Document:

Exhibit 4.1

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of March 19, 2020, is entered into by and between IBIO, INC.,
a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability
company (“Buyer”).  Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in the Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

A.            Upon
the terms and subject to the conditions of the Purchase Agreement, (i) the Company has agreed to issue to the Investor, and
the Investor has agreed to purchase,  up to Fifty Million Dollars ($50,000,000) of the Company's common stock, par value $0.001
per share (the “Common Stock”), pursuant to Section 2 of the Purchase Agreement (such shares, the “Purchase
Shares”), and (ii) the Company has agreed to issue to the Investor such number of shares of Common Stock as is required
pursuant to Section 5(e) of the Purchase Agreement (the “Commitment Shares”); and

 

B.            To
induce the Investor to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

		1.	DEFINITIONS.

 

For purposes of this
Agreement, the following terms shall have the following meanings:

 

(a)            “Investor”
means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement in accordance with
Section 8 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom
a transferee or assignee assigns its rights under this Agreement in accordance with Section 8 and who agrees to become bound
by the provisions of this Agreement.

 

(b)            “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

(c)            “Register,”
 “Registered,” and “Registration” refer to a registration effected by preparing and filing
one or more registration statements of the Company in compliance with the Securities Act and providing for offering securities
on a continuous basis, and the declaration or ordering of effectiveness of such registration statement(s) by the SEC.

 

(d)            “Registrable
Securities” means the Purchase Shares that may from time to time be issued or issuable to the Investor upon purchases
of the Available Amount under the Purchase Agreement (without regard to any limitation or restriction on purchases), the Commitment
Shares issued or issuable to the Investor, and any Common Stock issued or issuable with respect to the Purchase Shares, the Commitment
Shares or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar event, without
regard to any limitation on purchases under the Purchase Agreement.

 

     

     

    

 

(e)            “Registration
Statement” means the Shelf Registration Statement and any other registration statement of the Company that Registers
Registrable Securities, including a New Registration Statement, as amended when each became effective, including all documents
filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus subsequently
filed with the SEC.

 

(f)            “Shelf
Registration Statement” means the Company’s existing registration statement on Form S-3 (File No. 333-
236735).

 

		2.	REGISTRATION.

 

(a)            Mandatory
Registration.  The Company agrees that it shall, within the time required under Rule 424(b) under the Securities
Act, file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b) under the Securities Act specifically
relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents, containing
information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the
Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the
Registration Statement and the Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation, information
required to be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges
that it will be identified in the Initial Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of
the Securities Act. The Company shall permit the Investor to review and comment upon the Initial Prospectus Supplement at least
two (2) Business Days prior to their filing with the SEC, the Company shall give due consideration to all such comments, and
the Company shall not file the Initial Prospectus Supplement with the SEC in a form to which the Investor reasonably objects. The
Investor shall use its commercially reasonable efforts to comment upon the Initial Prospectus Supplement within one (1) Business
Day from the date the Investor receives the final pre-filing draft version thereof from the Company. The Investor shall furnish
to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof, including
any arrangement between the Investor and any other Person relating to the sale or distribution of the Securities, and any such
additional information as shall be reasonably requested by the Company in connection with the preparation and filing of the Initial
Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with
the preparation and filing of the Initial Prospectus Supplement with the SEC.

 

(b)            Effectiveness.
The Company shall use its commercially reasonable efforts to keep the Registration Statement effective pursuant to Rule 415
promulgated under the Securities Act, and to keep the Registration Statement and the Prospectus current and available for issuances
and sales of all possible Registrable Securities by the Company to the Investor, and for the resale of all of the Registrable Securities
by the Investor, at all times until the earlier of earlier of (i) the date on which the Investor shall have sold all the Securities
and no Available Amount remains under this Agreement and (ii) 180 days following the earlier of termination of this Agreement
and the Maturity Date (the "Registration Period"). Without limiting the generality of the foregoing, during the
Registration Period, the Company shall (a) take all action necessary to cause the Common Stock to continue to be Registered
as a class of securities under Section 12(b) of the Exchange Act and shall not take any action or file any document (whether
or not permitted by the Exchange Act) to terminate or suspend such registration and (b) file or furnish on or before their
respective due dates all reports and other documents required to be filed or furnished by the Company pursuant to Sections 13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act, and shall not take any action or file any document (whether
or not permitted by the Exchange Act) to terminate or suspend its reporting and filing obligations under the Exchange Act. The
Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements
therein, in the light of the circumstances in which they were made, not misleading.

 

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(c)            Prospectus
Amendments or Supplements. Except as provided in this Agreement and other than periodic and current reports required to be
filed pursuant to the Exchange Act, the Company shall not file with the SEC any amendment to the Registration Statement or any
supplement to the Base Prospectus that refers to the Investor, the Transaction Documents or the transactions contemplated thereby
(including, without limitation, any Prospectus Supplement filed in connection with the transactions contemplated by the Transaction
Documents), in each case with respect to which (a) the Investor shall not previously have been advised and afforded the opportunity
to review and comment thereon at least two (2) Business Days prior to filing with the SEC, as the case may be, (b) the
Company shall not have given due consideration to any comments thereon received from the Investor or its counsel, or (c) the
Investor shall reasonably object, unless the Company reasonably has determined that it is necessary to amend the Registration Statement
or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or regulation, in which
case the Company shall promptly (but in no event later than 24 hours) so inform the Investor, the Investor shall be provided with
a reasonable opportunity to review and comment upon any disclosure referring to the Investor, the Transaction Documents or the
transactions contemplated thereby, as applicable, and the Company shall expeditiously furnish to the Investor a copy thereof. In
addition, for so long as, in the reasonable opinion of counsel for the Investor, the Prospectus is required to be delivered in
connection with any acquisition or sale of Securities by the Investor, the Company shall not file any Prospectus Supplement with
respect to the Securities without furnishing to the Investor as many copies of such Prospectus Supplement, together with the Prospectus,
as the Investor may reasonably request.

 

(d)            Sufficient
Number of Shares Registered.  In the event the number of shares available under the Shelf Registration Statement at any
time is insufficient to cover the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the
Shelf Registration Statement or file a new registration statement (together with any prospectuses or prospectus supplements thereunder,
a “New Registration Statement”), so as to cover all of such Registrable Securities as soon as reasonably practicable,
but in any event not later than ten (10) Business Days after the necessity therefor arises.  The Company shall use its
commercially reasonable efforts to have such amendment and/or New Registration Statement become effective as soon as reasonably
practicable following the filing thereof.

 

(e)            Offering.
If the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting
an offering of securities that does not permit such Registration Statement to become effective and be used by the Investor under
Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the Initial Prospectus Supplement
with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number
of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable
Securities to be included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld,
of the Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the
SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in
Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance
with Section 2(d) until such time as all Registrable Securities have been included in Registration Statements
that have been declared effective and the prospectuses contained therein is available for use by the Investor. Notwithstanding
any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registerable Securities
(and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement
of the SEC and/or its staff as addressed in this Section 2(e).

 

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		3.	RELATED OBLIGATIONS.

 

With respect to the
Registration Statement and whenever any Registrable Securities are to be Registered pursuant to Section 2, including
on the Shelf Registration Statement or on any New Registration Statement, the Company shall use its commercially reasonable efforts
to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant
thereto, the Company shall have the following obligations:

 

(a)            Notifications.
The Company will notify the Investor promptly of the time when any subsequent amendment to the Shelf Registration Statement or
any New Registration Statement, other than documents incorporated by reference, has been filed with the SEC and/or has become effective
or where a receipt has been issued therefor or any subsequent supplement to a Prospectus has been filed and of any request by the
SEC for any amendment or supplement to the Registration Statement, any New Registration Statement or any Prospectus or for additional
information.

 

(b)            Amendments.
The Company will prepare and file with the SEC any amendments or supplements to the Shelf Registration Statement, any New Registration
Statement or any Prospectus, as applicable, that may be necessary or advisable in connection with any acquisition or sale of Registrable
Securities by the Investor.

 

(c)            Investor
Review. The Company will not file any amendment or supplement to the Registration Statement, any New Registration Statement
or any Prospectus, other than documents incorporated by reference, relating to the Investor, the Registrable Securities or the
transactions contemplated hereby unless (A) the Investor shall have been advised and afforded the opportunity to review and
comment thereon at least two (2) Business Days prior to filing with the SEC, (B) the Company shall have given due consideration
to any comments thereon received from the Investor or its counsel, and (C) the Investor has not reasonably objected thereto
(provided, however, that the failure of the Investor to make such objection shall not relieve the Company of any obligation or
liability hereunder), and the Company will furnish to the Investor at the time of filing thereof a copy of any document that upon
filing is deemed to be incorporated by reference into the Registration Statement or any Prospectus, except for those documents
available via EDGAR.

 

(d)            Form S-3.
The Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed
with the SEC as required pursuant to the rules of Form S-3.

 

(e)            Copies
Available. The Company will furnish to the Investor and its counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all documents incorporated by reference therein), any Prospectus Supplement, any New Registration
Statement and all amendments and supplements to the Registration Statement, the Prospectus or any New Registration Statement that
are filed with the SEC during the Registration Period (including all documents filed with or furnished to the SEC during such period
that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable upon the Investor’s
request and in such quantities as the Investor may from time to time reasonably request and, at the Investor’s request, will
also furnish copies of the Prospectus to each exchange or market on which sales of the Registrable Securities may be made; provided,
however, that the Company shall not be required to furnish any document (other than the Prospectus) to the Investor to the extent
such document is available on EDGAR.

 

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(f)            Qualification.
The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify (i) the
issuance of the Commitment Shares and the sale of the Purchase Shares to the Investor under this Agreement and (ii) any subsequent
resale of all Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or “Blue
Sky” laws of the states of the United States in such states as is reasonably requested by the Investor during the Registration
Period, and shall provide evidence of any such action so taken to the Investor. During the Registration Period, the Company
shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of the registration
or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(g)            Notification
of Stop Orders; Material Changes. The Company shall advise the Investor promptly and shall confirm such advice in writing,
in each case: (i) of the Company’s receipt of notice of any request by the SEC or any other federal or state governmental
authority for amendment of or a supplement to the Registration Statement or any Prospectus or for any additional information; (ii) of
the Company’s receipt of notice of the issuance by the SEC or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or Prospectus
Supplement, or any New Registration Statement, or of the Company’s receipt of any notification of the suspension of qualification
of the Registrable Securities for offering or sale in any jurisdiction or the initiation or contemplated initiation of any proceeding
for such purpose; and (iii) of the Company becoming aware of the happening of any event, which makes any statement of a material
fact made in the Registration Statement or any Prospectus untrue or which requires the making of any additions to or changes to
the statements then made in the Registration Statement or any Prospectus in order to state a material fact required by the Securities
Act to be stated therein or necessary in order to make the statements then made therein (in the case of any Prospectus, in light
of the circumstances under which they were made) not misleading, or of the necessity to amend the Registration Statement or any
Prospectus to comply with the Securities Act or any other law. The Company shall not be required to disclose to the Investor the
substance or specific reasons of any of the events set forth in clauses (i) through (iii) of the immediately preceding
sentence, but rather, shall only be required to disclose that the event has occurred. If at any time the SEC, or any other federal
or state governmental authority shall issue any stop order suspending the effectiveness of the Registration Statement or prohibiting
or suspending the use of the Prospectus or Prospectus Supplement, the Company shall use its commercially reasonable efforts to
obtain the withdrawal of such order at the earliest possible time. The Company shall furnish to the Investor, without charge, a
copy of any correspondence from the SEC or the staff of the SEC, or any other federal or state governmental authority to the Company
or its representatives relating to the Shelf Registration Statement, any New Registration Statement or any Prospectus, or Prospectus
Supplement as the case may be. The Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase
Notice or Additional Accelerated Purchase Notice, and the Investor shall not be obligated to purchase any shares of Common Stock
under this Agreement, during the continuation or pendency of any of the foregoing events. If at any time the SEC shall issue any
stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or
any Prospectus Supplement, the Company shall use its commercially reasonable efforts to obtain the withdrawal of such order at
the earliest possible time. The Company shall furnish to the Investor, without charge, a copy of any correspondence from the SEC
or the staff of the SEC to the Company or its representatives relating to the Registration Statement or the Prospectus, as the
case may be.

 

(h)            Listing
on the Principal Market. The Company shall promptly secure the listing, or conditional listing as applicable, of all of the
Purchase Shares and Commitment Shares to be issued to the Investor hereunder on the Principal Market (subject to standard listing
conditions, if any, for transactions of this nature, official notice of issuance and the Exchange Cap) and upon each other national
securities exchange or automated quotation system, if any, upon which the Common Stock are then listed, and shall maintain, so
long as any Common Stock shall be so listed, such listing of all such Registrable Securities from time to time issuable hereunder.
The Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and shall
comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations
of the Principal Market. The Company shall not take any action that would reasonably be expected to result in the delisting or
suspension of the Common Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business
Day, provide to the Investor copies of any notices it receives from any Person regarding the continued eligibility of the Common
Stock for listing on the Principal Market; provided, however, that the Company shall not provide the Investor copies of any such
notice that the Company reasonably believes constitutes material non-public information and that the Company would not be required
to publicly disclose such notice in any report or statement filed with the SEC under the Exchange Act (including on Form 8-K)
or the Securities Act. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 3(h).

 

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(i)            Delivery
of Shares. The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares (not
bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to the Shelf Registration Statement
or any New Registration Statement and enable such DWAC Shares to be in such denominations or amounts as the Investor may reasonably
request and registered in such names as the Investor may request.

 

(j)            Transfer
Agent. The Company shall at all times maintain the services of the Transfer Agent with respect to its Common Stock.

 

(k)            Approvals.
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement
to be Registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to
consummate the disposition of such Registrable Securities.

 

(l)            Confirmation
of Effectiveness. If reasonably requested by the Investor at any time, the Company shall deliver to the Investor a written
confirmation from Company’s counsel of whether or not the effectiveness of such Registration Statement has lapsed at any
time for any reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement
is currently effective and available to the Company for sale of all of the Registrable Securities.

 

(m(l)     Further
Assurances. The Company agrees to take all other reasonable actions as necessary and reasonably requested by the Investor to
expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any Registration Statement.

 

(m)            Suspension
of Sales. The Investor agrees that, upon receipt of any notice from the Company of the existence of any suspension or stop
order as set forth in Section 3(f) or 3(g), the Investor will immediately discontinue disposition of Registrable
Securities pursuant to any Registration Statement covering such Registrable Securities until the Investor's receipt of the copies
of a notice regarding the resolution or withdrawal of the suspension or stop order as contemplated by Section 3(f) or
3(g). Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver to the Investor
DWAC Shares without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of
Registrable Securities with respect to which the Investor has entered into a contract for sale prior to the Investor's receipt
of a notice from the Company of the happening of any event of the kind described in Section 3(f) or 3(g) and
for which the Investor has not yet settled.

 

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		4.	OBLIGATIONS OF THE INVESTOR.

 

(a)            Investor
Information. The Investor has furnished to the Company in Exhibit A hereto such information regarding itself, the
Registrable Securities held by it, the Registrable Securities held by it and the intended method of disposition thereof, including
any arrangement between the Investor and any other Person relating to the sale or distribution of the Securities, as required to
effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as
the Company may reasonably request. The Company shall notify the Investor in writing of any other information the Company reasonably
requires from the Investor in connection with any Registration Statement hereunder. The Investor will as promptly as practicable
notify the Company of any material change in the information set forth in Exhibit A, other than changes in its ownership
of Common Stock.

 

(b)            Investor
Cooperation. The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the
preparation and filing of any amendments and supplements to any Registration Statement or New Registration Statement hereunder.

 

		5.	EXPENSES OF REGISTRATION.

 

All reasonable expenses
of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for, and other expenses of, the
Investor, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including,
without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements
of counsel for the Company, shall be paid by the Company.

 

		6.	INDEMNIFICATION.

 

(a)            To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each
Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, members, managers, agents,
representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or
the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments,
fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (with the consent of the Company,
such consent not to be unreasonably withheld) or reasonable expenses, (collectively, “Claims”) reasonably incurred
in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing
by or before any court or governmental, administrative or other regulatory agency or body or the SEC, whether pending or threatened,
whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them
may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Shelf Registration
Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable
Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue
statement of a material fact contained in the final Prospectus or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made,
not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other
law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or
sale of the Registrable Securities pursuant to the Shelf Registration Statement or any New Registration Statement or (iv) any
material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively,
 “Violations”).  The Company shall reimburse each Indemnified Person promptly as such expenses are incurred
and are due and payable, for any reasonable out-of-pocket legal fees or other reasonable expenses incurred by them in connection
with investigating or defending any such Claim.  Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (A) shall not apply to a Claim by an Indemnified Person arising out
of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company
by the Investor or such Indemnified Person expressly for use in connection with the preparation of the Registration Statement,
any New Registration Statement, the Prospectus or any such amendment thereof or supplement thereto, if such in each case if the
foregoing was timely made available by the Company; (B) with respect to any superseded prospectus, shall not inure to the
benefit of any such Person from whom the Person asserting any such Claim purchased the Registrable Securities that are the subject
thereof (or to the benefit of any other Indemnified Person) if the untrue statement or omission of material fact contained in the
superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was
timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified
Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation; (C) shall
not be available to the extent such Claim is based on a failure of the Investor to deliver, or to cause to be delivered, the prospectus
made available by the Company, if such prospectus was theretofore made available by the Company pursuant to Section 3(c) or
Section 3(e); and (D) shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld.  Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of the Registrable Securities by the Investor pursuant to Section 8.

 

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(b)            In
connection with the Shelf Registration Statement, any New Registration Statement or Prospectus, the Investor agrees to indemnify,
hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each
of its directors, each of its officers who signed the Shelf Registration Statement or signs any New Registration Statement, each
Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together
with an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of
them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information about the Investor set forth on Exhibit A attached hereto
or updated from time to time in writing by the Investor and furnished to the Company by the Investor expressly for inclusion in
the Shelf Registration Statement or Prospectus or any New Registration Statement or from the failure of the Investor to deliver
or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company
pursuant to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Investor will
reimburse any reasonable out-of-pocket legal or other expenses reasonably incurred by them in connection with investigating or
defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and
the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld;
provided, further, however, that the Investor shall be liable under this Section 6(b) for
only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale
of Registrable Securities pursuant to such Registration Statement.  Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities
by the Investor pursuant to Section 8.

 

(c)            Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right
to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or Indemnified Person
fully apprised as to the status of the defense or any settlement negotiations with respect thereto.  No indemnifying party
shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall,
without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement
or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation.  Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.  The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall
not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6,
except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

    8

     

    

 

(d)            The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.  Any Person receiving
a payment pursuant to this Section 6 which person is later determined to not be entitled to such payment shall return
such payment to the person making it.

 

(e)            The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may
be subject to pursuant to the law.

 

		7.	CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided,
however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount
of proceeds received by such seller from the sale of such Registrable Securities.

 

    9

     

    

 

		8.	ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor; provided, however,
that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company
remains the surviving entity immediately after such transaction shall not be deemed an assignment.  The Investor may not assign
its rights under this Agreement without the prior written consent of the Company, other than to an affiliate of the Investor controlled
by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of
this Agreement.

 

		9.	AMENDMENT OF REGISTRATION RIGHTS.

 

No provision of this
Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately preceding the initial
filing of the Initial Prospectus Supplement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement
may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written
instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or
remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver
thereof.

 

		10.	MISCELLANEOUS.

 

(a)            A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

(b)            Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation
of both electronic messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit
with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be:

 

	iBio, Inc.
	600 Madison Avenue, Suite 1601
	New York, NY 10022
	Telephone:	(302) 355-0650
	Facsimile:	(302) 356-1173
	E-mail:	tisett@ibioinc.com
	Attention:	Thomas F. Isett, Chief
    Executive Officer and Executive Co-Chairman

 

    10

     

    

  

	With a copy to (which shall not constitute notice or service of process):
	 
	Andrew Abramowitz, PLLC
	565 Fifth Avenue, 9th Floor
	New York, NY 10017
	Telephone:	(212) 972-8882
	E-mail:	aa@aalegalnyc.com
	Attention:	Andrew Abramowitz, Esq.
	 	 
	If
    to the Investor:	 
	 	 
	Lincoln Park Capital Fund, LLC
	440 North Wells, Suite 410
	Chicago, IL 60654
	Telephone:	(312) 822-9300
	Facsimile:	(312) 822-9301
	E-mail:	jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
	Attention:	Josh Scheinfeld/Jonathan
    Cope
	 	 
	With a copy to (which shall not constitute notice or service of process):
	 	 
	K&L Gates, LLP
	200 S. Biscayne Blvd., Ste. 3900
	Miami, Florida 33131
	Telephone:	(305) 539-3306
	Facsimile:	(305) 358-7095
	E-mail: 	clayton.parker@klgates.com 
	Attention:	Clayton E. Parker, Esq.
	 	 
	If to the Transfer Agent:
	 	 
	Continental Stock Transfer & Trust Company
	1
    State Street, 30th Floor
	New York, New York 10004-1561
	Telephone:	(212) 845-3211
	Facsimile:	(212) 845-7608
	Email:	ksantero@continentalstock.com
	Attention:	Kathy Santero

 

or at such other address,
e-mail address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written
notice given to each other party at least one (1) Business Day prior to the effectiveness of such change.  Written confirmation
of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, and recipient facsimile number, (C) electronically
generated by the sender’s electronic mail containing the time, date and recipient email address or (D) provided by a
nationally recognized overnight delivery service, shall be rebuttable evidence of receipt in accordance with clause (i), (ii),
(iii) or (iv) above, respectively.  Any party to this Agreement may give any notice or other communication hereunder
using any other means (including messenger service, ordinary mail or electronic mail), but no such notice or other communication
shall be deemed to have been duly given unless it actually is received by the party for whom it is intended.

 

    11

     

    

 

(c)            No
Waiver No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any
other right, power or privilege.

 

(d)            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the County of Cook, in the State of Illinois for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

(e)            Integration.
This Agreement, the Purchase Agreement and the other Transaction Documents constitute the entire understanding among the
parties hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein.  This Agreement, the Purchase Agreement
and the other Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their
affiliates and persons acting on their behalf with respect to the subject matter hereof and thereof.

 

(f)            No
Third Party Benefits. Subject to the requirements of Section 8, this Agreement shall inure to the benefit of and
be binding upon the permitted successors and assigns of each of the parties hereto.

 

(g)            Headings.
The headings in this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(h)            Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile
or pdf (or other electronic reproduction of a) signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction
of a) signature.

 

(i)            Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    12

     

    

 

(j)            The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

(k)            This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

* * * * * *

 

    13

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Registration Rights Agreement to be duly executed as of date first written above.

 

	 	THE COMPANY:
	 	 
	 	IBIO, INC.
	 	By:  	 /s/ Thomas F. Isett
	 	Name: Thomas F. Isett
	 	Title: Co-Chairman & CEO
	 	 
	 	INVESTOR:
	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC
	 	BY: Rockland Capital Corporation
	 	 
	 	By:  	 /s/ Joshua Scheinfeld
	 	Name: Joshua Scheinfeld
	 	Title: President

 

    14

     

    

 

EXHIBIT A

 

Information About The Investor Furnished
To The Company By The Investor

Expressly For Use In Connection With Each Registration Statement
and Prospectus

 

Information With Respect to Lincoln Park Capital

 

Immediately prior to
the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 0 shares of Common Stock. Josh Scheinfeld
and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed
to be beneficial owners of all of the Common Stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have
shared voting and investment power over the shares being offered under the prospectus supplement filed with the SEC in connection
with the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an
affiliate of a licensed broker dealer.Exhibit
10.1

 

Execution
Version

 

PURCHASE
AGREEMENT

 

THIS
PURCHASE AGREEMENT (the “Agreement”), dated as of March 19, 2020, by and between IBIO, INC.,
a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited
liability company (the “Investor”).

 

WHEREAS:

 

Subject
to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to
buy from the Company, up to Fifty Million Dollars ($50,000,000) of the Company’s common stock, $0.001 par value per share
(the “Common Stock”). The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase
Shares.”

 

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

 

	1.	CERTAIN
                                         DEFINITIONS.

 

For
purposes of this Agreement, the following terms shall have the following meanings:

 

(a)            “Accelerated
Purchase Date” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase referred
to in clause (i) of the second sentence of Section 2(b) hereof.

 

(b)            “Accelerated
Purchase Floor Price” means $0.20, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction, the Accelerated Purchase Floor Price shall mean the lower
of (i) the adjusted price and (ii) $0.20.

 

(c)            “Accelerated
Purchase Minimum Price Threshold” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
any minimum per share price threshold set forth in the applicable Accelerated Purchase Notice.

 

(d)            “Accelerated
Purchase Notice” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
an irrevocable written notice from the Company to the Investor directing the Investor to buy a specified Accelerated Purchase
Share Amount on the applicable Accelerated Purchase Date pursuant to Section 2(b) hereof at the applicable Accelerated
Purchase Price on the Accelerated Purchase Date for such Accelerated Purchase in accordance with this Agreement, specifying any
Accelerated Purchase Minimum Price Threshold determined by the Company and including the Accelerated Purchase Share Estimate.

 

(e)            “Accelerated
Purchase Price” means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
the lower of (i) ninety-seven percent (97%) of the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the applicable
Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement)
of trading on the Principal Market on such applicable Accelerated Purchase Date (the “Accelerated Purchase Commencement
Time”), and ending at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable Accelerated Purchase Date,
or such other time publicly announced by the Principal Market as the official close of trading on the Principal Market on such
applicable Accelerated Purchase Date, (B) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated
Purchase, that the total number (or volume) of shares of Common Stock traded on the Principal Market has exceeded the applicable
Accelerated Purchase Share Volume Maximum, and (C) such time, from and after the Accelerated Purchase Commencement Time for
such Accelerated Purchase, that the Sale Price has fallen below the applicable Accelerated Purchase Minimum Price Threshold (such
earliest of (i)(A), (i)(B) and (i)(C) above, the “Accelerated Purchase Termination Time”), and (ii) the
Closing Sale Price of the Common Stock on such applicable Accelerated Purchase Date (each to be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

     

     

    

 

(f)            “Accelerated
Purchase Share Amount” means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
the number of Purchase Shares directed by the Company to be purchased by the Investor in an Accelerated Purchase Notice, which
number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company
to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase referred
to in clause (i) of the second sentence of Section 2(b) hereof (subject to the Purchase Share limitations
contained in Section 2(a) hereof) and (ii) an amount equal to (A) the Accelerated Purchase Share Percentage
multiplied by (B) the total number (or volume) of shares of Common Stock traded on the Principal Market during the period
on the applicable Accelerated Purchase Date beginning at the Accelerated Purchase Commencement Time for such Accelerated Purchase
and ending at the Accelerated Purchase Termination Time for such Accelerated Purchase.

 

(g)            “Accelerated
Purchase Share Estimate” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
a good faith estimate by the Company of the number of Purchase Shares that the Investor shall have the obligation to buy pursuant
to the Accelerated Purchase Notice.

 

(h)            “Accelerated
Purchase Share Percentage” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
thirty percent (30%).

 

(i)            “Accelerated
Purchase Share Volume Maximum” means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof,
a number of shares of Common Stock equal to (i) the applicable Accelerated Purchase Share Amount to be purchased by the Investor
pursuant to the applicable Accelerated Purchase Notice for such Accelerated Purchase, divided by (ii) the Accelerated Purchase
Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction).

 

(j)            “Additional
Accelerated Purchase Date” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof,
the Business Day (i) that is the Accelerated Purchase Date with respect to the corresponding Accelerated Purchase referred
to in Section 2(b) hereof and (ii) on which the Investor receives, prior to 1:00 p.m., Eastern time, on
such Business Day, a valid Additional Accelerated Purchase Notice for such Additional Accelerated Purchase in accordance with
this Agreement.

 

(k)            “Additional
Accelerated Purchase Minimum Price Threshold” means, with respect to an Additional Accelerated Purchase made pursuant
to Section 2(c) hereof, any minimum per share price threshold set forth in the applicable Additional Accelerated
Purchase Notice.

 

(l)            “Additional
Accelerated Purchase Notice” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof,
an irrevocable written notice from the Company to the Investor directing the Investor to purchase the applicable Additional Accelerated
Purchase Share Amount at the Additional Accelerated Purchase Price for such Additional Accelerated Purchase in accordance with
this Agreement, specifying any Additional Accelerated Purchase Minimum Price Threshold determined by the Company and including
the Accelerated Purchase Share Estimate.

 

    2

     

    

 

(m)            “Additional
Accelerated Purchase Price” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof,
the lower of (i) ninety-seven percent (97%) of the VWAP for the period on the applicable Additional Accelerated Purchase
Date, beginning at the latest of (A) the applicable Accelerated Purchase Termination Time with respect to the
corresponding Accelerated Purchase referred to in Section 2(b) hereof on such Additional Accelerated
Purchase Date, (B) the applicable Additional Accelerated Purchase Termination Time with respect to the most recently
completed prior Additional Accelerated Purchase on such Additional Accelerated Purchase Date, as applicable, and (C) the
time at which all Purchase Shares subject to all prior Accelerated Purchases and Additional Accelerated Purchases (as
applicable), including, without limitation, those that have been effected on the same Business Day as the applicable
Additional Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase relates, have
theretofore been received by the Investor as DWAC Shares in accordance with this Agreement (such latest of (i)(A),
(i)(B) and (i)(C) above, the “Additional Accelerated Purchase Commencement Time”), and ending at
the earliest of (X) 4:00 p.m., Eastern time, on such Additional Accelerated Purchase Date, or such other time publicly
announced by the Principal Market as the official close of trading on the Principal Market on such Additional Accelerated
Purchase Date, (Y) such time, from and after the Additional Accelerated Purchase Commencement Time for such Additional
Accelerated Purchase, that the total number (or volume) of shares of Common Stock traded on the Principal Market has exceeded
the applicable Additional Accelerated Purchase Share Volume Maximum, and (Z) such time, from and after the Additional
Accelerated Purchase Commencement Time for such Additional Accelerated Purchase, that the Sale Price has fallen below the
applicable Additional Accelerated Purchase Minimum Price Threshold (if any) (such earliest of (i)(X), (i)(Y) and
(i)(Z) above, the “Additional Accelerated Purchase Termination Time”), and (ii) the Closing Sale
Price of the Common Stock on such Additional Accelerated Purchase Date (each to be appropriately adjusted for any
reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction).

 

(n)            “Additional
Accelerated Purchase Share Amount” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof,
the number of Purchase Shares directed by the Company to be purchased by the Investor on an Additional Accelerated Purchase Notice,
which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the
Company to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase
referred to in clause (i) of the second sentence of Section 2(c) hereof (subject to the Purchase Share limitations
contained in Section 2(a) hereof) and (ii) an amount equal to (A) the Additional Accelerated Purchase
Share Percentage multiplied by (B) the total number (or volume) of shares of Common Stock traded on the Principal Market
during the period on the applicable Additional Accelerated Purchase Date beginning at the Additional Accelerated Purchase Commencement
Time for such Additional Accelerated Purchase and ending at the Additional Accelerated Purchase Termination Time for such Additional
Accelerated Purchase.

 

(o)            “Additional
Accelerated Purchase Share Estimate” means, with respect to any Accelerated Purchase made pursuant to Section 2(c) hereof,
a good faith estimate by the Company of the number of Purchase Shares that the Investor shall have the obligation to buy pursuant
to the Accelerated Purchase Notice.

 

(p)            “Additional
Accelerated Purchase Share Percentage” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof,
thirty percent (30%).

 

(q)            “Additional
Accelerated Purchase Share Volume Maximum” means, with respect to an Additional Accelerated Purchase made pursuant to
Section 2(c) hereof, a number of shares of Common Stock equal to (i) the applicable Additional Accelerated
Purchase Share Amount properly directed by the Company to be purchased by the Investor pursuant to the applicable Additional Accelerated
Purchase Notice for such Additional Accelerated Purchase, divided by (ii) the Additional Accelerated Purchase Share Percentage
(to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction).

 

    3

     

    

 

(r)            “Alternate
Adjusted Regular Purchase Share Limit” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof,
the maximum number of Purchase Shares which, taking into account the applicable per share Purchase Price therefor calculated in
accordance with this Agreement, would enable the Company to deliver to the Investor, on the applicable Purchase Date for such
Regular Purchase, a Regular Purchase Notice for a Purchase Amount equal to, or as closely approximating without exceeding, One
Hundred Fifty Thousand Dollars ($150,000).

 

(s)            “Available
Amount” means, initially, Fifty Million Dollars ($50,000,000) in the aggregate, which amount shall be reduced by the
Purchase Amount each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof.

 

(t)            “Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(u)            “Base
Prospectus” means the Company’s final base prospectus, dated March 19, 2020, a preliminary form of which
is included in the Registration Statement, including the documents incorporated by reference therein, or any final base prospectus
in any Registration Statement filed after the date hereof to cover the sales of the Securities.

 

(v)            “Business
Day” means any day on which the Principal Market is open for trading, including any day on which the Principal Market
is open for trading for a period of time less than the customary time.

 

(w)            “Closing
Sale Price” means, for any security as of any date, the last closing sale price for such security on the Principal Market
as reported by the Principal Market.

 

(x)            “Confidential
Information” means any information disclosed by either party to the other party, either directly or indirectly, in writing,
orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment),
which is designated as “Confidential,” “Proprietary” or some similar designation. Information communicated
orally shall be considered Confidential Information if such information is confirmed in writing as being Confidential Information
within ten (10) Business Days after the initial disclosure. Confidential Information may also include information disclosed
to a disclosing party by third parties. Confidential Information shall not, however, include any information which (i) was
publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii) becomes
publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action
or inaction of the receiving party; (iii) is already in the possession of the receiving party without confidential restriction
at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior
to the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s
obligations of confidentiality; or (v) is independently developed by the receiving party without use of or reference to the
disclosing party’s Confidential Information, as shown by documents and other competent evidence in the receiving party’s
possession.

 

(y)            “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

    4

     

    

 

(z)            “DTC”
means The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

(aa)          “DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s
specified Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program,
or any similar program hereafter adopted by DTC performing substantially the same function.

 

(bb)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(cc)          “Floor
Price” means $0.20, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split or other similar transaction and, effective upon the consummation of

any
such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction, the Floor Price shall mean
the lower of (i) the adjusted price and (ii) $0.20.

 

(dd)          “Fully
Adjusted Regular Purchase Share Limit” means, following any reorganization, recapitalization, non-cash dividend, stock
split or other similar transaction from and after the date of this Agreement, the Regular Purchase Share Limit (as defined in
Section 2(a) hereof) in effect on the applicable date of determination, after giving effect to the full proportionate
adjustment with respect to such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction.

 

(ee)          “Initial
Prospectus Supplement” means the prospectus supplement to the Base Prospectus complying with Rule 424(b) under
the Securities Act that is filed with the SEC and delivered by the Company to the Investor upon the execution and delivery of
this Agreement in accordance with Section 5(a), including the documents incorporated by reference therein.

 

(ff)          “Material
Adverse Effect” means any material adverse effect on (i) the enforceability of any Transaction Document, (ii) the
results of operations, assets, business or financial condition of the Company and its Subsidiaries, taken as a whole, other than
any material adverse effect that resulted exclusively from (A) any change in the United States or foreign economies or securities
or financial markets in general that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole,
(B) any change that generally affects the industry in which the Company and its Subsidiaries operate that does not have a
disproportionate effect on the Company and its Subsidiaries, taken as a whole, (C) any change arising in connection with
earthquakes, other acts of God, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material
worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof, (D) any
action taken by the Investor, its affiliates or its or their successors and assigns with respect to the transactions contemplated
by this Agreement, (E) the effect of any change in applicable laws or accounting rules that does not have a disproportionate
effect on the Company and its Subsidiaries, taken as a whole, or (F) any change resulting from compliance with terms of this
Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability to
perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date
of determination.

 

(gg)          “Maturity
Date” means the first day of the month immediately following the thirty-six (36) month anniversary of the Commencement
Date.

 

(hh)          “PEA
Period” means the period commencing at 9:30 a.m., Eastern time, on the fifth (5th) Business Day immediately prior to
the filing of any post-effective amendment to the Registration Statement (as defined herein) or a New Registration Statement (as
such term is defined in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately
following the effective date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration
Statement (as such term is defined in the Registration Rights Agreement).

 

    5

     

    

 

(ii)            “Person”
means an individual or entity including but not limited to any limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization and a government or any department or agency thereof.

 

(jj)          “Principal
Market” means the NYSE American (or any nationally recognized successor thereto); provided, however, that in the event
the Company’s Common Stock is ever listed or traded on The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global
Select Market, the New York Stock Exchange, the NYSE Arca, the OTC Bulletin Board, or the OTCQB or the OTCQX operated by the OTC
Markets Group, Inc. (or any nationally recognized successor to any of the foregoing), then the “Principal Market”
shall mean such other market or exchange on which the Company’s Common Stock is then listed or traded.

 

(kk)          “Prospectus”
means the Base Prospectus, as supplemented by any Prospectus Supplement (including the Initial Prospectus Supplement), including
the documents and information incorporated by reference therein.

 

(ll)          “Prospectus
Supplement” means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement) filed
with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this
Agreement, including the documents and information incorporated by reference therein.

 

(mm)          “Purchase
Amount” means, with respect to any Regular Purchase, any Accelerated Purchase or any Additional Accelerated Purchase
made hereunder, as applicable, the portion of the Available Amount to be purchased by the Investor pursuant to Section 2
hereof.

 

(nn)          “Purchase
Date” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, the Business
Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 5:00 p.m., Eastern time, of such Business Day,
a valid Regular Purchase Notice that the Investor is to buy Purchase Shares pursuant to Section 2(a) hereof.

 

(oo)          “Purchase
Notice” means a Regular Purchase Notice, an Accelerated Purchase Notice or an Additional Accelerated Purchase Notice
with respect to any Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase, respectively.

 

(pp)          “Purchase
Price” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, the lower
of: (i) the lowest Sale Price of the Common Stock on the applicable Purchase Date and (ii) the arithmetic average of
the three (3) lowest Closing Sale Prices for the Common Stock during the ten (10) consecutive Business Days ending on
the Business Day immediately preceding such Purchase Date (in each case, to be appropriately adjusted for any reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction that occurs on or after the date of this Agreement).

 

(qq)          “Registration
Rights Agreement” means that certain Registration Rights Agreement, of even date herewith between the Company and the
Investor.

 

(rr)          “Registration
Statement” has the meaning set forth in the Registration Rights Agreement.

 

    6

     

    

 

(ss)          “Regular
Purchase Notice” means, with respect to any Regular Purchase pursuant to Section 2(a) hereof, an irrevocable
written notice from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares at the
applicable Purchase Price as specified by the Company therein on the applicable Purchase Date for such Regular Purchase.

 

(tt)          “Sale
Price” means any trade price for the shares of Common Stock on the Principal Market as reported by the Principal Market.

 

(uu)         “SEC”
means the U.S. Securities and Exchange Commission.

 

(vv)         “Securities”
means, collectively, the Purchase Shares and the Commitment Shares.

 

(ww)        “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(xx)          “Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the
voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K
promulgated under the Securities Act.

 

(yy)         “Transaction
Documents” means, collectively, this Agreement and the schedules and exhibits hereto, the Registration Rights Agreement
and the schedules and exhibits thereto, and each of the other agreements, documents, certificates and instruments entered into
or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

(zz)          “Transfer
Agent” means Continental Stock Transfer & Trust Company, or such other Person who is then serving as the transfer
agent for the Company in respect of the Common Stock.

 

(aaa)       “VWAP”
means in respect of an applicable Accelerated Purchase Date and an Additional Accelerated Purchase Date, as applicable, the volume
weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market or by another reputable
source such as Bloomberg, L.P.

 

	2.	PURCHASE
                                         OF COMMON STOCK.

 

Subject
to the terms and conditions set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has
the obligation to purchase from the Company, Purchase Shares as follows:

 

(a)            Commencement
of Regular Sales of Common Stock. Upon the satisfaction of the conditions set forth in Sections 7 and 8 hereof
(the “Commencement” and the date of satisfaction of such conditions the “Commencement Date”)
and thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor
of a Regular Purchase Notice from time to time, to purchase up to One Million (1,000,000) Purchase Shares (such maximum number
of Purchase Shares, as may be adjusted from time to time, the “Regular Purchase Share Limit”), at the Purchase
Price on the Purchase Date, provided that the Closing Sale Price of the Common Stock is not below the Floor Price on the Purchase
Date (each such purchase a “Regular Purchase”); provided, however, that if, the Fully Adjusted
Regular Purchase Share Limit then in effect would preclude the Company from delivering to the Investor a Regular Purchase Notice
hereunder for a Purchase Amount equal to or greater than the Alternate Adjusted Regular Purchase Share Limit, the Alternate Adjusted
Regular Purchase Share Limit shall apply in lieu of the Fully Adjusted Regular Purchase Share Limit; provided, further,
however, that the Investor’s committed obligation under any single Regular Purchase, other than any Regular Purchase
with respect to which an Alternate Adjusted Regular Purchase Share Limit shall apply, shall not exceed Five Million Dollars ($5,000,000)
and provided, further, however, that the parties may mutually agree to increase the Regular Purchase Share
Limit for any Regular Purchase to up to Three Million Five Hundred Thousand (3,500,000) shares. The Company may deliver multiple
Regular Purchase Notices to the Investor in a day as often as every Business Day, so long as Purchase Shares for all prior Regular
Purchases, Accelerated Purchases and Additional Accelerated Purchases, including, without limitation, those that have been effected
on the same Business Day as the applicable Purchase Date, have theretofore been received by the Investor as DWAC Shares in accordance
with this Agreement. Notwithstanding the foregoing, the Company shall not deliver a Regular Purchase Notice to the Investor during
the PEA Period.

 

    7

     

    

 

(b)            Accelerated
Purchases. Subject to the terms and conditions of this Agreement, beginning on the Commencement Date, in addition to
purchases of Purchase Shares as described in Section 2(a) above, the Company shall also have the right, but
not the obligation, to direct the Investor, by its delivery to the Investor of an Accelerated Purchase Notice from time to
time in accordance with this Agreement, to purchase the applicable Accelerated Purchase Share Amount at the Accelerated
Purchase Price on the Accelerated Purchase Date therefor in accordance with this Agreement (each such purchase, an
 “Accelerated Purchase”); provided, however, that the Investor shall not be required to buy a
number of Purchase Shares in an Accelerated Purchase that exceeds the Accelerated Purchase Share Estimate. The Company may
deliver an Accelerated Purchase Notice to the Investor only on a Purchase Date on which (i) the Company also properly
submitted a Regular Purchase Notice providing for a Regular Purchase of a number of Purchase Shares not less than the Regular
Purchase Share Limit then in effect on such Purchase Date in accordance with this Agreement, (ii) if all Purchase Shares
subject to all prior Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases, including, without
limitation, those that have been effected on the same Business Day as the applicable Accelerated Purchase Date with respect
to which the applicable Accelerated Purchase relates, have theretofore been received by the Investor as DWAC Shares in
accordance with this Agreement and (iii) the Closing Sale Price of the Common Stock is not less than the Accelerated
Purchase Floor Price; provided, further, however, that the parties may mutually agree to increase the
Accelerated Purchase Share Amount on any Accelerated Purchase Date at the applicable Accelerated Purchase Price. Each
Accelerated Purchase Notice must be accompanied by the Accelerated Purchase Share Estimate for such Accelerated Purchase, and
such Accelerated Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase
Shares set forth in such Accelerated Purchase Notice exceeds the number of Purchase Shares set forth in the Accelerated
Purchase Share Estimate. The Investor shall immediately return to the Company such number of Purchase Shares issued pursuant
to the Accelerated Purchase Share Estimate that exceeds the Accelerated Purchase Share Amount. Within one (1) Business
Day after each Accelerated Purchase Date, the Accelerated Purchase Share Amount and the applicable Accelerated Purchase Price
shall be set forth on a confirmation of the Accelerated Purchase to be provided to the Company by the Investor (an
 “Accelerated Purchase Confirmation”). Notwithstanding the foregoing, the Company shall not deliver any
Accelerated Purchase Notices during the PEA Period.

 

(c)            Additional
Accelerated Purchases.  Subject to the terms and conditions of this Agreement, beginning one (1) Business Day following
the Commencement Date and thereafter, in addition to purchases of Purchase Shares as described in Section 2(a) and
Section 2(b) above, the Company shall also have the right, but not the obligation, to direct the Investor, by
its timely delivery to the Investor of an Additional Accelerated Purchase Notice on an Additional Accelerated Purchase Date in
accordance with this Agreement, to purchase the applicable Additional Accelerated Purchase Share Amount at the applicable Additional
Accelerated Purchase Price therefor in accordance with this Agreement (each such purchase, an “Additional Accelerated
Purchase”); provided, however, that the Investor shall not be required to buy a number of Purchase Shares
in an Additional Accelerated Purchase that exceeds the Additional Accelerated Purchase Share Estimate. The Company may deliver
multiple Additional Accelerated Purchase Notices to the Investor on an Additional Accelerated Purchase Date; provided,
however, that the Company may deliver an Additional Accelerated Purchase Notice to the Investor only (i) on a Business
Day that is also the Accelerated Purchase Date for an Accelerated Purchase with respect to which the Company properly submitted
to the Investor an Accelerated Purchase Notice in accordance with this Agreement on the applicable Purchase Date for a Regular
Purchase of a number of Purchase Shares not less than the Regular Purchase Share Limit then in effect in accordance with this
Agreement and (ii) if all Purchase Shares subject to all prior Regular Purchases, Accelerated Purchases and Additional Accelerated
Purchases, including, without limitation, those that have been effected on the same Business Day as the applicable Additional
Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase relates, have theretofore been
received by the Investor as DWAC Shares in accordance with this Agreement and provided, further, however,
that the parties may mutually agree to increase the Additional Accelerated Purchase Share Amount applicable to any Accelerated
Purchase, and all of the Purchase Shares subject to such increased Accelerated Purchase shall be purchased by the Investor at
the Accelerated Purchase Price for such increased Accelerated Purchase in accordance with this Agreement. Each Additional Accelerated
Purchase Notice must be accompanied by the Additional Accelerated Purchase Share Estimate for such Additional Accelerated Purchase,
and such Additional Accelerated Purchase Notice shall be void ab initio to the extent of the amount by which the number
of Purchase Shares set forth in such Additional Accelerated Purchase Notice exceeds the number of Purchase Shares set forth in
the Additional Accelerated Purchase Share Estimate. The Investor shall immediately return to the Company such number of Purchase
Shares issued pursuant to the Additional Accelerated Purchase Share Estimate that exceeds the Accelerated Purchase Share Amount.
Within one (1) Business Day after each Additional Accelerated Purchase Date, the Additional Accelerated Purchase Share Amount
and the applicable Additional Accelerated Purchase Price shall be set forth on a confirmation of the Additional Accelerated Purchase
to be provided to the Company by the Investor (an “Accelerated Purchase Confirmation”). Notwithstanding the
foregoing, the Company shall not deliver any Additional Accelerated Purchase Notices during the PEA Period.

 

    8

     

    

 

(d)            Payment
for Purchase Shares.    For each Regular Purchase, each Accelerated Purchase and each Additional Accelerated Purchase,
the Investor shall pay to the Company an amount equal to the Purchase Amount with respect to such Accelerated Purchase and Additional
Accelerated Purchase, respectively, as full payment for such Purchase Shares via wire transfer of immediately available funds
on the third Business Day following the date that the Investor receives such Purchase Shares. If the Company or the Transfer Agent
shall fail for any reason or for no reason to electronically transfer any Purchase Shares as DWAC Shares submitted by the Investor
or its agent with respect to any Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase (as applicable) within
three (3) Business Days following the receipt by the Company of the Purchase Price, Accelerated Purchase Price or Additional
Accelerated Purchase Price, respectively, therefor in compliance with this Section 2(d), and if on or after such Business
Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a
sale by the Investor of such Purchase Shares that the Investor anticipated receiving from the Company in respect of such Regular
Purchase, Accelerated Purchase or Additional Accelerated Purchase (as applicable), then the Company shall, within three (3) Business
Days after the Investor’s request, either (i) pay cash to the Investor in an amount equal to the Investor’s total
purchase price (including customary brokerage commissions, if any) for the shares of Common Stock so purchased (the “Cover
Price”), at which point the Company’s obligation to deliver such Purchase Shares as DWAC Shares shall terminate,
or (ii) promptly honor its obligation to deliver to the Investor such Purchase Shares as DWAC Shares and pay cash to the
Investor in an amount equal to the excess (if any) of the Cover Price over the total Purchase Amount paid by the Investor pursuant
to this Agreement for all of the Purchase Shares to be purchased by the Investor in connection with such purchases.  The
Company shall not issue any fraction of a share of Common Stock upon any Regular Purchase, Accelerated Purchase or Additional
Accelerated Purchase.  If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company
shall round such fraction of a share of Common Stock up or down to the nearest whole share. All payments made under this Agreement
shall be made in lawful money of the United States of America or wire transfer of immediately available funds to such account
as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement. Whenever
any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead
be due on the next succeeding day that is a Business Day.

 

    9

     

    

 

(e)            Compliance
with Rules of the Principal Market.

 

(i)            Exchange
Cap. Subject to Section 2(e)(ii) below, the Company shall not issue or sell any shares of Common Stock pursuant
to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the
extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this
Agreement and the transactions contemplated hereby would exceed 20,288,840 shares of Common Stock (which number of shares shall
be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant to any transaction
or series of transactions that may be aggregated with the transactions contemplated by this Agreement under applicable rules of
the NYSE American or any other Principal Market on which the Common Stock may be listed or quoted) (the “Exchange Cap”),
unless and until the Company elects to solicit stockholder approval of the issuance of Common Stock as contemplated by this Agreement
and the stockholders of the Company have in fact approved such issuance in accordance with the applicable rules and regulations
of the NYSE American, any other Principal Market on which the Common Stock may be listed or quoted, and the Company’s Certificate
of Incorporation, as amended (the “Certificate of Incorporation”), and the Company’s Amended and Restated
Bylaws, as amended (the “Bylaws”). For the avoidance of doubt, the Company may, but shall be under no obligation
to, request its stockholders to approve the issuance of Common Stock as contemplated by this Agreement; provided, that if stockholder
approval is not obtained in accordance with this Section 2(e)(i), the Exchange Cap shall be applicable for all purposes
of this Agreement and the transactions contemplated hereby at all times during the term of this Agreement (except as set forth
in Section 2(e)(ii) below).

 

(ii)            At-Market
Transaction. Notwithstanding Section 2(e)(i) above and subject to the prior approval of the NYSE American
or any other Principal Market on which the Common Stock may be listed or quoted (to the extent required), the Exchange Cap shall
not be applicable for any purposes of this Agreement and the transactions contemplated hereby, solely to the extent that the issuances
and sales of Common Stock pursuant to this Agreement are deemed to be at a price equal to or in excess of the greater of book
or market value of the Common Stock as calculated in accordance with the applicable rules of the NYSE American or any other
Principal Market on which the Common Stock may be listed or quoted (it being hereby acknowledged and agreed that the Exchange
Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all other times during
the term of this Agreement, unless the stockholder approval referred to in Section 2(e)(i) is obtained).

 

(iii)            General.
The Company shall not issue any shares of Common Stock pursuant to this Agreement if such issuance would reasonably be expected
to result in (A) a violation of the Securities Act or (B) a breach of the rules and regulations of the NYSE American
or any other Principal Market on which the Common Stock may be listed or quoted. The provisions of this Section 2(f) shall
be implemented in a manner otherwise than in strict conformity with the terms hereof only if necessary to ensure compliance with
the Securities Act and the rules and regulations of NYSE American or any other the Principal Market on which the Common Stock
may be listed or quoted.

 

(f)            Beneficial
Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue
or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when
aggregated with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant
to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) would result in the beneficial ownership
by the Investor and its affiliates of more than 9.99% of the then issued and outstanding shares of Common Stock (the
 “Beneficial Ownership Limitation”). Upon the written or oral request of the Investor, the Company shall promptly
(but not later than one (1) Business Day) confirm orally or in writing to the Investor the number of shares of Common Stock
then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required hereby and the
application hereof. The Investor’s written certification to the Company of the applicability of the Beneficial Ownership
Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof
and such result absent manifest error.

 

    10

     

    

 

(g)            Excess
Share Limitation. If the Company delivers any Purchase Notice for a Purchase Amount in excess of the limitations contained
in this Section 2, such Purchase Notice shall be void ab initio to the extent of the amount by which the number
of Purchase Shares set forth in such Purchase Notice exceeds the number of Purchase Shares which the Company is permitted to include
in such Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares
in respect of such Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the
number of Purchase Shares which the Company is permitted to include in such Purchase Notice.

 

(h)            Adjustments
for Shares. All share-related numbers contained in this Section 2, and the Regular Purchase Share Limit, shall
be adjusted to take into account any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction
effected with respect to the Common Stock except as specifically stated herein.

 

	3.	INVESTOR’S
                                         REPRESENTATIONS AND WARRANTIES.

 

The
Investor represents and warrants to the Company that as of the date hereof and as of the Commencement Date:

 

(a)            Accredited
Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of
Regulation D promulgated under the Securities Act.

 

(b)            Information.
The Investor understands that its investment in the Securities involves a high degree of risk. The Investor (i) is able
to bear the economic risk of an investment in the Securities including a total loss thereof, (ii) has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment
in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the officers of the
Company concerning the financial condition and business of the Company and other matters related to an investment in the
Securities. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its
representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and
warranties contained in Section 4 below. The Investor has sought such accounting, legal and tax advice as it has
considered necessary to make an informed investment decision with respect to its acquisition of the Securities. The Investor
acknowledges and agrees that neither the Company nor any of its Subsidiaries makes or has made any representations or
warranties with respect to the transactions contemplated hereby, other than those specifically set forth in Section 4
hereof.

 

(c)            No
Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(d)            Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and is
a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability
to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

    11

     

    

 

(e)            Residency.
The Investor is a resident of the State of Illinois.

 

(f)            No
Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has
any of the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the
Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

 

	4.	REPRESENTATIONS
                                         AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to the Investor, except as set forth in the disclosure schedules attached hereto, which exceptions
shall be deemed to be a part of the representations and warranties made hereunder, that as of the date hereof and as of the Commencement
Date:

 

(a)            Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as currently conducted.  Neither
the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of
formation or incorporation, bylaws or other organizational or charter documents.  Each of the Company and the Subsidiaries
is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in
which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, would not reasonably be expected to result in a Material Adverse Effect,
and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or
curtail such power and authority or qualification. The Company has no Subsidiaries except as set forth on Exhibit 21 to the
Company’s Annual Report on Form 10-K for the year ended June 30, 2019.

 

(b)            Authorization;
Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance with
the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company and the
consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the
Commitment Shares (as defined below in Section 5(e)) and the reservation for issuance and the issuance of the
Purchase Shares issuable under this Agreement, have been duly authorized by the Company's Board of Directors and no further
consent or authorization is required by the Company, its Board of Directors or any committee thereof, or its stockholders
(except as set forth in Section 2(e) hereof), (iii) this Agreement has been, and each other Transaction
Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement
constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and
binding obligations of the Company enforceable against the Company in accordance with their terms, except as such
enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights and
remedies. The Board of Directors of the Company has approved the resolutions (the “Signing Resolutions”)
substantially in the form as set forth as Exhibit B attached hereto to authorize this Agreement and the
transactions contemplated hereby. The Signing Resolutions are valid, in full force and effect and have not been modified or
supplemented in any respect. The Company has delivered to the Investor a true and correct copy of a unanimous written consent
adopting the Signing Resolutions executed by all of the members of the Board of Directors of the Company. Except as set forth
in this Agreement, no other approvals or consents of the Company’s Board of Directors, any other authorized committee
thereof, and/or stockholders is necessary under applicable laws and the Company’s Certificate of Incorporation and/or
Bylaws to authorize the execution and delivery of this Agreement or any of the transactions contemplated hereby, including,
but not limited to, the issuance of the Commitment Shares and the issuance of the Purchase Shares.

 

    12

     

    

 

(c)            Capitalization.
As of the date hereof, the authorized capital stock of the Company is set forth in the SEC Documents (as defined below). Except
as disclosed in the Registration Statement or the SEC Documents, (i) no shares of the Company's capital stock are subject
to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there
are no outstanding debt securities, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock
of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any
of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries
or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities
under the Securities Act (except the Registration Rights Agreement), (v) there are no outstanding securities or instruments
of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of
the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing anti-dilution or similar provisions
that will be triggered by the issuance of the Securities as described in this Agreement and (vii) the Company does not have
any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. The Company
has furnished to the Investor true and correct copies of the Company's Certificate of Incorporation and the Company's Bylaws,
as amended and restated, each as in effect on the date hereof, and summaries of the terms of all securities convertible into or
exercisable for Common Stock, if any, and copies of any documents containing the material rights of the holders thereof in respect
thereto.

 

(d)            Issuance
of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement, the Purchase
Shares shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of
first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded
to a holder of Common Stock. Upon issuance in accordance with the terms and conditions of this Agreement, the Commitment Shares
(as defined below in Section 5(e)) shall be validly issued, fully paid and nonassessable and free from all taxes,
liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock. 20,288,840 shares of Common Stock have been duly authorized
and reserved for issuance upon purchase under this Agreement as Purchase Shares.

 

    13

     

    

 

(e)            No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance
of the Purchase Shares and the Commitment Shares) will not (i) result in a violation of the Certificate of Incorporation,
any Certificate of Designations, Preferences and Rights

of
any outstanding series of preferred stock of the Company or the Bylaws or (ii) conflict with, or constitute a default (or
an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and the rules and regulations of the Principal Market applicable to the Company) or by which any property or asset of the
Company or any of its Subsidiaries is bound or affected, except in the case of conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations under clause (ii), which would not reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of any term of or is in default under any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation
applicable to the Company or its Subsidiaries, except for possible conflicts, defaults, terminations or amendments that would
not reasonably be expected to have a Material Adverse Effect. The business of the Company and its Subsidiaries is not being conducted,
and shall not be conducted, in violation of any law, ordinance, regulation of any governmental entity, except for possible violations,
the sanctions for which either individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.
Except as specifically contemplated by this Agreement and as required under the Securities Act or applicable state securities
laws and the rules and regulations of the Principal Market, the Company is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency or any regulatory or self-regulatory agency
in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents in accordance
with the terms hereof or thereof. Except as set forth elsewhere in this Agreement, all consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected on
or prior to the Commencement Date.

 

(f)            SEC
Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the twelve months preceding the date hereof (the foregoing materials, including the exhibits thereto and documents incorporated
by reference therein, being collectively referred to herein as the “SEC Documents”) on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension.  As
of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and
the Exchange Act, as applicable. None of the SEC Documents, when filed, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect
thereto as in effect at the time of filing.  Such financial statements (i) have been prepared in accordance with
United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and (ii) fairly present in all material respects the financial position of
the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for
the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. Except
as publicly available through the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) or in connection
with a confidential treatment request submitted to the SEC, the Company has received no notices or correspondence from the SEC
for the one year preceding the date hereof other than SEC comment letters relating to the Company’s filings under the Exchange
Act and the Securities Act. There are no “open” SEC comments. To the Company’s knowledge, the SEC has not commenced
any enforcement proceedings against the Company or any of its Subsidiaries.

 

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(g)            Absence
of Certain Changes. Except as disclosed in the Registration Statement or the SEC Documents, since June 30, 2019,
there has been no material adverse change in the business, properties, operations, financial condition or results of
operations of the Company or its Subsidiaries. The Company has not taken any steps, and does not currently expect to take any
steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge
or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is
financially solvent and is generally able to pay its debts as they become due.

 

(h)            Absence
of Litigation. Except as disclosed in the Registration Statement or the SEC Documents, there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company, the Common Stock
or any of the Company's Subsidiaries or any of the Company's or the Company's Subsidiaries' officers or directors in their capacities
as such, which would reasonably be expected to have a Material Adverse Effect.

 

(i)            Acknowledgment
Regarding Investor’s Status. The Company acknowledges and agrees that the Investor is acting solely in the capacity
of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby.
The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any
similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice
given by the Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions
contemplated hereby and thereby is merely incidental to the Investor’s purchase of the Securities. The Company further represents
to the Investor that the Company’s decision to enter into the Transaction Documents has been based solely on the independent
evaluation by the Company and its representatives and advisors.

 

(j)            No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Securities to be integrated with prior offerings by the Company in a manner that would require
stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed
or designated. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Principal
Market.

 

(k)            Intellectual
Property Rights. Except as disclosed in the Registration Statement or the SEC Documents, the Company and its Subsidiaries
own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets
and rights necessary to conduct their respective businesses as now conducted. None of the Company's material trademarks, trade
names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
government authorizations, trade secrets or other intellectual property rights have expired or terminated, or, by the terms and
conditions thereof, could expire or terminate within two years from the date of this Agreement. The Company and its Subsidiaries
do not have any knowledge of any infringement by the Company or its Subsidiaries of any material trademark, trade name rights,
patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade secret
or other similar rights of others, or of any such development of similar or identical trade secrets or technical information by
others, and there is no claim, action or proceeding being made or brought against, or to the Company's knowledge, being threatened
against, the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright, license,
service names, service marks, service mark registrations, trade secret or other infringement, which could reasonably be expected
to have a Material Adverse Effect.

 

(l)            Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and
local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are
in compliance with all terms and conditions of any such permit, license or approval, except where, in each of the three foregoing
clauses, the failure to so comply could not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

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(m)            Title
The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and
marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all liens, encumbrances and defects (“Liens”) and, except for Liens as do
not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of
such property by the Company and the Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of
which is neither delinquent nor subject to penalties.  Any real property and facilities held under lease by the
Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance with such exceptions as are not material and do not interfere with the use made and proposed
to be made of such property and buildings by the Company and its Subsidiaries.

 

(n)            Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or
applied for and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings,
business or operations of the Company and its Subsidiaries, taken as a whole.

 

(o)            Regulatory
Permits. The Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, and
neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such material certificate, authorization or permit.

 

(p)            Tax
Status. The Company and each of its Subsidiaries has made or filed all federal and state income and all other material tax
returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the
Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on
its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company know of no basis for any such claim.

 

(q)            Transactions
With Affiliates. Except as disclosed in the SEC Documents, to the Company’s knowledge, none of the Company’s stockholders,
officers or directors or any family member or affiliate of any of the foregoing, has either directly or indirectly an interest
in, or is a party to, any transaction that would be required to be disclosed as a related party transaction pursuant to Item 404
of Regulation S-K promulgated under the Securities Act.

 

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(r)            Application
of Takeover Protections. The Company and its Board of Directors have taken or will take prior to the Commencement Date all
necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or
the laws of the state of its incorporation which is or could become applicable to the Investor as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Investor’s
ownership of the Securities.

 

(s)            Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents that will
be timely publicly disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf has
provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute material,
non-public information which is not otherwise disclosed in the Registration Statement or the SEC Documents.   The
Company understands and confirms that the Investor will rely on the foregoing representation in effecting purchases and sales
of securities of the Company.  All of the disclosure furnished by or on behalf of the Company to the Investor regarding
the Company, its business and the transactions contemplated hereby, including the disclosure schedules to this Agreement, taken
as a whole, is true and correct in all material respects and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they
were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this
Agreement taken as a whole did not as of their issue date contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made and when made, not misleading.  The Company acknowledges and agrees that the Investor neither makes nor
has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3 hereof.

 

(t)            Foreign
Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other Person acting on behalf of
the Company, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government
officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to
disclose fully any contribution made by the Company (or made by any Person acting on its behalf of which the Company is aware)
which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act
of 1977, as amended.

 

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(u)            Registration
Statement. The Company has prepared and filed with the SEC in accordance with the provisions of the Securities Act the Registration
Statement. The Registration Statement was declared effective by order of the SEC on March 19, 2020. The Registration Statement
is effective pursuant to the Securities Act and available for the issuance of the Securities thereunder, and the Company has not
received any written notice that the SEC has issued or intends to issue a stop order or other similar order with respect to the
Registration Statement or the Prospectus or that the SEC otherwise has (i) suspended or withdrawn the effectiveness of the
Registration Statement or (ii) issued any order preventing or suspending the use of the Prospectus or any Prospectus Supplement,
in either case, either temporarily or permanently or intends or has threatened in writing to do so. The “Plan of Distribution”
section of the Prospectus permits the issuance of the Securities hereunder. At the time the Registration Statement and any amendments
thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of
the Securities Act, the Registration Statement and any amendments thereto complied and will comply in all material respects with
the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Base Prospectus
and any Prospectus Supplement thereto, at the time such Base Prospectus or such Prospectus Supplement thereto was issued and on
the Commencement Date, complied and will comply in all material respects with the requirements of the Securities Act and did not
and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; provided that this representation and warranty
does not apply to statements in or omissions from any Prospectus Supplement made in reliance upon and in conformity with information
relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Company
meets all of the requirements for the use of a registration statement on Form S-3 pursuant to the Securities Act for the
offering and sale of the Securities contemplated by this Agreement without reliance on General Instruction I.B.6. of Form S-3,
and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) of
the Securities Act. The Registration Statement, as of its effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant
to the Securities Act. The Company has not been since June 30, and currently is not, an Ineligible Issuer (as defined in
Rule 405 of the Exchange Act). The Company has not distributed any offering material in connection with the offering and
sale of any of the Securities, and, until the Investor does not hold any of the Securities, shall not distribute any offering
material in connection with the offering and sale of any of the Securities, to or by the Investor, in each case, other than the
Registration Statement or any amendment thereto, the Prospectus or any Prospectus Supplement required pursuant to applicable law
or the Transaction Documents. The Company has not made, and agrees that unless it obtains the prior written consent of the Investor
it will not make, an offer relating to the Securities that would constitute a “free writing prospectus” as defined
in Rule 405 under the Securities Act. The Company shall comply with the requirements of Rules 164 and 433 under the
Securities Act applicable to any such free writing prospectus consented to by the Investor, including in respect of timely filing
with the SEC, legending and record keeping. The offering of the Securities pursuant to this Agreement qualifies for the exemption
from the filing requirements of Rule 5110 of the FINRA afforded by FINRA Rule 5110(b)(7)(C)(i).

 

(v)            DTC
Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer
(FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer
(FAST) Program.

 

(w)            Sarbanes-Oxley.
The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended, which are applicable
to it as of the date hereof.

 

(x)            Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Investor shall have no obligation with respect to any fees or with respect to any claims made
by or on behalf of other Persons for fees of a type contemplated in this Section 4(x) that may be due in connection
with the transactions contemplated by the Transaction Documents.

 

(y)            Investment
Company. The Company is not required to be registered as, and immediately after receipt of payment for the Securities will
not be required to be registered as, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

 

(z)            Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock pursuant to the Exchange Act nor has the Company received any notification that the SEC is currently contemplating
terminating such registration. Except as disclosed in the SEC Documents, the Company has not, in the twelve (12) months preceding
the date hereof, received any notice from any Person to the effect that the Company is not in compliance with the listing or maintenance
requirements of the Principal Market. Except as disclosed in the SEC Documents, the Company has no reason to believe that it will
not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

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(aa)          Accountants.
The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company, such accountants are
an independent registered public accounting firm as required by the Securities Act.

 

(bb)          No
Market Manipulation. The Company has not, and to its knowledge no Person acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company.

 

(cc)          Shell
Company Status. The Company is not currently, and has never been, an issuer identified in Rule 144(i)(1) under the
Securities Act.

 

	5.	COVENANTS.

 

(a)            Filing
of Current Report and Initial Prospectus Supplement. The Company agrees that it shall, within the time required under the
Exchange Act, file with the SEC a current report on Form 8-K relating to the transactions contemplated by, and describing
the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company further
agrees that it shall, within the time required under Rule 424(b) under the Securities Act, file with the SEC the Initial
Prospectus Supplement pursuant to Rule 424(b) under the Securities Act specifically relating to the transactions contemplated
by, and describing the material terms and conditions of, the Transaction Documents, containing information previously omitted
at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing
all information relating to the transactions contemplated hereby required to be disclosed in the Registration Statement and the
Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation, information required to be disclosed
in the section captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges that it will be identified
in the Initial Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The
Company shall permit the Investor to review and comment upon the Current Report and the Initial Prospectus Supplement at least
two (2) Business Days prior to their filing with the SEC, the Company shall give due consideration to all such comments,
and the Company shall not file the Current Report or the Initial Prospectus Supplement with the SEC in a form to which the Investor
reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Current Report and the Initial Prospectus
Supplement within one (1) Business Day from the date the Investor receives the final pre-filing draft version thereof from
the Company. The Investor shall furnish to the Company such information regarding itself, the Securities held by it and the intended
method of distribution thereof, including any arrangement between the Investor and any other Person relating to the sale or distribution
of the Securities, as shall be reasonably requested by the Company in connection with the preparation and filing of the Current
Report and the Initial Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement with the SEC.

 

(b)            Blue
Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to
register or qualify (i) the issuance of the Commitment Shares and the sale of the Purchase Shares to the Investor under this
Agreement and (ii) any subsequent resale of all Commitment Shares and all Purchase Shares by the Investor, in each case,
under applicable securities or “Blue Sky” laws of the states of the United States in such states as is reasonably
requested by the Investor from time to time, and shall provide evidence of any such action so taken to the Investor.

 

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(c)            Listing/DTC.
To the extent applicable, the Company shall promptly secure the listing of all of the Purchase Shares and Commitment Shares to
be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and upon each other national
securities exchange or automated quotation system, if any, upon which the Common Stock is then listed, and shall use commercially
reasonable efforts to maintain, so long as any shares of Common Stock shall be so listed, such listing of all such Securities
from time to time issuable hereunder. The Company shall maintain the listing of the Common Stock on the Principal Market and shall
comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations
of the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would reasonably be expected
to result in the delisting or suspension of the Common Stock on the Principal Market. The Company shall promptly, and in no event
later than the following Business Day, provide to the Investor copies of any notices it receives from the Principal Market regarding
the continued eligibility of the Common Stock for listing on the Principal Market; provided, however, that the Company shall not
be required to provide the Investor copies of any such notice that the Company reasonably believes constitutes material non-public
information and the Company would not be required to publicly disclose such notice in any report or statement filed with the SEC
under the Exchange Act (including on Form 8-K) or the Securities Act. The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 5(c). The Company shall take all action necessary to ensure that
its Common Stock can be transferred electronically as DWAC Shares.

 

(d)            Prohibition
of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement and ending on the
date of termination of this Agreement as provided in Section 11, the Investor and its agents, representatives and
affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale”
(as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction,
which establishes a net short position with respect to the Common Stock.

 

(e)            Issuance
of Commitment Shares. In consideration for the Investor’s execution and delivery of this Agreement, the Company shall
cause to be issued to the Investor a total of 815,827 shares of Common Stock (the “Commitment Shares”) and
shall deliver to the Transfer Agent the Irrevocable Transfer Agent Instructions with respect to the issuance of such Commitment
Shares. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the date of this Agreement, whether
or not the Commencement shall occur or any Purchase Shares are purchased by the Investor under this Agreement and irrespective
of any subsequent termination of this Agreement.

 

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(f)            Due
Diligence; Non-Public Information. The Investor shall have the right, from time to time as the Investor may reasonably deem
appropriate, and upon reasonable advance notice to the Company, to perform reasonable due diligence on the Company during normal
business hours. The Company and its officers and employees shall provide information and reasonably cooperate with the Investor
in connection with any reasonable request by the Investor related to the Investor's due diligence of the Company. Each party hereto
agrees not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information
for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby in full compliance with
applicable securities laws. Each party hereto acknowledges that the Confidential Information shall remain the property of the
disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information
disclosed by the other party. The receiving party may disclose Confidential Information to the extent such information is required
to be disclosed by law, regulation or order of a court of competent jurisdiction or regulatory authority, provided that the receiving
party shall promptly notify the disclosing party when such requirement to disclose arises, and shall cooperate with the disclosing
party so as to enable the disclosing party to: (i) seek an appropriate protective order; and (ii) make any applicable
claim of confidentiality in respect of such Confidential Information; and provided, further, that the receiving party shall disclose
Confidential Information only to the extent required by the protective order or other similar order, if such an order is obtained,
and, if no such order is obtained, the receiving party shall disclose only the minimum amount of such Confidential Information
required to be disclosed in order to comply with the applicable law, regulation or order. In addition, any such Confidential Information
disclosed pursuant to this section shall continue to be deemed Confidential Information. Notwithstanding anything in this Agreement
to the contrary, the Company and the Investor agree that neither the Company nor any other Person acting on its behalf shall provide
the Investor or its agents or counsel with any information that constitutes or may reasonably be considered to constitute material,
non-public information, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by
Regulation FD. In the event of a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined
in the reasonable good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction
Documents, if the Investor is holding any Securities at the time of the disclosure of such material non-public information, the
Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise,
of such material, non-public information without the prior approval by the Company; provided the Investor shall have first provided
notice to the Company that it believes it has received information that constitutes material, non-public information, the Company
shall have at least 24 hours to either publicly disclose such material, non-public information or to demonstrate to the Investor
that such information does not constitute material, non-public information, prior to any such disclosure by the Investor, and
the Company shall have failed to publicly disclose such material, non-public information or to demonstrate to the Investor that
such information does not constitute material, non-public information within such time period. The Investor shall not have any
liability to the Company, any of its Subsidiaries, or any of their respective directors, officers, employees, stockholders or
agents, for any such disclosure. The Company understands and confirms that the Investor shall be relying on the foregoing covenants
in effecting transactions in securities of the Company.

 

(g)            Purchase
Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given time
and the dates and Purchase Amounts for each Regular Purchase, Accelerated Purchase and Additional Accelerated Purchase or shall
use such other method, reasonably satisfactory to the Investor and the Company.

 

(h)            Taxes.
The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery
of any shares of Common Stock to the Investor made under this Agreement.

 

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(i)            Effective
Registration Statement; Current Prospectus; Securities Law Compliance. The Company shall use its commercially reasonable efforts
to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act, and to keep the Registration
Statement and the Prospectus current and available for issuances and sales of all of the Securities by the Company to the Investor,
and for the resale by the Investor, at all times until the earlier of (i) the date on which the Investor shall have sold
all the Securities and no Available Amount remains under this Agreement and (ii) 180 days following the earlier of termination
of this Agreement and the Maturity Date (the “Registration Period”). Without limiting the generality of the
foregoing, during the Registration Period, the Company shall (a) take all action necessary to cause the Common Stock to continue
to be registered as a class of securities under Sections 12(b) or 12(g) of the Exchange Act, shall comply with its reporting
and filing obligations under the Exchange Act, and shall not take any action or file any document (whether or not permitted by
the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under
the Exchange Act, and (b) prepare and file with the SEC, at the Company’s expense, such amendments (including, without
limitation, post-effective amendments) to the Registration Statement and such Prospectus Supplements pursuant to Rule 424(b) under
the Securities Act, in each case, as may be necessary to keep the Registration Statement effective pursuant to Rule 415 promulgated
under the Securities Act, and to keep the Registration Statement and the Prospectus current and available for issuances and sales
of all of the Securities by the Company to the Investor, and for the resale of all of the Securities by the Investor, at all times
during the Registration Period (it being hereby acknowledged and agreed that the Company shall prepare and file with the SEC,
at the Company’s expense, immediately prior to the third anniversary of the initial effective date of the Registration Statement
(the “Renewal Date”), a new Registration Statement relating to the Securities, in a form satisfactory to the
Investor and its counsel, and the Company shall use its commercially reasonable efforts to cause such Registration Statement to
be declared effective within 180 days after the Renewal Date unless the Registration Period has lapsed). The Investor shall furnish
to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof as
shall be reasonably requested by the Company in connection with the preparation and filing of any such amendment to the Registration
Statement (or new Registration Statement) or any such Prospectus Supplement, and shall otherwise cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of any such amendment to the Registration Statement
(or new Registration Statement) or any such Prospectus Supplement. The Company shall comply with all applicable federal, state
and foreign securities laws in connection with the offer, issuance and sale of the Securities contemplated by the Transaction
Documents. Without limiting the generality of the foregoing, neither the Company nor any of its officers, directors or affiliates
acting on the Company’s behalf will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which would reasonably be expected to cause or result in, stabilization or manipulation
of the price of any security of the Company.

 

(j)            Stop
Orders. The Company shall advise the Investor promptly (but in no event later than 24 hours) and shall confirm such advice
in writing: (i) of the Company’s receipt of notice of any request by the SEC for amendment of or a supplement to the
Registration Statement, the Prospectus, any Prospectus Supplement or for any additional information with respect thereto; (ii) of
the Company’s receipt of notice of the issuance by the SEC of any stop order suspending the effectiveness of the Registration
Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, or of the Company’s receipt
of any notification of the suspension of qualification of the Securities for offering or sale in any jurisdiction or the initiation
or contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of
any event which makes any statement of a material fact made in the Registration Statement, the Prospectus or any Prospectus Supplement
untrue or which requires the making of any additions to or changes to the statements then made in the Registration Statement,
the Prospectus or any Prospectus Supplement in order to state a material fact required by the Securities Act to be stated therein
or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in
light of the circumstances under which they were made) not misleading, or of the necessity to amend the Registration Statement
or supplement the Prospectus or any Prospectus Supplement to comply with the Securities Act or any other law. The Company shall
not be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses (i) through
(iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the event has occurred.
The Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase Notice or Additional Accelerated
Purchase Notice, and the Investor shall not be obligated to purchase any shares of Common Stock under this Agreement, during the
continuation or pendency of any of the foregoing events. If at any time the SEC shall issue any stop order suspending the effectiveness
of the Registration Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, the Company
shall use commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall
furnish to the Investor, without charge, a copy of any correspondence from the SEC or the staff of the SEC to the Company or its
representatives relating to the Registration Statement or the Prospectus, as the case may be.

 

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(k)            Amendments
to Registration Statement; Prospectus Supplements. Except as provided in this Agreement and other than periodic and current
reports required to be filed pursuant to the Exchange Act, the Company shall not file with the SEC any amendment to the Registration
Statement or any supplement to the Base Prospectus that refers to the Investor, the Transaction Documents or the transactions contemplated
thereby (including, without limitation, any Prospectus Supplement filed in connection with the transactions contemplated by the
Transaction Documents), in each case with respect to which (a) the Investor shall not previously have been advised and afforded
the opportunity to review and comment thereon at least two (2) Business Days prior to filing with the SEC, as the case may
be, (b) the Company shall not have given due consideration to any comments thereon received from the Investor or its counsel,
or (c) the Investor shall reasonably object, unless the Company reasonably has determined that it is necessary to amend the
Registration Statement or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or
regulation, in which case the Company shall promptly (but in no event later than 24 hours) so inform the Investor, the Investor
shall be provided with a reasonable opportunity to review and comment upon any disclosure referring to the Investor, the Transaction
Documents or the transactions contemplated thereby, as applicable, and the Company shall expeditiously furnish to the Investor
a copy thereof. In addition, for so long as, in the reasonable opinion of counsel for the Investor, the Prospectus is required
to be delivered in connection with any acquisition or sale of Securities by the Investor, the Company shall not file any Prospectus
Supplement with respect to the Securities without furnishing to the Investor as many copies of such Prospectus Supplement, together
with the Prospectus, as the Investor may reasonably request.

 

(l)            Prospectus
Delivery. The Company consents to the use of the Prospectus (and of each Prospectus Supplement thereto) in accordance
with the provisions of the Securities Act and with the securities or “blue sky” laws of the jurisdictions in
which the Securities may be sold by the Investor, in connection with the offering and sale of the Securities and for such
period of time thereafter as the Prospectus is required by the Securities Act to be delivered in connection with sales of the
Securities. The Company will make available to the Investor upon request, and thereafter from time to time will furnish to
the Investor, as many copies of the Prospectus (and each Prospectus Supplement thereto) as the Investor may reasonably
request for the purposes contemplated by the Securities Act within the time during which the Prospectus is required by the
Securities Act to be delivered in connection with sales of the Securities. If during such period of time any event shall
occur that in the reasonable judgment of the Company and its counsel, or in the reasonable judgment of the Investor and its
counsel, is required to be set forth in the Registration Statement, the Prospectus or any Prospectus Supplement or should be
set forth therein in order to make the statements made therein (in the case of the Prospectus or any Prospectus Supplement,
in light of the circumstances under which they were made) not misleading, or if in the reasonable judgment of the Company and
its counsel, or in the reasonable judgment of the Investor and its counsel, it is otherwise necessary to amend the
Registration Statement or supplement the Prospectus or any Prospectus Supplement to comply with the Securities Act or any
other applicable law or regulation, the Company shall forthwith prepare and, subject to Section 5(k) above,
file with the SEC an appropriate amendment to the Registration Statement or an appropriate Prospectus Supplement and in each
case shall expeditiously furnish to the Investor, at the Company’s expense, such amendment to the Registration
Statement or such Prospectus Supplement, as applicable, as may be necessary to reflect any such change or to effect such
compliance. The Company shall have no obligation to separately advise the Investor of, or deliver copies to the Investor of,
the SEC Documents, all of which the Investor shall be deemed to have notice and knowledge of.

 

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(m)          Integration;
Aggregation. From and after the date of this Agreement, neither the Company, nor or any of its affiliates will, and the Company
shall use its reasonable best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make any offers
or sales of any security or solicit any offers to buy any security, under circumstances that would (i) require registration
of the offer and sale of any of the Securities by the Company to the Investor under the Securities Act, or (ii) cause this
offering of the Securities by the Company to the Investor to be integrated with other offerings by the Company in a manner that
would require stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company
are listed or designated, unless in the case of this clause (ii), stockholder approval is obtained before the closing of such subsequent
transaction in accordance with the rules of such Principal Market.

 

(n)           Use
of Proceeds. The Company will use the net proceeds from the offering as described in the Prospectus.

 

(o)           Other
Transactions. The Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement
or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right
of the Company to perform its obligations under the Transaction Documents, including, without limitation, the obligation of the
Company to deliver the Purchase Shares and the Commitment Shares to the Investor in accordance with the terms of the Transaction
Documents.

 

(p)           Required
Filings Relating to Purchases. To the extent required under the Securities Act or under interpretations by the SEC thereof,
as promptly as practicable after the close of each of the Company’s fiscal quarters (or on such other dates as required under
the Securities Act or under interpretations by the SEC thereof), the Company shall prepare a Prospectus Supplement, which will
set forth the number of Purchase Shares sold to the Investor during such quarterly period (or other relevant period), the purchase
price for such Purchase Shares and the net proceeds received by the Company from such sales, and shall file such Prospectus Supplement
with the SEC pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and
Rule 430B under the Securities Act). If any such quarterly Prospectus Supplement is not required to be filed under the Securities
Act or under interpretations by the SEC thereof, the Company shall disclose the information referenced in the immediately preceding
sentence in its annual report on Form 10-K or its quarterly report on Form 10-Q (as applicable) in respect of the quarterly
period that ended immediately before the filing of such report in which sales of Purchase Shares were made to the Investor under
this Agreement, and file such report with the SEC within the applicable time period required by the Exchange Act. The Company shall
not file any Prospectus Supplement pursuant to this Section 5(p), and shall not file any report containing disclosure
relating to such sales of Purchase Shares, unless a copy of such Prospectus Supplement or disclosure has been submitted to the
Investor a reasonable period of time before the filing and the Investor has not reasonably objected thereto (it being acknowledged
and agreed that the Company shall not submit any portion of any Form 10-K or Form 10-Q other than the specific disclosure
relating to any sales of Purchase Shares). The Company shall also furnish copies of all such Prospectus Supplements to each exchange
or market in the United States on which sales of the Purchase Shares may be made as may be required by the rules or regulations
of such exchange or market, if applicable.

 

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(q)           No
Variable Rate Transactions. From and after the date of this Agreement until the later of (i) the 36-month
anniversary of the date of this Agreement and (ii) the 36-month anniversary of the Commencement Date (if the
Commencement has occurred), in any case irrespective of any earlier termination of this Agreement, the Company shall be
prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of
Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, other
than in connection with an Exempt Issuance. The Investor shall be entitled to seek injunctive relief against the Company and
its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages, without
the necessity of showing economic loss and without any bond or other security being required. “Common Stock
Equivalents” means any securities of the Company or its Subsidiaries which entitle the holder thereof to acquire at
any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock. “Variable Rate Transaction” means a transaction in which the Company
(i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include
the right to receive additional shares of Common Stock or Common Stock Equivalents either (A) at a conversion price,
exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for
the Common Stock at any time after the initial issuance of such debt or equity securities (including, without limitation,
pursuant to any “cashless exercise” provisions, but not including any standard anti-dilution protection for any
reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), provision, or (B) with a
conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such
debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock (including, without limitation, any “full ratchet” or
 “weighted average” anti-dilution provisions), (ii) issues or sells any debt or equity securities, including
without limitation, Common Stock or Common Stock Equivalents, either (A) at a price that is subject to being reset at
some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock (other than standard
anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or
other similar transaction), or (B) that is subject to or contains any put, call, redemption, buy-back, price-reset or
other similar provision or mechanism (including, without limitation, a “Black-Scholes” put or call right) that
provides for the issuance of additional debt securities of the Company or the payment of cash by the Company, or
(iii) enters into any agreement, including, but not limited to, an “equity line” that is not an Exempt
Issuance or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company
may sell Common Stock or Common Stock Equivalents at a future determined price. “Exempt Issuance” means
the issuance of (a) Common Stock or Common Stock Equivalents to employees, officers, directors or vendors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by the Board of Directors or a majority of the members of
a committee of directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of
any Securities issued hereunder, and/or other securities exercisable or exchangeable for or convertible into Common Stock
issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of
this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities, (c) securities issued pursuant to acquisitions, divestitures, licenses, partnerships,
collaborations or strategic transactions approved by the Board of Directors or a majority of the members of a committee of
directors established for such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations or strategic
transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or to
the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business
synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, (d) Common Stock Equivalents that
are convertible into, exchangeable or exercisable for, or include the right to receive shares of Common Stock at a conversion
price, exercise price, exchange rate or other price (which may be below the then current market price of the Common Stock)
that is fixed at the time of initial issuance of such Common Stock Equivalents (subject only to standard anti-dilution
protection for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction), which fixed conversion price, exercise price, exchange rate or other price shall not at any time after the
initial issuance of such Common Stock Equivalent be based upon or varying with the trading prices of or quotations for the
Common Stock or subject to being reset at some future date, or (e) shares of Common Stock issued and sold pursuant to
any “at-the-market offering” of Common Stock through a registered broker-dealer pursuant to an agreement executed
from and after the date of this Agreement.

 

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	6.	TRANSFER AGENT INSTRUCTIONS.

 

(a)           On
the date of this Agreement, the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions,
in the form substantially similar to those used by the Investor in substantially similar transactions, to issue the Purchase Shares
and the Commitment Shares in accordance with the terms of this Agreement (the “Irrevocable Transfer Agent Instructions”).
All Securities to be issued to or for the benefit of the Investor pursuant to this Agreement shall be issued as DWAC Shares. The
Company warrants to the Investor that, while the Agreement is effective, no instruction other than the Irrevocable Transfer Agent
Instructions referred to in this Section 6 will be given by the Company to the Transfer Agent with respect to the Securities,
and the Securities shall otherwise be freely transferable on the books and records of the Company.

 

	7.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The right of the Company
hereunder to commence sales of the Purchase Shares on the Commencement Date is subject to the satisfaction or, where legally permissible,
the waiver of each of the following conditions:

 

(a)           The
Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(b)           No
stop order with respect to the Registration Statement shall be pending or threatened by the SEC;

 

(c)           All
Securities to be issued by the Company to the Investor under the Transaction Documents shall have been approved for listing on
the Principal Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official
notice of issuance; and

 

(d)           The
representations and warranties of the Investor shall be true and correct in all material respects (except to the extent that any
of such representations and warranties is already qualified as to materiality in Section 3 above, in which case, such
representations and warranties shall be true and correct without further qualification) as of the date hereof and as of the Commencement
Date as though made at that time.

 

	8.	CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The obligation of the
Investor to buy Purchase Shares under this Agreement is subject to the satisfaction or, where legally permissible, the waiver of
each of the following conditions on or prior to the Commencement Date and, once such conditions have been initially satisfied,
there shall not be any ongoing obligation to satisfy such conditions after the Commencement has occurred:

 

(a)           The
Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

(b)           The
Common Stock shall be listed on the Principal Market, and all Securities to be issued by the Company to the Investor pursuant to
this Agreement shall have been approved for listing on the Principal Market in accordance with the applicable rules and regulations
of the Principal Market, subject only to official notice of issuance;

 

    26

     

    

 

(c)           The
Investor shall have received the opinions and the negative assurances letter of the Company’s legal counsel dated as of the
Commencement Date substantially in the form agreed to prior to the date of this Agreement by the Company’s legal counsel
and the Investor’s legal counsel;

 

(d)           The
representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any
of such representations and warranties is already qualified as to materiality in Section 4 above, in which case, such representations
and warranties shall be true and correct without further qualification) as of the date when made and as of the Commencement Date
as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and
correct as of such date) and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement
Date. The Investor shall have received a certificate, executed by the CEO, President or CFO of the Company, dated as of the Commencement
Date, to the foregoing effect in the form attached hereto as Exhibit A;

 

(e)           The
Board of Directors of the Company shall have adopted resolutions substantially in the form attached hereto as Exhibit B
which shall be in full force and effect without any amendment or supplement thereto as of the Commencement Date;

 

(f)            As
of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock solely for the purpose
of effecting purchases of Purchase Shares hereunder, 20,288,840 shares of Common Stock;

 

(g)           The
Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and the Company’s
Transfer Agent (or any successor transfer agent), and the Commitment Shares required to be issued on the date of this Agreement
in accordance with Section 5(e) hereof shall have been issued directly to the Investor electronically as DWAC
Shares;

 

(h)           The
Company shall have delivered to the Investor a certificate evidencing the incorporation and good standing of the Company in the
State of Delaware issued by the Secretary of State of the State of Delaware as of a date within ten (10) Business Days of
the Commencement Date;

 

(i)            The
Company shall have delivered to the Investor a certified copy of the Certificate of Incorporation as certified by the Secretary
of State of the State of Delaware within ten (10) Business Days of the Commencement Date;

 

(j)            The
Company shall have delivered to the Investor a secretary’s certificate executed by the Secretary of the Company, dated as
of the Commencement Date, in the form attached hereto as Exhibit C;

 

(k)            The
Registration Statement shall continue to be effective and no stop order with respect to the Registration Statement shall be pending
or threatened by the SEC. The Company shall have a maximum dollar amount of Common Stock registered under the Registration Statement
which is sufficient to issue to the Investor not less than (i) the full Available Amount worth of Purchase Shares plus (ii) all
of the Commitment Shares. The Current Report and the Initial Prospectus Supplement each shall have been filed with the SEC, as
required pursuant to Section 5(a), and copies of the Prospectus shall have been delivered to the Investor in accordance
with Section 5(l) hereof. The Prospectus shall be current and available for issuances and sales of all of the
Securities by the Company to the Investor and for the resale of all of the Securities by the Investor. Any other Prospectus Supplements
required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall have
been filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act. All reports, schedules,
registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC at or
prior to the Commencement Date pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within
the applicable time periods prescribed for such filings under the Exchange Act;

 

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(l)            No
Event of Default (as defined below) has occurred, and no event which, after notice and/or lapse of time, would reasonably be expected
to become an Event of Default has occurred;

 

(m)          All
federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction
Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations and orders
of, and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state
and local regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents
and the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or
made, including, without limitation, in each case those required under the Securities Act, the Exchange Act, applicable state securities
or “Blue Sky” laws or applicable rules and regulations of the Principal Market, or otherwise required by the SEC,
the Principal Market or any state securities regulators;

 

(n)           No
statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed
by any federal, state, local or foreign court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents; and

 

(o)           No
action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or governmental authority of competent
jurisdiction shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign governmental
authority of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors
or affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents,
or seeking material damages in connection with such transactions.

 

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	9.	INDEMNIFICATION.

 

In consideration
of the Investor’s execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in
addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless the Investor and all of its affiliates, stockholders, officers, directors, members, managers,
employees and direct or indirect investors and any of the foregoing Person’s agents or other representatives
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement)
(collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits, claims,
losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any
such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys'
fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or
arising out of or relating to: (a) any misrepresentation or breach of any representation or warranty made by the Company
in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any
breach of any covenant, agreement or obligation of the Company contained in the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, (c) any cause of action, suit or claim brought or
made against such Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement of the
Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (d) any violation
of the Securities Act, the Exchange Act, state securities or “Blue Sky” laws, or the rules and regulations
of the Principal Market in connection with the transactions contemplated by the Transaction Documents by the Company or any
of its Subsidiaries, affiliates, officers, directors or employees, (e) any untrue statement or alleged untrue statement
of a material fact contained, or incorporated by reference, in the Registration Statement or any amendment thereto or any
omission or alleged omission to state therein, or in any document incorporated by reference therein, a material fact required
to be stated therein or necessary to make the statements therein not misleading, or (f) any untrue statement or alleged
untrue statement of a material fact contained, or incorporated by reference, in the Prospectus, or any omission or alleged
omission to state therein, or in any document incorporated by reference therein, a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that (I) the indemnity contained in clause (c) of this Section 9
shall not apply to any Indemnified Liabilities which directly and primarily result from the fraud, gross negligence or
willful misconduct of an Indemnitee, (II) the indemnity contained in clauses (d), (e) and (f) of this Section 9
shall not apply to any Indemnified Liabilities to the extent, but only to the extent, arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Investor expressly for use in any Prospectus Supplement (it being
hereby acknowledged and agreed that the written information set forth on Exhibit D attached hereto is the
only written information furnished to the Company by or on behalf of the Investor expressly for use in the Initial Prospectus
Supplement), if the Prospectus was timely made available by the Company to the Investor pursuant to Section 5(l),
(III) the indemnity contained in clauses (d), (e) and (f) of this Section 9 shall not inure to the
benefit of the Investor to the extent such Indemnified Liabilities are based on a failure of the Investor to deliver or to
cause to be delivered the Prospectus made available by the Company, if such Prospectus was timely made available by the
Company pursuant to Section 5(l), and if delivery of the Prospectus would have cured the defect giving rise to
such Indemnified Liabilities, and (IV) the indemnity in this Section 9 shall not apply to amounts paid in
settlement of any claim if such settlement is effected without the prior written consent of the Company, which consent shall
not be unreasonably withheld, conditioned or delayed.. The indemnity in this Section 9 shall not apply to amounts paid
in settlement of any claim if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld, conditioned or delayed. To the extent that the foregoing undertaking by the Company may
be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law. Payment under this indemnification shall be made
within thirty (30) days from the date the Indemnitee makes written request for it. A certificate containing reasonable detail
as to the amount of such indemnification submitted to the Company by the Indemnitee shall be conclusive evidence, absent
manifest error, of the amount due from the Company to the Indemnitee, provided that the Indemnitee shall undertake to repay
any amounts paid to it hereunder if it is ultimately determined, by a final and non-appealable order of a court of competent
jurisdiction, that the Indemnitee is not entitled to be indemnified against such Indemnified Liabilities by the Company
pursuant to this Agreement. If any action shall be brought against any Indemnitee in respect of which indemnity may be sought
pursuant to this Agreement, such Indemnitee shall promptly notify the Company in writing, and the Company shall have the
right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnitee. Any Indemnitee
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnitee, except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion
of such separate counsel, a material conflict on any material issue between the position of the Company and the position of
such Indemnitee, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such
separate counsel.

 

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	10.	EVENTS OF DEFAULT.

 

An “Event
of Default” shall be deemed to have occurred at any time as any of the following events occurs:

 

(a)           the
effectiveness of the Registration Statement registering the Securities lapses for any reason (including, without limitation,
the issuance of a stop order or similar order), the Registration Statement or any Prospectus is unavailable for the sale by
the Company to the Investor (or the resale by the Investor) of any or all of the Securities to be issued to the Investor
under the Transaction Documents (including, without limitation, as a result of any failure of the Company to satisfy all of
the requirements for the use of a registration statement on Form S-3 pursuant to the Securities Act for the offering and
sale of the Securities contemplated by this Agreement), and any such lapse or unavailability continues for a period of ten
(10) consecutive Business Days or for more than an aggregate of thirty (30) Business Days in any 365-day period , but
excluding a lapse or unavailability where (i) the Company terminates the Registration Statement after the Investor has
confirmed in writing that all of the Securities covered thereby have been resold or (ii) the Company supersedes the
Registration Statement with a New Registration Statement (as defined in the Registration Rights Agreement), including
(without limitation) when the Registration Statement is effectively replaced with a New Registration Statement covering
Securities (provided in the case of this clause (ii) that all of the Securities covered by the superseded (or
terminated) registration statement that have not theretofore been sold to the Investor are included in the superseding (or
new) registration statement);

 

(b)            the
suspension of the Common Stock from trading on the Principal Market for a period of one (1) Business Day, provided that the
Company may not direct the Investor to purchase any shares of Common Stock during any such suspension;

 

(c)            the
delisting of the Common Stock from the NYSE American provided, however, that the Common Stock is not immediately thereafter trading
on The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE
Arca, the OTC Bulletin Board, or the OTCQB or the OTCQX operated by the OTC Markets Group, Inc. (or any nationally recognized
successor to any of the foregoing);

 

(d)            the
failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within three (3) Business Days after
the applicable Purchase Date or Accelerated Purchase Date (as applicable) on which the Investor is entitled to receive such Purchase
Shares;

 

(e)            the
Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach
could have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable, only if such
breach continues for a period of at least five (5) Business Days;

 

(f)            if
any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g)            if
the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to
the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it
or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors or is
generally unable to pay its debts as the same become due;

 

(h)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company
in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders
the liquidation of the Company;

 

    30

     

    

 

(i)            if
at any time the Company is not eligible to transfer its Common Stock electronically as DWAC Shares; or

 

(j)            if
at any time after the Commencement Date, the Exchange Cap is reached (to the extent the Exchange Cap is applicable pursuant to
Section 2(e) hereof).

 

In addition to any
other rights and remedies under applicable law and this Agreement, so long as an Event of Default has occurred and is continuing,
or if any event that, after notice and/or lapse of time, would reasonably be expected to become an Event of Default, has occurred
and is continuing, or so long as the Closing Sale Price is below the Floor Price, the Company shall not deliver to the Investor
any Regular Purchase Notice, Accelerated Purchase Notice or Additional Accelerated Purchase Notice, and the Investor shall not
purchase any shares of Common Stock under this Agreement.

 

	11.	TERMINATION

 

This Agreement may
be terminated only as follows:

 

(a)           If
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a
proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or
the Company makes a general assignment for the benefit of its creditors (any of which would be an Event of Default as
described in Sections 10(f), 10(g) and 10(h) hereof), this Agreement shall automatically
terminate without any liability or payment to the Company (except as set forth below) without further action or notice by any
Person.

 

(b)           In
the event that the Commencement shall not have occurred on or before March 31, 2020, due to the failure to satisfy the conditions
set forth in Sections 7 and 8 above with respect to the Commencement, either the Company or the Investor shall have
the option to terminate this Agreement at the close of business on such date or thereafter without liability of any party to any
other party (except as set forth below); provided, however, that the right to terminate this Agreement under this Section 11(b) shall
not be available to any party if such party is then in breach of any covenant or agreement contained in this Agreement or any representation
or warranty of such party contained in this Agreement fails to be true and correct such that the conditions set forth in Section 7(d) or
Section 8(d), as applicable, could not then be satisfied.

 

(c)           At
any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason
by delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without
any liability whatsoever of any party to any other party under this Agreement (except as set forth below). The Company Termination
Notice shall not be effective until one (1) Business Day after it has been received by the Investor.

 

(d)           This
Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available Amount
as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to
any other party under this Agreement (except as set forth below).

 

(e)           If,
for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2 of this
Agreement by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice
on the part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set
forth below).

 

    31

     

    

 

Except as set forth
in Sections 11(a) (in respect of an Event of Default under Sections 10(f), 10(g) and 10(h)),
11(d) and 11(e), any termination of this Agreement pursuant to this Section 11 shall be effected
by written notice from the Company to the Investor, or the Investor to the Company, as the case may be, setting forth the basis
for the termination hereof. The representations and warranties and covenants of the Company and the Investor contained in Sections
3, 4, 5, and 6 hereof, the indemnification provisions set forth in Section 9 hereof and the agreements
and covenants set forth in Sections 10, 11 and 12 shall survive the Commencement and any termination of this
Agreement. No termination of this Agreement shall (i) affect the Company’s or the Investor’s rights or obligations
under (A) this Agreement with respect to pending Regular Purchases, Accelerated Purchases, and Additional Accelerated Purchases
and the Company and the Investor shall complete their respective obligations with respect to any pending Regular Purchases, Accelerated
Purchases and Additional Accelerated Purchases under this Agreement and (B) the Registration Rights Agreement, which shall
survive any such termination in accordance with its terms, or (ii) be deemed to release the Company or the Investor from any
liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

	12.	MISCELLANEOUS.

 

(a)           Governing
Law; Jurisdiction; Jury Trial. The corporate laws of the State of Delaware shall govern all issues concerning the
relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement
and interpretation of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State
of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in
the State of Illinois, County of Cook, for the adjudication of any dispute hereunder or under the other Transaction Documents
or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(b)           Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile
signature or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution and shall
be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(c)           Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(d)           Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

    32

     

    

 

(e)           Entire
Agreement. The Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company,
their affiliates and Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction
Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered
herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation,
warranty, covenant or undertaking with respect to such matters. The Company acknowledges and agrees that is has not relied on,
in any manner whatsoever, any representations or statements, written or oral, other than as expressly set forth in the Transaction
Documents.

 

(f)            Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by
facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

	 	iBio, Inc.	 
	 	600 Madison Avenue, Suite 1601	 
	 	New York, NY 10022	 

 

	 	Telephone:	(302) 355-0650
	 	Facsimile:	(302) 356-1173
	 	E-mail:	tisett@ibioinc.com
	 	Attention:	Thomas F. Isett, Chief Executive Officer
    and Executive Co-Chairman

 

With a copy to (which shall not
constitute notice or service of process):

 

	 	Andrew Abramowitz, PLLC	 
	 	565 Fifth Avenue, 9th Floor	 
	 	New York, NY 10017	 

 

	 	Telephone: 	(212) 972-8882
	 	E-mail:	aa@aalegalnyc.com
	 	Attention:	Andrew Abramowitz, Esq.

 

If to the Investor:

 

	 	Lincoln Park Capital Fund, LLC	 
	 	440 North Wells, Suite 410	 
	 	Chicago, IL 60654	 

 

	 	Telephone:	(312) 822-9300
	 	Facsimile:	(312) 822-9301
	 	E-mail:	jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
	 	Attention:	Josh Scheinfeld/Jonathan Cope

 

With a copy to (which shall not
constitute notice or service of process):

 

    33

     

    

 

	 	K&L Gates, LLP	 
	 	200 S. Biscayne Blvd., Ste.
    3900	 
	 	Miami, Florida 33131	 

 

	 	Telephone: 	(305) 539-3306
	 	Facsimile:	 (305) 358-7095
	 	E-mail: 	clayton.parker@klgates.com
	 	Attention: 	Clayton E. Parker, Esq.

 

If to the Transfer Agent:

 

	 	Continental Stock Transfer & Trust
    Company	 
	 	1 State Street, 30th Floor	 
	 	New York, New York 10004-1561	 

 

	 	Telephone:	(212) 845-3211
	 	Facsimile:	(212) 845-7608
	 	Email:	ksantero@continentalstock.com
	 	Attention:	Kathy Santero

 

or at such other address
and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given
to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s
facsimile machine or email account containing the time, date, and recipient facsimile number or email address, as applicable, and
an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of personal service, receipt by facsimile, email or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(h)           No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and, except as set forth in Section 9, is not for the benefit of, nor may any provision hereof
be enforced by, any other Person.

 

(i)            Publicity.
The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall consult with the Investor
and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel
on, any press release, SEC filing or any other public disclosure by or on behalf of the Company relating to the Investor, its purchases
hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, not less than 24 hours prior to
the issuance, filing or public disclosure thereof. The Investor must be provided with a final version of any such press release,
SEC filing or other public disclosure at least 24 hours prior to any release, filing or use by the Company thereof. The Company
agrees and acknowledges that its failure to fully comply with this provision constitutes a Material Adverse Effect.

 

(j)            Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to consummate and make effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    34

     

    

 

(k)           No
Financial Advisor, Placement Agent, Broker or Finder. The Company represents and warrants to the Investor
that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions
contemplated hereby. The Investor represents and warrants to the Company that it has not engaged any financial advisor,
placement agent, broker or finder in connection with the transactions contemplated hereby. The Company shall be responsible
for the payment of any fees or commissions, if any, of any financial advisor, placement agent, broker or finder relating to
or arising out of the transactions contemplated hereby. The Company shall pay, and hold the Investor harmless against, any
liability, loss or expense (including, without limitation, reasonable attorneys’ fees and out of pocket expenses)
arising in connection with any such claim.

 

(l)            No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

(m)          Remedies,
Other Obligations, Breaches and Injunctive Relief. The Investor’s remedies provided in this Agreement, including,
without limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all
other remedies available to the Investor under this Agreement, at law or in equity (including a decree of specific performance
and/or other injunctive relief), no remedy of the Investor contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Investor’s right to pursue actual damages for any failure by
the Company to comply with the terms of this Agreement. The Company acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Investor and that the remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the Investor shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other
security being required.

 

(n)           Enforcement
Costs. If: (i) this Agreement is placed by the Investor in the hands of an attorney for enforcement or is enforced by
the Investor through any legal proceeding; (ii) an attorney is retained to represent the Investor in any bankruptcy, reorganization,
receivership or other proceedings affecting creditors' rights and involving a claim under this Agreement; or (iii) an attorney
is retained to represent the Investor in any other proceedings whatsoever in connection with this Agreement, then the Company shall
pay to the Investor, as incurred by the Investor, all reasonable costs and expenses including attorneys' fees incurred in connection
therewith, in addition to all other amounts due hereunder.

 

(o)           Amendment
and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement may be amended or waived other than in a written
instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right
or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

** Signature Page Follows **

 

    35

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused this Purchase Agreement to be duly executed as of the date first written above.

 

	 	THE COMPANY:
	 	 
	 	IBIO, INC.
	 	 
	 	By:	/s/ Thomas F. Isett
	 	Name: Thomas F.
Isett
	 	Title: Co-Chairman and CEO
	 	 
	 	INVESTOR:
	 	 
	 	LINCOLN PARK CAPITAL FUND,
    LLC
	 	BY:    LINCOLN PARK CAPITAL, LLC
	 	BY:    Rockland Capital Corporation
	 	 
	 	By:	/s/ Joshua Scheinfeld
	 	Name: 
    Joshua Scheinfeld
	 	Title: 
    President
	 	 

    36

     

    

 

EXHIBITS

 

	Exhibit A	Form of Officer’s Certificate 
	Exhibit B	Form of Resolutions of the Board of Directors of the Company 
	Exhibit C	Form of Secretary’s Certificate
	Exhibit D	Information About the Investor Furnished to the Company

 

    37

     

    

 

DISCLOSURE SCHEDULES

 

Schedule 4(x) – Agent Fees

 

None

 

    38

     

    

 

EXHIBIT A

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s
Certificate (“Certificate”) is being delivered pursuant to Section 8(d) of that certain Purchase Agreement
dated as of March 19, 2020, (“Purchase Agreement”), by and between IBIO, INC., a Delaware corporation
(the “Company”), and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”). Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

 

The undersigned, Thomas
F. Isett, Chief Executive Officer and Executive Co-Chairman of the Company, hereby certifies, on behalf of the Company and not
in his individual capacity, as follows:

 

1.            I
am the Chief Executive Officer of the Company and make the statements contained in this Certificate;

 

2.            The
representations and warranties of the Company are true and correct in all material respects (except to the extent that any of such
representations and warranties is already qualified as to materiality in Section 4 of the Purchase Agreement, in which case,
such representations and warranties are true and correct without further qualification) as of the date when made and as of the
Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date, in which
case such representations and warranties are true and correct as of such date);

 

3.            The
Company has performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the
Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

 

4.            The
Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy
Law nor does the Company or any of its Subsidiaries currently have any knowledge or reason to believe that its creditors intend
to initiate involuntary bankruptcy or insolvency proceedings. The Company is currently financially solvent and is generally able
to pay its debts as they become due.

 

IN WITNESS WHEREOF, I
have hereunder signed my name as of the date first written above.

 

	 	 
	 	Name: 
	 	Title:

 

The undersigned as
Secretary of IBIO, INC., a Delaware corporation, hereby certifies that Thomas F. Isett is the duly elected, appointed,
qualified and acting Chief Executive Officer and Executive Co-Chairman of IBIO, INC., and that the signature appearing
above is his genuine signature.

 

	 	 
	 	Name:
	 	Title: Secretary

 

    39

     

    

 

EXHIBIT B

 

FORM OF COMPANY RESOLUTIONS 

FOR SIGNING PURCHASE AGREEMENT

 

UNANIMOUS WRITTEN CONSENT OF

IBIO, INC.

 

The undersigned, constituting
all of the members of the Board of Directors (the “Board”) of IBio, Inc., a Delaware corporation (the “Company”),
pursuant to Section 141(f) of the Delaware General Corporation Law (the “DGCL”), hereby adopt the following
resolutions by unanimous written consent and direct that this consent be filed with the minutes of the proceedings of the Board:

 

WHEREAS, there has
been presented to the Board of Directors of the Corporation a draft of the Purchase Agreement (the “Purchase Agreement”)
by and between IBIO, INC., a Delaware corporation (the “Corporation”), and Lincoln Park Capital Fund, LLC
(“Lincoln Park”), providing for the purchase by Lincoln Park of up to Fifty Million Dollars ($50,000,000) of the Corporation’s
common stock, $0.001 par value per share (the “Common Stock”) and a draft of the Registration Rights Agreement (the
 “Registration Rights Agreement”) by and between the Company and Lincoln Park providing for the registration
of the shares of the Company’s Common Stock issuable in respect of the Purchase Agreement on behalf of the Company; and

 

WHEREAS, after careful
consideration of the terms and conditions of the Purchase Agreement, the documents incident thereto and other factors deemed relevant
by the Board of Directors, the Board of Directors has determined that it is advisable and in the best interests of the Corporation
to engage in the transactions contemplated by the Purchase Agreement, including, but not limited to, the issuance of up to 815,827
shares of Common Stock (the “Commitment Shares”) to Lincoln Park as a commitment fee, and the sale of shares
of Common Stock to Lincoln Park up to the available amount under the Purchase Agreement (the “Purchase Shares”)
and to register such shares as contemplated by the Registration Rights Agreement.

 

Transaction Documents

 

NOW, THEREFORE, BE
IT RESOLVED, that the transactions described in the Purchase Agreement are hereby approved and ________________________________________
(the “Authorized Officers”) are severally authorized to execute and deliver the Purchase Agreement, and any
other agreements or documents contemplated thereby, with such amendments, changes, additions and deletions as the Authorized Officers
may deem to be appropriate and approve on behalf of, the Corporation, such approval to be conclusively evidenced by the signature
of an Authorized Officer thereon; and

 

FURTHER RESOLVED, that
the terms and provisions of the Registration Rights Agreement by and among the Company and Lincoln Park are hereby approved and
the Authorized Officers are authorized to execute and deliver the Registration Rights Agreement (pursuant to the terms of the Purchase
Agreement), with such amendments, changes, additions and deletions as the Authorized Officer may deem appropriate and approve on
behalf of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

FURTHER RESOLVED, that
the terms and provisions of the forms of Irrevocable Transfer Agent Instructions (the “Instructions”) are hereby approved
and the Authorized Officers are authorized to execute and deliver the Instructions on behalf of the Company in accordance with
the Purchase Agreement, with such amendments, changes, additions and deletions as the Authorized Officers may deem appropriate
and approve, on behalf of the Corporation, such approval to be conclusively evidenced by the signature of an Authorized Officer
thereon; and

 

    40

     

    

 

Execution of Purchase Agreement

 

FURTHER RESOLVED, that
the Authorized Officers be and each of them hereby is authorized to execute and deliver the Purchase Agreement in substantially
the form presented to the Board of Directors and providing for the issuance and sale of up to Fifty Million Dollars ($50,000,000)
of the Common Stock to Lincoln Park; and

 

Issuance of Common Stock

 

FURTHER RESOLVED, that
the Corporation is hereby authorized to issue to Lincoln Park 815,827 shares of Common Stock as Commitment Shares upon execution
and delivery of the Purchase Agreement by the Company and Lincoln Park, and that upon issuance of the Commitment Shares pursuant
to the Purchase Agreement the Commitment Shares shall be duly authorized, validly issued, fully paid and nonassessable with no
personal liability attaching to the ownership thereof; and

 

FURTHER RESOLVED, that
the Corporation is hereby authorized to issue shares of Common Stock upon the purchase of Purchase Shares up to the Available Amount
under the Purchase Agreement in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares
and receipt of the consideration therefor pursuant to the Purchase Agreement, the Purchase Shares will be duly authorized, validly
issued, fully paid and nonassessable with no personal liability attaching to the ownership thereof; and

 

FURTHER RESOLVED, that
the Corporation shall initially reserve 20,288,840 shares of Common Stock for issuance as Purchase Shares under the Purchase Agreement;
and

 

Approval of Actions

 

FURTHER RESOLVED, that,
without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
behalf of the Corporation and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel,
to cause the Corporation to consummate the transactions contemplated by the Purchase Agreement and the agreements referred to therein
and to perform its obligations under such agreements; and

 

FURTHER RESOLVED, that
the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the
Corporation, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered
all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings
and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect
the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director
of the Corporation in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified
and confirmed in all respects.

 

    41

     

    

 

EXHIBIT C

 

FORM OF SECRETARY’S CERTIFICATE

 

This Secretary’s
Certificate (“Certificate”) is being delivered pursuant to Section 8(j) of that certain Purchase Agreement
dated as of March 19, 2020, (“Purchase Agreement”), by and between IBIO, INC., a Delaware corporation
(the “Company”) and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”), pursuant to which
the Company may sell to the Investor up to Fifty Million Dollars ($50,000,000) of the Company's Common Stock, $0.001 par value
(the “Common Stock”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed
to them in the Purchase Agreement.

 

The undersigned, ___________,
Secretary of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as follows:

 

1.            I
am the Secretary of the Company.

 

2.            Attached
hereto as Exhibit A and Exhibit B are true, correct and complete copies of the Company’s Bylaws (“Bylaws”)
and Certificate of Incorporation (“Charter”), in each case, as amended through the date hereof, and no action
has been taken by the Company, its directors, officers or stockholders, in contemplation of the filing of any further amendment
relating to or affecting the Bylaws or Charter.

 

3.            Attached
hereto as Exhibit C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors
of the Company on March  [___], 2020, at which a quorum was present and acting throughout. Such resolutions have not been
amended, modified or rescinded and remain in full force and effect and such resolutions are the only resolutions adopted by the
Company’s Board of Directors, or any committee thereof, or the stockholders of the Company relating to or affecting (i) the
entering into and performance of the Purchase Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment
Shares and (ii) and the performance of the Company of its obligation under the Transaction Documents as contemplated therein.

 

4.            As
of the date hereof, the authorized, issued and reserved capital stock of the Company is as set forth on Exhibit D hereto.

 

IN WITNESS WHEREOF, I
have hereunder signed my name as of the date first written above.

 

	 	 
	 	 
	 	 

 

The undersigned as
Chief Executive Officer of IBIO, INC., a Delaware corporation, hereby certifies that ______________ is the duly elected,
appointed, qualified and acting Secretary of IBIO, INC., and that the signature appearing above is his genuine signature.

 

	 	 
	 	Name: Thomas F. Isett 
	 	Title: Chief Executive Officer
    and Executive Co-Chairman

 

    42

     

    

 

EXHIBIT D

 

Information About The Investor Furnished
To The Company By The Investor Expressly For Use 

In Connection With The Initial Prospectus Supplement

 

Information With Respect to Lincoln
Park Capital

 

As of the date of the
Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 0 shares of our common stock. Josh Scheinfeld and Jonathan
Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial
owners of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared
voting and investment power over the shares being offered under the prospectus supplement filed with the SEC in connection with
the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate
of a licensed broker dealer.

 

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