct
or contingent, or entered into any material transactions, not in the ordinary course of business, or declared or paid any dividends
or made any distribution of any kind with respect to its capital stock, and there has not been any change in the capital stock
or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other than as a result
of the exercise of any currently outstanding options, warrants, preferred stock and notes that are disclosed in the Registration
Statement or the Prospectus or the issuance of securities pursuant to the Company’s equity incentive plans or employee stock
purchase plans described in the Registration Statement or the Prospectus), or any material change in the short-term or long-term
debt, of the Company, or any Material Adverse Effect or any development that would reasonably be likely to result in a Material
Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake,
accident or other calamity, whether or not covered by insurance, incurred by the Company; and

 

(v)
Except as stated in the Prospectus and any Permitted
Free Writing Prospectus, as amended and supplemented, there is not pending, or, to the knowledge of the Company, threatened or
contemplated, any action, suit or proceeding to which the Company is a party before or by any court or governmental agency, authority
or body, or any arbitrator, which would reasonably be likely to result in any Material Adverse Effect;

 

    	 

    	 

    

 

provided,
however, the requirement to provide a certificate under this Section 3(s) is hereby waived for any Bringdown Date occurring
at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company
delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a certificate
under this Section 3(s), then before the Company delivers the Transaction Notice or Agent sells any Shares, the Company
shall provide Agent with a certificate dated the date of the Transaction Notice.

 

(t)
A reasonable time prior to each Bringdown Date, the Company, if so requested by the Agent, shall conduct a due diligence session,
in form and substance, satisfactory to the Agent, which shall include representatives of the management and the accountants of
the Company.

 

(u)
The Company shall disclose in its annual report on Form 10-K and its quarterly reports on Form 10-Q the number of Shares sold
through the Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect
to sales of the Shares pursuant to this Agreement.

 

(v)
The Company shall ensure that there are at all times sufficient shares of Common Stock to provide for the issuance, free of any
preemptive rights, out of its authorized but unissued Common Stock, of the maximum aggregate number of Shares authorized for issuance
by the Board pursuant to the terms of this Agreement. The Company will use its reasonable best efforts to cause the Shares to
be listed on the NASDAQ Capital Market, and to maintain such listing. The Company shall cooperate with Agent and use its reasonable
efforts to permit Shares to be eligible for clearance and settlement through the facilities of DTC.

 

(w)
At any time during the term of this Agreement, the Company will advise the Agent promptly after it receives notice or obtains
knowledge of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to
the Agent pursuant to Section 3.

 

(x)
Subject to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with applicable securities
laws, the Company consents to the Agent trading in the Common Stock for the Agent’s own account and for the account of its
clients (in compliance with all applicable laws) at the same time as sales of the Shares occur pursuant to this Agreement.

 

(y)
If to the knowledge of the Company, any condition set forth in Section 4 shall not have been satisfied on the applicable
Settlement Date or will not be satisfied on or prior to the date required by this Agreement, the Company will offer to any person
who has agreed to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited
by the Agent the right to refuse to purchase and pay for such Shares.

 

    	 

    	 

    

 

(z)
On the date hereof and each Bringdown Date, the Company shall furnish to the Agent an incumbency certificate, dated as of such
date and addressed to Agent, signed by the secretary of the Company.

 

(aa)
Each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Agent
that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as
of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties
will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such
date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus
as amended and supplemented relating to such Shares).

 

(bb)
During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such
requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, 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 and the regulations thereunder.

 

(cc)
The Company shall cooperate with Agent and use its reasonable efforts to permit the Shares to be eligible for clearance and settlement
through the facilities of DTC.

 

(dd)
The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(ee)
To the extent that the Registration Statement is not available for the sales of the Shares as contemplated by this Agreement,
the Company shall file a new registration statement with respect to any additional shares of Common Stock necessary to complete
such sales of the Shares and shall cause such registration statement to become effective as promptly as practicable. After the
effectiveness of any such registration statement, all references to “Registration Statement” included in this Agreement
shall be deemed to include such new registration statement, including all documents incorporated by reference therein pursuant
to Item 12 of Form S-3, and all references to “Base Prospectus” included in this Agreement shall be deemed to include
the final form of prospectus, including all documents incorporated therein by reference, included in any such registration statement
at the time such registration statement became effective.

 

    	 

    	 

    

 

4.
Conditions of Agent’s Obligations.
The obligations of the Agent hereunder are subject to (i) the accuracy of, as of the date hereof, each Bringdown Date, and each
Time of Sale (in each case, as if made at such date), and compliance with, all representations, warranties and agreements of the
Company contained herein, (ii) the performance by the Company of its obligations hereunder and (iii) the following additional
conditions:

 

(a)
If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, is required under
the Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement)
or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance
on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall remain effective; no stop order suspending the effectiveness
of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement, or any amendment thereof, nor suspending
or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall have been issued;
no proceedings for the issuance of such an order shall have been initiated or threatened; and any request of the Commission for
additional information (to be included in the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free
Writing Prospectus or otherwise) shall have been complied with to the Agent’s satisfaction.

 

(b)
The Agent shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or any amendment
or supplement thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in the Agent’s
opinion, is material, or omits to state a fact which, in the Agent’s opinion, is material and is required to be stated therein
or is necessary to make the statements therein (i) with respect to the Registration Statement, not misleading and (ii) with respect
to the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, in light of the circumstances under which they
were made, not misleading.

 

(c)
Except as set forth or contemplated in the Prospectus and any Permitted Free Writing Prospectus, subsequent to the respective
dates as of which information is given therein, the Company shall not have incurred any material liabilities or obligations, direct
or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of any kind
with respect to its capital stock and there shall not have been any change in the capital stock, or any issuance of options, warrants,
convertible securities or other rights to purchase the capital stock (other than as a result of the exercise of any currently
outstanding options, preferred stock, notes or warrants that are disclosed in the Registration Statement or the Prospectus or
the issuance of securities pursuant to the Company’s equity incentive plans or employee stock purchase plans described in
the Registration Statement or the Prospectus), or any material change in the short-term or long-term debt, of the Company, or
any Material Adverse Effect or any development that would be reasonably likely to result in a Material Adverse Effect (whether
or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident or other
calamity, whether or not covered by insurance, incurred by the Company, the effect of which, in any such case described above,
in the Agent’s judgment, makes it impractical or inadvisable to offer or deliver the Shares.

 

    	 

    	 

    

 

(d)
The Company shall have performed each of its obligations under Section 3(q).

 

(e)
The Company shall have performed each of its obligations under Section 3(r).

 

(f)
The Company shall have performed each of its obligations under Section 3(s).

 

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

 

(h)
All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement Date shall
have been made within the applicable time period prescribed for such filing by Rule 424.

 

(i)
The Company shall have furnished to Agent and the Agent’s counsel such additional documents, certificates and evidence as
they may have reasonably requested.

 

(j)
Trading in the Common Stock shall not have been suspended on the NASDAQ Capital Market. The Shares shall have been listed and
authorized for trading on the NASDAQ Capital Market prior to the first Settlement Date, and satisfactory evidence of such actions
shall have been provided to the Agent and its counsel, which may include oral confirmation from a representative of the NASDAQ
Capital Market.

 

All
such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably
satisfactory in form and substance to Agent and the Agent’s counsel. The Company will furnish Agent with such conformed
copies of such opinions, certificates, letters and other documents as Agent shall reasonably request.

 

    	 

    	 

    

 

5.
Indemnification and Contribution.

 

(a)
The Company agrees to indemnify and hold harmless the Agent and each of the other Indemnified Parties (as defined below) from
and against any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements,
and any and all actions suits proceedings and investigations in respect thereof and any and all legal and other costs, expenses
and disbursements in giving testimony or furnishing documents in response to subpoena or otherwise (including, without limitation,
the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action,
suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively,
“Losses”), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection
with this Agreement, including, without limitation, any act or omission by the Agent in connection with its acceptance of or the
performance or non-performance of its obligations under the Agreement, any breach by the Company of any representation, warranty,
covenant or agreement contained in the Agreement (or in any instrument, document or agreement relating thereto, including any
agency agreement), or the enforcement by the Agent of its rights under the Agreement or these indemnification provisions, except
to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further
appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified Party seeking
indemnification hereunder. The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect,
in contract or tort or otherwise) to the Company for or in connection with this Agreement for any other reason, except to the
extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal)
to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful misconduct This indemnity
agreement will be in addition to any liability that the Company otherwise might have.

 

(i)
These indemnification provisions shall extend
to the following persons (collectively, the “Indemnified Parties”): the Agent, its present and former
affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning
of the federal securities laws), and the officers, directors, partners, stockholders, members, managers, employees, legal counsel,
agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability which the
Company may otherwise have to any Indemnified Party.

 

(ii)
If any action, suit, proceeding or investigation
is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable
promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve
the Company from its obligations hereunder except to the extent that the Company is actually and materially prejudiced by such
failure to notify. An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the fees,
expenses and disbursements of such counsel shall be borne by the Company. Any such counsel shall, to the extent consistent with
its professional responsibilities, cooperate with the Company and any counsel designated by the Company. The Company shall be
liable for any settlement of any claim against any Indemnified Party made with the Company’s written consent. The Company
shall not, without the prior written consent of the Agent, settle or compromise any claim, or permit a default or consent to the
entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term
thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect
of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse
statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction
of any Indemnified Party.

 

    	 

    	 

    

 

(iii)
In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions
is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification
may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the
Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits
received by the Company and its stockholders, Subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the
other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law,
in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand,
and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses
as well as any relevant equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled
to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received
(or anticipated to be received) by the Company and its stockholders, Subsidiaries and affiliates shall be deemed to be equal to
the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which
the Agreement relates relative to the amount of fees actually received by the Agent in connection with such transaction or transactions.
Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously
received by the Agent pursuant to the Agreement.

 

(b)
(i) The Agent will indemnify and hold harmless the Company and its affiliates and directors and each officer of the Company who
signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (the “Company Indemnified Parties”) from and against any Losses
to which the Company or the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in
settlement of any litigation, if such settlement is effected with the written consent of the Agent), insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or omission or alleged
untrue statement or omission of a material fact contained in the Registration Statement, any Base Prospectus, the Prospectus,
or any amendment or supplement thereto or any Permitted Free Writing Prospectus, to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus,
or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance upon and in conformity with written
information furnished to the Company by Agent expressly for use in the preparation thereof, it being understood and agreed that
the only information furnished by the Agent consists of the information described as such in Section 5(b)(ii), by the Company
in connection with investigating or defending against any such loss, claim, damage, liability or action. (ii)
The Agent confirms and the Company acknowledges that as of the date hereof no information has been furnished in writing
to the Company by or on behalf of the Agent specifically for inclusion in the Registration Statement, any Base Prospectus, the
Prospectus or any Permitted Free Writing Prospectus, other than information about the Agent included in the Prospectus Supplement
under the heading “Plan of Distribution”.

 

    	 

    	 

    

 

(c)
If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party
under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other from the
Offering or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one
hand and the Agent on the other in connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one
hand and the Agent on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering (before
deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Agent, bear to
the total public offering price of the Shares. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or the Agent and the parties’ relevant intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The Company and the Agent agree that it would not be just
and equitable if contributions pursuant to this subsection (c) were to be determined by pro rata allocation or by any other method
of allocation which does not take account of the equitable considerations referred to in the first sentence of this subsection
(c). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending against any action or claim which is the subject of this subsection (c). Notwithstanding
the provisions of this subsection (c), the Agent shall not be required to contribute any amount in excess of the amount by which
the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount
of any damages that the Agent has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

(d)
Neither the termination of this Agreement nor completion of the Offering shall affect these indemnification provisions, which
shall remain operative and in full force and effect. The indemnification provisions shall be binding upon the Company and the
Agent and their respective successors and assigns and shall inure to the benefit of the Indemnified Parties and the Company Indemnified
Parties and their respective successors, assigns, heirs and personal representatives.

 

6.
Representations and Agreements to Survive
Delivery. All representations and warranties of the Company herein or in certificates delivered pursuant hereto, and agreements
of the Agent and the Company herein, including but not limited to the agreements of the Agent and the Company contained in Section
5, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agent or
any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery
of, and payment for, the Shares to and by the Agent hereunder.

 

7.
Termination of this Agreement.
The term of this Agreement shall begin on the date hereof, and shall continue until the earlier of (i) the sale of Shares having
an aggregate offering price of $1,600,000, (ii) the termination by either the Agent or the Company upon the provision of
fifteen (15) days written notice, or (iii) one year from the date hereof. Any such termination by mutual agreement shall in all
cases be deemed to provide that Section 3(g), Section 5 and Section 6 shall remain in full force and effect.
Notwithstanding the foregoing, the Agent shall have the right, in its sole discretion, to terminate this Agreement if at any time
from the date of this Agreement to the effectiveness of the Registration Statement, the Agent is not fully satisfied, in its sole
discretion, with the results of its and its representatives’ review of the Company and the Company’s business.

 

8.
Default by the Company. If the
Company shall fail at any Settlement Date to sell and deliver the number of Shares which it is obligated to sell hereunder, then
this Agreement shall terminate without any liability on the part of the Agent or, except as provided in Section 3(g), any
non-defaulting party. No action taken pursuant to this Section 8 shall relieve the Company from liability, if any, in respect
of such default, and the Company shall (A) hold the Agent harmless against any loss, claim or damage arising from or as a result
of such default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default.

 

    	 

    	 

    

 

9.
Notices. Except as otherwise provided
herein, all communications under this Agreement shall be in writing and, if to the Agent, shall be mailed, delivered or telecopied
to Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, (fax: (212) 895-3783), Attention: Clifford A. Teller and James
Siegel, with a required copy (which shall not constitute notice) to Ellenoff Grossman & Schole LLP, counsel for the Agent,
at 1345 Avenue of the Americas, New York, New York 10105 Attention: Sarah Williams, Esq. Notices to the Company shall be given
to it at 1885 West 2100 South, Salt Lake City, UT 84119 Attention: Chief Executive Officer, with required copies (which shall
not constitute notice) to Dorsey & Whitney LLP, 111 South Main Street, Suite 2100, Salt Lake City, UT 84111 Attention: David
Marx and Michael Newton. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement
written notice of a new address for such purpose.

 

10.
Persons Entitled to Benefit of Agreement.
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns
and the controlling persons, officers and directors referred to in Section 5. Nothing in this Agreement is intended or
shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect
of this Agreement or any provision herein contained. The term “successors and assigns” as herein used shall not include
any purchaser, as such purchaser, of any of the Shares from the Agent.

 

11.
Absence of Fiduciary Relationship.
The Company acknowledges and agrees that: (a) the Agent has been retained solely to act as an sales agent and/or principal in
connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and the Agent
has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised
or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement were established
by the Company following discussions and arms-length negotiations with the Agent and 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) it has been advised that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that the Agent has no obligation to disclose such interest and transactions to the Company
by virtue of any fiduciary, advisory or agency relationship; (d) it has been advised that the Agent is acting, in respect of the
transactions contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and (e) it
waives to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty in respect of any of the transactions contemplated by this Agreement and agrees that the Agent shall
have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right
of the Company, including stockholders, employees or creditors of the Company.

 

    	 

    	 

    

 

12.
Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York, including Section 5-1401 of the General Obligations
Law of the State of New York, but otherwise without regard to conflict of laws rules that would apply the laws of any other jurisdiction.

 

13.
Counterparts. This Agreement may
be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be
deemed to be an original and all such counterparts shall together constitute one and the same instrument.

 

14.
Adjustments for Stock Splits. The
parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account
any stock split, stock dividend or similar event effected with respect to the Shares.

 

15.
Entire Agreement; Amendment; Severability;
Headings. This Agreement (including all schedules and exhibits attached hereto and transaction notices issued pursuant
hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both
written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof
may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more
of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible
extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if
such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to
such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
in this Agreement. The section headings used in this Agreement are for convenience only and shall not affect the construction
hereof.

 

16.
Waiver of Jury Trial. Each of the
Company and the Agent hereby waives any right it may have to a trial by jury in respect of any claim based upon or arising out
of this Agreement or the transactions contemplated hereby.

 

    	 

    	 

    

 

Please
sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between
the Company and the Agent in accordance with its terms.

 

	Very
    truly yours,	 
	 	 
	SINTX
    TECHNOLOGIES, INC.	 
	 	 	 
	By:
    	/s/
    B. Sonny Bal	 
	Name:
    	B.
    Sonny Bal	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	MAXIM
    GROUP LLC	 
	 	 	 
	By:
    	/s/
    Clifford A. Teller	 
	Name:
    	Clifford
    A. Teller	 
	Title:
    	Executive
    Managing Director,	 
		Investment
    Banking

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