Document:

VOTING AGREEMENT

 

This VOTING AGREEMENT, dated as of July
22, 2012 (this “Agreement”), is by and between DigitalGlobe, Inc., a Delaware corporation (“DigitalGlobe”),
and Matthew M. O’Connell (the “Stockholder”).

 

WHEREAS, as of the date hereof, the Stockholder
is the record or “beneficial owner” (as defined under Rule 13d-3 under the Exchange Act) and is entitled to dispose
of (or to direct the disposition of) and to vote (or to direct the voting of) that total number of shares of common stock, par
value $0.01 per share (the “GeoEye Common Stock”), of GeoEye, Inc., a Delaware corporation (“GeoEye”),
as set forth opposite the Stockholder’s name on Schedule I hereto (all such shares of GeoEye Common Stock, as may
be adjusted after the date hereof by stock dividend, stock split, recapitalization, combination, merger, consolidation, reorganization
or other change in the capital structure of GeoEye, the “Subject Shares”);

 

WHEREAS, concurrently with the execution
and delivery of this Agreement, DigitalGlobe, 20/20 Acquisition Sub, Inc., a Delaware corporation (“Merger Sub”),
WorldView, LLC, a Delaware limited liability company (“Merger Sub 2”), and GeoEye are entering into an Agreement
and Plan of Merger, dated as of the date hereof (as it may be amended from time to time, the “Merger Agreement”),
pursuant to which, among other things, Merger Sub will be merged with and into GeoEye (the “Merger”), and, immediately
after the Merger, GeoEye will be merged with and into Merger Sub 2 (the “Subsequent Merger” and together with
the Merger, the “Combination”), all upon the terms and subject to the conditions set forth in the Merger Agreement;
and

 

WHEREAS, as a condition to DigitalGlobe’s
willingness to enter into and perform its obligations under the Merger Agreement, DigitalGlobe has requested that the Stockholder
enter into this Agreement, and the Stockholder has agreed to do so in order to induce DigitalGlobe to enter into, and in consideration
of it entering into, the Merger Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and of the representations, warranties, covenants and agreements herein contained, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

ARTICLE
I

Agreement to Vote

 

Section 1.1.         
Agreement to Vote.

 

(a)                           
From the date hereof until the termination of this Agreement in accordance with Section 5.1, except to the extent
waived in writing by DigitalGlobe in its sole and absolute discretion, at any meeting of the stockholders of GeoEye called to consider
and vote upon the adoption of the Merger Agreement and approval of the Combination and the transactions contemplated by the Merger
Agreement (including the GeoEye Stockholders Meeting), however called, or at any adjournment thereof, or in connection with any
written consent of the stockholders of GeoEye or in any other circumstances upon which a vote, consent or other approval of all
or some of the stockholders of GeoEye is sought for the adoption of the Merger Agreement and approval of the Combination and the
transactions contemplated by the Merger Agreement, the Stockholder agrees to vote (or cause to be voted) all of the Subject Shares
(i) in favor of adoption of the Merger Agreement and approval of the Combination and the transactions contemplated by the Merger
Agreement and this Agreement and any actions required in furtherance hereof or thereof and (ii) against the following actions (other
than the Combination and the transactions contemplated by the Merger Agreement): (A) any GeoEye Takeover Proposal (other than any
GeoEye Takeover Proposal that (x) did not result from a breach of Section 5.03(a) of the Merger Agreement, (y) that the GeoEye
Board or an authorized and empowered committee thereof determined in good faith, after consultation with its outside financial
and legal advisors, constituted a Superior GeoEye Proposal and (z) that results in a GeoEye Adverse Recommendation Change); (B)
any reorganization, recapitalization, dissolution, liquidation or winding up of GeoEye or any of its Subsidiaries; (C) any amendment
of GeoEye’s certificate of incorporation or by-laws, except as contemplated by the Merger Agreement; or (D) any other action
or proposal involving GeoEye that would reasonably be expected to prevent or materially impede, interfere with, delay, postpone
or adversely affect the transactions contemplated by the Merger Agreement, including the Combination.

 

 

    	

    	 

    
 

 

(b)                          
At any meeting of the stockholders of GeoEye that is held (including the GeoEye Stockholders Meeting) to consider and vote
upon the adoption of the Merger Agreement and approval of the Combination and the transactions contemplated by the Merger Agreement,
the Stockholder shall, or shall direct the holder(s) of record of the Subject Shares on any applicable record date to, appear,
in person or by proxy, at such meeting or otherwise cause the Subject Shares to be counted as present thereat for purposes of establishing
a quorum.

 

(c)                           
SOLELY IN THE EVENT OF A FAILURE BY THE STOCKHOLDER TO ACT IN ACCORDANCE WITH THE
STOCKHOLDER’S OBLIGATIONS AS TO VOTING OR EXECUTING A WRITTEN CONSENT PURSUANT TO sECTION 1.1(A)
and (b), THE STOCKHOLDER hereby irrevocably grants to and appoints YANCEY L. SPRUILL AND DANIEL L. JABLONSKY,
in their respective capacities as officers of DigitalGlobe, and any individual who shall hereafter succeed to any such office of
DigitalGlobe, and each of them individually, THE STOCKHOLDER’S proxy and attorney-in-fact (with full power of substitution),
for and in the name, place and stead of THE STOCKHOLDER, to represent, vote and otherwise act (by voting at any meeting of stockholders
of GeoEye, by written consent in lieu thereof or otherwise) with respect to THe SUBJECT Shares owned or held by SUCH STOCKHOLDER
regarding the matters referred to in Section 1.1(A) AND (B) until
the termination of this Agreement, to the same extent and with the same effect as THE STOCKHOLDER might or could do under applicable
law, rules and regulations. The proxy granted pursuant to this Section 1.1(C) is
coupled with an interest and shall be irrevocable. THE STOCKHOLDER WILL TAKE SUCH FURTHER ACTION AND WILL EXECUTE SUCH OTHER INSTRUMENTS
AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY. THE STOCKHOLDER hereby revokes any and all previous proxies or powers
of attorney granted with respect to any of THE SUBJECT Shares THAT MAY HAVE HERETOFORE BEEN APPOINTED OR GRANTED WITH RESPECT TO
the matters referred to in Section 1.1(A) OR (B), AND NO SUBSEQUENT
PROXY (WHETHER REVOCABLE OR IRREVOCABLE) OR POWER OF ATTORNEY SHALL BE GIVEN BY THE STOCKHOLDER, EXCEPT AS REQUIRED BY ANY LETTER
OF TRANSMITTAL IN CONNECTION WITH THE Combination. NOTWITHSTANDING THE FOREGOING, THIS PROXY SHALL TERMINATE UPON TERMINATION
OF THIS AGREEMENT IN ACCORDANCE WITH ITS TERMS.

 

 

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Section 1.2.         
Effect of DigitalGlobe Breach. For the avoidance of doubt, the Stockholder agrees that the obligations of the Stockholder
specified in Section 1.1 shall not be affected by any breach by DigitalGlobe of any of its representations, warranties, agreements
or covenants set forth in the Merger Agreement.

 

ARTICLE
II

Representations and Warranties of the Stockholder

 

The Stockholder hereby represents and warrants
to DigitalGlobe as follows:

 

Section 2.1.         
Authority. The execution, delivery and performance by the Stockholder of this Agreement and the consummation by the
Stockholder of the transactions contemplated hereby are within the capacity of and have been duly authorized by the Stockholder.
Assuming the due authorization, execution, and delivery of this Agreement by DigitalGlobe, this Agreement constitutes a legal,
valid, and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms.

 

Section 2.2.         
Ownership of Subject Shares; Total Shares. The Stockholder is the record or beneficial owner of, and has good title
to, the Subject Shares, free and clear of all claims, liens, encumbrances and security interests of any nature whatsoever (including
any restriction on the right to vote or otherwise transfer such Subject Shares), except as provided in this Agreement or pursuant
to any applicable restrictions on transfer under the Securities Act. As of the date hereof, the Stockholder does not own, beneficially
or otherwise, any GeoEye Common Stock, GeoEye Preferred Stock, GeoEye Stock Options or other securities of GeoEye other than as
set forth in Schedule I hereto, and the Stockholder does not own or hold any right to acquire any additional shares of any
class of GeoEye Capital Stock or other securities of GeoEye or any interest therein or any voting rights with respect to any securities
of GeoEye other than the Subject Shares.

 

Section 2.3.         
Voting Power. The Stockholder has sole voting power and sole power to issue instructions with respect to the matters
set forth in this Agreement, sole power of disposition with respect to dispositions contemplated by this Agreement, and sole power
to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Subject Shares, with no limitations,
qualifications, or restrictions on such rights, subject only to applicable securities laws and the terms of this Agreement. The
Stockholder represents that any proxies heretofore given in respect of the Subject Shares are not irrevocable, and that any such
proxies are hereby revoked pursuant to Section 1.1(c) hereof and that the Stockholder shall take any additional action necessary
to effectuate the foregoing.

 

Section 2.4.         
Consents and Approvals; No Violation. (a) Except for any filing required under Section 13 or 16 under the Exchange
Act, no filing with, and no permit, authorization, consent, or approval of, any Governmental Entity is necessary for the execution
of this Agreement by the Stockholder and the consummation by the Stockholder of the transactions contemplated by this Agreement,
and (b) none of the execution and delivery of this Agreement by the Stockholder, the consummation by the Stockholder of the transactions
contemplated by this Agreement or compliance by the Stockholder with any of the provisions of this Agreement shall conflict with
or result in a breach of, or constitute a default (with or without notice or lapse of time or both) under any provision of, any
trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession,
franchise, license, judgment, order, notice, decree, statute, law, ordinance, rule or regulation applicable to the Stockholder
or to his property or assets.

 

 

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Section 2.5.         
Litigation. As of the date hereof, there is no action, suit or other proceeding pending against the Stockholder or,
to the knowledge of the Stockholder, any other Person or, to the knowledge of the Stockholder, threatened in writing against the
Stockholder or any other Person that restricts or prohibits (or, if successful, would restrict or prohibit) the exercise by DigitalGlobe
of its rights under this Agreement or the performance by the Stockholder of its obligations under this Agreement.

 

Section 2.6.         
Acknowledgement. The Stockholder understands and acknowledges that DigitalGlobe is entering into the Merger Agreement
in reliance upon the Stockholder’s execution, delivery and performance of this Agreement.

 

ARTICLE
III

Representations and Warranties of DigitalGlobe

 

DigitalGlobe hereby represents and warrants
to the Stockholder as follows:

 

Section 3.1.         
Organization. DigitalGlobe is a corporation duly organized, validly existing, and in good standing under the laws
of the jurisdiction of its incorporation.

 

Section 3.2.         
Corporate Authorization; Validity of Agreement; Necessary Action. DigitalGlobe has the corporate power and authority
to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement. The execution and delivery
of this Agreement by DigitalGlobe and the consummation of the transactions contemplated by this Agreement have been duly authorized
by all necessary corporate action on the part of DigitalGlobe, and, assuming the due authorization, execution and delivery thereof
by the Stockholder, constitutes a valid and legally binding agreement of DigitalGlobe enforceable against it in accordance with
its terms.

 

Section 3.3.         
Consents and Approvals; No Violation. (a) Except as may be set forth in the Merger Agreement and in the other schedules,
exhibits or attachments thereto (including, without limitation, filings as may be required under applicable securities laws) and
any filings required under Section 13 or 16 under the Exchange Act, no filing with, and no permit, authorization, consent, or approval
of, any Governmental Entity is necessary for the execution of this Agreement by DigitalGlobe and the consummation by DigitalGlobe
of the transactions contemplated by this Agreement, and (b) none of the execution and delivery of this Agreement by DigitalGlobe,
the consummation by DigitalGlobe of the transactions contemplated by this Agreement or compliance by DigitalGlobe with any of the
provisions of this Agreement shall (x) conflict with or result in any breach of the organizational documents of DigitalGlobe, (y)
result in a material violation or material breach of, or constitute (with or without notice or lapse of time, or both) a default
(or give rise to any third party right of termination, cancellation, amendment, or acceleration) under any of the terms, conditions,
or provisions of any material note, bond, mortgage, indenture, license, contract, commitment, arrangement, understanding, agreement,
or other instrument or obligation of any kind to which DigitalGlobe is a party, or (z) subject to compliance with filing requirements
as may be required under applicable securities laws, violate any order, writ, injunction, decree, judgment, statute, rule, or regulation
applicable to DigitalGlobe, except under clauses (x), (y) or (z), where the absence of filing or authorization, conflict, violation,
breach, or default would not materially impair or materially adversely affect the ability of DigitalGlobe to perform its obligations
hereunder or under the Merger Agreement.

 

 

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ARTICLE
IV

Covenants of the Stockholder

 

The Stockholder covenants and agrees as
follows:

 

Section 4.1.         
Restriction on Transfer and Proxies. Except as contemplated by this Agreement or the Merger Agreement, during the
period beginning from the execution and delivery by the parties of this Agreement through the earlier of (a) the Effective Time,
(b) the termination of the Merger Agreement in accordance with its terms or (c) the termination of this Agreement in accordance
with Section 5.1, the Stockholder shall not (x) sell, transfer, tender, pledge, encumber, assign, or otherwise dispose of
(each, a “Transfer”), or enter into any contract, option, or other arrangement or understanding with respect
to the Transfer of, any or all of the Subject Shares; (y) grant any proxies or powers of attorney, or any other authorization or
consent with respect to any or all of the Subject Shares that could reasonably be expected to prevent, nullify, impede, interfere
with, frustrate, delay, postpone, discourage or otherwise materially adversely affect the Combination, the Merger Agreement, any
of the transactions contemplated by the Merger Agreement or this Agreement or the contemplated economic benefits of any of the
foregoing; or (z) deposit any of the Subject Shares into a voting trust or enter into a voting agreement with respect to any of
the Subject Shares.

 

Section 4.2.         
Stop Transfer; Changes in Subject Shares. The Stockholder agrees with, and covenants to, DigitalGlobe that (a) this
Agreement and the obligations hereunder shall attach to the Subject Shares and shall be binding upon any person or entity to which
legal or beneficial ownership shall pass, whether by operation of law or otherwise, including, without limitation, the Stockholder’s
heirs, successors or assigns and (b) the Stockholder shall not request that GeoEye register the transfer (book-entry or otherwise)
of any certificate or uncertificated interest representing any or all of the Subject Shares, unless such transfer is made in compliance
with this Agreement. Notwithstanding any Transfer of Subject Shares, the Stockholder shall remain liable for the performance of
all of its obligations under this Agreement.

 

Section 4.3.         
Additional Securities. From the date hereof until the termination of this Agreement in accordance with Section 5.1,
in the event the Stockholder becomes the record or beneficial owner of (a) any shares of GeoEye Common Stock, GeoEye Preferred
Stock or any other securities of GeoEye, (b) any securities which may be converted into or exchanged for such shares of GeoEye
Common Stock, GeoEye Preferred Stock or other securities of GeoEye or (c) any securities issued in replacement of, or as a dividend
or distribution on, or otherwise in respect of, such shares of GeoEye Common Stock, GeoEye Preferred Stock or other securities
of GeoEye (collectively, “Additional Securities”), the terms of this Agreement shall apply to all such Additional
Securities as though owned by the Stockholder on the date of this Agreement.

 

 

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Section 4.4.         
Stockholder Capacity. The Stockholder enters into this Agreement solely in its capacity as the record or beneficial
owner of its Subject Shares. Notwithstanding any provision of this Agreement to the contrary, nothing contained in this Agreement
shall (or shall require any Stockholder to attempt to) limit or restrict the rights and obligations of the Stockholder in his capacity
as a director or officer of GeoEye, and the agreements set forth herein shall in no way restrict any director or officer of GeoEye
in the exercise of his or her fiduciary duties (in their sole discretion) on any matter as a director or officer of GeoEye (including,
without limitation, considering and voting in favor of a Superior GeoEye Proposal or a GeoEye Adverse Recommendation Change in
the capacity as a director or officer of GeoEye).

 

Section 4.5.         
Documentation and Information. The Stockholder (a) consents to and authorizes the publication and disclosure by DigitalGlobe
and its Affiliates of his identity and holdings of Subject Shares and the nature of his commitments and obligations under this
Agreement in any announcement or disclosure required by the SEC or other Governmental Entity, the Joint Proxy Statement, or any
other disclosure document in connection with the Combination or any of the other transactions contemplated by the Merger Agreement
or this Agreement, and (b) agrees promptly to give to DigitalGlobe any information it may reasonably require for the preparation
of any such disclosure documents. The Stockholder agrees to promptly notify DigitalGlobe of any required corrections with respect
to any written information supplied by him specifically for use in any such disclosure document, if and to the extent that any
shall have become false or misleading in any material respect.

 

ARTICLE
V

Termination

 

Section
5.1          This Agreement and the covenants
and agreements set forth in this Agreement shall automatically terminate (without any further action of the parties) upon the
earliest to occur of (a) the mutual consent of DigitalGlobe and the Stockholders to terminate this Agreement, (b) the Effective
Time and (c) the date of termination of the Merger Agreement in accordance with its terms. In the event of termination of this
Agreement pursuant to this Section 5.1, this Agreement shall become void and of no effect with no liability on the part
of any party; provided, however, no such termination shall relieve any party from liability for any breach hereof
prior to such termination; provided further, that the provisions set forth in Article VI shall survive the
termination of this Agreement.

 

ARTICLE
VI

Miscellaneous

 

Section 6.1.         
Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)                           
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws
that might otherwise govern under any applicable principles of conflicts of laws of the State of Delaware.

 

 

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(b)                           
Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of any Delaware state court or any Federal
court located in the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will
not bring any action relating to this Agreement in any court other than any Delaware state court or any Federal court sitting
in the State of Delaware.

 

(c)                           
Each party hereto hereby waives, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in
respect of any suit, action or other proceeding arising out of this Agreement. Each party hereto (a) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such party would not, in the event of any action,
suit or proceeding, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced
to enter into this Agreement by, among other things, the mutual waiver and certifications in this Section 6.1.

 

Section 6.2.         
Specific Performance. The Stockholder acknowledges and agrees that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached,
and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that DigitalGlobe
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance
of terms and provisions of this Agreement in any court referred to in Section 6.1, without proof of actual damages (and the Stockholder
hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to
any other remedy to which DigitalGlobe is entitled at law or in equity. The Stockholder further agree not to assert that a remedy
of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, nor to assert that a remedy of
monetary damages would provide an adequate remedy for any such breach.

 

Section 6.3.         
Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of Law or otherwise by any of the parties without the prior written consent of the
other parties; provided, however, that DigitalGlobe may, in its sole discretion, assign or transfer all or any of
its rights, interests and obligations under this Agreement to any direct or indirect wholly owned subsidiary of DigitalGlobe, but
no such assignment shall relieve DigitalGlobe from its obligations under this Agreement. Any purported assignment without such
consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be
enforceable by, the parties and their respective heirs, successors and assigns.

 

Section 6.4.         
Amendments, Waivers, etc. This Agreement may not be amended except by an instrument in writing signed on behalf of
DigitalGlobe and the Stockholder. Any agreement on the part of a party to any waiver shall be valid only if set forth in an instrument
in writing signed on behalf of such party. The failure of any party to this Agreement to assert any of its rights under this Agreement
or otherwise shall not constitute a waiver of such rights.

 

Section 6.5.         
Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing
and shall be deemed given upon receipt by the parties at the following addresses (or at such other address for a party as shall
be specified by like notice):

 

 

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If to the Stockholder:

 

Matthew M. O’Connell

c/o GeoEye, Inc.

2325 Dulles Corner Boulevard

Herndon, VA 20171

Phone: (703) 480-5672

Fax: (703) 480-8175

 

If to DigitalGlobe, to:

DigitalGlobe, Inc.

1601 Dry Creek Drive

Suite 260

Longmont, CO 80503

Phone: (303) 684-4000

Fax: (303) 684-4340

Attention: General Counsel

 

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

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Phone: (212) 735-3000

Fax: (212) 735-2000

Attention:   Nancy Lieberman, Esq.
                      Marie Gibson, Esq.

 

Section 6.6.         
Expenses. All fees and expenses incurred in connection
with this Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring such fees or expenses.

 

Section 6.7.         
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule or Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party or such party waives its rights under this Section 6.7 with respect thereto. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the
end that transactions contemplated by this Agreement are fulfilled to the extent possible.

 

Section 6.8.         
Entire Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement, and supersedes
all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this
Agreement and (b) is not intended to confer upon any Person other than the parties any rights or remedies.

 

 

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Section 6.9.         
Interpretation. When a reference is made in this Agreement to an Article or a Section, such reference shall be to
an Article or a Section of this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any capitalized term used in any
Schedule but not otherwise defined therein shall have the meaning assigned to such term in this Agreement. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. The words “hereof”, “hereto”, “hereby”, “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. The term “or” is not exclusive. The word “extent” in
the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not
mean simply “if”. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as
from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to a person are also to
its permitted successors and assigns. Unless otherwise specifically indicated, all references to “dollars” and “$”
will be deemed references to the lawful money of the United States of America. Capitalized terms used herein without definition
shall have the respective meanings ascribed to them in the Merger Agreement.

 

Section 6.10.     
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other parties.

 

Section 6.11.     
No Strict Construction. The parties hereto acknowledge that this Agreement has been prepared jointly by them and
shall not be strictly construed against any party hereto.

 

Section 6.12.     
No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in DigitalGlobe any direct or
indirect ownership or incidence of ownership of or with respect to the Subject Shares owned by any Stockholder. All rights, ownership
and economic benefits of an relating to the Subject Shares shall remain vested in and belong to the applicable Stockholder, and
DigitalGlobe shall have no authority to manage, direct, restrict, regulate, govern or administer any of the policies or operations
of DigitalGlobe or exercise any power or authority to direct any Stockholder in the voting of any of the Subject Shares owned by
such Stockholder, except as otherwise provided herein.

 

[SIGNATURE
PAGES FOLLOW]

 

 

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

 

	 	DIGITALGLOBE, INC.
	 	 
	 	By:	/s/ Jeffrey R. Tarr
	 	 	Name:	Jeffrey R. Tarr
	 	 	Title:	President and Chief Executive Officer
	 	 
	 	STOCKHOLDER
	 	 
	 	By:	/s/ Matthew M. O’Connell
	 	 	Name:	Matthew M. O’Connell

 

[Signature Page
to Matthew M. O’Connell Voting Agreement]

    	

    	 

    

SCHEDULE
I

 

	Stockholder
 (Name and Address)	Shares of GeoEye Common Stock
	
        Matthew M. O’Connell

        c/o GeoEye, Inc.

        2325 Dulles Corner Boulevard

        Herndon, VA 20171

         
	379,842

 

 

Schedule IExhibit 10.1

 

 

Hemispherx Biopharma, Inc.

 

$75,000,000

 

Equity Distribution Agreement

 

July 23, 2012

 

Maxim Group LLC

405 Lexington Avenue

New York, New York 10174

 

Ladies and Gentlemen:

 

Hemispherx Biopharma, Inc., a Delaware corporation
(the “Company”), proposes to issue and sell through Maxim Group LLC (the “Agent”),
as sales agent, shares of Common Stock, $0.001 par value per share, of the Company (the “Common Stock”)
having an aggregate offering price of up to $75,000,000 (the “Shares”) on terms set forth herein. 
The Shares consist entirely of authorized but unissued shares of Common Stock to be issued and sold by the Company.

 

The Company hereby confirms its agreement
with the Agent with respect to the sale of the Shares.

 

1.      Representations
and Warranties of the Company.

 

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

 

(i)      A
registration statement on Form S-3 (File No. 333-182216) (the “registration statement”) was
initially declared effective by the Commission on July 2, 2012, and is currently effective, under the Securities Act of 1933, as
amended, and the rules and regulations thereunder (the “Rules and Regulations”) (collectively
called the “Securities Act”); the Company has complied to the Commission’s satisfaction with all
requests of the Commission for additional or supplemental information; no stop order of the Securities and Exchange Commission
(the “Commission”) preventing or suspending the use of any Base Prospectus (as defined below), the Prospectus
Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing Prospectus (as defined below), or
the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or,
to the Company’s knowledge after due inquiry, are contemplated by the Commission.  Except where the context otherwise
requires, “Registration Statement,” as used herein, means the registration statement, as amended at the
time of such registration statement’s effectiveness for purposes of Section 11 of the Securities Act, as such section
applies to the Agent, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by
reference therein, (2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant
to Rule 424(b) under the Securities Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C
under the Securities Act, to be part of the registration statement at such time, and (3) any registration statement filed
to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act (the “462(b) Registration
Statement”).  Except where the context otherwise requires, “Base Prospectus,” as used
herein, means the prospectus filed as part of the Registration Statement, together with any amendments or supplements thereto as
of the date of this Agreement.  Except where the context otherwise requires, “Prospectus Supplement,”
as used herein, means the most recent prospectus supplement relating to the Shares, filed by the Company with the Commission pursuant
to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement.  Except where the context
otherwise requires, “Prospectus,” as used herein, means the Prospectus Supplement together with the Base
Prospectus attached to or used with the Prospectus Supplement.  “Permitted Free Writing Prospectus,”
as used herein, means the documents, if any, listed on Schedule A attached hereto and, after the date hereof, any “issuer
free writing prospectus” as defined in Rule 433 of the Securities Act, that is expressly agreed to by the Company and
the Agent in writing to be a Permitted Free Writing Prospectus. Any reference herein to the registration statement, the Registration
Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed
to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant
to Item 12 of Form S-3 (the “Incorporated Documents”), including, unless the context otherwise requires,
the documents, if any, filed as exhibits to such Incorporated Documents.  For purposes of this Agreement, all references to
the Registration Statement, the Rule 462(b) Registration Statement, the Base Prospectus, the Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval System (“EDGAR”).  All references in this Agreement to financial
statements and schedules and other information which is “described,” “contained,” “included”
or “stated” in the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus
(or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other
information which is incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included
in the Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be. 
Any reference herein to the terms “amend,” “amendment” or “supplement”
with respect to the Registration Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free
Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”) on or after
the initial effective date of the Registration Statement, or the date of such Base Prospectus, the Prospectus, the Prospectus Supplement
or such Permitted Free Writing Prospectus, if any, as the case may be, and deemed to be incorporated therein by reference. 
“Time of Sale” means each time a Share is purchased pursuant to this Agreement.

 

    	 

    	 

    

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

 

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

 

    	2

    	 

    

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

 

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

 

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

 

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

 

    	3

    	 

    

(v)     The
consolidated financial statements of the Company and the Subsidiaries, together with the related notes, set forth or
incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the
requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and fairly present the financial condition of the Company and the Subsidiaries, as a whole, as of the
dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with
generally accepted accounting principles consistently applied throughout the periods involved; and the supporting schedules
included in the Registration Statement present fairly the information required to be stated therein.  No other
financial statements or schedules are required to be included in the Registration Statement and the Prospectus.  To the
Company’s knowledge, McGladrey LLP, which has expressed its opinion with respect to the financial statements and
schedules filed as a part of the Registration Statement and included in the Registration Statement and the Prospectus, is a
registered public accounting firm within the meaning of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), and in the performance of its work for the Company has not been in violation of the auditor independence
requirements of the Sarbanes-Oxley Act.

 

(vi)     The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of
incorporation. The Company and each of the Subsidiaries has full corporate power and authority to own its respective properties
and conduct its business as currently being carried on and as described in the Registration Statement and the Prospectus, and is
duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property
or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have a
material adverse effect upon the business, prospects, management, properties, operations, condition (financial or otherwise) or
results of operations of the Company and the Subsidiaries, taken as a whole (“Material Adverse Effect”).

 

(vii)     Except
as disclosed in the Prospectus, subsequent to the dates as of which information is given in the Prospectus, the Company has not
incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions, or declared
or paid any dividends or made any distribution of any kind with respect to its capital stock; and there has not been any change
in the capital stock, or issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other
than due to the issuance, redemption or forfeiture of any shares of capital stock, or options, warrants, convertible securities
or other rights to purchase capital stock, under any stock option or incentive, stock purchase or similar employee benefit
plans described in the Prospectus, including but not limited to the Equity Incentive Plan of 2009 as disclosed in the Prospectus,
including upon the exercise of outstanding options, or pursuant to the terms of outstanding warrants, or in satisfaction of outstanding
debt of the Company as described in the Prospectus (collectively, “Additional Issuances”)), or any material
change in the short-term or long-term debt, of the Company, or any Material Adverse Effect or any development that would reasonably
be expected to result in a Material Adverse Effect.

 

(viii)    Except
as set forth in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or contemplated, any action,
suit or proceeding to which the Company or any of its Subsidiaries is a party or of which any property or assets of the Company
or any of its Subsidiaries is the subject before or by any court or governmental agency, authority or body, or any arbitrator,
which, individually or in the aggregate, might result in any Material Adverse Effect.

 

    	4

    	 

    

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

 

(x)      This
Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation
of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or
state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws
affecting the rights of creditors generally and subject to general principles of equity.  The execution, delivery and performance
of this Agreement and the consummation of the transactions herein contemplated will not result in a breach or violation of any
of the terms and provisions of, or constitute a default under, any statute, any agreement or instrument to which the Company is
a party or by which it is bound or to which any of its property is subject, the Company’s charter or by-laws, or any order,
rule, regulation or decree of any court or governmental agency or body having jurisdiction over the Company or any of its properties;
no consent, approval, authorization or order of, or filing with, any court or governmental agency or body is required for the execution,
delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby and thereby, including
the issuance or sale of the Shares by the Company, except such as may be required under the Securities Act or state securities
or blue sky laws; and the Company has and will have full power and authority to enter into this Agreement and to authorize, issue
and sell the Shares as contemplated hereby and thereby.

 

(xi)    All of the
issued and outstanding shares of capital stock of the Company, including the outstanding shares of Common Stock, are duly authorized
and validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, were
not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have
not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; all
of the issued and outstanding shares of capital stock of each of the Subsidiaries, are duly authorized and validly issued, fully
paid and nonassessable, have been issued in compliance with all federal and state securities laws, are owned by the Company directly
or indirectly through one or more

Subsidiaries, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase
securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being
such holders; the Shares which may be sold under this Agreement by the Company have been duly authorized and, when issued, delivered
and paid for in accordance with the terms of this Agreement will have been validly issued and will be fully paid and nonassessable,
and the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the
Company, including the Common Stock, conforms to the description thereof in the Registration Statement and the Prospectus. 
Except as otherwise stated in the Registration Statement and the Prospectus, there are no preemptive rights or other rights to
subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock pursuant to the Company’s
charter, by-laws or any agreement or other instrument to which the Company is a party or by which the Company is bound.  Neither
the filing of the Registration Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to
any rights for or relating to the registration of any shares of Common Stock or other securities of the Company.  Except as
described in the Registration Statement and the Prospectus and other than Additional Issuances, there are no options, warrants,
agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the
Company.  The Company has an authorized and outstanding capitalization as set forth in the Registration Statement and the
Prospectus as of the dates set forth therein.

 

(xii)    The Company
and each of its Subsidiaries holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations,
licenses, permits, easements, consents, certificates and orders of any governmental or self-regulatory body required for the conduct
of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders
are valid and in full force and effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation
or modification of any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has
reason to believe that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will
not be renewed in the ordinary course; and the Company and each of its Subsidiaries is in compliance in all material respects with
all applicable federal, state, local and foreign laws, regulations, orders and decrees.

 

    	5

    	 

    

(xiii)   The Company
and each of its Subsidiaries has good and marketable title to all property (whether real or personal) described in the Registration
Statement and the Prospectus as being owned by it, in each case free and clear of all liens, claims, security interests, other
encumbrances or defects except such as are described in the Registration Statement and the Prospectus.  The property held
under lease by the Company and its Subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions
with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company.

 

(xiv)  The Company and each
of its Subsidiaries owns, possesses, or can acquire on reasonable terms, all Intellectual Property necessary for the conduct of
its respective business as now conducted or as described in the Registration Statement and the Prospectus to be conducted, except
as such failure to own, possess, or acquire such rights would not result in a Material Adverse Effect.  Furthermore, (A) to
the knowledge of the Company, there is no infringement, misappropriation or violation  by third parties of any such Intellectual
Property, except as such infringement, misappropriation or violation would not result in a Material Adverse Effect; (B) there
is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company’s
or any Subsidiary’s rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form
a reasonable basis for any such claim; (C) the Intellectual Property owned by the Company and the Subsidiaries, and to the
knowledge of the Company, the Intellectual Property licensed to the Company and the Subsidiaries, has not been adjudged invalid
or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding
or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware of any facts
which would form a reasonable basis for any such claim; (D) there is no pending or, to the knowledge of the Company, threatened
action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or otherwise
violates any Intellectual Property or other proprietary rights of others, the neither the Company nor any of the Subsidiaries has
received any written notice of such claim and the Company is unaware of any other fact which would form a reasonable basis for
any such claim; and (E) to the Company’s knowledge, no employee of the Company or any of the Subsidiaries is in or has
ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition
agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the
basis of such violation relates to such employee’s employment with the Company or any of the Subsidiaries or actions undertaken
by the employee while employed with the Company or any of the Subsidiaries, except as such violation would not result in a Material
Adverse Effect.  “Intellectual Property” shall mean all patents, patent applications, trade and
service marks, trade and service  mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain
names, technology, know-how and other intellectual property.

 

(xv)      Neither
the Company nor any of its Subsidiaries is (A) in violation of its charter or by laws, or (B) in breach of or otherwise
in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in the performance
of any material obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement, mortgage,
deed of trust or any other material contract, lease or other instrument to which it is subject or by which any of them may be bound,
or to which any of the material property or assets of the Company or any of the Subsidiaries is subject (collectively, the “Material
Contracts”); or (C) in violation of any law or statute or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority, except in the case of (B) and (C) above, as could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Change.

 

    	6

    	 

    

(xvi)    The Company
and each of the Subsidiaries has timely filed all federal, state, local and foreign income and franchise tax returns required to
be filed and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with
respect thereto, other than any which the Company is contesting in good faith.  There is no pending dispute with any taxing
authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed
upon the properties or assets of the Company or the Subsidiaries for which there is not an adequate reserve reflected in the Company’s
financial statements included in the Registration Statement.

 

(xvii)  The Company has not
distributed and will not distribute any prospectus or other offering material in connection with the offering and sale of the Shares
other than any the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed
by the Company; provided, however, that the Company has not made and will not make any offer relating to the Shares that
would constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act, except in accordance
with the provisions of Section 3(p) of this Agreement.

 

(xviii)   The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is included or approved
for inclusion on the NYSE MKT and the Company has taken no action designed to, or likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NYSE MKT nor has the Company received
any notification that the Commission or the NYSE MKT is contemplating terminating such registration or listing. The Company has
complied in all material respects with the applicable requirements of the NYSE MKT for maintenance of inclusion of the Common
Stock thereon. The Company has filed an application to include the Shares on the NYSE MKT.

 

(xix)    The Company
has no subsidiaries other than those listed on Exhibit 21 to the Company’s Form 10-K for the fiscal year ended December 31,
2011 (collectively, the “Subsidiaries”). Notwithstanding any other provisions, representations and/or
warranties in this Agreement, none of the Subsidiaries is active; however, the inactivity of such Subsidiaries does not result
in a Material Adverse Effect.

 

(xx)    The Company
maintains a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed
in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability
for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization;
and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.  Except as described in the Registration Statement and the Prospectus, since the
filing of the annual report on Form 10-K for the fiscal year ended December 31, 2011, there has been(i) no material weakness
in the Company’s internal control over financial reporting (whether or not remediated) and (ii) no change in the Company’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

 

    	7

    	 

    

(xxi)     Except
as described in the Registration Statement and the Prospectus, the Company and each of the Subsidiaries: (A) is and at all
times has been in full compliance with all statutes, rules, regulations, or guidances, including, without limitation, the Federal
Food, Drug and Cosmetic Act and implementing regulations at 21 C.F.R. Parts 50, 54, 56, 58 and 812, applicable to Company and the
Subsidiaries and to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company
or the Subsidiaries (“Applicable Laws”), except as could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect; (B) has not received any FDA Form 483, notice of adverse finding,
warning letter, untitled letter or other correspondence or notice from any Governmental Authority alleging or asserting noncompliance
with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments
thereto required by any such Applicable Laws (“Authorizations”); (C) possesses all material Authorizations
and such Authorizations are valid and in full force and effect and are not in violation of any term of any such Authorizations;
(D) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other
action from any Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable
Laws or Authorizations and has no knowledge that any such Governmental Authority or third party intends to assert any such claim,
litigation, arbitration, action, suit, investigation or proceeding; (E) has not received notice that any Governmental Authority
has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and the Company has no knowledge
that any such Governmental Authority is considering such action; and (F) has filed, obtained, maintained or submitted all
material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required
by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented
by a subsequent submission).

 

(xxii)   The studies,
tests and preclinical and clinical trials conducted by or on behalf of the Company and the Subsidiaries with respect to programs
that are currently in development or in discovery or are described in the Prospectus, were and, if still pending, are, in all material
respects, being conducted in accordance with applicable experimental protocols, procedures and controls pursuant to accepted professional
scientific standards and all relevant Applicable Laws and Authorizations; the descriptions of the results of such studies, tests
and trials contained in the Registration Statement and the Prospectus are accurate and complete in all material respects and fairly
present the data derived from such studies, tests and trials; except to the extent disclosed in the Registration Statement and
the Prospectus, the Company is not aware of any studies, tests or trials the results of which the Company believes reasonably call
into question the study, test, or trial results described or referred to in the Registration Statement and the Prospectus when
viewed in the context in which such results are described and the clinical state of development; and, except to the extent disclosed
in the Registration Statement and the Prospectus, neither the Company nor any of its subsidiaries have received any notices or
correspondence from any Governmental Authority requiring the termination, suspension or material modification of any studies, tests
or preclinical or clinical trials conducted by or on behalf of the Company.

 

(xxiii)  Other than as contemplated
by this Agreement, the Company has not incurred any liability for any finder’s or broker’s fee or agent’s commission
in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. The
Company has not entered into any other sales agency agreements or other similar arrangements with any agent or any other representative
in respect of at-the-market offerings of the shares in accordance with Rule 415(a)(4) of the Securities Act.

 

    	8

    	 

    

(xxiv)  Except as described
in the Registration Statement and the Prospectus, the Company and each of the Subsidiaries carries, or is covered by, insurance
in such amounts and covering such risks as is adequate for the conduct of its respective business and the value of its properties
and as is customary for companies engaged in similar businesses in similar industries; all policies of insurance and any fidelity
or surety bonds insuring the Company or the Subsidiaries or their respective businesses, assets, employees, officers and directors
are in full force and effect; the Company and each of the Subsidiaries is in compliance with the terms of such policies and instruments
in all material respects; there are no claims by the Company or any of the Subsidiaries under any such policy or instrument as
to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor
any of the Subsidiaries has been refused any insurance coverage sought or applied for; and the Company has no 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 have a Material Adverse Effect.

 

(xxv)The Company is not and, after giving
effect to the offering and sale of the Shares, will not be an “investment company,” or an entity “controlled”
by and “investment company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(xxvi) The Incorporated Documents, when
they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and were filed on a timely basis with the Commission and none of such
documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; any further Incorporated Documents, when
filed with the Commission, will conform in all material respects to the requirements of the Exchange Act, and will not contain
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

 

(xxvii)The Company is in compliance
in all material respects with all applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission
thereunder.

 

(xxviii) The Company has established
and maintains disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under the Exchange Act) and such controls
and procedures are effective in reasonably ensuring that material information relating to the Company is made known to the principal
executive officer and the principal financial officer.  The Company has utilized such controls and procedures in preparing
and evaluating the disclosures in the Registration Statement and the Prospectus.

 

(xxix) Neither the Company, the Subsidiaries,
nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any Subsidiary, is
aware of or has taken any action directly or indirectly, that would result in a violation by such persons of the FCPA (as defined
below), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly
in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise
to give, or authorization of the giving of anything of value to any “Foreign official” (as such term is defined in
the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of
the FCPA, and the Company has conducted its business in compliance with the FCPA and has instituted and maintains policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.  “FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

    	9

    	 

    

(xxx)The operations of the Company and
each of the Subsidiaries have complied in all material respects with applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries
with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(xxxi) Neither the Company, the Subsidiaries,
nor, to the knowledge of the Company, any director, officer or employee of the Company or any of the Subsidiaries is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

(xxxii) To the Company’s knowledge,
no transaction has occurred between or among the Company, on the one hand, and any of the Company’s officers, directors or
5% stockholders or any affiliate or affiliates of any such officer, director or 5% stockholders that is required to be described
that is not so described in the Registration Statement and the Prospectus.  The Company has not, directly or indirectly, extended
or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan
to or for any of its directors or executive officers in violation of applicable laws, including Section 402 of the Sarbanes-Oxley
Act.

 

(xxxiii)The Company and each of the
Subsidiaries (A) is in compliance in all material respects with any and all applicable federal, state, local and foreign laws,
rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or
toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (B) has
received and is in compliance in all material respects with all permits, licenses or other approvals required of it under applicable
Environmental Laws to conduct its business; and (C) has not received notice of any actual or potential liability for the investigation
or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except in any
such case for any such failure to comply, or failure to receive required permits, licenses or approvals, or liability as would
not, individually or in the aggregate, result in a Material Adverse Effect.

 

(xxxiv)The Company and each of the Subsidiaries
(A) is in compliance, in all material respects, with any and all applicable foreign, federal, state and local laws, rules,
regulations, treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant to the Occupational
Health and Safety Act) relating to the protection of human health and safety in the workplace (“Occupational Laws”);
(B) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct
its business as currently conducted; and (C) is in compliance, in all material respects, with all terms and conditions of
such permit, license or approval.  No action, proceeding, revocation proceeding, writ, injunction or claim is pending or,
to the Company’s knowledge, threatened against the Company or any of the Subsidiaries relating to Occupational Laws, and
the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices
that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.

 

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

 

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(xxxvi)No material labor problem or
dispute with the employees of the Company exists or, to the knowledge of the Company, is threatened or imminent.

 

(xxxvii)The Company has not taken, directly
or indirectly, any action designed to or that would constitute or that would reasonably be expected to cause or result in, under
the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Shares.

 

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

 

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

 

2.Purchase, Sale and Delivery
of Shares.

 

(a)At the Market Sales.  On
the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set
forth, the Company agrees to issue and sell through the Agent as sales agent, and the Agent agrees to use its commercially reasonable
efforts to sell for and on behalf of the Company, the Shares on the following terms and conditions; provided, however,
that any obligation of the Agent to use such commercially reasonable efforts shall be subject to the continuing accuracy of the
representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the
continuing satisfaction of the additional conditions specified in Section 4 of this Agreement.

 

(i)  The Shares are to be
sold by the Agent on a daily basis or otherwise as shall be agreed to by the Company and the Agent on any day that the Company
has instructed the Agent to make such sales and which is a trading day for the NYSE MKT (other than a day on which the NYSE MKT
is scheduled to close prior to its regular weekday closing time) (each, a “Trading Day”). On any Trading
Day, any two representatives of the Company whose name is set forth on Schedule B hereto may instruct the Agent by telephone
(confirmed promptly by telecopy or email to the appropriate individual listed on Schedule D hereto, using a form substantially
similar to that set forth on Schedule C hereto (a “Transaction Notice”), which confirmation shall
be promptly acknowledged by the Agent) as to the maximum number of shares to be sold by the Agent on such day and in any event
not in excess of the amount available for issuance under the Prospectus and the currently effective Registration Statement, the
time period during which sales are requested to be made and the minimum price per Share, if any, at which such Shares may be sold.
Subject to the terms and conditions hereof and unless the sale of the Shares described therein has been declined, suspended, or
otherwise terminated in accordance with the terms of this Agreement, the Agent shall use its commercially reasonable efforts to
sell all of the Shares so designated by the Company in the Transaction Notice. The gross sales price of the Shares sold under this
Section 2(a) shall be equal to the market price for shares of the Company’s Common Stock sold by the Agent
under this Section 2(a) on the NYSE MKT at the time of such sale.

 

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

 

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

 

(iv)   The Agent hereby
covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section 2(a), other
than by means of ordinary brokers’ transactions deemed to be “at the market” offerings as defined in Rule 415
of the Securities Act including without limitation sales made directly on the NYSE MKT, on any other existing trading market for
the Common Stock or to or through a market maker.

 

(v)   The compensation
to the Agent for sales of the Shares, as an agent of the Company, shall be (i) 4% of the gross sales price of the first $10,000,000
of Shares sold pursuant to this Section 2(a) and (ii) thereafter, 3% of the gross sales price of the remaining Shares
sold pursuant to this Section 2(a). The remaining proceeds, after further deduction for any transaction fees imposed
by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company
for such Shares (the “Net Proceeds”). The Agent shall notify the Company as promptly as practicable if
any deduction referenced in the preceding sentence will be required.

 

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

 

(vii)    All
Shares sold pursuant to this Section 2(a) will be delivered by the Company to Agent for the accounts of the
Agent on the third full business day following the date on which such Shares are sold, or at such other time and date as
Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of
delivery being herein referred to as a “Settlement Date.”  On each Settlement Date, the Shares
sold through the Agent for settlement on such date shall be issued and delivered by the Company to the Agent against payment
of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the
Shares by the Company or its transfer agent (i) to the Agent or its designee’s account (provided the Agent shall have
given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
(“DTC”) or (ii) by such other means of delivery as may be mutually agreed upon by the
parties hereto, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, in
return for payment in same day funds delivered to an account designated by the Company. If the Company or its transfer agent
(if applicable) shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify
and hold the Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and
(B) pay the Agent any commission to which it would otherwise be entitled absent such default against payment of the Net
Proceeds therefor by wire transfer of same day funds payable to the order of the Company at 9:00 a.m. New York City
time. If the Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares
delivered by the Company, the Agent will pay the Company interest based on the effective overnight federal funds rate until
such proceeds, together with such interest, have been fully paid.

 

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

 

(c)Notwithstanding any other provisions
of this Agreement, the Company agrees that no sale of Shares shall take place, and the Company shall not request the sale of any
Shares, and the Agent shall not be obligated to sell, during any period in which the Company is, or could be deemed to be, in possession
of material non-public information; provided that, notwithstanding the provisions of this paragraph (c), the Company agrees that
no sales of Shares shall take place during the twenty (20) calendar days prior to an Earnings Release (as defined below).

 

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

 

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

 

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

 

    	13

    	 

    

(c)       (i) 
From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any applicable
Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter
amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary to permit
the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof,  the Base Prospectus, the
Prospectus and any Permitted Free Writing Prospectus. If during any applicable Prospectus Delivery Period any event occurs as a
result of which the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus would include an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
then existing, not misleading, or if during any applicable Prospectus Delivery Period it is necessary or appropriate in the opinion
of the Company or its counsel or the Agent or counsel to the Agent to amend the Registration Statement or supplement the Base Prospectus,
the Prospectus or any Permitted Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any
document which would be deemed to be incorporated by reference in the Prospectus in order to comply with the Securities Act or
the Exchange Act, the Company will promptly notify Agent, and the Agent shall suspend the offering and sale of any such Shares,
and will amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus
or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance within
the time period prescribed by the Securities Act or the Exchange Act.

 

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

 

    	14

    	 

    

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

 

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

 

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

 

(f)The Company will make generally available
to its security holders as soon as practicable an earnings statement (which need not be audited) covering a 12-month period that
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.
If the Company makes any public announcement or release disclosing its results of operations or financial condition for a completed
quarterly or annual fiscal period (each, an “Earnings Release”) and the Company has not yet filed a Quarterly
Report on Form 10-Q or an Annual Report on Form 10-K with respect to such information, as applicable, then, prior to any sale of
Shares, the Company shall be obligated to (x) file a prospectus supplement with the Commission under the applicable paragraph of
Rule 424(b), which prospectus supplement shall include the applicable financial information, (y) file a Current Report on Form
8-K, which Form 8-K shall include the applicable financial information or (z) furnish a Current Report on Form 8-K pursuant to
Item 2.02 thereof, which current report shall specifically state that the applicable financial information shall be deemed “filed”
under the Exchange Act.

 

(g)   The Company, whether
or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be paid (i) all
expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred in connection
with the registration, issue, sale and delivery of the Shares, (ii) all reasonable expenses and fees (including, without limitation,
fees and expenses of the Company’s accountants and counsel) in connection with the preparation, printing, filing, delivery,
and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits
thereto), the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement
thereto, and the producing, word-processing, printing, delivery, and shipping of this Agreement and other closing documents, including
Blue Sky Memoranda (covering the states and other applicable jurisdictions) and including the cost to furnish copies of each thereof
to the Agent, (iii) all filing fees, (iv) the reasonable fees and disbursements of the Agent’s counsel incurred in connection
with the qualification of the Shares for offering and sale by the Agent or by dealers under the securities or blue sky laws of
the states and other jurisdictions which Agent shall designate, (v) the fees and expenses of any transfer agent or registrar,
(vi) the filing fees and reasonable fees and disbursements of Agent’s counsel incident to any required review and approval
by the Financial Industry Regulatory Authority, Inc. of the terms of the sale of the Shares, (vii) listing fees, if any,
(viii) the cost and expenses of the Company relating to investor presentations or any “roadshow” undertaken in
connection with marketing of the Shares, and (ix) all other costs and expenses incident to the performance of its obligations
hereunder that are not otherwise specifically provided for herein.  In addition, upon execution of this Agreement, the Company
shall reimburse the Agent for its reasonable out of pocket expenses, including the reasonable fees and disbursements of the Agent’s
counsel actually incurred in connection with the execution of this Agreement, in an amount (inclusive of any amounts owed pursuant
to (iv) and (vi) above) not to exceed $20,000. Additionally, thereafter, on each Settlement Date, out of the Net Proceeds therefrom,
the Company shall reimburse the Agent for its reasonable out of pocket expenses, including the reasonable fees and disbursements
of the Agent’s counsel actually incurred but unpaid prior to such Settlement Date (the “Additional Reimbursements”),
all of which Additional Reimbursements shall not exceed $55,000. Notwithstanding the foregoing, Agent counsel’s reimbursed
expenses included in Additional Reimbursements with regard to its activities pursuant to Section 4(e) hereof on each Bringdown
Date (as defined below) , shall not exceed $1,200 per Bringdown Date.

 

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

 

(i)   During each period
commencing on the date of each Transaction Notice and ending after the close of business on the Settlement Date for the related
transactions covered by such Transaction Notice, the Company will not offer for sale, sell, contract to sell, pledge, grant any
option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate,
or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to make any such offer, sale, pledge,
grant, issuance or other disposition), of any Common Stock or any securities convertible into or exchangeable for, or any options
or rights to purchase or acquire, Common Stock, or permit the registration under the Securities Act of any Common Stock, such securities,
options or rights, except for (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement,
(ii) the registration of shares issued or issuable with respect to any Additional Issuances, (iii) sales of shares through
any dividend reinvestment and stock purchase plan of the Company and (iv) any Additional Issuances.

 

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

 

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

 

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

 

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

 

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

 

(o)    [Reserved]

 

(p)    The Company
represents and agrees that, it has not made and will not make any offer relating to the Shares that would constitute an “issuer
free writing prospectus,” as defined in Rule 433 under the Securities Act, or that would otherwise constitute a “free
writing prospectus,” as defined in Rule 405 under the Securities Act, required to be filed with the Commission other
than a Permitted Free Writing Prospectus.  The Company represents that it has treated or agrees that it will treat each Permitted
Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will
comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission
filing where required, legending and record keeping.

 

(q)   On the date hereof
and each (A) date when a Registration Statement or Prospectus is amended or supplemented (other than a supplement to a Prospectus
filed pursuant to Rule 424(b) under the Securities Act relating solely to the offering of securities other than the Shares)
or (B) date that an Incorporated Document (other than a Current Report on Form 8-K unless Agent shall reasonably request)
is filed with the Commission (each of the dates in (A) and (B) are referred to herein as a “Bringdown Date”),
the Company shall cause Silverman Sclar Shin & Byrne PLLC, counsel for the Company, to furnish to the Agent its written opinion
and negative assurance letter, dated as of the Bringdown Date, and addressed to the Agent, in form and substance stating in effect
the matters set forth on Annex A hereto, each modified as necessary to relate to the Registration Statement and the Prospectus
as amended and supplemented to the time of delivery of such opinions. With respect to this Section 3(q), in lieu of delivering
such opinions or letters for Bringdown Dates subsequent to the date hereof, such counsel may furnish agent with a letter (a “Reliance
Letter”) to the effect that Agent may rely upon a prior opinion or letter delivered under this Section 3(a) to the
same extent as if it were dated the date of such letter (except that statement in such prior opinion shall be deemed to relate
to the Registration Statement and the Prospectus as amended or supplemented as of such Representation Statement).

 

(r)     On the
date hereof and each date when (A) a Registration Statement or Prospectus is amended or supplemented to include additional
or amended financial information, (B)  the Company files an annual report on Form 10-K or a Quarterly Report on form
10-Q or (C) a document (other than an annual report on Form 10-K or a Quarterly Report on Form 10-Q) containing additional
or amended financial information is filed with the Commission and incorporated by reference into the Prospectus, the Company shall
cause McGladrey LLP, or other independent accountants satisfactory to the Agent, to deliver to the Agent (x) a letter, dated as
of such date and addressed to Agent, in form and substance satisfactory to Agent (the first such letter, the “Initial
Comfort Letter”), confirming that they are independent public accountants within the meaning of the Securities Act
and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation
S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial information and other
matters and (y) a letter updating the Initial Comfort Letter with any information that would have been included in the Initial
comfort Letter had it been given on such date and as modified as necessary to relate to the Registration Statement, the Prospectus
or any issuer free writing prospectus, as amended or supplemented to the date of such letter.

 

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(s)       On
the date hereof and each Bringdown Date, the Company shall furnish to the Agent a certificate, dated as of such date and addressed
to Agent, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:

 

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

 

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

 

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

 

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

 

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

 

    	18

    	 

    

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

 

(u)  The Company shall disclose
in its quarterly reports on Form 10-Q and in its annual report on Form 10-K the number of the Shares sold through the
Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the
Shares pursuant to this Agreement during the relevant quarter (or alternatively, prepare a prospectus supplement with such summary
information and, at least once a quarter and subject to Section 3(a) above, file such prospectus supplement pursuant to Rule 424(b)
under the Securities Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	19

    	 

    

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

 

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

 

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

 

(e)    On each Bringdown
Date, Ellenoff Grossman & Schole LLP, counsel for the Agent, shall not have reasonably determined that the Base Prospectus,
the Prospectus, or any Permitted Free Writing Prospectus, as of such date, includes an untrue statement of a material fact or omits
to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading.

 

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

 

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

 

(h)     The Financial
Industry Regulatory Authority, Inc. shall have raised no objection to the fairness and reasonableness of the underwriting
terms and arrangements.

 

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

 

    	20

    	 

    

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

 

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

 

5.   Indemnification
and Contribution.

 

(a)  The Company agrees to indemnify
and hold harmless the Agent its affiliates, directors and officers and each person, if any, who controls such Agent within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any losses, claims, damages
or liabilities, joint or several, to which the Agent may become subject, under the Securities Act or otherwise (including in settlement
of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement, the Base Prospectus, the Prospectus, or any amendment or supplement thereto,
any Incorporated Documents, or any Permitted Free Writing Prospectus or in any materials or information provided to investors by,
or with the approval of, the Company in connection with the offering of the Shares (the “Marketing Materials”)
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse the Agent for any legal or other expenses reasonably
incurred by it in connection with investigating or defending against such loss, claim, damage, liability or action; provided,
however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or
action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the
Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing
Prospectus or in any Marketing Materials, in reliance upon and in conformity with written information furnished to the Company
by Agent specifically for use in the preparation thereof, it being understood and agreed that the only information furnished by
the Agent consists of the information described as such in Section 5(g) hereof.

 

(b)      The
Agent will indemnify and hold harmless the Company its affiliates, directors and officers and each person, if any, who controls
such Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against
any losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act or otherwise (including
in settlement of any litigation, if such settlement is effected with the written consent of the Agent), insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or
supplement thereto or any Permitted Free Writing Prospectus or Marketing Materials, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement
thereto, or any Permitted Free Writing Prospectus or Marketing Materials in reliance upon and in conformity with written information
furnished to the Company by Agent specifically for use in the preparation thereof, it being understood and agreed that the only
information furnished by the Agent consists of the information described  as such in Section 5(g) hereof,
and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating
or defending against any such loss, claim, damage, liability or action.

 

    	21

    	 

    

(c)   In addition to their
other obligations under Section 5(a) and Section 5(b), the Agent and the Company each agrees that,
as an interim measure during the pendency of any claim, action, investigation, inquiry or other proceeding arising out of or based
upon any statement or omission, or any alleged statement or omission, described in Section 5(a) or Section 5(b),
as applicable, the indemnifying party will reimburse the indemnified party on a monthly basis for all reasonable legal fees or
other expenses incurred in connection with investigating or defending any such claim, action, investigation, inquiry or other proceeding
(other than such fees or expenses the indemnifying party contests in good faith), notwithstanding the absence of a judicial determination
as to the propriety and enforceability of the indemnifying party’s obligation to reimburse the indemnified party for such
expenses and the possibility that such payments might later be held to have been improper by a court of competent jurisdiction. 
To the extent that any such interim reimbursement payment is so held to have been improper, the indemnified party shall promptly
return it to the party or parties that made such payment, together with interest, compounded daily, determined on the basis of
the prime rate (or other commercial lending rate for borrowers of the highest credit standing) announced from time to time by the
Wall Street Journal  (the “Prime Rate”).  Any such interim reimbursement payments which are
not made to the indemnified party within 30 days of the date a request for reimbursement is made, accompanied by documentation
reasonably required by the indemnifying party evidencing the incurrence of such fees and expenses, shall bear interest at the Prime
Rate from the date of such request.  This indemnity agreement shall be in addition to any liabilities which the Company or
the Agent may otherwise have.

 

(d)  Promptly after receipt
by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially
prejudiced by such failure.  In case any such action shall be brought against any indemnified party, and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent
that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory
to such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party’s
election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection
for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that if the indemnified party shall have reasonably concluded
that it is advisable for it to be represented by separate counsel, the indemnified party shall have the right to employ a single
separate counsel to represent it, satisfactory to the indemnifying party, in which event the reasonable fees and expenses of such
single separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred
(in accordance with the provisions of subsection (c) above).

 

The indemnifying party under this Section 5
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any
loss, claim, damage, liability or expense by reason of such settlement or judgment.  Notwithstanding the foregoing sentence,
if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by this Section 5, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days
after receipt by such indemnifying party of the aforesaid request, (ii) the Indemnifying Party shall have received notice
of such settlement at least 30 days prior to such settlement being entered into, and (iii) such indemnifying party shall not
have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.  No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry
of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have
been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise
or consent (a) includes an unconditional release of such indemnified party from all liability on claims that are the subject
matter of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.

 

    	22

    	 

    

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

 

(f)     The obligations
of the Company under this Section 5 shall be in addition to any liability which the Company may otherwise have and
shall extend, upon the same terms and conditions, to each person, if any, who controls the Agent within the meaning of the Securities
Act; and the obligations of the Agent under this Section 5 shall be in addition to any liability that the Agent may
otherwise have and shall extend, upon the same terms and conditions, to each director of the Company (including any person who,
with his consent, is named in the Registration Statement as about to become a director of the Company), to each officer of the
Company who has signed the Registration Statement and to each person, if any, who controls the Company within the meaning of the
Securities Act.

 

    	23

    	 

    

(g)   The Agent confirms
and the Company acknowledges that no information has been furnished in writing to the Company by or on behalf of the Agent specifically
for inclusion in the Registration Statement, any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus.

 

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

 

7. Termination of this Agreement.

 

(a)  The Company shall have
the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating to the solicitation
of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party
to any other party except that (i) if the Shares have been sold through the Agent for the Company, then Sections 3(g) and
3(z) shall remain in full force and effect, (ii) with respect to any pending sale, through the Agent for the Company,
the obligations of the Company with respect to such pending sale of Shares, including in respect of compensation of the Agent,
shall remain in full force and effect notwithstanding such termination and (iii) the provisions of Section 3(g),
Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding such termination.
Notwithstanding the foregoing, the Company shall have the right to terminate this Agreement pursuant to Section 2(a)(ii) hereof.

 

(b)      The
Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that (i) the provisions of the second to last sentence of Section 3(g),
Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding such termination
and (ii) the provisions of Section 3(g) other than the second to last sentence thereof shall remain in full force and effect only
if the Agent has terminated this Agreement as a result of the Company’s default of its obligations hereunder and its failure
to cure any default within a reasonable period of time.

 

(c)   This Agreement shall
remain in full force and effect unless terminated pursuant to Sections 7(a) or (b) above or otherwise by
mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide
that Section 3(g), Section 5 and Section 6 shall remain in full force and effect. This Agreement
shall terminate automatically upon the issuance and sale of Shares having an aggregate offering price equal to the amount set forth
in the first paragraph of this Agreement.

 

(d)  Any termination of this
Agreement shall be effective on the date specified in such notice of termination; provided that such termination shall not be effective
earlier than the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such
termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the
provisions of Section 2(a)(vi) of this Agreement.

 

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

 

    	24

    	 

    

9.      Notices. 
Except as otherwise provided herein, all communications under this Agreement shall be in writing and, if to the Agent, shall be
mailed, delivered or telecopied to Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, (fax:  (212) 895-3783),
Attention: ___________, Managing Director, Investment Banking, with a copy to Ellenoff Grossman & Schole LLP, (fax: (212) 401
4741) Attention: Robert Charron.  Notices to the Company shall be given to it at 1617 JFK Boulevard, Philadelphia, Pennsylvania
19103, (fax:  (215) 988-1739) Attention:  Charles T. Bernhardt, Chief Financial Officer, with a copy to Silverman Sclar
Shin & Byrne PLLC, 381 Park Avenue South, Suite 1601, New York, New York 10016, (fax: (212) 779-8858) Attention: Richard Feiner,
Esq.  Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written
notice of a new address for such purpose.

 

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

 

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

 

12.    Governing
Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

13.   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. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid and binding obligation of the Party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

    	25

    	 

    

 

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

 

	 	Very truly yours,
	 	 
	 	HEMISPHERX BIOPHARMA, INC.
	 	 
	 	 
	 	By	 /s/ William A. Carter
	 	
        Name: William A. Carter

        Title: Chief Executive Officer

	 	 
	Confirmed as of the date first	 
	above mentioned.	 
	 	 
	Maxim Group LLC	 
	 	 
	 	 
	By	  /s/ Edward L. Rose	 
	
        Name: Edward L. Rose

        Title:
Vice Chairman 
	 

 

    	 

    	 

    

Schedule A

Permitted Free Writing Prospectus

 

None.

 

    	 

    	 

    

Schedule B

Individuals Permitted to Authorize Sales
of Shares

 

 

 

 

William A. Carter

Chief Executive Officer and Chairman of the Board

 

 

Thomas K. Equels

General Counsel and Board Member

 

 

Charles T. Bernhardt

Chief Financial Officer

 

 

Adam Pascale

Controller

 

 

    	 

    	 

    

 

Schedule C

 

Form of E-mail or Telecopy Confirmation

 

 

Gentlemen:

 

Pursuant to the terms and subject to the conditions contained
in the Equity Distribution Agreement between Hemispherx Biopharma, Inc. (the “Company”) and Maxim Group LLC. (“Maxim”)
dated July 23, 2012 (the “Agreement”), I hereby confirm my telephonic request on behalf of the Company that Maxim sell
[for a period of [one] [two] [other period] days, up to [ ] shares of the Company’s Common Stock, par value $0.001 per share,
at a minimum market price of $                     
per share. In connection therewith, I hereby represent and warrant to Maxim that the Company is not in possession of any material
non-public information that would cause it to be in breach of Section 2(c) of the Agreement.

 

    	 

    	 

    

Schedule D

 

Individuals to Which Notice Can Be Given

 

Maxim Group LLC

 

__________, on behalf of the ATM Team

 

Via
telecopy at 212-895-3783

Via
email at _________@maximgrp.com

 

 

Hemispherx Biopharma, Inc.

 

William A. Carter

Chief Executive Officer

 

Via facsimile: (215) 988-1739

Via Certified US Mail at:

Hemispherx Biopharma, Inc.

One Penn Center

1617 JFK Boulevard, Suite 660

Philadelphia, PA 19103

 

 

Charles T. Bernhardt

Chief Financial Officer

 

Via email at Charles.Bernhardt@hemispherx.net

Via facsimile: (215) 988-1739

Via Certified US Mail at:

Hemispherx Biopharma, Inc.

One Penn Center

1617 JFK Boulevard, Suite 660

Philadelphia, PA 19103

 

 

    	 

    	 

    

ANNEX A

 

FORM OF COMPANY COUNSEL OPINION

 

1.The Company
has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware with
full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business
as currently being carried on and as described in the Registration Statement and in the Prospectus.

 

2.The Company
is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction listed in a schedule to
such counsel’s opinion.

 

3.The authorized,
issued and outstanding capital stock of the Company conforms as to legal matters to the description thereof contained in the Registration
Statement and the Prospectus under the caption “Description of Capital Stock” as of the date stated therein.

 

4.The Shares
to be issued and sold by the Company hereunder have been duly authorized and, when issued, delivered and paid for in accordance
with the terms of the Agreement, will have been validly issued and will be fully paid and nonassessable, and the holders thereof
will not be subject to personal liability by reason of being such holders.

 

5. Except
as otherwise stated in the Registration Statement and in the Prospectus, there are no preemptive rights or other rights to subscribe
for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock pursuant to the Company’s
charter, by-laws or any agreement or other instrument known to such counsel to which the Company is a party or by which the Company
is bound.

 

6.To such
counsel’s knowledge, neither the filing of the Registration Statement nor the offering or sale of the Shares as contemplated
by the Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other securities
of the Company.

 

7.The Registration
Statement has become effective under the Securities Act and, to such counsel’s knowledge, no stop order suspending the effectiveness
of the Registration Statement has been issued and no proceeding for that purpose has been instituted or, to the knowledge of such
counsel, threatened by the Commission.

 

8.The descriptions
in the Registration Statement and in the Prospectus of statutes, regulations, legal and governmental proceedings, contracts and
other documents are accurate and fairly present the information required to be shown.

 

9.The Company
has full corporate power and authority to enter into this Agreement, and the Agreement has been duly authorized, executed and delivered
by the Company.

 

10.The
execution, delivery and performance of the Agreement and the consummation of the transactions herein contemplated will not result
in a breach or violation of any of the terms and provisions of, or constitute a default under, any statute, rule or regulation,
any agreement or instrument known to such counsel to which the Company is a party or by which it is bound or to which any of its
property is subject, the Company’s charter or by-laws, or any order or decree known to such counsel of any court or Governmental
Agency having jurisdiction over the Company or any of its respective properties.

    	 

    	 

    

 

11.The
Company is not, and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof
as described in the Prospectus, will not be, an “investment company” as defined in the Investment Company Act of 1940,
as amended.

 

12.No consent,
approval, authorization or order of, or filing with, any court or governmental agency or body is required for the execution, delivery
and performance of the Agreement or for the consummation of the transactions contemplated hereby, including the issuance or sale
of the Shares by the Company, except such as may be required under the Securities Act or state securities laws or under the bylaws,
rules and regulations of FINRA.

 

13.The
Registration Statement and the Prospectus, and any amendment thereof or supplement thereto, comply, and as of their respective
effective or issue dates complied, as to form in all material respects with the requirements of the Securities Act and the Rules
and Regulations; the conditions for use of Form S-3, set forth in the General Instructions thereto, have been satisfied.

 

14.Each
document filed pursuant to the Exchange Act (other than the financial statements and supporting schedules included therein, as
to which no opinion need to be rendered) and incorporated or deemed to be incorporated by reference in the Prospectus complied
when so filed as to form in all material respects with the Exchange Act.

 

    	 

    	 

    

In rendering such opinion, such counsel
may state that its opinion is limited to matters governed by the federal securities laws of the United States of America, the internal
laws of the State of New York and the Delaware General Corporation Law. Such counsel shall also have furnished to the Agent, on
every Bringdown Date, a written statement, addressed to the Agent and dated as of such date, in form and substance satisfactory
to the Agent, to the effect that (x) such counsel has acted as counsel to the Company in connection with the preparation of the
Registration Statement and the Prospectus and has reviewed the Registration Statement, and (y) subject to the foregoing, such counsel
confirms that, on the basis of the information gained in the course of performing the services referred to therein, nothing came
to such counsel’s attention that caused such counsel to believe that (i) the Registration Statement, on the effective date,
contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; or (ii) the Prospectus, as of its date, and as of the date of such opinion, contained
or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, such counsel
is not passing upon and does not (a) assume any responsibility for the accuracy, completeness or fairness of the statements contained
in the Registration Statement and the Prospectus and (b) express any belief with respect to the financial statements and supporting
schedules and other financial and statistical data included or incorporated by reference in, or omitted from, the Registration
Statement or the Prospectus. References to the Prospectus in this paragraph shall also include any supplements thereto at the Settlement
Date.

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