Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

ENDOLOGIX, INC. 
 EQUITY
DISTRIBUTION AGREEMENT 
 August 13, 2019 

PIPER JAFFRAY & CO. 
 U.S. Bancorp Center 

800 Nicollet Mall 
 Minneapolis, Minnesota 55402 

Ladies and Gentlemen: 
 As further set forth in
this agreement (this “Agreement”), Endologix, Inc., a company organized under the laws of Delaware (the “Company”), proposes to issue and sell from time to time through Piper Jaffray & Co.
(the “Agent”), as sales agent, the Company’s common stock, par value $0.001 per share (the “Common Stock”) (such shares of Common Stock to be sold pursuant to this Agreement, the
“Shares”) on terms set forth herein. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in Section 2 of this Agreement on the number of
shares of Shares issued and sold under this Agreement shall be the sole responsibility of the Company, and the Agent shall have no obligation in connection with such compliance. 

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 that, unless such representation or warranty specifies otherwise, as of
the date of this Agreement, each Representation Date (as defined in Section 3(o) below), each date on which a Placement Notice (as defined in Section 2(a)(i) below) is given (each, a “Notice Date”), each date on
which Shares are sold hereunder (each, an “Applicable Time”), and each Settlement Date (as defined in Section 2(a)(vii) below) as follows: 

(i) Compliance with Registration Requirements. The Company has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), on Form S-3 (File No. 333-225320) relating to certain securities of the Company identified therein, including, without limitation, the Common Stock (collectively, the
“Securities”); such registration statement, and any post-effective amendment thereto, shall have become effective; no stop order suspending the effectiveness of such registration statement or any part thereof shall have been
issued and no proceeding for that purpose shall have been initiated or, to the knowledge of the Company, threatened by the Commission; the prospectus filed as part of such registration statement and relating to the Securities is hereinafter called
the “Base Prospectus”; the various parts of such registration statement, including all exhibits thereto and any prospectus supplement (including the prospectus supplement included within the Registration Statement at the time
it is filed) relating to the Shares that is filed with the Commission and deemed by virtue of Rule 430B to be part of such registration statement, each as amended at the time such part of the registration statement became effective, including any
post-effective amendments thereto, are hereinafter collectively called the “Registration Statement”; any prospectus supplement to the prospectus specifically relating to the Shares (including the prospectus supplement
included within the Registration Statement at the time it is filed) prepared and filed with the Commission pursuant to 

 
Rule 424(b) under the Securities Act is hereinafter called the “Prospectus Supplement”; the Base Prospectus, as supplemented by the Prospectus Supplement, is hereinafter
called the “Prospectus”; any reference herein to the Base Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of
Form S-3 under the Securities Act; any reference to any amendment or supplement to the Base Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include any post-effective
amendment to the Registration Statement, any prospectus supplement relating to the Shares filed with the Commission pursuant to Rule 424(b) under the Securities Act and any documents filed under the Securities Exchange Act of 1934, as amended, and
the rules and regulations thereunder (collectively, the “Exchange Act”), and incorporated therein, in each case after the date of the Base Prospectus, the Prospectus Supplement or the Prospectus, as the case may be; any
reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act after the effective date of the Registration
Statement that is incorporated by reference in the Registration Statement; and any “issuer free writing prospectus” as defined in Rule 433 under the Securities Act (“Rule 433”) relating to the Shares is hereinafter
called an “Issuer Free Writing Prospectus”. All references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant the
Electronic Data Gathering Analysis and Retrieval System (“EDGAR”). 
 No order preventing or suspending the use of
the Prospectus, or any part thereof, or any Issuer Free Writing Prospectus has been issued by the Commission, and the Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and did not
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, in the light of the circumstances under which they were made, not misleading. 

The Prospectus and the applicable Issuer Free Writing Prospectus(es) issued at or prior to each Applicable Time, taken together (collectively,
and, with respect to any Shares, together with the public offering price of such Shares, the “General Disclosure Package”) as of each Applicable Time and each Settlement Date (as defined below), will not include any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each applicable Issuer Free Writing Prospectus will
not conflict with the information contained in the Registration Statement or the Prospectus and each such Issuer Free Writing Prospectus, as supplemented by and taken together with the General Disclosure Package as of such Applicable Time, will not
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading 

(ii) Incorporation of Documents by Reference. The documents incorporated or deemed to be incorporated by reference in
the Registration Statement when it was filed with the Commission and when it became effective, and in the Prospectus when it was filed with the Commission, complied in all material respects with the requirements of the Exchange Act, and, when read
together with the other information in the Prospectus, (i) at the time the Registration Statement became effective, (ii) at the time the Prospectus was issued and (iii) on the date of this Agreement, did not 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. 

(iii) Independent Accountants. The accountants who certified the financial statements and supporting schedules included
in the Registration Statement and Prospectus are 

  
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independent public accountants as required by the Securities Act and the Public Company Accounting Oversight Board. 

(iv) Financial Statements. The financial statements included or incorporated by reference in the Registration Statement,
the General Disclosure Package and the Prospectus, together with the related schedules and notes, comply as to form in all material respects with the requirements of Regulation S-X under the Securities Act and
present fairly, in all material respects, the financial position of the Company and its consolidated Subsidiaries (as defined below) at the dates indicated and the statement of operations, stockholders’ equity and cash flows of the Company and
its consolidated Subsidiaries for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis
throughout the periods involved. The supporting schedules, if any, present fairly, in all material respects, in accordance with GAAP, the information required to be stated therein. The selected financial information and the summary financial
information (if any) included in the Prospectus present fairly, in all material respects, the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included or incorporated by reference
in the Registration Statement. All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus, or incorporated by reference therein, regarding “non-GAAP
financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the
Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language (“XBRL”) included or incorporated by reference in the Registration Statement and the Prospectus fairly present the
information called for in all material respects and have been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 

(v) No Material Adverse Change in Business. Since the respective dates as of which information is given in the
Registration Statement, the General Disclosure Package or the Prospectus, and except as otherwise stated therein (i) there has been no material adverse change in the condition, financial or otherwise, or in the business affairs or business
prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse Effect”), (ii) there have been no transactions entered into by
the Company or any of its Subsidiaries, other than those entered into in the ordinary course of business, which are material with respect to the Company and its Subsidiaries considered as one enterprise, and (iii) there has been no dividend or
distribution of any kind declared, paid or made by the Company on any class of its capital stock. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit
21.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, except for subsidiaries that in the aggregate would not constitute a “significant subsidiary”
(as defined in Rule 405 under the Securities Act). None of the Subsidiaries of the Company is a “significant subsidiary” (as defined in Rule 405 under the Securities Act). 

(vi) Good Standing of the Company. The Company has been duly organized and is validly existing as a corporation in good
standing under the laws of the jurisdiction of its organization and has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus, and to enter into and perform its
obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. 

  
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 (vii) Good Standing of Subsidiaries. Each subsidiary listed on
Schedule 4 hereto (each a “Subsidiary” and, collectively, the “Subsidiaries”) has been duly organized and is validly existing as a corporation in good standing under the laws of the jurisdiction of its
incorporation, has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and is duly qualified as a foreign corporation to transact business and is in good standing in
each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse
Effect; except as otherwise disclosed in the Registration Statement, all of the issued and outstanding capital stock of each such Subsidiary has been duly authorized and validly issued, is fully paid and
non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. 

(viii) Capitalization. The issued and outstanding shares of Common Stock have been duly authorized and validly issued
and are fully paid and non-assessable; none of the outstanding shares of Common Stock were issued in violation of the preemptive or other similar rights of any securityholder of the Company. All of the
Company’s options, warrants and other rights to purchase or exchange any securities for shares of the Company’s capital stock have been duly authorized and validly issued, and conform in all material respects to the description thereof
contained in the Registration Statement and the Prospectus. All of the issued shares of capital stock or other ownership interest of each Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or claims as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Common Stock has been registered pursuant to Section 12(b) of the Exchange Act and is listed for trading on The Nasdaq Global Select Market
(“Nasdaq”), and the Company has taken no action designed to terminate the registration or listing of the Common Stock on Nasdaq, nor has the Company received any unresolved written notification that the Commission or Nasdaq
is contemplating terminating such registration or listing. 
 (ix) Authorization of Agreements. This Agreement has
been duly authorized by the Company. This Agreement has been executed and delivered by the Company. 
 (x) Authorization
and Description of Securities. The Shares have been duly authorized and reserved for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set
forth herein (or therein), will be validly issued, fully paid and non-assessable; the Common Stock conforms in all material respects to the description thereof contained in the Prospectus and such description
conforms to the rights set forth in the instruments defining the same; and the issuance of the Shares is not subject to the preemptive or other similar rights of any securityholder of the Company. 

(xi) Absence of Defaults and Conflicts. (i) Neither the Company nor any of its Subsidiaries is in violation of its
charter or by-laws, or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit
agreement, note, lease or other agreement or instrument that is individually material to the Company and to which the Company or any of its Subsidiaries is a party or by which it or any of them may be bound, or to which any of the material
properties or assets of the Company or any Subsidiary are subject (collectively, “Material Agreements and Instruments”), and (iii) the execution, delivery and performance of this

  
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Agreement and the consummation of the transactions contemplated herein (or therein) and in the Registration Statement (including the issuance and sale of the Shares, and the use of the proceeds
from the sale of the Shares as described in the Prospectus) and compliance by the Company with its obligations hereunder (1) have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving
of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the
Company or any Subsidiary pursuant to, the Material Agreements and Instruments, (2) will not result in any violation of the provisions of the charter or by-laws of the Company, and (3) will not
result in any violation of any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign (including the U.S. Food and Drug Administration (the
“FDA”)), having jurisdiction over the Company or any Subsidiary or any of their assets, properties or operations (each, a “Governmental Entity”), except in the case of clauses (ii) and (iii), such
violation or default as would not reasonably be expected to result in a Material Adverse Effect. 
 As used herein, a
“Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Company or any Subsidiary. 
 (xii) Absence of
Labor Dispute. No labor dispute with the employees of the Company or any Subsidiary exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing labor disturbance by the employees of any of its principal
suppliers, manufacturers, customers or contractors. 
 (xiii) Absence of Proceedings. There is no action, suit,
proceeding, inquiry or investigation before or brought by any Governmental Entity now pending, or, threatened in writing, against or affecting the Company or any Subsidiary, which is required to be disclosed in the Registration Statement or the
Prospectus (other than as disclosed therein), or which would reasonably be expected to result in a Material Adverse Effect, or materially and adversely affect the properties or assets thereof or the consummation of the transactions contemplated in
this Agreement or the performance by the Company of its obligations hereunder (or thereunder); the aggregate of all pending legal or governmental proceedings to which the Company or any Subsidiary is a party or of which any of their respective
property or assets is the subject which are not described in the Prospectus, including ordinary routine litigation incidental to the business, would not reasonably be expected to result in a Material Adverse Effect. 

(xiv) Accuracy of Exhibits. There are no contracts or documents which are required to be described in the Registration
Statement or the Prospectus or the documents incorporated by reference therein or to be filed as exhibits thereto which have not been so described and filed as required. 

(xv) Possession of Intellectual Property. Except as would not reasonably be expected to result in a Material Adverse
Effect, (i) the Company and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and
other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary to
carry on the business now operated by them, and (ii) neither the Company nor any of its Subsidiaries has 

  
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received any written notice of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property. 

(xvi) Compliance with Health Care Laws. Except as described in the Prospectus, the Company: (i) is and for the past
three (3) years has been in compliance with applicable Health Care Laws, except for such noncompliance as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (ii) has not received any FDA
Form 483, notice of adverse finding, warning letter, untitled letter or other written correspondence or notice from any Governmental Entity alleging or asserting noncompliance with any Health Care Laws which has not been resolved or remedied by the
Company, except for such noncompliance as would not, singly or in the aggregate, be reasonably expected to result in a Material Adverse Effect; (iii) possesses all licenses, certificates, approvals, clearances, authorizations, registrations,
permits (and supplements or amendments thereto) required by any Health Care Laws (“Authorizations”), such Authorizations are valid and in full force and effect, and the Company is not in violation of any term of any such
Authorizations, except for such failure, invalidity or violation as would not reasonably be expected to result in a Material Adverse Effect; (iv) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any Governmental Entity or third party alleging that any product, operation or activity is in violation of any Health Care Laws or Authorizations, and does not have knowledge that any such Governmental
Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, except for such violations as would not reasonably be expected to result in a Material Adverse Effect; (v) has not received
written notice that any Governmental Entity 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 Entity is considering such action, except
for such limitations, suspensions, modifications or revocations as would not reasonably be expected to result in a Material Adverse Effect; and (vi) has filed, obtained, maintained or submitted all reports, documents, forms, notices,
applications, records, claims, submissions (and supplements or amendments thereto) as required by any Health Care Laws or Authorizations except where the failure to file, obtain, maintain or submit such documents would not reasonably be expected to
result in a Material Adverse Effect, and all such reports, documents, forms, notices, applications, records, claims, submissions (and supplements or amendments thereto) were complete and correct on the date filed (or were corrected or supplemented
by a subsequent submission), except where the failure to be complete and correct would not reasonably be expected to result in a Material Adverse Effect. 

As used herein, “Health Care Laws” means: (i) the Federal Food, Drug and Cosmetic Act and the
regulations promulgated thereunder; (ii) all applicable federal, state, local and all applicable foreign health care related fraud and abuse law, including the U.S. Anti-Kickback Statute (42 U.S.C.
Section 1320a-7b(b)), the Physician Self-Referral Law (commonly known as the Stark law) (42 U.S.C. Section 1395nn), the civil False Claims Act (31 U.S.C. Section 3729 et seq.), the
administrative False Claims Law (42 U.S.C. Section 1320a-7b(a)), the Civil Monetary Penalties Law (42 U.S.C. Section 1320a-7a), the Health Insurance
Portability and Accountability Act of 1996 (42 U.S.C. Section 1320d et seq.), as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (collectively, “HIPAA”), the exclusion laws (42 U.S.C. Section 1320a-7), and the Physician Payments Sunshine Act (42 U.S.C. Section 1320a-7h); (iii) all criminal laws relating to health care fraud and abuse, including 18
U.S.C. Sections 286 and 287, and the health care fraud criminal provisions under HIPAA, Medicare (Title XVIII of the Social Security Act), and Medicaid (Title XIX of the Social Security Act); and (iv) the regulations promulgated pursuant to
such laws, and comparable state laws. 
 (xvii) Clinical Studies. The studies, tests and preclinical and clinical
trials conducted by or on behalf of the Company as described in the Prospectus (the “Clinical Studies”), 

  
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were, and if still pending are, in all material respects, being conducted in accordance with experimental protocols, procedures and controls pursuant to accepted professional and scientific
standards and all applicable Health Care Laws and Authorizations; the descriptions of the results of such studies, tests and trials contained in the Registration Statement, the General Disclosure Package 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, the General Disclosure Package and the Prospectus, the Company has no knowledge 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, the General Disclosure Package and the Prospectus when viewed
in the context in which such results are described and the clinical state of development; and the Company has not received any written notices or correspondence from any Governmental Entity requiring the termination, suspension or material
modification of any Clinical Studies, except where any such termination, suspension or modification would not reasonably be expected to result in a Material Adverse Effect. 

(xviii) Manufacturing Practices. All manufacturing operations performed by or on behalf of the Company are being
conducted in compliance with the Quality System regulation of the FDA and, to the extent applicable, counterpart regulations in the European Union and all other countries where compliance is required, except to the extent that the failure to be in
compliance would not reasonably be expected to result in a Material Adverse Effect. The Company and its Subsidiaries are in compliance with all reporting requirements under Health Care Laws, including, but not limited to, medical device reports (as
defined by 21 C.F.R. Part 803), reports of corrections and removals (as defined by 21 C.F.R. Part 806), and the reporting and recordkeeping requirements under the Quality System regulation of the FDA, and counterpart regulations in other countries
where compliance is required, except to the extent that the failure to be in compliance would not reasonably be expected to result in a Material Adverse Effect. 

(xix) Absence of Further Requirements. No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any court or governmental authority or agency is necessary or required for the performance by the Company of its obligations hereunder, in connection with the offering, issuance or sale of the Shares
hereunder or the consummation of the transactions contemplated by this Agreement, except such as have been already obtained or as may be required under the Securities Act or state securities laws and/or the bylaws and rules of the Financial Industry
Regulatory Authority (the “FINRA”) in connection with the sale of the Shares by the Agent and the inclusion of the Shares on Nasdaq. 

(xx) Absence of Manipulation. Neither the Company nor any affiliate of the Company has taken, nor will the Company take,
directly or indirectly, any action which is designed to or which has constituted or which would be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the
Shares. 
 (xxi) Possession of Licenses and Permits. (i) The Company and its Subsidiaries possess such permits,
licenses, approvals, consents and other authorizations issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them (collectively, “Governmental
Licenses”); (ii) the Company and its Subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses; (iii) the Governmental Licenses are valid and in full force and effect; and (iv) neither the
Company nor any of its Subsidiaries has received any written notice of proceedings relating to the revocation or material modification of any such Governmental Licenses, except in the case of clauses
(i)

  
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through (iii), such failures, noncompliance or invalidity as would not reasonably be expected to result in a Material Adverse Effect. 

(xxii) Title to Property. The Company and its Subsidiaries have good and marketable title to all real property owned by
the Company and its Subsidiaries free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except such as (i) are described in the Prospectus, or (ii) do not, singly or in the
aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries; and all of the leases and subleases material to the business of the
Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has any
received any written notice of any material claim that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of such leases or subleases, or affecting or questioning the rights of the Company or such Subsidiary
to the continued possession of the property covered by any such lease or sublease. 
 (xxiii) Investment Company Act.
Neither the Company nor any of its Subsidiaries is required, and upon the issuance and sale of the Shares as herein contemplated and the application of the net proceeds therefrom as described in the Prospectus will be required, to register as an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (xxiv)
Environmental Laws. Except as described in the Prospectus, (i) neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of
common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic
substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”), except for such violations as would not reasonably be expected to result in a Material Adverse Effect, (ii) the Company and its
Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in material compliance with their requirements, except where the failure to possess such permits, authorizations or approvals,
or the failure of such compliance, would not reasonably be expected to result in a Material Adverse Effect, and (iii) to the knowledge of the Company, there are no material pending or threatened administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries. 

(xxv) Registration Rights. Except as disclosed in the Registration Statement and the Prospectus, there are no persons
with registration rights or other similar rights to have any securities registered pursuant to the Registration Statement or otherwise registered by the Company under the Securities Act. There are no contracts, agreements or understandings to
require the Company to include any such securities in the securities proposed to be offered pursuant to this Agreement. 

  
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 (xxvi) Accounting Controls and Disclosure Controls. The Company and
each of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the
Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (1) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (2) 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. 

The Company and its consolidated Subsidiaries employ disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) 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, and is accumulated and communicated to the Company’s management, including its principal executive officer or officers and principal financial
officer or officers, as appropriate, to allow timely decisions regarding disclosure. 
 (xxvii) Critical Accounting
Policies. The section entitled “Critical Accounting Policies” incorporated by reference in the Registration Statement and the Prospectus accurately describes in all material respects (i) the accounting policies that the Company
believes are the most important in the portrayal of the Company’s financial condition and results of operations and that require management’s most difficult, subjective or complex judgments (“Critical Accounting
Policies”); (ii) the judgments and uncertainties affecting the application of Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different
assumptions, and an explanation thereof. 
 (xxviii) S-3 Eligibility.
(i) At the time of filing the Registration Statement, the Company will meet the applicable requirements for use of Form S-3 under the Securities Act, (ii) at the time of the most recent
amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of
prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act and (iii) at the earliest time after the filing of the Registration Statement that the Company
makes a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares, the Company will not be an “ineligible issuer” as defined in Rule 405 under the Securities Act. 

(xxix) No Commissions. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or
understanding with any person (other than as contemplated by this Agreement) that would give rise to a valid claim against the Company or any of its Subsidiaries or the Agent for a brokerage commission, finder’s fee or like payment in
connection with the offer and sale of the Shares. 
 (xxx) Deemed Representation. Any certificate signed by any
officer of the Company delivered to the Agent or to counsel for the Agent pursuant to or in connection with this 

  
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Agreement shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby as of the date or dates indicated in such certificate. 

(xxxi) Compliance with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or any of the
Company’s directors or officers, in their capacities as such, to comply in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the
“Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications. 

(xxxii) FINRA Exemption. To enable the Agent to rely on Rule 5110(b)(7)(C)(i) of FINRA, the Company represents that the
Company (i) has a non-affiliate, public common equity float of at least $100 million, (ii) an annual trading volume of at least 3 million shares, (iii) has been subject to the Exchange
Act reporting requirements for a period of at least 36 months, and (iv) has filed in a timely manner all reports required to be filed by the Exchange Act during the 12 calendar months and any portion of a month immediately preceding the filing
of the prospectus supplement for this offering.1 
 (xxxiii) Payment
of Taxes. Subject to any permitted extensions, all United States federal income tax returns of the Company and its Subsidiaries required by law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due
and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided. No assessment in connection with the United States federal income tax returns of the
Company through the fiscal year ended December 31, 2018 has been made against the Company. The Company and its Subsidiaries have filed all other material tax returns that are required to have been filed by them pursuant to applicable foreign,
state, local or other law and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate
reserves have been provided. The charges, accruals and reserves on the books of the Company in respect of any income tax liability for any years not finally determined are adequate to meet any assessments or
re-assessments for additional income tax for any years not finally determined. 

(xxxiv) Insurance. The Company and its Subsidiaries carry or are entitled to the benefits of insurance, with insurers
believed to be financially sound and reputable, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. The
Company has no reason to believe that it or any Subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire, or (ii) to obtain comparable coverage from similar institutions as may be necessary
or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. Neither of the Company nor any Subsidiary has been denied any insurance coverage which it has sought or for which it has
applied. 
 (xxxv) Statistical and Market-Related Data. Any statistical and market-related data included in the
Registration Statement and the Prospectus and the consolidated financial statements of the Company and its Subsidiaries included or incorporated by reference in the Registration Statement and the Prospectus are based on or derived from sources that
the Company believes to be reliable and accurate, and, where required, the Company has obtained the written consent to the use of such data from such sources. 

 

	1 	 To confirm at signing. 

  
 10 

 (xxxvi) Accuracy of Certain Summaries and Statements. The statements
set forth or incorporated by reference, as applicable, in each of the Registration Statement and the Prospectus under the captions “Description of Common Stock,” and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 under the captions “Legal Proceedings” and “Certain Relationships and Related Transactions, and Director Independence,” insofar as they purport to
summarize the provisions of the laws and documents referred to therein, are accurate summaries in all material respects. 

(xxxvii) Absence of Settlement Agreements or Undertakings. Except as disclosed in the Registration Statement and the
Prospectus, the Company is not a party to any material corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental authority. 

(xxxviii) Material Contracts. There are no material contracts or other documents required to be described in the
Registration Statement or Prospectus or filed as exhibits to the Registration Statement that are not described and filed as required. The statements made in the Registration Statement and Prospectus, insofar as they purport to constitute summaries
of the terms of the contracts and other documents described and filed, constitute accurate summaries of the terms of such contracts and documents in all material respects. Except as disclosed in the Registration Statement and the Prospectus, neither
the Company nor any of its Subsidiaries has knowledge that any other party to any such contract or other document has any intention not to render full performance as contemplated by the terms thereof. 

(xxxix) Foreign Corrupt Practices Act. Neither the Company nor, to the knowledge of the Company, any director, officer,
employee or other person acting on behalf of the Company, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (the “FCPA”), 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 and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and
maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(xl) Money Laundering Laws. The operations of the Company and its Subsidiaries are and have been conducted at all times
in material compliance 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 any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 

(xli) OFAC. Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or other person acting on behalf of the Company or any of its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”); and the 

  
 11 

 
Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or
entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(xlii) ERISA Compliance. (i) Each “employee benefit plan” (within the meaning of Section 3(3) of the
Employee Retirement Security Act of 1974, as amended (“ERISA”)) for which the Company or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations
within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each a “Plan”) has been maintained in compliance in all material respects
with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has
occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with respect to each Plan subject to Title IV of ERISA (A) no “reportable event” (within the meaning of
Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that would result in a material loss to the Company, (B) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or
Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value of the assets under each Plan that is required to be funded exceeds the present value of all benefits accrued under
such Plan (determined based on those assumptions used to fund such Plan), and (D) neither the Company or any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than
contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the meaning of Section 4001(c)(3) of ERISA);
and (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, to the Company’s knowledge, whether by action or by failure to act, which would cause the loss of such
qualification. 
 (xliii) Compliance with Labor Laws. To the Company’s knowledge, neither the Company nor any
Subsidiary is in violation of or has received written notice of any violation with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wage and hour laws,
nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect. 

(xliv) Offering Material. The Company has not distributed and prior to any Settlement Date (as defined below), will not
distribute any offering material in connection with any Placement (as defined in Section 2(a)(i) below), other than any preliminary prospectus, the Prospectus, and any Permitted Free Writing Prospectus to which the Agent has consented. 

(xlv) No Taxes or Fees Due Upon Issuance. No stamp, issue, registration, documentary, transfer or other similar taxes
and duties, including interest and penalties, are payable on or in connection with the issuance and sale of the Shares by the Company or the execution and delivery of this Agreement. 

(xlvi) No Immunity. Neither the Company nor any Subsidiary, nor any of their respective properties or assets has any
immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment to prior judgment, attachment in aid of execution or otherwise) under the laws of any jurisdiction in which it is organized,
headquartered or doing business. 

  
 12 

 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, the performance by the Company of its covenants and obligations hereunder and the continuing satisfaction of the additional conditions specified in Section 4 of this
Agreement. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Shares, and (ii) 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 to sell such Shares as required under this Section 2.

(i) Each time that the Company wishes to issue and sell the Shares hereunder (each, a “Placement”), it
will notify the Agent by email notice (or other method mutually agreed to in writing by the parties) (a “Placement Notice”) containing the parameters in accordance with which it desires the Shares to be sold, which shall at a
minimum include the number of shares of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one Trading Day (as defined below) and any minimum price below
which sales may not be made, a form of which containing such minimum sales parameters necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule
2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent set forth on Schedule 2, as such Schedule 2 may be amended from time to
time. The Placement Notice shall be effective upon receipt by the Agent unless and until (i) in accordance with the notice requirements set forth in Section 2(a)(iii) of this Agreement, the Agent declines to accept the terms contained
therein for any reason, in its sole discretion, (ii) the entire amount of the Shares have been sold, (iii) the Company suspends or terminates the Placement Notice in accordance with the notice requirements set forth in
Section 2(a)(iii) below, (iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under the provisions of
Section 7. The amount of any commission or other compensation to be paid by the Company to the Agent in connection with the sale of the Shares shall be calculated in accordance with the terms set forth in Section 2(a)(v) below. It is
expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or any Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not
decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of the Placement Notice, the terms of
the Placement Notice will control. For the purposes hereof, “Trading Day” means any day on which the Company’s Common Stock is purchased and sold on the principal market on which the Common Stock is listed or quoted.

 (ii) 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 is a trading day for Nasdaq (other than a day on which Nasdaq is scheduled to close prior to its regular weekday closing time). The gross sales price of the Shares sold under this Section 2(a) shall be the market price for
the Company’s Common Stock sold by the Agent under this Section 2(a) at the time of such sale. 

  
 13 

 (iii) Notwithstanding the foregoing, the Company may instruct the Agent by
telephone (confirmed promptly by email) not to sell the Shares if such sales cannot be effected at or above the price designated by the Company in any such instruction. Furthermore, the Company shall not authorize the issuance and sale of, and the
Agent shall not be obligated to use its commercially reasonable efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company’s Board of Directors and notified to the Agent in writing.
In addition, the Company or the Agent may, upon notice to the other party hereto by telephone (confirmed promptly by email), suspend the offering of the Shares, 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. Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and the Agent agree that (i) no
sale of Shares will take place, (ii) the Company shall not request the sale of any Shares, and (iii) the Agent shall not be obligated to sell or offer to sell any Shares. 

(iv) Subject to the terms of the Placement Notice, the Agent may sell the Shares by any method permitted by law deemed to be an
“at the market offering” as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through Nasdaq. Subject to the terms of any Placement Notice, the Agent may also sell Shares in negotiated transactions at
market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law, subject to the prior written consent of the Company. 

(v) The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be up to 3.0% of the gross sales
price of the Shares sold pursuant to this Section 2(a), payable in cash (the “Sales Commission”); provided that the combined Sales Commission and reimbursement of the Agent for the
out-of-pocket reasonable and documented fees and disbursements of the Agent’s counsel pursuant to Section 3(g), shall not exceed 8.0% of the gross sales price
of the Shares. The remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, and reimbursement of expenses that the Agent may be entitled to pursuant to
Section 3(g), shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”). 

(vi) The Agent will provide written confirmation to the Company (including by email correspondence to each of the individuals
of the Company set forth on Schedule 2), no later than the opening of the Trading Day immediately following the Trading Day on which it has made sales of Shares hereunder, setting forth the number of Shares sold on such day, the
volume-weighted average price of the Shares sold, the Net Proceeds payable 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 the Agent for the account of the
Agent, against payment of the Net Proceeds therefor, by wire transfer of same-day funds payable to the order of the Company at the offices of Piper Jaffray & Co., U.S. Bancorp Center, 800 Nicollet
Mall, Minneapolis, Minnesota, or such other location as may be mutually acceptable, at 9:00 a.m. Central Time on the third full business day following the date on which such Shares are sold, or at such other time and date as the 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.” If the Agent so elects,
delivery of the Shares may be made by credit through full fast transfer to an account or accounts at The Depository Trust Company designated by the Agent. On each Settlement Date, the Agent will deliver the Net Proceeds in same day funds to an
account designated by the Company on, or prior to, such Settlement Date. The Company agrees 

  
 14 

 
that if the Company, or its transfer agent (if applicable), defaults in its obligation to timely deliver duly authorized Shares on a Settlement Date, the Company agrees that in addition to and in
no way limiting the rights and obligations set forth in Section 5 hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or
in connection with such default by the Company, (ii) reimburse the Agent for any losses incurred by the Agent attributable, directly or indirectly, to such default and (iii) pay to the Agent any commission or other compensation to which
the Agent would otherwise have been entitled absent such default. 
 (b) Maximum Amount. Under no circumstances shall the aggregate
number or aggregate value of the Shares sold pursuant to this Agreement exceed: (i) the aggregate number and aggregate dollar amount of shares of Common Stock available for issuance under the currently effective Registration Statement,
(ii) the aggregate number of authorized but unissued shares of Common Stock that are available for issuance under the Company’s certificate of incorporation or certificate of designation, (iii) the aggregate dollar amount of shares of
Common Stock permitted to be sold under the Company’s effective Registration Statement (including any limit set forth in General Instruction I.B.6 thereof, if applicable) or (iv) the aggregate number of aggregate dollar amount of shares of
Common Stock for which the Company has filed any Prospectus Supplement in connection with the Shares (the lesser of (i), (ii), (iii) and (iv) (the “Maximum Amount”). 

(c) No Association or Partnership. Nothing herein contained shall constitute the Agent as an unincorporated association or partner with
the Company. 
 (d) Duration. 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. 
 (e) Market Transactions by Agent. The Company
acknowledges and agrees that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell shares of Common Stock for its own account while this
Agreement is in effect, provided, that (i) no sale for its own account shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales of Shares purchased or deemed purchased from the Company as
a “riskless principal” or in a similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent. The Company consents to the Agent trading in the Common Stock for
the account of any of its clients at the same time as sales of the Shares occur pursuant to this Agreement. 
 3.
Covenants of the Company. The Company covenants and agrees with the Agent as follows: 
 (a) Amendments to Registration
Statement and Prospectus. After the date of this Agreement and during any period in which a Prospectus relating to any Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), the Company agrees that it will: (i) notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by
reference or amendments not related to the Shares, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus related to the Shares has been filed and of any request by the Commission for any
amendment or supplement to the Registration Statement (insofar as it relates to the transactions contemplated hereby) or Prospectus or for additional information; (ii) prepare and file with the Commission, promptly upon the Agent’s
request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable in connection with the sale of the Shares by the Agent (provided, however, that the

  
 15 

 
failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations and warranties
made by the Company in this Agreement); (iii) not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Shares or a security convertible into the Shares
unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected thereto (provided, however, that (A) the failure of the Agent to make such objection
shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations and warranties made by the Company in this Agreement), (B) the Company has no obligation to provide the
Agent any advance copy of such filing or to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to a Placement or other transaction contemplated hereunder, and (C) the only remedy
that the Agent shall have with respect to the failure by the Company to provide the Agent with such copy or the filing of such amendment or supplement despite the Agent’s objection shall be to notify the Company of the Agent’s intention to
cease making sales and to promptly cease making such sales under this Agreement); (iv) furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and (v) cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the
applicable paragraph of Rule 424(b) of the Securities Act. 
 (b) Stop Order. The Company will advise the Agent, promptly after it
receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Shares for offering or
sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose, and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop
order should be issued. 
 (c) Continuing Amendments. During any period in which a Prospectus relating to the Shares is required to be
delivered by the Agent under the Securities Act with respect to any Placement or pending sale of the Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply
with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports (taking into account any extensions available under the Exchange Act) and any definitive
proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the
Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during
such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of Shares during such period and the Company will
promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

(d) Qualification of the Shares. The Company shall take or cause to be taken all necessary action to qualify the Shares for sale under
the securities laws of such jurisdictions as the 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. 

  
 16 

 (e) Copies of Registration Statement and Prospectus. The Company will furnish to the
Agent and counsel for the Agent copies of the Registration Statement (which will include three complete manually signed copies of the Registration Statement and all consents and exhibits filed therewith), the 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) Section 11(a). 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 promulgated thereunder. 

(g) Expenses. 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
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 Shares, the Prospectus and any amendment thereof or supplement thereto, and the producing, word-processing, printing, delivery, and shipping of this Agreement and other
underwriting documents or 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 and documented 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 the Agent shall designate, (v) the fees and expenses of any transfer agent or registrar, (vi) the filing fees and reasonable and documented fees and disbursements of the Agent’s counsel incident to any required
review and approval by FINRA 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 reasonable and documented costs and expenses incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein. In addition to (iv) and (vi) above,
the Company shall reimburse the Agent for its reasonable and documented out of pocket fees and disbursements of the Agent’s counsel actually incurred in an amount which, taken together with the fees and disbursements of the Agent’s
counsel, is not to exceed $50,000. 
 (h) Use of Proceeds. The Company will apply the net proceeds from the sale of the Shares in the
manner the Prospectus. 
 (i) Restrictions on Future Sales. During the term of this Agreement, 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 of Common Stock (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), 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, without giving the Agent at least three (3) business days’ prior written notice specifying the nature of the proposed sale and the date of such proposed sale, so as to permit the Agent to suspend activity under this Agreement
for such period of time as requested by the Company, except for: (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement, (ii) sales of shares through any dividend reinvestment and stock purchase plan
of the Company, (iii) sales of shares of restricted stock, restricted stock units and options granted pursuant to employee benefit plans existing as of the date hereof, and the Common Stock issuable

  
 17 

 
upon the exercise of such outstanding options or vesting of such restricted stock units, and (iv) the issuance of shares pursuant to the exercise of warrants. 

(j) No Stabilization or Manipulation. 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 constitutes: (i) the stabilization or manipulation of the price of the Common Stock or any other 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 Subsidiaries or any of their respective officers or directors promptly after the Company has received notice or
obtained knowledge of any such violation. The Company shall not invest in futures contracts, options on futures contracts or options on commodities, unless the Company is exempt from the registration requirements of the Commodity Exchange Act, as
amended (the “Commodity Act”), or otherwise complies with the Commodity Act. The Company will not engage in any activities bearing on the Commodity Act, unless such activities are exempt from the Commodity Act or otherwise
comply with the Commodity Act. 
 (k) No Other Broker. 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. 

(l) Timely Securities Act and Exchange Act Reports. During any prospectus delivery period, the Company will use its commercially
reasonable efforts to file on a timely basis with the Commission such periodic and special reports as required by the Securities Act and the Exchange Act. 

(m) Internal Controls. The Company and its Subsidiaries will maintain such controls and other procedures, including without limitation,
those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including without limitation, controls and procedures designed to ensure that information required to be
disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and 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, including its Subsidiaries, is made known to them by others within those entities. 

(n) Permitted Free Writing Prospectus. The Company represents and agrees that, unless it obtains the prior written consent of the Agent,
and the Agent severally represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the 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. Any such free writing prospectus
consented to by the Company and the Agent is hereinafter referred to as 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. 
 (o) Representation Date and Opinions of Counsel. Prior to the date of the
first Placement Notice, and thereafter during the term of this Agreement, each time the Company (A) files an amendment to the Registration Statement or Prospectus (other than relating solely to the offering of securities other than the Shares),
(B) files an annual report on Form 10-K under the Exchange Act or files 

  
 18 

 its quarterly reports on Form 10-Q under the Exchange Act; and
(C) files a report on Form 8-K containing amended financial statements (other than an earnings release) under the Exchange Act, (each of the dates in (A), (B) and (C) are referred to herein as a
“Representation Date”), the Company shall cause: 
 (i) DLA Piper LLP (US), counsel for the Company,
to furnish to the Agent the opinion and negative assurance letter of such counsel, dated as of such date and addressed to the Agent, in form and substance reasonably satisfactory to the Agent; provided however, only a negative assurance letter of
such counsel shall be required for each subsequent Representation Date. 
 (ii) Foley & Lardner LLP, intellectual
property and patent counsel for the Company, to furnish to the Agent the opinion of such counsel, dated as of such date and addressed to the Agent, in form and substance reasonably satisfactory to the Agent; provided however, the opinion of counsel
shall only be required for the first Settlement Date. 
 Notwithstanding the foregoing, the requirement to provide counsel opinions under this
Section 3(o) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the date the Company delivers a Placement Notice to the Agent. Notwithstanding the
foregoing, if the Company subsequently decides to sell Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with opinions under this Section 3(o), then before the Agent sells any Shares
pursuant to Section 2(a), the Company shall cause the opinions (including the opinion pursuant to Section 3(o) if not delivered on the date of the prior Form 10-K), comfort letter, certificates and
documents that would be delivered on a Representation Date to be delivered. 
 (p) Representation Date and Comfort Letter.
Prior to the date of the first Placement Notice and thereafter during the term of this Agreement, on each Representation Date to which a waiver does not apply, the Company shall cause KPMG LLP, or other independent accountants reasonably
satisfactory to the Agent (the “Accountants”), to deliver to the Agent a letter, dated as of such date and addressed to the Agent, confirming that they are independent public accountants within the meaning of the Securities
Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission, and
stating the conclusions and findings of said firm with respect to the financial information and other matters covered by its letter in form and substance reasonably satisfactory to the Agent of the same tenor as the first such letter received
hereunder. 
 (q) Representation Date and Representation Certificate. Prior to the date of the First Placement Notice and thereafter
during the term of this Agreement, on each Representation Date to which a waiver does not apply, the Company shall furnish to the Agent a certificate (the “Representation Certificate”),
substantially in the form of Schedule 3 hereto and dated as of such date, addressed to the Agent and signed by the chief executive officer or by the chief financial officer of the Company. 

(r) Regulatory Affairs Certificate. Prior to the date of the First Placement Notice and thereafter during the term of this Agreement, on
each Representation Date to which a waiver does not apply, the Company shall furnish to the Agent a certificate, in form and substance reasonably satisfactory to the Agent, from the general counsel and the director of regulatory affairs for the
Company with respect to regulatory matters, in their respective capacities as employees of the Company. 
 (s) Disclosure of Shares
Sold. 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. 

(t) Continued Listing of Shares. The Company shall use its commercially reasonable efforts to maintain the listing of the Common Stock
on Nasdaq. 

  
 19 

 (u) Notice of Changes. At any time during the term of this Agreement, as supplemented
from time to time, the Company shall advise the Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to
the Agent pursuant to this Section 3. 
 (v) Maximum Amount. The Company will not instruct the Agent to sell or otherwise attempt
to sell Shares pursuant to this Agreement in excess of the Maximum Amount. 
 4. Conditions of Agent’s
Obligations. The obligations of the Agent hereunder are subject to (i) the accuracy, as of the date of this Agreement, each Representation Date, each Notice Date, each Applicable Time, and each Settlement Date (in each case, as if made
at such date) of 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) Continuing Amendments; No Stop Order. If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free
Writing Prospectus, is required under the Securities Act, 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) under the Securities Act); the Registration Statement shall be effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Registration
Statement filed pursuant to Rule 462(b) under the Securities Act, or any amendment thereof, nor suspending or preventing the use of the 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 Prospectus or otherwise) shall have been complied with to the Agent’s satisfaction. 

(b) Absence of Certain Events. None of the following events shall have occurred and be continuing: (i) receipt by the Company or
any of its Subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any
post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Shares for sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any material document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the case of the Registration Statement, it
will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not
contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading

 (c) No Material Misstatement or Omission. The Agent shall not have advised the Company that the Registration Statement or any the
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 necessary to make the statements
therein not misleading. 

  
 20 

 (d) No Adverse Changes. Except as contemplated in the Prospectus, subsequent to the
respective dates as of which information is given in the Prospectus, neither the Company nor any of its Subsidiaries shall 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 (other than a change in the number of outstanding shares of Common Stock due to the
issuance of shares of Common Stock upon the exercise of outstanding options or warrants), or any material change in the short-term or long-term debt of the Company, or
any issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company or any of its Subsidiaries, or any development involving a prospective Material Adverse Effect (whether or not arising in the
ordinary course of business), or any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company or any Subsidiary, 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 on the terms and in the manner contemplated in the Prospectus. 

(e) No Rating Downgrade. On or after the Applicable Time, (i) no downgrading shall have occurred in the rating accorded any of the
Company’s securities by any “nationally recognized statistical organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act, and (ii) no such organization shall have
publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s securities. 

(f) Compliance with Certain Obligations. The Company shall have performed each of its obligations under Section 3(o) – 3(r).

 (g) Opinion of Agent Counsel. On each Representation Date to which a waiver does not apply, there shall have been furnished to the
Agent the opinion and negative assurance letter of Latham & Watkins LLP, counsel for the Agent, dated as of such Representation Date and addressed to the Agent, in a form reasonably satisfactory to the Agent, and such counsel shall have
received such papers and information as they request to enable them to pass upon such matters; provided however, the opinion of Latham & Watkins LLP shall only be required prior to the first Placement Notice, and thereafter, only a negative
assurance letter of such counsel shall be required for each subsequent Representation Date. 
 (h) Representation Certificate. On or
prior to the first Placement Notice, the Agent shall have received the Representation Certificate in form and substance reasonably satisfactory to the Agent and its counsel. 

(i) No Objection by FINRA. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and
arrangements. 
 (j) Timely Filing of Prospectus and Prospectus Supplement. All filings with the Commission required by Rule 424 under
the Securities Act to have been filed by the Settlement Date, as the case may be, shall have been made within the applicable time period prescribed for such filing by Rule 424 under the Securities Act. 

(k) Additional Documents and Certificates. The Company shall have furnished to the Agent and the Agent’s counsel such additional
documents, certificates and evidence as they may have reasonably requested. 
 All opinions, certificates, letters and other documents
described in this Section 4 will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to the Agent and the Agent’s counsel. The Company will furnish the Agent with such conformed copies
of such opinions, certificates, letters and other documents as the Agent shall reasonably request. 

  
 21 

 5. Indemnification and Contribution. 

(a) Company Indemnification. The Company agrees to indemnify and hold harmless the Agent, its affiliates, directors, officers and
employees, and each person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act 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, which shall not be unreasonably withheld, conditioned or delayed), insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon, in whole or in part: 
 (i) an
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the Rule 430B Information (as defined below) and at any subsequent time pursuant to Rules 430A and 430B promulgated under the
Securities Act, and any other information deemed to be part of the Registration Statement at the time of effectiveness, and at any subsequent time pursuant to the Securities Act or the Exchange Act, and the Prospectus, or any amendment or supplement
thereto (including any documents filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus), any Permitted Free Writing Prospectus, or any roadshow as defined in Rule 433(h) under the Securities Act (a
“road show”), or an omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, 

(ii) any inaccuracy in the representations and warranties of the Company contained herein; 

(iii) any investigation or proceeding by any governmental authority, commenced or threatened (whether or not the Agent is a target of or party
to such investigation or proceeding); 
 (iv) any failure of the Company to perform its respective obligations hereunder or under law; 

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 of (i) through (iv) 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, the Prospectus, or any such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by
the Agent specifically for use in the preparation thereof. “Rule 430B Information,” as used herein, means information with respect to the Shares and the offering thereof permitted to be omitted from the Registration Statement
when it becomes effective pursuant to Rule 430B. 
 In addition to its other obligations under this Section 5(a), the Company 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 this Section 5(a), it
will reimburse the Agent on a monthly basis for all reasonable and documented legal fees or other expenses incurred in connection with investigating or defending any such claim, action, investigation, inquiry or other proceeding, notwithstanding the
absence of a judicial determination as to the propriety and enforceability of the Company’s obligation to reimburse the Agent for such expenses and the possibility that such payments might later be held to have been improper by a court of
competent jurisdiction. Any such interim reimbursement payments which are not made to the Agent within 30 days of a request for 

  
 22 

 
reimbursement shall bear interest at the WSJ Prime Rate (as published from time to time by the Wall Street Journal). 

(b) Agent Indemnification. The Agent will indemnify and hold harmless the Company 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), but only 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 Prospectus, any amendment or supplement thereto, 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 conformity with written information furnished to the Company by the Agent specifically for use in the preparation thereof, it being understood and agreed that the only
information furnished by the Agent for use in the Registration Statement or the Prospectus consists of the statements set forth in the sixth paragraph and the first sentence of the seventh paragraph under the caption “Plan of Distribution”
in the Prospectus, 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. 

(c) Notice and Procedures. 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 reasonably 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, in the sole judgment of the Agent, it is advisable for the Agent to be represented by separate counsel, the Agent shall have the right to employ a single counsel to
represent the Agent, in which event the reasonable fees and expenses of such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the Agent as incurred (in accordance with the provisions of the second paragraph in
subsection (a) 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 30 days after receipt by such indemnifying party of
the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into, and (iii) such indemnifying party shall not have reimbursed 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 

  
 23 

 
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. 
 (d) Contribution; Limitations on Liability; Non-Exclusive Remedy. 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 bear to the total commissions received by the Agent (before deducting expenses) from the sale 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, the intent of the parties
and their relative 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 (d) 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 this subsection (d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages or liabilities referred to in this subsection (d) 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 (d). Notwithstanding the provisions of this subsection (d), the Agent shall not be required to contribute any amount in excess of the commissions received by it
under this Agreement. 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. 

6. Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of 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) with respect to any pending sale, through the Agent for the
Company, the obligations of the Company, including in respect of compensation of the Agent, shall remain in full force and effect notwithstanding the termination and (ii) the provisions of Section 3(g), Section 5 and Section 6 of
this Agreement shall remain in full force and effect notwithstanding such termination. 

  
 24 

 (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 the provisions
of Section 3(g), Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding such termination. 

(c) Unless earlier terminated pursuant to this Section 7, this Agreement shall automatically terminate upon the issuance and sale of all
of the Shares through the Agent on the terms and subject to the conditions set forth herein, except that the provisions of Section 3(g), Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding
such termination. 
 (d) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 7(a), (b) or
(c) 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. 
 (e) 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 until 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)(vii) 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 shall relieve the Company from liability, if any, in respect of such default, and the Company shall
(A) hold the Agent harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default. 

9. Notices. Except as otherwise provided herein, all
communications under this Agreement shall be in writing and, if to the Agent, shall be delivered via overnight delivery services to (i) Piper Jaffray & Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota 55402,
Attention: Equity Capital Markets, with a copy to Piper Jaffray General Counsel at 800 Nicollet Mall, Minneapolis, MN 55402 and LegalCapMarkets@pjc.com, and a copy to Latham & Watkins LLP, 330 North Wabash Avenue, Suite 2800, Chicago, IL
60611, Attention: Christopher Lueking; and (ii) the Company at Endologix, Inc., 2 Musick, Irvine, CA 92618, Attention: General Counsel and email: jhayden@endologix.com with a copy to DLA Piper LLP (US), 4365 Executive Drive, Suite 1100, San
Diego, California 92121, Attention: Michael S. Kagnoff, Esq.; or in each case to such other address as the person to be notified may have requested in writing. 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. 

  
 25 

 11. Absence of Fiduciary Relationship. The Company, having been
advised by counsel, acknowledges and agrees that: (a) the Agent has been retained solely to act as a sales agent in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company (including any
of the Company’s affiliates (including directors), equity holders, creditors, employees or agents, hereafter, “Company Representatives”), on the one hand, and the Agent on the other, has been created or will be created
in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised or is advising the Company on other matters and irrespective of the use of the defined term “Agent;” (b) neither the Agent
nor any of its affiliates (including directors), equity holders, creditors, employees or agents, hereafter, “Agent Representatives”) shall have any duty or obligation to the Company or any Company Representative except as set
forth in this Agreement; (b) the price and other terms of any Placement executed pursuant to this Agreement, as well as the terms of this Agreement, are deemed acceptable to the Company and its counsel, following discussions and arms-length
negotiations with the Agent; (c) the Company is capable of evaluating and understanding, and in fact has evaluated, understands and accepts the terms, risks and conditions of any Placement Notice to be executed pursuant to this Agreement, and
any other transactions contemplated by this Agreement; (c) the Company has been advised that the Agent and the Agent Representatives are engaged in a broad range of transactions which may involve interests that differ from those of the Company
and that the Agent and the Agent Representatives have no obligation to disclose any such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship, or otherwise; (d) the Company has been advised that
the Agent is acting, in respect of any Placement and the transactions contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and (e) the Company and the Company Representatives waive, to the
fullest extent permitted by law, any claims that they may have against the Agent or any of the Agent Representatives for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any Placement or any of the transactions contemplated
by this Agreement and agree that the Agent and the Agent Representatives shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company or any of the Company Representatives in respect of any person asserting any
claim of breach of any fiduciary duty on behalf of or in right of the Company or any of the Company Representatives. 
 12.
Governing Law and Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. THE COMPANY (ON ITS OWN BEHALF AND ON BEHALF OF ITS STOCKHOLDERS AND AFFILIATES) HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

13. Submission to Jurisdiction, Etc. Each party hereby submits to the exclusive jurisdiction of the U.S. federal
and New York state courts sitting in the Borough of Manhattan, City of New York, in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive
any objection to the laying of venue of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such lawsuit, action or other
proceeding brought in any such court has been brought in an inconvenient forum. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a
period of five years from the date of this Agreement. 
 14. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

15. Construction. The section and exhibit headings herein are for convenience only and shall not affect the
construction hereof. References herein to any law, statute, ordinance, code, regulation, rule 

  
 26 

 
or other requirement of any governmental authority shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority as amended,
reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations promulgated thereunder 

[Signature Pages Follows] 

  
 27 

 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,
	
	ENDOLOGIX, INC.
		
	By:	 	 /s/ Vaseem Mahboob

		 	Name: Vaseem Mahboob
		 	Title: Chief Financial Officer

 [Signature Page to Equity Distribution Agreement] 

			
	Confirmed as of the date first above mentioned.
	
	PIPER JAFFRAY & CO.
		
	By:	 	 /s/ Neil Riley

		 	Name: Neil Riley
		 	Title: Managing Director

 [Signature Page to Equity Distribution Agreement] 

 SCHEDULE 1 

FORM OF PLACEMENT NOTICE 

No Facsimile and No Voicemail 
  

			
	From:	  	Endologix, Inc.
		
	To:	  	 Piper Jaffray & Co.
  

Attention:
  

Neil A. Riley
 Neil.A.Riley@pjc.com

 
 Connor N. Anderson

Connor.N.Anderson@pjc.com
  

Tom Wright
 Thomas.E.Wright@pjc.com

 
 Jay A. Hershey

Jay.A.Hershey@pjc.com

		
	 Date:
  

Subject:
	  	 [ ● ], 20[ ● ]
  

Equity Distribution Agreement – Placement Notice

		
	Gentlemen:	  	

 Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between Endologix, Inc.
(“Company”), and Piper Jaffray & Co. (“Agent”) dated August 13, 2019 (the “Agreement”), the Company hereby requests that Agent sell up to [ ● ] shares of the
Company’s common stock, par value $0.001 per share, at a minimum market price of $[ ● ] per share. Sales should begin on the date of this Placement Notice and shall continue until [ ● ] /[all shares are
sold]. 

 SCHEDULE 2 

NOTICE PARTIES
 Endologix, Inc.

 John Onopchenko, Chief Executive Officer 

jonopchenko@endologix.com 
 Vaseem Mahboob, Chief Financial
Officer 
 vmahboob@endologix.com 
 Jeremy Hayden, General
Counsel 
 jhayden@endologix.com 
 Piper Jaffray &
Co. 
 Neil A. Riley 
 Neil.A.Riley@pjc.com 

Connor N. Anderson 
 Connor.N.Anderson@pjc.com 

Tom Wright 
 Thomas.E.Wright@pjc.com 

Jay A. Hershey 
 Jay.A.Hershey@pjc.com 

 SCHEDULE 3 

FORM OF REPRESENTATION CERTIFICATE 

PURSUANT TO SECTION 3(q) OF THE AGREEMENT 

[ ● ], 20[ ● ] 
 Piper
Jaffray & Co. 
 800 Nicollet Mall 
 Minneapolis, MN
55402 
 Sir: 
 The undersigned, the duly qualified and elected
[ ● ], of Endologix, Inc., a Delaware corporation (the “Company”), does hereby certify in such capacity and on behalf of the Company, pursuant to Section 3(q) of the Equity Distribution
Agreement, dated August 13, 2019 (the “Equity Distribution Agreement”), between the Company and Piper Jaffray & Co., that to the best of the knowledge of the undersigned: 

(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 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 the Company’s knowledge, is contemplated by the Commission or any state or regulatory body; 
 (iii) The Shares 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 has been validly and sufficiently taken; 

(iv) The signers of this certificate have carefully examined the Registration Statement, the base prospectus, the Prospectus and any Permitted Free Writing
Prospectus, and any amendments thereof or supplements thereto (including any documents filed under the Exchange Act and deemed to be incorporated by reference into the base prospectus, the Prospectus and any Permitted Free Writing Prospectus), 

(A) each part of the Registration Statement and the Prospectus, and any amendments thereof or supplements thereto (including any documents
filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus) contain, and contained when such part of the Registration Statement (or such amendment) became effective, all statements and information required to be
included therein, each part of the Registration Statement, or any amendment thereof, does not contain, and did not contain, when such part of the Registration Statement (or such amendment) became effective, any untrue statement of a material fact or
omit to state, and did not omit to state when such part of the Registration Statement (or such amendment) became effective, any material fact required to be stated therein or necessary to make the statements therein not misleading, and the
Prospectus, as amended or supplemented, does not include and did not include as of its date, or the time of first use within the meaning of the Securities Act Regulations, any untrue statement of a material fact or omit to state and did not omit to
state as of its 

 
date, or the time of first use within the meaning of the Securities Act Regulations, a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, 
 (B) at no time during the period that begins on the earlier of the date of such base prospectus, Prospectus, or
Permitted Free Writing Prospectus and the date such base prospectus, Prospectus, or Permitted Free Writing Prospectus was filed with the Commission and ends on the date of this certificate did such base prospectus, Prospectus, or Permitted Free
Writing Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, 
 (C) since the date of the Equity Distribution Agreement, there has occurred no event required to be set forth in an
amended or supplemented prospectus which has not been so set forth, and there has been no document required to be filed under the Exchange Act that upon such filing would be deemed to be incorporated by reference into the base prospectus, the
Prospectus or any Permitted Free Writing Prospectus that has not been so filed, 
 (D) except as stated in the Prospectus or any Permitted
Free Writing Prospectus, 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 except as disclosed in the base prospectus, the Prospectus, and any Permitted Free Writing Prospectus, there has not been any change in the capital stock (other than a change in the
number of outstanding Common Stock due to sales of Shares pursuant to the Equity Distribution Agreement and the issuance of shares of Common Stock upon the exercise of equity awards or warrants), or any material change in the short term or long term
debt, or any Material Adverse Effect or any development involving a prospective Material Adverse Effect (whether or not arising in the ordinary course of business), or any loss by strike, fire, flood, earthquake, accident or other calamity, whether
or not covered by insurance, incurred by the Company, and 
 (E) 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 might result in a Material Adverse Effect. 
 Capitalized terms used herein without definition shall have the meanings
given to such terms in the Equity Distribution Agreement. 
  

			
	ENDOLOGIX, INC.
		
	By:	 	
            

 
			
	Name:	 	  

 
			
	Title:	 	  

 SCHEDULE 4 

SUBSIDIARIES 
 CVD/RMS Acquisition Corp.,
a Delaware corporation 
 Nellix, Inc., a Delaware corporation 

RMS/Endologix Sideways Merger Corp., a Delaware corporation 

TriVascular Technologies, Inc., a Delaware corporation 

TriVascular, Inc., a California corporation 
 Endologix Canada,
LLC, a Delaware limited liability companyOrgenesis Inc. - Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

TRANSFER AGREEMENT

            This
Transfer Agreement (this “Agreement”) is entered into on August 7, 2019,
by and among Masthercell Global Inc., a Delaware corporation (the
“Company”), Orgenesis Inc., a Nevada corporation (“Orgenesis
Parent”), and GPP-II Masthercell, LLC, a Delaware limited liability company
(“Investor”). 

PRELIMINARY STATEMENTS

            I.
Current Status

            Whereas,
as a result of the Reorganization (as defined in that certain Stock Purchase
Agreement, dated June 28, 2018, by and among the Company, Orgenesis Parent and
Investor (the “Purchase Agreement”)), the Company currently owns (i) all
of the equity interests (the “Israel Sub Equity Interests”) of Atvio
Biotech Ltd., a company organized under the laws of Israel (“Israel Sub”)
and (ii) 94.12% of the equity interests (the “South Korea Sub Equity
Interests” and together with the Israel Sub Equity Interests, the
“Designated Subsidiary Equity Interests”) of CureCell Co., Ltd., a Korean
stock corporation (the “South Korea Sub” and together with the Israel
Sub, the “Designated Subsidiaries”). 

            II.
Old Subsidiary Loans

            Whereas,
pursuant to certain loan agreements dated as of April 4, 2018, Orgenesis Parent
made loans to Israel Sub in the aggregate amount of $1,000,000 (the “Old
Israel Sub Loans”) and to the South Korea Sub in the aggregate amount of
$1,344,000 plus accumulated interest (the “Old South Korea Sub Loans”,
and collectively with the Old Israel Sub Loans, the “Old Subsidiary
Loans”). Pursuant to the Contribution, Assignment and Assumption Agreement,
dated June 28, 2018, Orgenesis Parent’s interests in the Old Subsidiary Loans
were transferred to the Company by Orgenesis Parent as part of the
Reorganization. The Company desires to (a) convert the Old Israel Sub Loans to
the equity capital of the Israel Sub for additional shares of the Israel Sub and
(b) cancel the Old South Korea Sub Loans; provided, that if such
cancellation causes any cancellation of indebtedness or other taxable income or
any similar tax liability for which the Company is liable, Orgenesis Parent
shall indemnify and hold the Company harmless from any such liability. 

            III.
Transfer of Designated Subsidiary Equity Interests

            Whereas,
the Company is no longer willing to finance the operations of the Designated
Subsidiaries given their current operations, and has informed Orgenesis Parent
that it is willing to liquidate the Designated Subsidiaries. Orgenesis Parent is
willing to finance the operations of the Designated Subsidiaries and the Company
has agreed to transfer the Designated Subsidiaries to Orgenesis Parent instead
of liquidating them, upon the terms and subject to the conditions set forth in
this Agreement. 

            Whereas,
Orgenesis Parent desires to acquire, and the Company desires to transfer to
Orgenesis Parent, all of the Israel Sub Equity Interests and the South Korea Sub
Equity Interests, upon the terms and subject to the conditions set forth in this
Agreement. Terms used but not defined herein shall have the meanings given to
such terms in the Purchase Agreement. 

           
IV. Amendment to New Subsidiary Loans

            Whereas,
since the date of the Reorganization, the Company made additional loans to
Israel Sub in the aggregate amount of $1,250,000 (the “New Israel Sub
Loans”) and advances to the South Korea Sub in the aggregate amount of
$1,230,000 (the “New South Korea Sub Loans”, and collectively with the
New Israel Sub Loans, the “New Subsidiary Loans”), and the Loan
Agreements reflecting such New Subsidiary Loans are attached as Exhibit A
hereto. The parties hereto wish to enter into a loan agreement in order to
confirm the principal amount of the New South Korea Sub Loans as US$1,230,000,
made available to the South Korea Sub on or since June 28, 2018, and amend the
interest rate and the maturity date of such New South Korea Sub Loans. The
parties hereto desire to amend the New Israel Sub Loan upon the terms and
subject to the conditions set forth in this Agreement. 

AGREEMENT

            Now,
therefore, in consideration of the promises and the mutual promises herein made,
and in consideration of the covenants and other valuable consideration herein
contained, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

            1.       
Transfer of Designated Subsidiary Equity Interests. Orgenesis Parent
shall pay the Company one dollar ($1.00), which represents the fair market value
of the Designated Subsidiary Equity Interests, in exchange for the Designated
Subsidiary Equity Interests, and the Company hereby sells, transfers, assigns,
conveys and delivers to Orgenesis Parent all of the Company’s right, title and
interest in and to the Designated Subsidiary Equity Interests. 

            2.       
Representations. 

                         
(a)        Orgenesis Parent represents and
warrants that Orgenesis Parent (i) is an “accredited investor” as such term is
defined in Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”), (ii) understands and acknowledges that the Designated
Subsidiary Equity Interests have not been and will not be registered under the
Securities Act, or applicable State or other securities Laws, are being sold
pursuant to an exemption from the registration requirements of the Securities
Act, and may not be offered or sold in the United States except in transactions
exempt from the registration requirements of the Securities Act and applicable
State securities Laws then in effect, (iii) is acquiring the Designated
Subsidiary Equity Interests for investment purposes, and not with a view to the
resale or distribution thereof in violation of the Securities Act, and (iv) is
familiar with the business, operations, condition (financial or otherwise) and
prospects of the Designated Subsidiaries and has independently and without
reliance upon the Company or Investor, and based on such information as
Orgenesis Parent has deemed appropriate, made its own analysis and decision to
purchase the Designated Subsidiary Equity Interests and acknowledges that the
Company and Investor have not given Orgenesis Parent any investment advice,
credit information or opinion on whether the purchase of the Designated
Subsidiary Equity Interests is prudent. 

-2- 

                          (b)       
Each of the Company, Investor, Israel Sub, South Korea Sub and Orgenesis Parent
acknowledges and agrees that (i) the Designated Subsidiary Equity Interests and
the Designated Subsidiaries are being transferred to Orgenesis Parent without
recourse and on an “as is/where is” basis and (ii) NEITHER THE COMPANY, THE
INVESTOR, NOR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY, WRITTEN OR
ORAL, STATUTORY, EXPRESS OR IMPLIED, WITH RESPECT TO THE DESIGNATED SUBSIDIARIES
OR THE DESIGNATED SUBSIDIARY EQUITY INTERESTS OR THEIR BUSINESS, OPERATIONS,
ASSETS, LIABILITIES, CONDITION (FINANCIAL OR OTHERWISE) OR PROSPECTS. ORGENESIS
PARENT HEREBY EXPRESSLY WAIVES ANY CLAIMS AND CAUSES OF ACTION AND ANY
REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED, AT COMMON LAW, BY STATUTE OR
OTHERWISE IN EACH CASE RELATING TO THE DESIGNATED SUBSIDIARIES AND THE
DESIGNATED SUBSIDIARY EQUITY INTERESTS AND NEITHER THE COMPANY, NOR INVESTOR,
NOR ANY OTHER PERSON IS MAKING ANY REPRESENTATION OR WARRANTY TO ORGENESIS
PARENT WITH RESPECT TO ANY FINANCIAL PROJECTION OR FORECAST RELATING TO THE
BUSINESS, OPERATIONS, ASSETS, LIABILITIES, CONDITION (FINANCIAL OR OTHERWISE) OR
PROSPECTS OF THE DESIGNATED SUBSIDIARIES OR THE DESIGNATED SUBSIDIARY EQUITY
INTERESTS. 

                          (c)       
Each of Orgenesis Parent and the Company acknowledge and agree that all
corporate approvals by the Company that are necessary for the transactions
contemplated herein have been taken. 

            3.       
Release by the Company and Investor. Each of the Company and Investor,
for itself and each of its subsidiaries, Affiliates, and its and their heirs,
personal representatives, successors, assigns, managers, directors, officers,
employees, agents, and other representatives (collectively, the “Company
Releasors”), hereby (a) forever fully and irrevocably releases and
discharges Orgenesis Parent, each of its Subsidiaries, and each of their
respective predecessors, successors, direct or indirect subsidiaries and past
and present equityholders, members, managers, directors, officers, employees,
agents, and other representatives (collectively, the “Orgenesis Released
Parties”) from any and all actions, suits, claims, demands, debts,
agreements, obligations, promises, judgments, or liabilities of any kind
whatsoever in law or equity and causes of action of every kind and nature, or
otherwise (including, claims for damages, costs, expense, and attorneys’,
brokers’ and accountants fees and expenses) arising out of or related to Israel
Sub or South Korea Sub, which the Company Releasors can, shall or may have
against the Orgenesis Released Parties, whether known or unknown, suspected or
unsuspected, unanticipated as well as anticipated as of the date hereof
(collectively, the “Company Released Claims”), and (b) irrevocably agree
to refrain from directly or indirectly asserting any claim or demand or
commencing (or causing to be commenced) any Proceeding against any Orgenesis
Released Party based upon any Company Released Claim. Notwithstanding the
preceding sentence of this Section 3, “Company Released Claims” does not
include, and the provisions of this Section 3 shall not release or otherwise
diminish, (i) the obligations of any party set forth in or arising under any
provisions of this Agreement, (ii) the rights of the Company and obligations of
Orgenesis Parent, Israel Sub and South Korea Sub, as applicable, under the Old
Subsidiary Loans, or (iii) the rights of the Company and obligations of
Orgenesis Parent, Israel Sub and South Korea Sub, as applicable, under the New
Subsidiary Loans. 

-3- 

            4.       
Release by Orgenesis Parent. Orgenesis Parent, for itself and each of its
subsidiaries (other than, for the avoidance of doubt, the Israel Sub and the
South Korea Sub) and its and their representatives, successors, assigns,
managers, directors, officers, employees, agents, and other representatives
(collectively, the “Orgenesis Releasors”), hereby (a) forever fully and
irrevocably releases and discharges Investor, the Company, each of its
Subsidiaries (other than Israel Sub and South Korea Sub), and each of their
respective predecessors, successors, and past and present equity holders,
members, managers, directors, officers, employees, agents, and other
representatives (collectively, the “Company Released Parties”) from any
and all actions, suits, claims, demands, debts, agreements, obligations,
promises, judgments, or liabilities of any kind whatsoever in law or equity and
causes of action of every kind and nature, or otherwise (including, claims for
damages, costs, expense, and attorneys’, brokers’ and accountants fees and
expenses) arising out of or related to Israel Sub or South Korea Sub, which the
Orgenesis Releasors can, shall or may have against the Company Released Parties,
whether known or unknown, suspected or unsuspected, unanticipated as well as
anticipated as of the date hereof (collectively, the “Orgenesis Released
Claims”), and (b) irrevocably agree to refrain from directly or indirectly
asserting any claim or demand or commencing (or causing to be commenced) any
Proceeding against any Company Released Party based upon any Orgenesis Released
Claim. Notwithstanding the preceding sentence of this Section 4, “Orgenesis
Released Claims” does not include, and the provisions of this Section 4 shall
not release or otherwise diminish, the obligations of any party set forth in or
arising under any provisions of this Agreement. 

            5.       
Release by Israel Sub and South Korea Sub. Each of Israel Sub and South
Korea Sub, for itself and their successors, assigns, managers, directors,
officers, employees, agents, and other representatives (collectively, the
“Subsidiary Releasors”), hereby (a) forever fully and irrevocably
releases and discharges the Company Released Parties from any and all actions,
suits, claims, demands, debts, agreements, obligations, promises, judgments, or
liabilities of any kind whatsoever in law or equity and causes of action of
every kind and nature, or otherwise (including, claims for damages, costs,
expense, and attorneys’, brokers’ and accountants fees and expenses), which the
Subsidiary Releasors can, shall or may have against the Company Released
Parties, whether known or unknown, suspected or unsuspected, unanticipated as
well as anticipated as of the date hereof (collectively, the “Subsidiary
Company Released Claims”), (b) forever fully and irrevocably releases and
discharges the Orgenesis Released Parties from any and all actions, suits,
claims, demands, debts, agreements, obligations, promises, judgments, or
liabilities of any kind whatsoever in law or equity and causes of action of
every kind and nature, or otherwise (including, claims for damages, costs,
expense, and attorneys’, brokers’ and accountants fees and expenses) arising out
of or related to Israel Sub or South Korea Sub, which the Subsidiary Releasors
can, shall or may have against the Orgenesis Released Parties, whether known or
unknown, suspected or unsuspected, unanticipated as well as anticipated as of
the date hereof (collectively, the “Subsidiary Orgenesis Released
Claims”), (c) irrevocably agree to refrain from directly or indirectly
asserting any claim or demand or commencing (or causing to be commenced) any
Proceeding against any Company Released Party based upon any Subsidiary Company
Released Claim, and (d) irrevocably agree to refrain from directly or indirectly
asserting any claim or demand or commencing (or causing to be commenced) any
Proceeding against any Orgenesis Released Party based upon any Subsidiary
Orgenesis Released Claim. Notwithstanding the preceding sentence of this Section
5, “Subsidiary Company Released Claims” and “Subsidiary Orgenesis Released
Claims” does not include, and the provisions of this Section 5 shall not release
or otherwise diminish, the obligations of any party set forth
in or arising under any provisions of this Agreement. 

-4- 

            6.       
Indemnification. Orgenesis Parent, Israel Sub and South Korea Sub will
jointly and severally (a) pay, fully satisfy and discharge, and (b) indemnify,
defend and hold harmless each of the Company Released Parties from and against,
the entirety of any Adverse Consequences resulting from, arising out of,
relating to, or caused by any claims made against any Company Released Party by
any Person that is not a party to this Agreement and that result from, arise out
of, relate to, or are caused by Israel Sub or South Korea Sub (including, but
not limited to, any claims related to the ownership of Israel Sub or South Korea
Sub). For the avoidance of doubt, this indemnification shall not relate to any
claim for breach of the Company’s or Investor’s express obligations set forth in
this Agreement. 

            7.       
Subsidiary Loans. 

            (a)
The terms of the New Subsidiary Loans are hereby amended such that:

            (i)       
Orgenesis Parent shall immediately repay the New Subsidiary Loans in full to the
Company or cause the New Subsidiary Loans to be immediately repaid in full to
the Company upon the earliest of (A) a Sale of the Company (as defined in the
Stockholders’ Agreement), (B) any sale or transfer of any of the equity
interests of the Company owned by Orgenesis Parent, or (C) any sale or transfer
of all or substantially all of the equity interests of Orgenesis Parent or all
or substantially all of the assets of Orgenesis Parent; provided, that in
each case the obligation to repay the New Subsidiary Loans shall be limited to
the amount of the proceeds that would otherwise be received by Orgenesis Parent
(or the seller in such transaction) as a result of such transactions and any
unpaid balance shall be paid at the Maturity Date;

            (ii)       
Orgenesis Parent shall immediately repay the New South Korea Sub Loans in full
to the Company or cause the New South Korea Sub Loans to be immediately repaid
in full to the Company upon any sale or transfer of any of the equity interests
or all or substantially all of the assets of the South Korea Sub;
provided, that in each case the obligation to repay the New South Korea
Sub Loans shall be limited to the amount of the proceeds that would otherwise be
received by the seller in such transaction as a result of such transaction and
any unpaid balance shall be paid at the Maturity Date; and

            (iii)       
Orgenesis Parent shall immediately repay the New Israel Sub Loans in full to the
Company or cause the New Israel Sub Loans to be immediately repaid in full to
the Company upon any sale or transfer of any of the equity interests or all or
substantially all of the assets of the Israel Sub, provided, that in each
case the obligation to repay the New Israel Sub Loans shall be limited to the
amount of the proceeds that would otherwise be received by the seller in such
transaction as a result of such transaction and any unpaid balance shall be paid
at the Maturity Date. 

            (b)       
The Company, immediately prior to the other transactions contemplated herein,
will (i) convert the Old Israel Sub Loans to the equity capital of the Israel
Sub for additional shares of the Israel Sub (provided that it is agreed that the
certificate representing such additional shares may be delivered
after the date hereof and that Orgenesis Parent (and not the Company) shall be
responsible for taking all actions necessary under Israel law to properly issue
such share and such certificates) and (ii) cancel the Old South Korea Sub Loans.

-5- 

            8.       
Termination of Use of Shared Employees by Orgenesis Parent. After the
date hereof, Orgenesis Parent and each of its Subsidiaries shall immediately and
fully cease all use or engagement of any employees or services providers of the
Company or any of its Subsidiaries.

            9.       
Future Subcontractor Services of Israel Sub or South Korea Sub. After the
date hereof, if (a) the Company and/or its Subsidiaries determine that the
services of a third party subcontractor are needed by the Company and/or its
Subsidiaries in Israel or South Korea and the Israel Sub and/or the South Korea
Sub provide such services, and (b) the Company, in its sole discretion, approves
of the quality of such services provided by the Israel Sub and the South Korea
Sub, then the Company and/or its Subsidiaries shall utilize the services of
Israel Sub and/or South Korea Sub for such third party subcontracting services,
on terms and at prices (in accordance with standard fair market rates) that
shall be mutually agreed between the Company and Orgenesis Parent at the time of
any such engagement for such services. 

            10.    
 Manufacturing Services Contract Between MC Belgium and/or MC US and
Orgenesis Parent. After the date hereof, if Orgenesis Parent determines that
it needs manufacturing services of the type offered by MaSTherCell S.A., a
company organized under the laws of Belgium (“MC Belgium”) and/or
Masthercell U.S., LLC, a Delaware limited liability company (“MC US”),
the Company (on behalf of MC Belgium or MC US, as applicable) and Orgenesis
Parent shall use good faith efforts to negotiate and execute a contract that
contemplates MC Belgium or MC US, as applicable, providing such manufacturing
services to Orgenesis Parent; provided, that such contract shall be on
terms and at prices (in accordance with standard fair market rates) that are
mutually agreed between the Company and Orgenesis Parent at the time any such
contact is executed, and, in the case of a contract with MC Belgium, shall
include the services (for a specified and mutually agreed number of hours and
for a specified and mutually agreed period of time) of at least two (2) MC
Belgium project managers involved in the provision of such services. 

            11.     
Public Disclosures and Press Releases. Attached as Exhibit B is a
joint press release that will be issued by Orgenesis Parent and the Company
related to the transactions contemplated by this Agreement. No other press
releases or other public disclosures or statements will be made by Orgenesis
Parent or the Company or Investor or any of their subsidiaries or
representatives related to the transactions contemplated by this Agreement,
provided that Orgenesis Parent may describe or refer to the transactions
contemplated by this Agreement to the extent required customary or advisable in
any of its SEC filings, in Orgenesis Parent’s sole discretion, so long as the
description of such transactions in such SEC filings is consistent in all
material respects with the description of such transactions in the press release
attached as Exhibit B. For the avoidance of doubt, Orgenesis Parent will
be required to disclose more detailed financial information relating to the
transaction which will not be contained in the attached press release. 

            12.     
Engagement of Company Counsel. After the date hereof, the Company,
Orgenesis Parent and Company shall use good faith efforts to cause the Company
to engage legal counsel to the Company that is mutually agreed between Orgenesis
Parent and Company. 

-6- 

            13.     
Restrictive Covenants and Material Underperformance Event.

            (a)       
Subject to the provisions of Section 13(b) below, each of Israel Sub and South
Korea Sub agree to be bound by Sections 5.2, 5.3, 5.4, 5.5, 5.6 and 5.7 of the
Stockholders’ Agreement as if Israel Sub and South Korea Sub were included in
the terms “Restricted Stockholders” and “Stockholders” in the same manner as
Orgenesis Parent. For the avoidance of doubt, Israel Sub and South Korea Sub
shall be able to conduct any Business (as defined in the Stockholders Agreement)
that Orgenesis Parent is permitted to conduct under the Stockholders’ Agreement
and Purchase Agreement. Israel Sub and South Korea Sub shall not, and they shall
cause their subsidiaries and representatives not to, use the Masthercell name or
logo other than (x) to the extent required in any of Orgenesis Parent’s SEC
filings, (y) Orgenesis Parent referring to the Company as a subsidiary of
Orgenesis Parent (including on Orgenesis Parent’s website), and (z) in private
conversations or interactions, with customers or potential customers of the
South Korea Sub or the Israel Sub to inform such customers that they can use the
Company for services outside of South Korea and Israel, (provided that, for the
avoidance of doubt, it is agreed that the Masthercell name and logo may not be
used by such persons in any marketing or promotional materials (including on
their websites, provided that Orgenesis Parent may refer to Mastercell as one of
its subsidiaries on its website as described above)). Orgenesis Parent, Israel
Sub and South Korea Sub shall not, and they shall cause their subsidiaries and
representatives not to, market or promote in any manner the services of the
Israel Sub or the South Korea Sub outside of Israel or South Korea. 

            (b)       
In addition to Section 13(a), Israel Sub with respect to and within Israel only
and South Korea Sub with respect to and within South Korea only, may conduct for
customers primarily located within Israel and South Korea, respectively, the
business of providing manufacturing and development services to such third
parties related to cell and gene therapy products, processes and solutions and
providing related manufacturing or development services, and the creation and
development of technology, Intellectual Property, tools and optimizations in
connection with such manufacturing and development services for such third
parties within Israel and South Korea; provided that if such customer of Israel
Sub and/or South Korea desires to manufacture or obtain any of the other
services described above anywhere outside of Israel or South Korea, then Israel
Sub and South Korea Sub will refer the customer to the Company or one of its
Subsidiaries for such manufacturing or other services. The Company hereby grants
the Israel Sub and the South Korea Sub a nonexclusive license to use the
technology licensed to the Company pursuant to the License Agreement, dated
December 30, 2016 by and among Orgenesis Parent and MC Belgium (the “QMS
License”) so long as (i) the Company has the right to grant such sublicense,
(ii) granting such sublicense does not result in the Company incurring any
direct or indirect cost, (iii) the Israel Sub and South Korea Sub comply with
the terms of the QMS License and only use such technology in the countries of
Israel and South Korea, and (iv) Orgenesis, the Israel Sub and the South Korea
do not breach any of the terms of Section 13 of this Agreement or any terms of
any noncompete, nonsolicit or other restrictive covenant contained in the
Shareholders Agreement and the Purchase Agreement.

            (c)       
After the date hereof, the Israel Sub and the South Korea Sub shall not be
included (i) in any calculation of EBITDA for the purposes of any determination
of a Material Underperformance Event under
the Stockholders’ Agreement or (ii) within the terms “Company” or “Subsidiary”
of the Company for purposes of the Stockholders’ Agreement.

-7- 

            (d)       
In the case of any conflict between Section 13(a) and Section 13(b), Section
13(b) shall supersede and govern the agreement between the parties. For the
avoidance of doubt, Section 13(b) shall supersede and govern the agreement
between the parties with respect to Section 5.7 of the Stockholders’ Agreement
and Section 4.5 of the Purchase Agreement. 

            14.    
 Orgenesis Parent MSA. The parties hereto agree that the “Term” as
defined in that certain Management Services Agreement, by and between Orgenesis
Parent and the Company, dated June 28, 2018, shall terminate on June 28, 2020.

            15.    
 Further Assurances. Each of the Company, Orgenesis Parent, Israel
Sub and South Korea Sub will take such further reasonable administrative or
formal actions (including the execution and delivery of share transfer deeds and
such further reasonable administrative or formal instruments and documents) as
may be agreed by Investor, Company and Orgenesis Parent as being necessary in
order to effect the transactions contemplated by this Agreement, in each case,
at the sole cost and expense of Orgenesis Parent. 

            16.     
Miscellaneous Provisions. The provisions of Article 9 “Miscellaneous” of
the Purchase Agreement are incorporated by reference into and made a part of
this Agreement other than Section 9.1 and 9.12(b) . 

* * * * * 

-8- 

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

	 	INVESTOR: 
	 	GPP-II MASTHERCELL, LLC 
	 	 
	 	By: /s/ Noah F. Rhodes, III 
	 	Name: Noah F. Rhodes, III 
	 	Title: President 
	 	 
	 	COMPANY: 
	 	MASTHERCELL GLOBAL INC. 
	 	 
	 	By: /s/ Darren Head 
	 	Name: Darren Head 
	 	Title: CEO 
	 	 
	 	ORGENESIS PARENT: 
	 	ORGENESIS INC. 
	 	 
	 	By: /s/ Vered Caplan 
	 	Name: Vered Caplan 
	 	Title: Chief Executive Officer 
	 	 
	 	ISRAEL SUB: 
	 	ATVIO BIOTECH LTD. 
	 	 
	 	By: /s/ Ohad Karnieli 
	 	Name: Ohad Karnieli 
	 	Title: President 
	 	 
	 	SOUTH KOREA SUB: 
	 	CURECELL CO., LTD. 
	 	 
	 	By: /s/ David Kim 
	 	Name: David (Taeho) Kim 
	 	Title: CEO/Representative Director
  

[SIGNATURE PAGE TO TRANSFER AGREEMENT]

EXHIBIT A

Loan Agreements Evidencing the New Subsidiary Loans

Please see attached

Exhibit A-1

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) is entered into
on and as of the 7 day of August, 2019, by and between Masthercell Global Inc.
(the “Lender”) and Atvio Biotech Ltd. (the “Borrower”; and the
Lender and the Borrower shall each be referred to hereinafter as a
“Party” and collectively as the “Parties”). 

WHEREAS, the Lender has made available to the Borrower cash
advances in the aggregate amount of US $1,250,000, since June 28, 2018;

WHEREAS, the Parties wish to enter into this Loan Agreement in
order to formalize in writing the terms on which such cash advances will be
repaid; and

WHEREAS, the Parties have agreed that the full amount of the
Loan, together with all unpaid and accrued interest thereon, will be repaid at
the earlier of the Maturity Date or immediately after a Liquidation Event (as
defined below) of either the Borrower or Orgenesis Inc. (the “Parent”).

NOW THEREFORE, in consideration of the mutual promises and
covenants contained herein, the Parties hereby agree as follows:

	1. 	
      The Loan. Aggregate principal amount
      of US $1,250,000 (the “Loan”).

	 	 
	2. 	
      Repayment and
  Prepayment.

	 	2.1 	
      Notwithstanding anything to the contrary in this
      Agreement, the Borrower may prepay the Loan, together with all unpaid and
      accrued interest thereon, at any time without penalty.

	 	 	 
	 	2.2 	
      The Borrower undertakes to repay to the Lender, all of
      the principal amount of the Loan, together with all unpaid and accrued
      interest thereon, in US dollars on or before the earlier of (i) August
      ___, 2024 (the “Maturity Date”) or (ii) the closing of a
      Liquidation Event of the Borrower or the Parent. If a Liquidation Event
      has not have occurred prior to the Maturity Date the Maturity Date shall
      be automatically extended for an additional 5 years. If a Liquidation
      Event occurred prior to the Maturity Date, then payment upon the closing
      of the Liquidation Event shall be limited to the amount of the proceeds
      that would otherwise be received by the seller in such transaction, as a
      result of such transaction and any unpaid Loan balance, together with all
      unpaid and accrued interest thereon, shall be paid at the Maturity
      Date.

	 	 	 
	 	2.3 	
      Liquidation Event shall mean the earliest of the
      following:

(i) a Sale of the Company (as defined
in that certain Stockholders’ Agreement of the Lender, dated June 28, 2018, by
and among the Parent, the Lender, and other parties thereto);

(ii) any sale or transfer of any of
the equity interests of the Lender owned by the Parent;

(iii) any sale or transfer of all or
substantially all of the equity interests of the Parent or all or substantially
all of the assets of the Parent; or 

      
     (iv) any sale or transfer of any of the equity
interests or all or substantially all of the assets of the Borrower. 

2.4.        Regulatory
limitations. If at the time when a payment is due hereunder there is a local
government, money laundering or banking regulation that limits when the Borrower
can make such payment, (a) the Borrower shall take all actions necessary to
comply with such regulation so as to allow the Borrower to make the payments as
soon as possible and the due date for such payment may be delayed for up to five
(5) days to allow Borrower to take such actions, and (b) in the case of a
Liquidity Event, if after such five (5) day period Borrower has not made such
payment to Lender, Lender shall be entitled to retain proceeds from such
Liquidity Event and apply such proceeds to the payment of the Loan. 

	3. 	
      Event of Default. If the Borrower
      engages in, or is subject to, any of the following events then such event
      shall be considered an “Event of Default”:

            (i)
admits in writing its inability to pay generally its debts as they mature, or

            (ii)
makes a general assignment for the benefit of creditors, or 

           
(iii) is adjudicated a bankrupt or insolvent, or (iv) files a voluntary petition
in bankruptcy, or

      
     (v) takes advantage, as against its creditors, of
any bankruptcy law or statute now or hereafter in effect, or

        
   (vi) has a petition or proceeding filed against it under any
provision of any bankruptcy or insolvency or similar law or statute, which
petition, or proceeding is not dismissed within 30 days after the date of the
commencement thereof, or

      
     (vii) has a receiver, liquidator, trustee,
custodian, conservator, sequestrator or other such person appointed by any court
to take charge of its affairs or assets or business and such appointment is not
vacated or discharged within 30 days thereafter, or

      
     (viii) does not pay any principal, interest or
other amounts due to the Lender under this Agreement when required by this
Agreement, or

      
     (ix) takes any action in furtherance of any of the
foregoing. 

Upon the occurrence and during the
continuation of any Event of Default, then, in addition to any other rights or
remedies available to Lender, the entire unpaid principal amount of the Loan
hereunder plus any and all interest accrued thereon shall, at the option of
Lender, become due and payable immediately without presentment, demand, notice
of nonpayment, protest, notice of protest, or other notice of dishonor, all of
which are hereby expressly waived by Borrower; provided, however, that if an
Event of Default under Section 3(vi) shall occur, then, in addition to
any other rights or remedies available to Lender, the entire unpaid principal
amount of the Loan hereunder plus any and all interest accrued thereon shall
automatically, without notice of any kind, become immediately due and payable.

	4. 	
      Interest. The Loan shall bear an
      interest rate equal to the minimal mid-term applicable federal rate as
      defined in Section 1274(d) of the Internal Revenue Code of 1986, as
      amended (the “Code”). Borrower and Lender agree to adjust the
      interest rate from time to time in order for it to be not less than the
      minimum rate necessary to avoid the imputation of income and gift for tax purposes under Section 7872 of
  the Code or other applicable law.

2

	5. 	
      Miscellaneous.

	 	5.1 	
      Amendments: This Agreement shall not be amended,
      changed or modified in any manner except by an instrument in writing
      signed by each of the Parties.

	 	 	 
	 	5.2 	
      No Waiver: Failure or exercise or delay in
      exercising any right or remedy under this Agreement by any Party shall not
      operate as a waiver thereof or of any other right or remedy which such
      right or remedy which such Party has.

	 	 	 
	 	5.3 	
      Severability: In the event that any provision or
      any provision of any provisions of the Agreement is or proves to be
      invalid, illegal or unenforceable under applicable laws, the validity of
      the other provisions hereof shall not be affected the Parties shall
      negotiate in good faith and agree to such amendments, modification or
      supplements of or to the Agreement as shall to the maximum extent
      practicable give effect to the intention of the Parties.

	 	 	 
	 	5.4 	
      No Assignment: The Borrower may not assign any of
      its rights or obligations hereunder without the prior written consent of
      the Lender.

	 	 	 
	 	5.5 	
      Governing Law and Jurisdiction: This Agreement
      shall be governed by the laws of Delaware. The Parties hereby elect the
      city of New York, NY as the exclusive place of jurisdiction for all
      purposes of these presents, and the Borrower hereby irrevocably submit to
      the exclusive jurisdiction of the competent courts of New York,
  NY.

	 	 	 
	 	5.6 	
      Entire Agreement: This Agreement constitutes the
      full and entire understanding and agreement between the Parties with
      regard to the subject matters hereof and thereof and supersede any prior
      agreement, understand or contract, written or oral, with respect to the
      subject matter hereof and thereof.

	 	 	 
	 	5.7 	
      Remedies: No right or remedy conferred upon or
      reserved to the Lender hereunder now or hereafter existing at law or in
      equity is intended to be exclusive of any other right or remedy, and each
      and every such right or remedy shall be cumulative and concurrent, and in
      addition to every other such right or remedy, may be pursued singly,
      concurrently, successively or otherwise, at the sole discretion of Lender,
      and shall not be exhausted by any one exercise thereof but may be
      exercised as often as occasion therefor shall occur.

	 	 	 
	 	5.8 	
      Costs and Expenses: Following the occurrence and
      during the continuation of any Event of Default, the Borrower shall pay
      upon demand all costs and expenses (including all reasonable attorneys’
      fees and expenses) incurred by the Lender in the exercise of any of its
      rights, remedies or powers under this Agreement and any amount thereof not
      paid promptly in accordance with the terms of this Agreement shall be
      added to the principal sum hereunder and shall bear interest as set forth
      in Section 4, from the date of such demand until paid in
    full.

[Signature Pages Follow] 

3

       
    IN WITNESS WHEREOF the Parties have set their hands and
seals as of the day and year first above written. 

	Borrower: 
	 
	Atvio Biotech Ltd. 
	 
	  
	By: Ohad Karnieli 
	Name: Ohad Karnieli 
	Title: President 
	 
	 
	  
	Lender: 
	 
	Masthercell Global Inc. 
	 
	  
	By: /s/ Darren Head 
	Name: Darren Head 
	Title: CEO 

[SIGNATURE PAGE TO ATVIO NEW LOAN AGREEMENT]

Exhibit A-2

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) is entered into
on and as of the 7 day of August, 2019, by and between Masthercell Global Inc.
(the “Lender”) and CureCell Co., Ltd. (the “Borrower”; and the
Lender and the Borrower shall each be referred to hereinafter as a
“Party” and collectively as the “Parties”). 

WHEREAS, the Lender has made available to the Borrower cash
advances in the aggregate amount of US $1,230,000, since June 28, 2018;

WHEREAS, the Parties wish to enter into this Agreement in order
to confirm the principal amount of the loan as US$1,230,000, made available to
the Borrower on or since June 28, 2018, and amend the interest rate and the
maturity date of such loan; and 

WHEREAS, the Parties have agreed that the full amount of the
Loan, together with all unpaid and accrued interest thereon, will be repaid at
the earlier of the Maturity Date or immediately after a Liquidation Event (as
defined below) of either the Borrower or Orgenesis Inc. (the “Parent”).

NOW THEREFORE, in consideration of the mutual promises and
covenants contained herein, the Parties hereby agree as follows:

	1. 	
      The Loan. Aggregate principal amount
      of US $1,230,000 (the “Loan”).

	 	 
	2. 	
      Repayment and
  Prepayment.

	 	2.1 	
      Notwithstanding anything to the contrary in this
      Agreement, the Borrower may prepay the Loan, together with all unpaid and
      accrued interest thereon, at any time without penalty.

	 	 	 
	 	2.2 	
      The Borrower undertakes to repay to the Lender, all of
      the principal amount of the Loan, together with all unpaid and accrued
      interest thereon, in US dollars on or before the earlier of (i) August
      ___, 2024 (the “Maturity Date”) or (ii) the closing of a
      Liquidation Event of the Borrower or the Parent. If a Liquidation Event
      has not have occurred prior to the Maturity Date the Maturity Date shall
      be automatically extended for an additional 5 years. If a Liquidation
      Event occurred prior to the Maturity Date, then payment upon the closing
      of the Liquidation Event shall be limited to the amount of the proceeds
      that would otherwise be received by the seller in such transaction, as a
      result of such transaction and any unpaid Loan balance, together with all
      unpaid and accrued interest thereon, shall be paid at the Maturity
      Date.

	 	 	 
	 	2.3 	
      Liquidation Event shall mean the earliest of the
      following:

           
(i) a Sale of the Company (as defined in that certain Stockholders’ Agreement of
the Lender, dated June 28, 2018, by and among the Parent, the Lender, and other
parties thereto);

       
    (ii) any sale or transfer of any of the equity interests
of the Lender owned by the Parent;

         
  (iii) any sale or transfer of all or substantially all of the equity
interests of the Parent or all or substantially all of the assets of the Parent;
or 

(iv)        any sale or
transfer of any of the equity interests or all or substantially all of the
assets of the Borrower. 

		
      2.4.        Regulatory
      limitations. If at the time when a payment is due hereunder there is a
      local government, money laundering or banking regulation that limits when
      the Borrower can make such payment, (a) the Borrower shall take all
      actions necessary to comply with such regulation so as to allow the
      Borrower to make the payments as soon as possible and the due date for
      such payment may be delayed for up to five (5) days to allow Borrower to
      take such actions, and (b) in the case of a Liquidity Event, if after such
      five (5) day period Borrower has not made such payment to Lender, Lender
      shall be entitled to retain proceeds from such Liquidity Event and apply
      such proceeds to the payment of the Loan.

	 	 
	3. 	
      Event of Default. If the Borrower
      engages in, or is subject to, any of the following events then such event
      shall be considered an “Event of Default”:

      
     (i) admits in writing its inability to pay generally
its debts as they mature, or 

      
     (ii) makes a general assignment for the benefit of
creditors, or 

      
     (iii) is adjudicated a bankrupt or insolvent, or (iv)
files a voluntary petition in bankruptcy, or

      
     (v) takes advantage, as against its creditors, of
any bankruptcy law or statute now or hereafter in effect, or

      
     (vi) has a petition or proceeding filed against it
under any provision of any bankruptcy or insolvency or similar law or statute,
which petition, or proceeding is not dismissed within 30 days after the date of
the commencement thereof, or

        
   (vii) has a receiver, liquidator, trustee, custodian,
conservator, sequestrator or other such person appointed by any court to take
charge of its affairs or assets or business and such appointment is not vacated
or discharged within 30 days thereafter, or

      
     (viii) does not pay any principal, interest or
other amounts due to the Lender under this Agreement when required by this
Agreement, or

            (ix)
takes any action in furtherance of any of the foregoing. 

Upon the occurrence and during the
continuation of any Event of Default, then, in addition to any other rights or
remedies available to Lender, the entire unpaid principal amount of the Loan
hereunder plus any and all interest accrued thereon shall, at the option of
Lender, become due and payable immediately without presentment, demand, notice
of nonpayment, protest, notice of protest, or other notice of dishonor, all of
which are hereby expressly waived by Borrower; provided, however, that if an
Event of Default under Section 3(vi) shall occur, then, in addition to
any other rights or remedies available to Lender, the entire unpaid principal
amount of the Loan hereunder plus any and all interest accrued thereon shall
automatically, without notice of any kind, become immediately due and payable.

	4. 	
      Interest. The Loan shall bear an
      interest rate equal to the minimal mid-term applicable federal rate as
      defined in Section 1274(d) of the Internal Revenue Code of 1986, as
      amended (the “Code”). Borrower and Lender agree to adjust the
      interest rate from time to time in order for it to be not less than the
      minimum rate necessary to avoid the imputation of income and gift for tax
      purposes under Section 7872 of the Code or other applicable
  law.

2

	5. 	
      Miscellaneous.

	 	5.1 	
      Amendments: This Agreement shall not be amended,
      changed or modified in any manner except by an instrument in writing
      signed by each of the Parties.

	 	 	 
	 	5.2 	
      No Waiver: Failure or exercise or delay in
      exercising any right or remedy under this Agreement by any Party shall not
      operate as a waiver thereof or of any other right or remedy which such
      right or remedy which such Party has.

	 	 	 
	 	5.3 	
      Severability: In the event that any provision or
      any provision of any provisions of the Agreement is or proves to be
      invalid, illegal or unenforceable under applicable laws, the validity of
      the other provisions hereof shall not be affected the Parties shall
      negotiate in good faith and agree to such amendments, modification or
      supplements of or to the Agreement as shall to the maximum extent
      practicable give effect to the intention of the Parties.

	 	 	 
	 	5.4 	
      No Assignment: The Borrower may not assign any of
      its rights or obligations hereunder without the prior written consent of
      the Lender.

	 	 	 
	 	5.5 	
      Governing Law and Jurisdiction: This Agreement
      shall be governed by the laws of Delaware. The Parties hereby elect the
      city of New York, NY as the exclusive place of jurisdiction for all
      purposes of these presents, and the Borrower hereby irrevocably submit to
      the exclusive jurisdiction of the competent courts of New York,
  NY.

	 	 	 
	 	5.6 	
      Entire Agreement: This Agreement constitutes the
      full and entire understanding and agreement between the Parties with
      regard to the subject matters hereof and thereof and supersede any prior
      agreement, understand or contract, written or oral, with respect to the
      subject matter hereof and thereof.

	 	 	 
	 	5.7 	
      Remedies: No right or remedy conferred upon or
      reserved to the Lender hereunder now or hereafter existing at law or in
      equity is intended to be exclusive of any other right or remedy, and each
      and every such right or remedy shall be cumulative and concurrent, and in
      addition to every other such right or remedy, may be pursued singly,
      concurrently, successively or otherwise, at the sole discretion of Lender,
      and shall not be exhausted by any one exercise thereof but may be
      exercised as often as occasion therefor shall occur.

	 	 	 
	 	5.8 	
      Costs and Expenses: Following the occurrence and
      during the continuation of any Event of Default, the Borrower shall pay
      upon demand all costs and expenses (including all reasonable attorneys’
      fees and expenses) incurred by the Lender in the exercise of any of its
      rights, remedies or powers under this Agreement and any amount thereof not
      paid promptly in accordance with the terms of this Agreement shall be
      added to the principal sum hereunder and shall bear interest as set forth
      in Section 4, from the date of such demand until paid in
    full.

[Signature Pages Follow] 

3

      
     IN WITNESS WHEREOF the Parties have set their
hands and seals as of the day and year first above written. 

Borrower: 

CureCell Co., Ltd. 

 

By: /s/ David Kim
Name: David (Taeho) Kim
Title:
CEO/Representative Director

 

Lender:

Masthercell Global Inc. 

 

By: /s/ Darren Head
Name: Darren Head
Title:
CEO 

 

[SIGNATURE PAGE TO CURECELL NEW LOAN AGREEMENT]

EXHIBIT B

Press Release
 

Orgenesis Reorganizes its Israel and Korea Subsidiaries to
Support Continued Growth 

GERMANTOWN, MD, US – August XX, 2019 – Orgenesis Inc.
(NASDAQ: ORGS), a leading cell and gene therapy enabling company providing
centralized CDMO manufacturing and development services through its subsidiary
MTH Global, Inc., as well as localized point-of-care development and processing
centers, today announces that it has transferred the ownership of its Israeli
cell process development business, Atvio Biotech Ltd., and its South Korean cell
development and manufacturing business, CureCell Co., Ltd. from its subsidiary,
Masthercell Global, to the parent company, Orgenesis, Inc. Atvio and Curecell
will provide internal manufacturing services to Orgenesis, and to customers
located within Israel and South Korea, respectively. Additional details related
to the transaction can be found in the Company’s Form 8-K filed today with the
US Securities & Exchange Commission at www.sec.gov.

Vered Caplan, Chief Executive Officer, of Orgenesis, said,
“This internal transfer of ownership interests in both Atvio and Curecell are
part of a broader initiative to realign resources within the organization to
support our continued growth and meet market needs as the cell and gene therapy
industry continues to expand in specific areas. Specifically, given the success
of Masthercell Global, we are reallocating resources towards further expansion
of our CDMO capabilities for third party cell and gene therapy services in North
America and Europe. Accordingly, Orgenesis plans to focus resources within Atvio
and Curecell towards advancing our ongoing therapeutic development programs, as
well as supporting cell manufacturing market needs in their own respective
geographical regions. Orgenesis remains extremely encouraged by our continued
progress and the traction we are gaining within the market.”

Notice Regarding Forward-Looking Statements

This
press release contains forward-looking statements which are made pursuant to the
safe harbor provisions of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as amended. These
forward-looking statements involve substantial uncertainties and risks and are
based upon our current expectations, estimates and projections and reflect our
beliefs and assumptions based upon information available to us at the date of
this release. We caution readers that forward-looking statements are predictions
based on our current expectations about future events. These forward-looking
statements are not guarantees of future performance and are subject to risks,
uncertainties and assumptions that are difficult to predict. Our actual results,
performance or achievements could differ materially from those expressed or
implied by the forward-looking statements as a result of a number of factors,
including, but not limited to, the success of our reorganized CDMO operations,
the success of our partnership with Great Point Partners, LLC, our ability to
achieve and maintain overall profitability, the sufficiency of working capital
to realize our business plans, the development of our transdifferentiation
technology as therapeutic treatment for diabetes which could, if successful, be
a cure for Type 1 Diabetes; our technology not functioning as expected; our
ability to retain key employees; our ability to satisfy the rigorous regulatory
requirements for new procedures; our competitors developing better or cheaper alternatives to our products and the risks and uncertainties
discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on
Form 10-K for the fiscal year ended November 30, 2018, and in our other filings
with the Securities and Exchange Commission. We undertake no obligation to
revise or update any forward-looking statement for any reason. 

	IR Contact for Orgenesis: 
	David Waldman 
	Crescendo Communications, LLC 
	Tel: 212-671-1021 
	ORGS@crescendo-ir.com
  
	  
	PR Contact for Orgenesis: 
	Neil Hunter / Michelle Boxall 
	Image Box PR 
	Tel +44 20 8943 4685 
	neil@imageboxpr.co.uk /
      michelle@imageboxpr.co.uk

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