Document:

Exhibit
4.1

 

HOUR
LOOP, INC. 

 

WARRANT

 

	Warrant
    No. 	Original
    Issue Date: January 11, 2022

 

Hour
Loop, Inc., a Delaware corporation (the “Company”), hereby certifies that, as partial compensation for its services
as an underwriter to the Company, EF Hutton, division of Benchmark Investments, Inc. or its designees or registered assigns (the “Holder”),
is entitled to purchase from the Company up to a total of 75,000 shares of the Company’s common stock, par value $0.0001 per share
(the “Common Stock”), at any time and from time to time from and after 181 days following the effective date of the
Registration Statement on Form S-1 (File No. 333-260540), and through and including January 6, 2027, the fifth anniversary of such effective
date (the “Expiration Date”), in accordance with FINRA Rule 5110, and subject to the following terms and conditions:

 

1.
Definitions. As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144.

 

“Business
Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any securities into which such common stock
may hereafter be reclassified or for which it may be exchanged as a class.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exercise
Price” means $5.00, subject to adjustment in accordance with Section 9.

 

“Fundamental
Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another
Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) any
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property.

 

“New
York Courts” means the state and federal courts sitting in the State of New York.

 

    	 

     

    

 

“Original
Issue Date” means the Original Issue Date first set forth on the first page of this Warrant.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Prospectus”
means the prospectus, dated January 6, 2022, filed with the Securities and Exchange Commission pursuant to Rule 424 promulgated under
the Securities Act.

 

“Rule
144” means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially
the same effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange
Commission under the Exchange Act.

 

“Trading
Day” means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on
any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any
similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is
not listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

“Trading
Market” means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market,
the NASDAQ Capital Market or OTC Markets Group electronic quotation system on which the Common Stock is listed or quoted for trading
on the date in question.

 

“Underlying
Shares” means the shares of Common Stock issuable upon exercise of this Warrant.

 

2.
Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

3.
Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon
surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any
such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee
and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder.
The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and
obligations of a holder of a Warrant. Notwithstanding the foregoing, neither this Warrant nor any shares of Common Stock issuable upon
exercise of this Warrant, shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of this Warrant, or any security issuable
upon exercise of this Warrant, by any person for a period of 180 days immediately following the effective date of the Registration Statement
on Form S-1 (File No. 333-260540), except as provided in FINRA Rule 5110(g)(2).

 

    	 

     

    

 

4.
Exercise and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time
from and after 180 days following the effective date of the Registration Statement on Form S-1 (File No. 333-260540) (the “Effective
Date”), through and including the Expiration Date, in accordance with FINRA Rule 5110. At 6:30 p.m., New York City time on
the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may
not call or redeem any portion of this Warrant without the prior written consent of the affected Holder. Neither this Warrant nor any
shares of Common Stock issuable upon exercise of this Warrant, shall be sold, transferred, assigned, pledged, or hypothecated, or be
the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition
of this Warrant, or any security issuable upon exercise of this Warrant, by any person for a period of 180 days immediately following
the effective date of the Registration Statement on Form S-1 (File No. 333-260540), except as provided in FINRA Rule 5110(g)(2).

 

5.
Delivery of Common Stock.

 

(a)
To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless all of the Warrant Shares
represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with
the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price multiplied
by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later than
two Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for the Warrant Shares
issuable upon such exercise. The Company shall deliver Warrant Shares hereunder electronically through the Depository Trust Corporation
or another established clearing corporation performing similar functions, if available, provided, that, the Company may, but will
not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through the Depository
Trust Corporation. A “Date of Exercise” means the date on which the Holder shall have delivered to the Company: (i)
the Exercise Notice (with the Warrant Shares Exercise Log attached to it), appropriately completed and duly signed and (ii) if applicable,
payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.

 

(b)
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

    	 

     

    

 

(c)
If by the second Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), and if after such second Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (1) reimburse
the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of
Common Stock or Warrants so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of the shares of Common Stock,
on the Date of Exercise and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In.

 

(d)
The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or
alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Units. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Warrant
Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

6.
Charges, Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge
to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall
not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant
Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise
as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply with such
other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant
is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant.

 

    	 

     

    

 

8.
Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate
of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the
Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable.

 

9.
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of
shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant
to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)
Fundamental Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder
shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as
it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate
Consideration”). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. At the
Holder’s option and request, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the
Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s
right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. The terms of any agreement pursuant
to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the
provisions of this paragraph (b) and insuring that the Warrant (or any such replacement security) will be similarly adjusted upon any
subsequent transaction analogous to a Fundamental Transaction.

 

(c)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment
the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment.

 

    	 

     

    

 

(d)
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the
account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of
this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which
such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to
the Company’s Transfer Agent.

 

(f)
Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital
stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder
approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the
Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction (but
only to the extent such disclosure would not result in the dissemination of material, non-public information to the Holder) at least
10 calendar days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate
in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder
is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction;
provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action
required to be described in such notice.

 

10.
Payment of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:

 

(a)
Cash Exercise. The Holder may deliver immediately available funds; or

 

(b)
Cashless Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise, in which
event the Company shall issue to the Holder the number of Warrant Units determined as follows:

 

	 	 	X
    = Y [(A-B)/A]
	 	 	 
	 	where:	 
	 	 	 
	 	 	X
    = the number of Warrant Shares to be issued to the Holder.
	 	 	 
	 	 	Y
    = the number of Warrant Shares with respect to which this Warrant is being exercised.
	 	 	 
	 	 	A
    = the average of the daily volume weighted average price for the Common Stock for the five Trading Days immediately prior to (but
    not including) the Exercise Date.
	 	 	 
	 	 	B
    = the Exercise Price.

 

    	 

     

    

 

For
purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued
in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares
shall be deemed to have commenced, on the date this Warrant was originally issued.

 

11.
Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired
by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that,
following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its
Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes
of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding shares of Common Stock (including
for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict
the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or
other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant.
This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant, (a) no term of this Section may
be waived by any party, nor amended such that the threshold percentage of ownership would be directly or indirectly increased, (b) this
restriction runs with the Warrant and may not be modified or waived by any subsequent holder hereof and (c) any attempted waiver, modification
or amendment of this Section will be void ab initio.

 

12.
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one share of Common Stock as reported by the applicable Trading Market on the date of exercise, or round up to
the nearest whole share of Common Stock.

 

13.
Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice)
shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day,
(iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the Company,
to Hour Loop, Inc., Attn: Chief Executive Officer (or such other address as the Company shall indicate in writing in accordance with
this Section), or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register or such other address or
facsimile number as the Holder may provide to the Company in accordance with this Section.

 

    	 

     

    

 

14.
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company
may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any
new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent
under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant
agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15.
Miscellaneous. 

 

(a)
No Rights as a Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 5 except as expressly
set forth in Section 9. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 10 (b) or to receive cash payments pursuant to Section 5(c) and 9(b), in no event shall the Company be required to net cash
settle an exercise of this warrant.

 

(b)
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any
legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company
and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions on waivers and amendments
set forth in Section 11 of this Warrant.

 

(c)
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.
Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and the transactions
herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective Affiliates, employees
or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject
to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party
hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each
party hereto 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 Warrant or the transactions contemplated hereby. If either party shall commence a
Proceeding to enforce any provisions of this Warrant, then the prevailing party in such Proceeding shall be reimbursed by the other party
for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.

 

(d)
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(e)
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder
with respect to the Common Stock.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	HOUR
    LOOP, INC.
	 	 
	 	By:	
	 	Name:	Sam
    Lai
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

EXERCISE
NOTICE

HOUR
LOOP, INC.

WARRANT
DATED JANUARY 11, 2022

 

The
undersigned Holder hereby irrevocably elects to purchase shares of Common Stock pursuant to the above referenced Warrant. Capitalized
terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.

 

	(1)	The
    undersigned Holder hereby exercises its right to purchase __________ shares of Common Stock pursuant to the Warrant.
	 	 
	(2)	The
    holder shall pay the sum of $__________ to the Company in accordance with the  terms of the Warrant.
	 	 
	(3)	Pursuant
    to this Exercise Notice, the Company shall deliver to the holder Common Stock in accordance with the terms of the Warrant.
	 	 
	(4)	By
    its delivery of this Exercise Notice, the undersigned represents and warrants to the  Company that in giving effect to the exercise
    evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in accordance
    with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of the Warrant to which this notice
    relates.

 

	Dated:
    	___________________________	 	Name
    of Holder:
	 	 	 	 	 
	 	 	 	(Print)	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 
	 	 	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant)

 

    	 

     

    

 

Warrant
Shares Exercise Log

 

	Date	 	Number
                                            of Warrant

                                                                                Shares
                                            Available to be Exercised
	 	Number
                                            of Warrant Shares

                                                                                Exercised
	 	Number
                                            of

                                                                                Warrant

                                                                                Shares

                                                                                Remaining
                                            to

                                                                                be
                                            Exercised

	 	 	 	 	 	 	 

 

    	 

     

    

 

HOUR
LOOP, INC.

WARRANT
DATED JANUARY 11, 2022

WARRANT
NO.

 

FORM
OF ASSIGNMENT

 

[To
be completed and signed only upon transfer of Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto__________________________ the right represented by the above-captioned
Warrant to purchase______ shares of Common Stock to which such Warrant relates and appoints____________________ attorney to transfer
said right on the books of the Company with full power of substitution in the premises.

 

	Dated:____________________
    ____	 	 
	 	 	 
	 	 	 
	 	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	 
	 	 	 
	 	 	Address
    of Transferee
	 	 	 
	 	 	 
	 	 	 
	In
    the presence of:Exhibit
10.1

 

HOUR
LOOP, INC.

 

UNDERWRITING
AGREEMENT

 

1,500,000
Shares of Common Stock

 

January
6, 2022

 

EF
HUTTON, division of Benchmark Investments, LLC

as
Representative of the several Underwriters named on Schedule 1 attached hereto

590
Madison Avenue, 39th Floor

New
York, NY 10022

 

Ladies
and Gentlemen:

 

Hour
Loop, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to
issue and sell to EF HUTTON, division of Benchmark Investments, LLC (the “Underwriter”) 1,500,000 authorized but unissued
shares (the “Firm Shares”) of common stock of the Company, par value $0.0001 per share (the “Common Stock”).
In addition, the Company proposes to sell to the Underwriter, upon the terms and conditions set forth in Section 4 hereof, up to an additional
225,000 authorized but unissued shares of Common Stock (the “Option Shares”). The Firm Shares and the Option Shares
are hereinafter collectively referred to as the “Shares”. The Shares, the Underwriter Warrants (as defined below)
and the Underwriter Warrant Shares (as defined below) are collectively referred to as the “Securities.”

 

The
Company and the Underwriter hereby confirm their agreement as follows:

 

1.
Registration Statement and Prospectus.

 

The
Company has prepared and filed with the Securities and Exchange Commission (the “Commission”) a registration statement
covering the Shares on Form S-1 (File No. 333-260540) under the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations (the “Rules and Regulations”) of the Commission thereunder, and such amendments to such
registration statement (including post effective amendments) as may have been required to the date of this Agreement. Such registration
statement, as amended (including any post effective amendments), has been declared effective by the Commission. Such registration statement,
including amendments thereto (including post effective amendments thereto) at the time of effectiveness thereof (the “Effective
Time”), the exhibits and any schedules thereto at the Effective Time or thereafter during the period of effectiveness and the
documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the
Rules and Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called the “Registration
Statement.” If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities
Act (the “Rule 462 Registration Statement”), then any reference herein to the term Registration Statement shall include
such Rule 462 Registration Statement. Any preliminary prospectus included in the Registration Statement or filed with the Commission
pursuant to Rule 424(a) under the Securities Act is hereinafter called a “Preliminary Prospectus.” The Preliminary
Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the pricing of the offering contemplated
hereby is hereinafter called the “Pricing Prospectus.”

 

    	1

     

    

 

The
Company is filing with the Commission pursuant to Rule 424 under the Securities Act a final prospectus covering the Shares, which includes
the information permitted to be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus,
as so filed, is hereinafter called the “Final Prospectus.” The Final Prospectus, the Pricing Prospectus and any preliminary
prospectus in the form in which they were included in the Registration Statement or filed with the Commission pursuant to Rule 424 under
the Securities Act is hereinafter called a “Prospectus.”

 

The
Commission has not notified the Company of any objection to the use of form of Registration Statement or any post-effective amendment
thereto.

 

2.
Representations and Warranties of the Company Regarding the Offering.

 

(a)
The Company represents and warrants to, and agrees with, the Underwriter, as of the date hereof, as of the Closing Date (as defined in
Section 4(d) below) and as of each Option Closing Date (as defined in Section 4(b) below), as follows:

 

(i)
No Material Misstatements or Omissions. At each time of effectiveness, at the date hereof, at the Closing Date, and at each Option
Closing Date, if any, the Registration Statement and any post-effective amendment thereto complied or will comply in all material respects
with the requirements of the Securities Act and the Rules and Regulations and did not, does not, and will not, as the case may be, contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. The Time of Sale Disclosure Package (as defined in Section 2(a)(v)(A)(1) below) as of 4:00 p.m. (Eastern time)
(the “Applicable Time”) on the date hereof, at the Closing Date and on each Option Closing Date, if any, and the Final
Prospectus, as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b) under the Securities Act, at the
Closing Date and at each Option Closing Date, if any, and any individual Written Testing-the-Waters Communication, when considered together
with the Time of Sale Disclosure Package, did not, does not and will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply
to statements in or omissions from the Registration Statement, the Time of Sale Disclosure Package or any Prospectus in reliance upon,
and in conformity with, written information furnished to the Company by the Underwriter specifically for use in the preparation thereof,
which written information is described in Section 7(f). The Registration Statement contains all exhibits and schedules required to be
filed by the Securities Act or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration
Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge
of the Company, are contemplated or threatened by the Commission.

 

    	2

     

    

 

(ii)
Marketing Materials. The Company has not distributed any prospectus or other offering material in connection with the offering
and sale of the Shares other than the Time of Sale Disclosure Package, any Testing-the-Waters Communications, and the roadshow or investor
presentations delivered to and approved by the Underwriter for use in connection with the marketing of the offering of the Securities
(the “Marketing Materials”).

 

(iii)
Emerging Growth Company. The Company is an “emerging growth company,” as defined
in Section 2(a) of the Securities Act (an “Emerging Growth Company”).

 

(iv)
Testing-the-Waters Communications. The Company (i) has not alone engaged in any Testing-the-Waters
Communication in connection with the offering contemplated hereby other than Testing the Waters Communications with the consent of the
Underwriter with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions
that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the
Underwriter to engage in Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters Communication that
is a written communication within the meaning of Rule 405 under the Securities Act (“Written
Testing-the-Waters Communications”), other than those previously provided to the Underwriter and listed on Schedule
IV. “Testing-the-Waters Communication” means any oral or written communication with potential investors undertaken
in reliance on Section 5(d) of the Securities Act. Each Written
Testing-the-Waters Communications, did not, as of the Applicable Time, and at all times through the completion of the public offer and
sale of Shares will not, include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.

 

(v)
Accurate Disclosure. (A) The Company has provided a copy to the Underwriter of each Issuer Free Writing Prospectus (as defined
below) used in the sale of Shares. The Company has filed all Issuer Free Writing Prospectuses required to be so filed with the Commission,
and no order preventing or suspending the effectiveness or use of any Issuer Free Writing Prospectus is in effect and no proceedings
for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission.
When taken together with the rest of the Time of Sale Disclosure Package or the Final Prospectus, no Issuer Free Writing Prospectus,
as of its issue date and at all subsequent times though the completion of the public offer and sale of Shares, has, does or will include
(1) any untrue statement of a material fact or omission 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, or (2) information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Final Prospectus. The representations and warranties set forth in
the immediately preceding sentence shall not apply to statements in or omissions from the Time of Sale Disclosure Package, the Final
Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company
by the Underwriter specifically for use in the preparation thereof, which written information is described in Section 7(f). As used in
this paragraph and elsewhere in this Agreement:

 

    	3

     

    

 

(1)
“Time of Sale Disclosure Package” means the Prospectus most recently filed with the Commission before the time of
this Agreement each Issuer Free Writing Prospectus, and the description of the transaction provided by the Underwriter included on Schedule
II.

 

(2)
“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 under
the Securities Act, relating to the Shares that (A) is required to be filed with the Commission by the Company, or (B) is exempt from
filing pursuant to Rule 433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed or required to be filed with
the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the
Securities Act.

 

(B)
At the time of filing of the Registration Statement and at the date hereof, the Company was not and is not an “ineligible issuer,”
as defined in Rule 405 under the Securities Act or an “excluded issuer” as defined in Rule 164 under the Securities Act.

 

(C)
Each Issuer Free Writing Prospectus listed on Schedule III satisfied, as of its issue date and at all subsequent times through the Prospectus
Delivery Period, all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under the Securities Act, including
any legend, record-keeping or other requirements.

 

(vi)
Financial Statements. The financial statements of the Company, together with the related notes and schedules, included in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the applicable
requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
rules and regulations of the Commission thereunder, and fairly present, in all material respects, the financial condition of the Company
as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with
U.S. generally accepted accounting principles (“GAAP”) consistently applied throughout the periods involved. No other
financial statements or schedules are required under the Securities Act, the Exchange Act, or the Rules and Regulations to be included
in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus

 

    	4

     

    

 

(vii)
Pro Forma Financial Information. The pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus include assumptions that provide a reasonable basis for presenting the significant effects directly
attributable to the transactions and events described therein, the related pro forma adjustments give appropriate effect to those assumptions,
and the pro forma adjustments reflect the proper application of those adjustments to the historical financial statements amounts in the
pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.
The pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus
comply as to form in all material respects with the application requirements of Regulation S-X under the Exchange Act. No other pro forma
financial information or schedules are required under the Securities Act, the Exchange Act, or the rules and regulations thereunder to
be included in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.

 

(viii)
Independent Accountants. To the Company’s knowledge, TPS Thayer, LLC, which has expressed its opinion with respect to the
financial statements and schedules included as a part of the Registration Statement and included in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus, is an independent public accounting firm with respect to the Company within the
meaning of the Securities Act and the Rules and Regulations.

 

(ix)
Accounting and Disclosure Controls. Except as disclosed in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus, the Company and its subsidiaries maintain systems of “internal
control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply with the requirements
of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or
specific authorization; (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; and (v) the interactive data in eXtensible Business Reporting Language (if
any) included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus
fairly present the information called for in all material respects and are prepared in accordance with the Commission’s rules and
guidelines applicable thereto. Since the date of the latest audited financial statements included in the Registration Statement, the
Time of Sale Disclosure Package and the Final Prospectus, there has been no change in the Company’s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial
reporting. As used in this Agreement, the term “subsidiary” or “subsidiaries” means Flywheel Consulting
Limited.

 

    	5

     

    

 

Except
as disclosed in the Registration Statement, the Company maintains disclosure controls and procedures (as defined under Rules 13a-15(e)
under the Exchange Act) that have been designed to ensure that material information relating to the Company and any subsidiaries is made
known to the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure
controls and procedures are effective.

 

(x)
Forward-Looking Statements. The Company had a reasonable basis for, and made in good faith, each “forward-looking statement”
(within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in
the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing Materials.

 

(xi)
Statistical and Marketing-Related Data. All statistical or market-related data included or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus, or included in the Marketing Materials, are based on or derived
from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the
use of such data from such sources, to the extent required

 

(xii)
Trading Market. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is approved for listing on the
Nasdaq Capital Market (the “Nasdaq”). To the Company’s knowledge, there is no action pending by Nasdaq to delist
the Common Stock from the Nasdaq, nor has the Company received any notification that the Nasdaq is contemplating terminating such listing.
When issued, the Shares and the Underwriter Warrant Shares will be listed on the Nasdaq. The Company has taken all actions it deems reasonably
necessary or advisable to take on or prior to the date of this Agreement to assure that it will be in compliance in all material respects
with all applicable corporate governance requirements set forth in the rules of the Nasdaq that are then in effect and will take all
action it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable
corporate governance requirements set forth in the Nasdaq rules not currently in effect upon and all times after the effectiveness of
such requirements.

 

(xiii)
Absence of Manipulation. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted
or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Shares.

 

(xiv)
Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Shares and the application
of the net proceeds thereof, will not be an “investment company,” as such term is defined in the Investment Company Act of
1940, as amended.

 

    	6

     

    

 

3.
Representations and Warranties Regarding the Company.

 

(a)
The Company represents and warrants to, and agrees with, the Underwriter, as of the date hereof and as of the Closing Date and as of
each Option Closing Date, as follows:

 

(i)
Good Standing. Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation or other
entity in good standing under the laws of its jurisdiction of incorporation. Each of the Company and its subsidiaries has the power and
authority (corporate or otherwise) to own its properties and conduct its business as currently being carried on and as described in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and is duly qualified to do business as a foreign
corporation or other entity in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of
its business makes such qualification necessary, except where the failure to so qualify would not have or be reasonably likely to result
in a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations
of the Company and its subsidiaries, taken as a whole, or in its ability to perform its obligations under this Agreement (“Material
Adverse Effect”).

 

(ii)
Authorization. The Company has the power and authority to enter into this Agreement and
the Underwriter Warrants and to authorize, issue and sell the Shares, the Underwriter Warrants
and the Underwriter Warrant Shares as contemplated by this Agreement and the Underwriter Warrants. This Agreement and
the Underwriter Warrants have been duly authorized by the Company, and when executed and delivered by the Company, and will constitute
the valid, legal and binding obligations of the Company, enforceable against the Company in accordance with its their respective terms,
except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles
of equity.

 

(iii)
Contracts. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the
execution, delivery and performance of this Agreement and the Underwriter Warrants and the
consummation of the transactions herein contemplated will not (A) result in a material breach or material violation of any of the terms
and provisions of, or constitute a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject,
or by which any property or asset of the Company or any subsidiary is bound or affected, (B) conflict with, result in any material violation
or material breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a
“Default Acceleration Event”) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or
other instrument (the “Contracts”) or material obligation or other material understanding to which the Company or
any subsidiary is a party or by which any property or asset of the Company or any subsidiary is bound or affected, except to the extent
that such conflict, default, or Default Acceleration Event not reasonably likely to result in a Material Adverse Effect, or (C) result
in a breach or violation of any of the terms and provisions of, or constitute a default under, the Company’s charter or by-laws.

 

    	7

     

    

 

(iv)
No Violations of Governing Documents. Neither the Company nor any of its subsidiaries is in violation, breach or default under
its certificate of incorporation, by-laws or other equivalent organizational or governing documents.

 

(v)
Consents. No consents, approvals, orders, authorizations or filings are required on the part of the Company in connection with
the execution, delivery or performance of this Agreement and the Underwriter Warrants and the issue and sale of the Securities, except
(A) the registration under the Securities Act of the Shares, which has been effected, (B) the necessary filings and approvals from the
Nasdaq to list the Shares and the Underwriter Warrant Shares, (C) such consents, approvals, authorizations, registrations or qualifications
as may be required under state or foreign securities or Blue Sky laws and the rules of the Financial Industry Regulatory Authority, Inc.
(“FINRA”) in connection with the purchase and distribution of the Shares by the Underwriter, (D) such consents and
approvals as have been obtained and are in full force and effect, and (E) such consents, approvals, orders, authorizations and filings
the failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect.

 

(vi)
Capitalization. The Company has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus. All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly
issued, fully paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform to the description
thereof in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued shares of capital
stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and, except
as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, are owned directly or indirectly
by the Company, free and clear of all liens, encumbrances, equities or claims. Except for the issuances of options or restricted stock
in the ordinary course of business, since the respective dates as of which information is provided in the Registration Statement, the
Time of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted any convertible or exchangeable
securities, options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares
of the capital stock of the Company. The Shares, when issued and paid for as provided herein, will be duly authorized and validly issued,
fully paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free of preemptive, registration
or similar rights and will conform to the description of the capital stock of the Company contained in the Registration Statement, the
Time of Sale Disclosure Package and the Final Prospectus. The shares of Common Stock issuable upon
the exercise of the Underwriter Warrants (the “Underwriter Warrant Shares”), when issued, paid for and delivered upon
due exercise of the Underwriter Warrants, as applicable, will be duly authorized and validly issued, fully paid and nonassessable, will
be issued in compliance with all applicable securities laws, and will be free of preemptive, registration or similar rights. The Underwriter
Warrant Shares have been reserved for issuance. The Underwriter Warrants, when issued, will conform in all material respects to the descriptions
thereof set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.

 

    	8

     

    

 

(vii)
Taxes. Each of the Company and its subsidiaries has (a) filed all foreign, federal, state and local tax returns (as hereinafter
defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing
thereof and (b) paid all taxes (as hereinafter defined) shown as due and payable on such returns that were filed and has paid all taxes
imposed on or assessed against the Company or such respective subsidiary. The provisions for taxes payable, if any, shown on the financial
statements included in the Registration Statement, the Time of Sale Disclosure Package and the
Final Prospectus are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including
the dates of such consolidated financial statements. To the Company’s knowledge, no issues have been raised (and are currently
pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries,
and no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the
Company or its subsidiaries. The term “taxes” mean all federal, state, local, foreign, and other net income, gross
income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll,
employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments,
or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto.
The term “returns” means all returns, declarations, reports, statements, and other documents required to be filed
in respect to taxes.

 

(viii)
Material Change. Since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus, (a) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not
declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there has not been any change
in the capital stock of the Company or any of its subsidiaries (other than a change in the number of outstanding shares of Common Stock
due to the issuance of shares upon the exercise of outstanding options or warrants, upon the conversion of outstanding shares of preferred
stock or other convertible securities or the issuance of restricted stock awards or restricted stock units under the Company’s
existing stock awards plan, or any new grants thereof in the ordinary course of business), (d) there has not been any material change
in the Company’s long-term or short-term debt, and (e) there has not been the occurrence of any Material Adverse Effect.

 

(ix)
Absence of Proceedings. There is not pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to
which the Company or any of its subsidiaries is a party or of which any property or assets of the Company or any of its subsidiaries
is the subject before or by any court or governmental agency, authority or body, or any arbitrator or mediator, which is reasonably likely
to result in a Material Adverse Effect.

 

    	9

     

    

 

(x)
Permits. The Company and each of its subsidiaries holds, and is in compliance with, all franchises, grants, authorizations, licenses,
permits, easements, consents, certificates and orders (“Permits”) of any governmental or self-regulatory agency, authority
or body required for the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure
to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect or adversely affect the consummation
of the transactions contemplated by this Agreement.

 

(xi)
Good Title. The Company and each of its subsidiaries have good and marketable title to all property (whether real or personal)
described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus as being owned by them that are
material to the business of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or
defects, except those that are disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus
and those that are not reasonably likely to result in a Material Adverse Effect. The property held under lease by the Company and its
subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular
lease as do not interfere in any material respect with the conduct of the business of the Company and its subsidiaries.

 

(xii)
Intellectual Property. The Company and each of its subsidiaries owns or possesses or has valid right to use all patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions,
trade secrets and similar rights (“Intellectual Property”) necessary for the conduct of the business of the Company
and its subsidiaries as currently carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and
the Final Prospectus. To the knowledge of the Company, no action or use by the Company or any of its subsidiaries involves or gives rise
to any infringement of, or license or similar fees for, any Intellectual Property of others, except where such action, use, license or
fee is not reasonably likely to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries have received any
notice alleging any such infringement or fee. To the Company’s knowledge, none of the technology employed by the Company or any
subsidiary has been obtained or is being used by the Company or such subsidiary in violation of any contractual obligation binding on
the Company or such subsidiary or, to the Company’s knowledge, any of the officers, directors or employees of the Company or any
subsidiary, or, to the Company’s knowledge, otherwise in violation of the rights of any persons, except in each case for such violations
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(xiii)
Employment Matters. There is (A) no unfair labor practice complaint pending against the Company, or any of its subsidiaries, nor
to the Company’s knowledge, threatened against it or any of its subsidiaries, before the National Labor Relations Board, any state
or local labor relation board or any foreign labor relations board, and no grievance or arbitration proceeding arising out of or under
any collective bargaining agreement is so pending against the Company or any of its subsidiaries, or, to the Company’s knowledge,
threatened against it and (B) no labor disturbance by the employees of the Company or any of its subsidiaries exists or, to the Company’s
knowledge, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or
its subsidiaries, principal suppliers, manufacturers, customers or contractors, that could reasonably be expected, singularly or in the
aggregate, to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the
Company or any subsidiary plans to terminate employment with the Company or any such subsidiary.

 

    	10

     

    

 

(xiv)
ERISA Compliance. No “prohibited transaction” (as defined in Section 406 of the Employee Retirement Income Security
Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”), or Section
4975 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)) or “accumulated funding
deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events
with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably
be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which would reasonably be expected
to, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its subsidiaries
is in compliance in all material respects with applicable law, including ERISA and the Code. The Company and its subsidiaries have not
incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal
from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have any liability
that is intended to be qualified under Section 401(a) of the Code is so qualified, and, to the Company’s knowledge, nothing has
occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of such qualification.

 

(xv)
Environmental Matters. The Company and its subsidiaries are in compliance with all foreign, federal, state and local rules, laws
and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health
and safety or the environment which are applicable to their businesses (“Environmental Laws”), except where the failure
to comply has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect. There
has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of
toxic or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or, to the Company’s
knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon any
of the property now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation
of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance,
rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation
or liability which has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect;
and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding
such property of any toxic or other wastes or other hazardous substances with respect to which the Company or any of its subsidiaries
has knowledge.

 

(xvi)
SOX Compliance. The Company has taken all actions it deems reasonably necessary or advisable to take on or prior to the date of
this Agreement to assure that, upon and at all times after the effectiveness of the Registration Statement, it will be in compliance
in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder
or implementing the provisions thereof. (the “Sarbanes-Oxley Act”) that are then in effect and will take all action
it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable provisions
of the Sarbanes-Oxley Act not currently in effect upon it and at all times after the effectiveness of such provisions.

 

    	11

     

    

 

(xvii)
Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in 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 Entity (collectively, the “Money Laundering Laws”);
and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect
to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. “Governmental Entity” shall
be defined as any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency (whether
foreign or domestic) having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, assets or
operations.

 

(xviii)
Foreign Corrupt Practices Act. Neither the Company, any of its subsidiaries, nor any director or officer of the Company or any
subsidiary, nor, to the knowledge of the Company, any employee, representative, agent, affiliate of the Company or any of its subsidiaries
or any other person acting on behalf of the Company or any of its subsidiaries, 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.

 

(xix)
OFAC. Neither the Company, any of its subsidiaries nor any director or officer of the Company or any subsidiary, nor, to the knowledge
of the Company, any employee, representative, agent or affiliate of the Company or any of its subsidiaries or any 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 Company will not directly or indirectly use the proceeds
of the offering of the Shares contemplated hereby, or lend, contribute or otherwise make available such proceeds to any person or entity,
for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

    	12

     

    

 

(xx)
Insurance. The Company and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks
as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses
in similar industries.

 

(xxi)
Books and Records. The minute books of the Company and each of its subsidiaries have been made available to the Underwriter and
counsel for the Underwriter, and such books (i) contain a complete summary of all meetings and actions of the board of directors (including
each board committee) and shareholders of the Company (or analogous governing bodies and interest holders, as applicable), and each of
its subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action, and
(ii) accurately in all material respects reflect all transactions referred to in such minutes.

 

(xxii)
No Undisclosed Contracts. There is no Contract or document required by the Securities Act or by the Rules and Regulations to be
described in the Registration Statement, the Time of Sale Disclosure Package or in the Final Prospectus or to be filed as an exhibit
to the Registration Statements which is not so described or filed therein as required; and all descriptions of any such Contracts or
documents contained in the Registration Statement, the Time of Sale Disclosure Package and in the Final Prospectus are accurate and complete
descriptions of such documents in all material respects. Other than as described in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, no such Contract has been suspended or terminated for convenience or default by the Company or any
subsidiary party thereto or any of the other parties thereto, and neither the Company nor any of its subsidiaries has received notice,
and the Company has no knowledge, of any such pending or threatened suspension or termination, except for such pending or threatened
suspensions or terminations that have not had, and would not reasonably be expected to have, a Material Adverse Effect, individually
or in the aggregate.

 

(xxiii)
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries
on the one hand, and the directors, officers, shareholders (or analogous interest holders), customers or suppliers of the Company or
any of its subsidiaries on the other hand, which is required to be described in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus and which is not so described.

 

(xxiv)
Insider Transactions. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course
of business) or guarantees of indebtedness by the Company or any of its subsidiaries to or for the benefit of any of the officers or
directors of the Company, any of its subsidiaries or any of their respective family members, except as disclosed in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus. All transactions by the Company with office holders or control
persons of the Company have been duly approved by the board of directors of the Company, or duly appointed committees or officers thereof,
if and to the extent required under applicable law.

 

    	13

     

    

 

(xxv)
No Registration Rights. No person or entity has the right to require registration of Common Shares or other securities of the
Company or any of its subsidiaries within 180 days of the date hereof because of the filing or effectiveness of the Registration Statement
or otherwise, except for persons and entities who have expressly waived such right in writing or who have been given timely and proper
written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right.
Except as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, there are no persons
with registration rights or similar rights to have any securities registered by the Company or any of its subsidiaries under the Securities
Act.

 

(xxvi)
Continued Business. No supplier, customer, distributor or sales agent of the Company or any subsidiary has notified the Company
or any subsidiary that it intends to discontinue or decrease the rate of business done with the Company or any subsidiary, except where
such discontinuation or decrease has not resulted in and could not reasonably be expected to result in a Material Adverse Effect.

 

(xxvii)
No Finder’s Fee. There are no claims, payments, issuances, arrangements or understandings for services in the nature of
a finder’s, consulting or origination fee with respect to the introduction of the Company to the Underwriter or the sale of the
Shares hereunder or any other arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect
the Underwriter’s compensation, as determined by FINRA.

 

(xxviii)
No Fees. Except as disclosed to the Underwriter in writing, the Company has not made any direct or indirect payments (in cash,
securities or otherwise) to (i) any person, as a finder’s fee, investing fee or otherwise, in consideration of such person raising
capital for the Company or introducing to the Company persons who provided capital to the Company, (ii) any FINRA member, or (iii) any
person or entity that has any direct or indirect affiliation or association with any FINRA member within the 12-month period prior to
the date on which the Registration Statement was filed with the Commission (“Filing Date”) or thereafter.

 

(xxix)
Proceeds. None of the net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate
or associate of any participating FINRA member, except as specifically authorized herein.

 

(xxx)
No FINRA Affiliations. To the Company’s knowledge, no (i) officer or director of the Company or its subsidiaries, (ii) owner
of 5% or more of any class of the Company’s securities or (iii) owner of any amount of the Company’s unregistered securities
acquired within the 180-day period prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member.
The Company will advise the Underwriter and counsel to the Underwriter if it becomes aware that any officer, director of the Company
or its subsidiaries or any owner of 5% or more of any class of the Company’s securities is or becomes an affiliate or associated
person of a FINRA member participating in the offering.

 

    	14

     

    

 

(xxxi)
No Financial Advisor. Other than the Underwriter, no person has the right to act as an underwriter or as a financial advisor to
the Company in connection with the transactions contemplated hereby.

 

(xxxii)
Certain Statements. The statements set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final
Prospectus, insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete
and fair in all material respects, and under the caption “Description of Securities” insofar as they purport to constitute
a summary of (i) the terms of the Company’s outstanding securities, (ii) the terms of the Shares, and (iii) the terms of the documents
referred to therein, are accurate, complete and fair in all material respects.

 

(xxxiii)
Prior Sales of Securities. Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final
Prospectus, the Company has not sold or issued any shares of Common Stock during the six-month period preceding the date hereof, including
any sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit
plans, stock option plans or other employee compensation plans or pursuant to outstanding preferred stock, options, rights or warrants
or other outstanding convertible securities.

 

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

 

4.
Purchase, Sale and Delivery of Shares.

 

(a)
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 the Firm Shares, and the Underwriter agrees to purchase the Firm Shares set forth opposite the name
of the Underwriter in Schedule I hereto. The purchase price to be paid by the Underwriters to the
Company for the Firm Shares shall be $3.68 per share and related Underwriter Warrant.

 

(b)
The Company hereby grants to the Underwriter the option to purchase some or all of the Option Shares and, upon the basis of the warranties
and representations and subject to the terms and conditions herein set forth, the Underwriter shall have the right to purchase all or
any portion of the Option Shares as may be necessary to cover over-allotments made in connection with the transactions contemplated hereby.
The purchase price to be paid by the Underwriters for the Option Shares shall be $3.68 per share. This option may be exercised by the
Underwriter at any time and from time to time on or before the forty-fifth (45th) day following the date hereof, by written
notice to the Company (the “Option Notice”). The Option Notice shall set forth the aggregate number of Option Shares
as to which the option is being exercised, and the date and time when the Option Shares are to be delivered (such date and time being
herein referred to as the “Option Closing Date”); provided, however, that the Option Closing Date shall
not be earlier than the Closing Date (as defined below) nor earlier than the first business day after the date on which the option shall
have been exercised nor later than the fifth business day after the date on which the option shall have been exercised unless the Company
and the Underwriter otherwise agree.

 

    	15

     

    

 

(c)
Payment of the purchase price for and delivery of the Option Shares shall be made on an Option Closing Date in the same manner and at
the same office as the payment for the Firm Shares, as set forth in subparagraph (d) below.

 

(d)
The Firm Shares will be delivered by the Company to the Underwriter, against payment of the purchase price therefor by wire transfer
of same day funds payable to the order of the Company at the offices of EF HUTTON, division of Benchmark Investments, LLC, 590 Madison
Avenue, 39th Floor, New York, NY 10022, or such other location as may be mutually acceptable, at 6:00 a.m. Pacific Time, on
the third (or if the Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time,
the fourth) full business day following the date hereof, or at such other time and date as the Underwriter and the Company determine
pursuant to Rule 15c6-1(a) under the Exchange Act, or, in the case of the Option Shares, at such date and time set forth in the Option
Notice. The time and date of delivery of the Firm Shares is referred to herein as the “Closing Date.” On the Closing
Date, the Company shall deliver the Firm Shares, which shall be registered in the name or names and shall be in such denominations as
the Underwriter may request at least one (1) business day before the Closing Date, to the account of the Underwriter, which delivery
shall be made through the facilities of the Depository Trust Company’s DWAC system.

 

(e)
It is understood that the Representative has been authorized to accept delivery of and receipt for, and make payment of the purchase
price for, the Firm Shares and any Option Shares that the Underwriter has agreed to purchase. The Representative, individually and not
as the Representative of the Underwriters, may (but shall not be obligated to) make payment for any Shares to be purchased by the Underwriter
whose funds shall not have been received by the Representative by the Closing Date or any Option Closing Date, as the case may be, for
the account of the Underwriter, but any such payment shall not relieve the Underwriter from any of its obligations under this Agreement.

 

(f)
On the Closing Date, the Company shall issue to the Underwriter (and/or it’s designee(s)), warrants (the “Underwriter
Warrants”), in form and substance acceptable to the Underwriter, for the purchase of an aggregate of 75,000 shares of Common
Stock, representing 5.0% of the number of Firm Shares, which shall be registered in the name or names and shall be in such denominations
as Underwriter may request at least one (1) business day before the Closing Date, and shall be exercisable, in whole or in part, commencing
on the six month anniversary of the Effective Date and expiring on the three-year anniversary of the Effective Date at an initial exercise
price per Common Shares of $5.00, which is equal to 125.0% of the initial public offering price of the Firm Shares. The Underwriter understands
and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Underwriter Warrants the Underwriter
Warrant Shares during the one hundred eighty (180) days after the Effective Date and by its acceptance thereof shall agree that it will
not sell, transfer, assign, pledge or hypothecate the Underwriter Warrant, or any portion thereof, or be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities for a period
of one hundred eighty (180) days following the Effective Date to anyone other than (i) an Underwriter or a selected dealer in connection
with the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such Underwriter or selected dealer; and only
if any such transferee agrees to the foregoing lock-up restrictions.

 

    	16

     

    

 

5.
Covenants.

 

(a)
The Company covenants and agrees with the Underwriter as follows:

 

(i)
The Company shall prepare the Final Prospectus in a form approved by the Underwriter and file such Final Prospectus pursuant to Rule
424(b) under the Securities Act not later than the Commission’s close of business on the second business day following the execution
and delivery of this Agreement, or, if applicable, such earlier time as may be required by the Rules and Regulations.

 

(ii)
During the period beginning on the date hereof and ending on the later of the Closing Date or such date as determined by the Underwriter
the Final Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer (the “Prospectus
Delivery Period”), prior to amending or supplementing the Registration Statement, including any Rule 462 Registration Statement,
the Time of Sale Disclosure Package or the Final Prospectus, the Company shall furnish to the Underwriter for review and comment a copy
of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the
Underwriter reasonably objects.

 

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

 

    	17

     

    

 

(iv)
(A) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now
and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and hereafter
amended, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof,
the Time of Sale Disclosure Package, the Registration Statement and the Final Prospectus. If during the Prospectus Delivery Period any
event occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package ) to 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
or appropriate in the opinion of the Company or its counsel or the Underwriter or counsel to the Underwriter to amend the Registration
Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of
Sale Disclosure Package ) to comply with the Securities Act, the Company will promptly notify the Underwriter, allow the Underwriter
the opportunity to provide reasonable comments on such amendment, prospectus supplement or document, and will amend the Registration
Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of
Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect
such compliance.

 

(B)
If at any time during the Prospectus Delivery Period there occurred or occurs an event or development the result of which such Issuer
Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or any Prospectus or
included or would include, when taken together with the Time of Sale Disclosure Package, an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing
at that subsequent time, not misleading, the Company will promptly notify the Underwriter and will promptly amended or will promptly
amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission.

 

(v)
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 Underwriter 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 as a dealer in securities
in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in any state or to subject itself
to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.

 

    	18

     

    

 

(vi)
The Company will furnish to the Underwriter and counsel to the Underwriter copies of the Registration Statement, each Prospectus, any
Issuer Free Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities
as the Underwriter may from time to time reasonably request.

 

(vii)
The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after
the end of the Company’s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

 

(viii)
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause
to be paid (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery
to the Underwriter of the Shares (including all fees and expenses of the registrar and transfer agent of the Shares and the registrar
and transfer agent of the Underwriter Warrants (if other than the Company), and the cost of preparing and printing stock certificates
and warrant certificates), (B) all reasonable expenses and reasonable fees (including, without limitation, the reasonable fees and reasonable
expenses of the Company’s 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 Time of Sale
Disclosure Package, any Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus and any amendment thereof or supplement
thereto, (C) all reasonable filing fees and reasonable fees and disbursements of the Underwriter’s counsel incurred in connection
with the qualification of the Shares for offering and sale by the Underwriter or by dealers under the securities or blue sky laws of
the states and other jurisdictions that the Underwriter shall designate, (D) the reasonable filing fees and reasonable fees and disbursements
of counsel to the Underwriter incident to any required review and approval by FINRA, of the terms of the sale of the Shares, (F) listing
fees, if any, and (G) all other reasonable costs and reasonable expenses incident to the performance of its obligations hereunder that
are not otherwise specifically provided for herein. The Company will reimburse the Representative for the Underwriters’ reasonable
out-of-pocket expenses, including legal fees and disbursements, in connection with the purchase and sale of the Securities contemplated
hereby up to an aggregate of $150,000 (including amounts payable pursuant to clauses (C) and (D) above); without the Company’s
prior written consent, such consent not to be unreasonably withheld. If this Agreement is terminated by the Underwriter in accordance
with the provisions of Section 4, Section 6 or Section 9, the Company will reimburse the Underwriter, up to an aggregate of $30,000,
for all out-of-pocket disbursements (including, but not limited to, reasonable fees and disbursements of counsel, travel expenses, postage,
facsimile and telephone charges) incurred by the Underwriter in connection with its investigation, preparing to market and marketing
the Shares or in contemplation of performing its obligations hereunder.

 

    	19

     

    

 

(ix)
The Company further agrees that, in addition to the expenses payable pursuant to Section 5(a)(viii), on the Closing Date, it shall pay
to the Underwriter at Closing, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance
equal to one percent (1%) of the gross proceeds received by the Company from the sale of the Firm Shares.

 

(x)
The Company intends to apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes set forth in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under the heading “Use of Proceeds”.

 

(xi)
The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to or
which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Shares.

 

(xii)
The Company represents and agrees that, unless it obtains the prior written consent of the Underwriter 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; provided that the prior written consent of the parties hereto shall be deemed to have been given in
respect of the free writing prospectuses included in Schedule IV. Any such free writing prospectus consented to by the Company and the
Underwriter 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 or 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.

 

(xiii)
The Company hereby agrees that, without the prior written consent of the Underwriter, it will not, during the period ending one hundred
and eight (180) days after the date hereof (“Lock-Up Period”), (i) offer, pledge, issue, sell, contract to sell, purchase,
contract to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for shares of Common Stock; or (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; or (iii) file
any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible into
or exercisable or exchangeable for Common Stock. The restrictions contained in the preceding sentence shall not apply to (1) the Shares
to be sold hereunder, (2) the issuance of Common Stock upon the exercise of options or warrants or the conversion of outstanding preferred
stock or other outstanding convertible securities disclosed as outstanding in the Registration Statement (excluding exhibits thereto),
the Time of Sale Disclosure Package, and the Final Prospectus, (3) the issuance of employee stock options not exercisable during the
Lock-Up Period and the grant of restricted stock awards or restricted stock units or shares of Common Stock pursuant to equity incentive
plans described in the Registration Statement (excluding exhibits thereto), the Time of Sale Disclosure Package, and the Final Prospectus,
(4) the filing of a Registration Statement on Form S-8 or any successor form thereto, and (5) up to $2,500,000 worth (valued at the closing
price of the Common Stock on the date of issuance) of unregistered securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a person or entity
(or to the equity-holders of an entity) which is, itself or through its subsidiaries, an operating company or an owner of an asset in
a business synergistic with the business of the Company, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

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(xiv)
The Company hereby agrees, during a period of three years from the effective date of the Registration Statement, to furnish to the Underwriter
copies of all reports or other communications (financial or other) furnished to shareholders, and to deliver to the Underwriter as soon
as reasonably practicable upon availability, copies of any reports and financial statements furnished to or filed with the Commission
or any national securities exchange on which any class of securities of the Company is listed; provided, that any information or documents
available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System shall be considered furnished for purposes
of this Section 5(a)(xiv).

 

(xv)
Additionally, if the Closing occurs, the Company grants the Underwriter the right of first refusal for a period of eighteen (18) months
from the date of commencement of sales pursuant to the Prospectus to act as sole managing underwriter and sole book runner for any and
all future public or private equity, equity-linked or debt offerings undertaken by the Company, or any successor to or any subsidiary
of the Company. The Company shall provide written notice to the Underwriter with the terms of such offering and if the Underwriter fails
to accept in writing any such proposal within ten (10) business days after receipt of such written notice, then the Underwriter will
have no claim or right with respect to any such offering(s).

 

(xvi)
The Company hereby agrees to engage and maintain, at its expense, a registrar and transfer agent for the Common Stock.

 

(xvii)
The Company hereby agrees to use its reasonable best efforts to obtain approval to list the Shares and the Underwriter Warrant Shares
on Nasdaq.

 

(xviii)
The Company hereby agrees not to take, directly or indirectly, any action designed to cause or result in, or that has constituted or
might reasonably be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any
securities of the Company to facilitate the sale or resale of the Shares.

 

(xix)
The Company will promptly notify the Underwriter if the Company ceases to be an Emerging Growth Company at any time prior to the later
of (a) the end of the Prospectus Delivery Period and (b) the expiration of the lock-up period described in Section 5(a)(xiii) above.

 

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6.
Conditions of the Underwriter’s Obligations. The obligations of the Underwriter hereunder to purchase the Shares
are subject to the accuracy, as of the date hereof and at all times through the Closing Date, and on each Option Closing Date (as if
made on the Closing Date or such Option Closing Date, as applicable), of and compliance with all representations, warranties and agreements
of the Company contained herein, the performance by the Company of its obligations hereunder and the following additional conditions:

 

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

 

(b)
The Shares and the Underwriter Warrant Shares shall be approved for listing on Nasdaq, subject to official notice of issuance and evidence
of satisfactory distribution.

 

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

 

(d)
The Underwriter shall not have reasonably determined, and advised the Company, that the Registration Statement, the Time of Sale Disclosure
Package, any Prospectus, the Final Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus,
contains an untrue statement of fact which, in the reasonable opinion of the Underwriter, is material, or omits to state a fact which,
in the reasonable opinion of the Underwriter, is material and is required to be stated therein or necessary to make the statements therein
not misleading.

 

(e)
On or after the date hereof (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.

 

    	22

     

    

 

(f)
On the Closing Date and on each Option Closing Date, there shall have been furnished to the Underwriter the opinion and negative assurance
letters of Anthony L.G., PLLC, counsel to the Company, each dated the Closing Date or the Option Closing Date, as applicable, and addressed
to the Underwriter, in form and substance reasonably satisfactory to the Underwriter, to the effect set forth in Exhibit C.

 

(g)
On the Closing Date and on each Option Closing Date, there shall have been furnished to the Underwriter the negative assurance letter
of Pryor Cashman LLP, counsel to the Underwriters, dated the Closing Date or the Option Closing Date, as applicable, and addressed to
the Underwriter, in form and substance reasonably satisfactory to Underwriter.

 

(h)
The Underwriter shall have received a letter of TPS Thayer, LLC, on the date hereof and on the Closing Date and on each Option Closing
Date, addressed to the Underwriter, 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 confirming, as of the date of each such letter (or, with respect to matters involving changes or developments
since the respective dates as of which specified financial information is given in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, as of a date not prior to the date hereof or more than five days prior to the date of such letter),
the conclusions and findings of said firm with respect to the financial information and other matters required by the Underwriter.

 

(i)
On the Closing Date and on each Option Closing Date, there shall have been furnished to the Underwriter a certificate, dated the Closing
Date and on each Option Closing Date and addressed to the Underwriter, signed by the chief executive officer and the chief financial
officer of the Company, in their capacity as officers of the Company, to the effect that:

 

(i)
The representations and warranties of the Company in this Agreement that are qualified by materiality or by reference to any Material
Adverse Effect are true and correct in all respects, and all other 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 Closing Date and on the Option Closing Date, and the Company
has complied in all material respects with all the agreements and satisfied all the conditions on its part required to be performed or
satisfied at or prior to the Closing Date or on the Option Closing Date, as applicable;

 

(ii)
No stop order or other order (A) suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof,
(B) suspending the qualification of the Shares for offering or sale, or (C) suspending or preventing the use of the Time of Sale Disclosure
Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus, has been issued, and no proceeding for that purpose
has been instituted or, to their knowledge, is contemplated by the Commission or any state or regulatory body; and

 

(iii)
There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from
and after the date of this Agreement and prior to the Closing Date or on the Option Closing Date, as applicable.

 

    	23

     

    

 

(j)
On or before the date hereof, the Underwriter shall have received duly executed lock-up agreement (each a “Lock-Up Agreement”)
in the form set forth on Exhibit A hereto, by and between the Underwriter and each of the parties specified in Schedule V.

 

If
the Underwriter, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreement for an officer
or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before
the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially
in the form of Exhibit B hereto through a major news service at least two business days before the effective date of the release
or waiver.

 

If
any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Underwriter by notice to the Company at any time at or prior to the Closing Date or on the Option Closing Date, as applicable,
and such termination shall be without liability of any party to any other party, except that Section 5(a)(viii), Section 7 and Section
8 shall survive any such termination and remain in full force and effect.

 

7.
Indemnification and Contribution.

 

(a)
The Company agrees to indemnify, defend and hold harmless the Underwriter, its affiliates, directors and officers and employees, and
each person, if any, who controls the Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any losses, claims, damages or liabilities to which such party may become subject, under the Securities Act or
otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) an untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part
of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and
Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a
material fact required to be stated therein or necessary to make the statements therein not misleading (ii) an untrue statement or alleged
untrue statement of a material fact contained in the Time of Sale Disclosure Package, any Written Testing-the-Waters Communications,
any Prospectus, the Final Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, or the Marketing Materials
or in any other materials used in connection with the offering of the Shares, 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, in light of the
circumstances under which they were made, not misleading, (iii) in whole or in part, any material inaccuracy in the representations and
warranties of the Company contained herein, or (iv) in whole or in part, any material failure of the Company to perform its obligations
hereunder or under law, and will reimburse such party for any legal or other expenses reasonably incurred by such party in connection
with evaluating, investigating or defending against such loss, claim, damage, liability or action; provided, however, that such
indemnity shall not inure to the benefit of the Underwriter (or any person controlling the Underwriter) in any such case to the extent
that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package, any Written Testing-the-Waters
Communications, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, in
reliance upon and in conformity with written information furnished to the Company by the related Underwriter specifically for use in
the preparation thereof, which written information is described in Section 7(f).

 

    	24

     

    

 

(b)
The Underwriter will indemnify, defend and hold harmless the Company, its directors and each officer of the Company who signs the Registration
Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any losses, claims, damages or liabilities to which such party 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 Underwriter),
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 Time of Sale Disclosure Package, any Prospectus,
the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus,
or any amendment or supplement thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information
furnished to the Company by the Underwriter specifically for use in the preparation thereof, which written information is described in
Section 7(f), and will reimburse such party for any legal or other expenses reasonably incurred by such party in connection with evaluating,
investigating, and defending against any such loss, claim, damage, liability or action. The obligation of the Underwriter to indemnify
the Company (including any controlling person, director or officer thereof) shall be limited to the amount of the underwriting discount
applicable to the Shares to be purchased by the Underwriter hereunder actually received by the Underwriter.

 

(c)
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 failure to notify the indemnifying party shall not relieve the indemnifying party
from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially prejudiced
by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party,
and after notice from the indemnifying party to such indemnified party of the indemnifying party’s election so to assume the defense
thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof; provided, however, that if (i) the indemnified
party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties
that are different from or in addition to those available to the indemnifying party, (ii) a conflict or potential conflict exists (based
on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying
party will not have the right to direct the defense of such action on behalf of the indemnified party), or (iii) the indemnifying party
has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within a reasonable
time after receiving notice of the commencement of the action, the indemnified party shall have the right to employ a single counsel
to represent it in any claim in respect of which indemnity may be sought under subsection (a) or (b) of this Section 7, 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 indemnified
party as incurred.

 

    	25

     

    

 

The
indemnifying party under this Section 7 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. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending
or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or
would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes an unconditional release
of such indemnified party from all liability for 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)
If the indemnification provided for in this Section 7 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 Underwriter on the other from the offering and sale 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 Underwriters
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 Underwriters 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 underwriting discount received by the Underwriters, in each case as set forth in the table on the cover
page of the Final Prospectus. 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 Underwriter and the parties’ relevant intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission. The Company and the Underwriter 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 that does not take account of
the equitable considerations referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result
of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (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 that is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Underwriter shall be required
to contribute any amount in excess of the amount of the underwriting discount applicable to the Shares to be purchased by the Underwriter
hereunder actually received by the Underwriter. 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. The
Underwriters’ respective obligations to contribute as provided in this Section 7 are several in proportion to their respective
underwriting commitments and not joint.

 

    	26

     

    

 

(e)
The obligations of the Company under this Section 7 shall be in addition to any liability that the Company may otherwise have and the
benefits of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls the Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the obligations of the Underwriter under this
Section 7 shall be in addition to any liability that the Underwriter may otherwise have and the benefits of such obligations shall extend,
upon the same terms and conditions, to the Company, its officers, directors and each person who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act.

 

(f)
For purposes of this Agreement, the Underwriter severally confirms, and the Company acknowledges, that there is no information concerning
the Underwriter furnished in writing to the Company by the Underwriter specifically for preparation of or inclusion in the Registration
Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus, other than
the statement set forth in the last paragraph on the cover page of the Prospectus, the marketing and legal names of the Underwriter,
and the statements set forth in the “Underwriting” section of the Registration Statement, the Time of Sale Disclosure Package,
and the Final Prospectus only insofar as such statements relate to the amount of selling concession and re-allowance, if any, or to over-allotment,
stabilization and related activities that may be undertaken by the Underwriter.

 

8.
Representations and Agreements to Survive Delivery. All representations, warranties, and agreements of the Company contained
herein or in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters and the
Company contained in Section 5(a)(viii) and Section 7 hereof, shall remain operative and in full force and effect regardless of any investigation
made by or on behalf of the Underwriter or any controlling person thereof, or the Company, any of its officers, directors, or controlling
persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriters hereunder.

 

    	27

     

    

 

9.
Termination of this Agreement.

 

(a)
The Underwriter shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time
at or prior to the Closing Date or any Option Closing Date (as to the Option Shares to be purchased on such Option Closing Date only),
if in the discretion of the Underwriter, (i) there has occurred any material adverse change in the securities markets or any event, act
or occurrence that has materially disrupted, or in the opinion of the Underwriter, will in the future materially disrupt, the securities
markets or there shall be such a material adverse change in general financial, political or economic conditions or the effect of international
conditions on the financial markets in the United States is such as to make it, in the reasonable judgment of the Underwriter, inadvisable
or impracticable to market the Shares or enforce contracts for the sale of the Shares (ii) trading in the Company’s Common Stock
shall have been suspended by the Commission or the Nasdaq or trading in securities generally on the Nasdaq Stock Market, the NYSE or
the NYSE American shall have been suspended, (iii) minimum or maximum prices for trading shall have been fixed, or maximum ranges for
prices for securities shall have been required, on the Nasdaq Stock Market, the NYSE or the NYSE American, by such exchange or by order
of the Commission or any other governmental authority having jurisdiction, (iv) a banking moratorium shall have been declared by federal
or state authorities, (v) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism involving
the United States, any declaration by the United States of a national emergency or war, any substantial change or development involving
a prospective substantial change in United States or international political, financial or economic conditions or any other calamity
or crisis, or (vi) the Company suffers any material loss by strike, fire, flood, earthquake, accident or other calamity, whether or not
covered by insurance, or (vii) in the reasonable judgment of the Underwriter, there has been, since the time of execution of this Agreement
or since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package or
the Final Prospectus, any material adverse change in the assets, properties, condition, financial or otherwise, or in the results of
operations, business affairs or business prospects of the Company and its subsidiaries considered as a whole, whether or not arising
in the ordinary course of business. Any such termination shall be without liability of any party to any other party except that the provisions
of Section 5(a)(viii) and Section 7 hereof shall at all times be effective and shall survive such termination.

 

(b)
If the Underwriter elects to terminate this Agreement as provided in this Section, the Company shall be notified promptly by the Underwriter
by telephone, confirmed by letter.

 

10.
Notices. Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriter,
shall be mailed, delivered or telecopied to the parties as follows:

 

if
to the Underwriter:

 

EF
Hutton, division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attention:
Managing Director

 

    	28

     

    

 

with
copies to:

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Telecopy
number: (212) 326-0806

Attention:
M. Ali Panjwani, Esq.

 

if
to the Company:

 

Hour
Loop, Inc.

8201
164th Ave NE #200

Redmond,
Washington 98052

Attention:
Chief Executive Officer

 

with
copies to:

 

Anthony
L.G., PLLC

625
N. Flagler Drive, Suite 600

West
Palm Beach, Florida 33401

Telecopy
number: (561) 514-0832

Attention:
Laura Anthony, 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.

 

11.
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 7. 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 Underwriter.

 

12.
Absence of Fiduciary Relationship. The Company acknowledges and agrees that: (a) the Underwriter has been retained solely
to act as underwriter in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company
and the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the
Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement
were established by the Company following discussions and arms-length negotiations with the Underwriter and the Company is capable of
evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;
(c) it has been advised that the Underwriter and its affiliates are engaged in a broad range of transactions that may involve interests
that differ from those of the Company and that no Underwriter has any obligation to disclose such interest and transactions to the Company
by virtue of any fiduciary, advisory or agency relationship; and (d) it has been advised that the Underwriter is acting, in respect of
the transactions contemplated by this Agreement, solely for the benefit of the Underwriter and not on behalf of the Company.

 

    	29

     

    

 

13.
Amendments and Waivers. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing
by the party to be bound thereby. The failure of a party to exercise any right or remedy shall not be deemed or constitute a waiver of
such right or remedy in the future. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provision hereof (regardless of whether similar), nor shall any such waiver be deemed or constitute a continuing waiver
unless otherwise expressly provided.

 

14.
Partial Unenforceability. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph, clause or provision.

 

15.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

16.
Submission to Jurisdiction. The Company irrevocably (a) submits to the jurisdiction of the Supreme Court of the State of
New York, Borough of Manhattan or the United States District Court for the Southern District of New York for the purpose of any suit,
action, or other proceeding arising out of this Agreement, or any of the agreements or transactions contemplated by this Agreement, the
Registration Statement, the Time of Sale Disclosure Package, any Prospectus and the Final Prospectus (each a “Proceeding”),
(b) agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (c) waives, to the fullest extent
permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (d) agrees not to commence any
Proceeding other than in such courts, and (e) waives, to the fullest extent permitted by law, any claim that such Proceeding is brought
in an inconvenient forum. THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY
HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE
PACKAGE, ANY PROSPECTUS AND THE FINAL PROSPECTUS.

 

17.
Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or electronic mail) in
one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original
and all such counterparts shall together constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	30

     

    

 

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 Underwriter in accordance with its terms.

 

	 	Very
    truly yours,
	 	 
	 	HOUR
    LOOP, INC.
	 	 	 
	 	By:
    	/s/
    Sam Lai
	 	Name:
    	Sam
    Lai
	 	Title:
    	Chief
    Executive Officer

 

Confirmed
as of the date first above-mentioned

by
the Underwriter.

 

	EF
    HUTTON, division of Benchmark Investments, LLC	 
	 	 	 
	By:	/s/
    Sam Fleischman	 
	Name:
    	Sam
    Fleischman	 
	Title:
    	Supervisory
    Principal 	 

 

[Signature
page to Underwriting Agreement]

 

    	 

     

    

 

SCHEDULE
I

 

	Name	 	Number
                                            of Firm

                                                                                Shares
                                            to be

                                                                                Purchased
	 	Number
                                            of Option

                                                                                Shares
                                            to be

                                                                                Purchased

	EF
                                            HUTTON, division of Benchmark Investments, LLC

    
	 	1,495,000

    

    
	 	225,000
	 	 	 	 	 
	Joseph
    Gunnar & Co. LLC	 	5,000	 	 

 

    	 

     

    

 

SCHEDULE
II

 

Final
Term Sheet

 

	Issuer:	 	Hour
    Loop, Inc. (the “Company”)
	Nasdaq
    Capital Market Symbol:	 	HOUR
	Securities:	 	1,500,000
    shares of common stock, par value $0.0001 per share (the “Common Stock”), of the Company
	Representative
    Warrants:	 	Underwriter
    Warrants entitling the Representative to purchase 5% of the aggregate number of shares of common stock issued in this offering at
    an exercise price of $5.00 per share. The representative’s warrants will have a term of three years and may be exercised 180
    days following the effective date of the Registration Statement.
	Over-allotment
    option:	 	Up
    to an additional 225,000 shares of Common Stock at a public offering price of $4.00 per share 
	Public
    offering price:	 	$4.00
    per share of Common Stock
	Underwriting
    discount:	 	$0.32
    per share of Common Stock
	Expected
    gross proceeds:	 	$6
    million ($6,900,000 if the overallotment option is exercised in full).
	Trade
    date:	 	January
    7, 2022
	Settlement
    date:	 	January
    11, 2022
	Underwriter:	 	EF
    HUTTON, division of Benchmark Investments, LLC

 

    	 

     

    

 

SCHEDULE
III

 

Free
Writing Prospectus

 

1.
None.

 

    	 

     

    

 

SCHEDULE
IV

 

Written
Testing-the-Waters Communications

 

    	 

     

    

 

SCHEDULE
V

 

List
of officers, directors and shareholders executing lock-up agreements

 

Sam
Lai

Sau
Kuen (Maggie) Yu

Rahul
Ratan

Douglas
Branch

Michael
Lenner

Minghui
(Alan) Gao

Randy
Wu

Chia
Wei (Willy) Lin

Yu-Chen
(Rain) Lee

Ming
Fan (Judy) Hou

Emily
Wu

 

    	 

     

    

 

EXHIBIT
A

 

Form
of Lock-Up Agreement

 

EF
Hutton, division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

 

Ladies
and Gentlemen:

 

The
undersigned understands that you, as the representative (the “Representative”) of the several underwriters named therein,
propose to enter into an Underwriting Agreement (the “Underwriting Agreement”) with Hour Loop, Inc., a Delaware corporation
(the “Company”), relating to a proposed offering of securities of the Company (the “Offering”) including shares
of the Common Stock, par value $0.0001 per share (the “Common Stock”). Capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Underwriting Agreement.

 

In
consideration of the foregoing, and in order to induce you to participate the Offering, and for other good and valuable consideration
receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Representative
(which consent may be withheld in its sole discretion), the undersigned will not, during the period (the “Lock-Up Period”)
beginning on the date hereof and ending on the date 180 days after the date of the final prospectus relating to the Offering (the “Final
Prospectus”), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, or file (or participate in the filing of) a registration statement with the Securities and Exchange Commission in respect
of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock (including
without limitation, shares of Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules
and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant),
(2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the
shares of, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of shares of Common Stock or
such other securities, in cash or otherwise, (3) make any demand for or exercise any right with respect to, the registration of any shares
of Common Stock or any security convertible into or exercisable or exchangeable for shares of Common Stock, or (4) publicly announce
an intention to effect any transaction specific in clause (1), (2) or (3) above.

 

    	 

     

    

 

Notwithstanding
the foregoing, the restrictions set forth in clause (1) and (2) above shall not apply to (a) transfers (i) as a bona fide gift or gifts,
provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, or (ii) to any trust for
the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust
agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition
for value, (b) the acquisition or exercise of any stock option issued pursuant to the Company’s existing stock option plan, including
any exercise effected by the delivery of shares of Common Stock of the Company held by the undersigned, or (c) the purchase or sale of
the Company’s securities pursuant to a plan, contract or instruction that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B)
that was in effect prior to the date hereof. For purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship
by blood, marriage or adoption, not more remote than first cousin.

 

The
foregoing restrictions are expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed
to or reasonably expected to lead to or result in a sale or disposition of shares of Common Stock even if such securities would be disposed
of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale
or any purchase, sale or grant of any right (including without limitation any put option or put equivalent position or call option or
call equivalent position) with respect to any of the shares of Common Stock or with respect to any security that includes, relates to,
or derives any significant part of its value from such shares.

 

The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All
authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns,
heirs or personal representatives of the undersigned.

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
or depositary against the transfer of the undersigned’s shares of Common Stock except in compliance with the foregoing restrictions.

 

If
the undersigned is an officer or director of the Company, (i) the Representative agrees that, at least three business days before the
effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Common Shares, the Representative
will notify the Company of the impending release or waiver, and (ii) the Company will agree in the Underwriting Agreement to announce
the impending release or waiver by press release through a major news service at least two business days before the effective date of
the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective
two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release
or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the
same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

    	 

     

    

 

The
undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the securities to
be sold thereunder, the undersigned shall be released from all obligations under this Lock-Up Agreement.

 

This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict
of laws principles thereof. The undersigned irrevocably (i) submits to the jurisdiction of the Supreme Court of the State of New York,
Borough of Manhattan and the United States District Court for the Southern District of New York, for the purpose of any suit, action,
or other proceeding arising out of this Lock-Up Agreement (each a “Proceeding”), (ii) agrees that all claims in respect of
any Proceeding may be heard and determined in any such court, (iii) waives, to the fullest extent permitted by law, any immunity from
jurisdiction of any such court or from any legal process therein, (iv) agrees not to commence any Proceeding other than in such courts,
and (v) waives, to the fullest extent permitted by law, any claim that such Proceeding is brought in an inconvenient forum.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	Name:

 

    	 

     

    

 

EXHIBIT
B

 

Form
of Press Release

 

Hour
Loop, Inc.

[Date]

 

Hour
Loop, Inc., a Delaware corporation (the “Company”) announced today that EF Hutton, division of Benchmark Investments, LLC,
the [Representative] in the Company’s recent public sale of shares of common stock are [waiving][releasing] a lock-up restriction
with respect to shares of the Company’s common stock held by [certain officers or directors] [an officer or director] of the Company.
The [waiver][release] will take effect on , 20 , and the shares may be sold on or after such date.

 

This
press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited,
and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United
States Securities Act of 1933, as amended.

 

    	 

     

    

 

EXHIBIT
C

 

Company
Counsel Opinion

 

1.
The Company is a corporation duly incorporated and is a validly existing corporation in good standing under the laws of the State of
Delaware, with the corporate power to own, lease, and operate its properties, and to conduct its business, as described in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus and to enter into and perform its obligations under the Underwriting
Agreement and the Underwriter Warrants (collectively, the “Transaction Documents”).

 

2.
The Company is duly registered or qualified to do business as a foreign corporation and is in good standing under the laws of the States
of Delaware.

 

3.
The Underwriting Agreement has been duly authorized by all necessary corporate action on the part of the Company and has been duly executed
and delivered by the Company.

 

4.
The Shares are duly authorized and, when issued and delivered by the Company pursuant to the Underwriting Agreement against payment of
the consideration set forth therein, will be validly issued, fully paid and nonassessable.

 

5.
All of the shares of capital stock of the Company as shown on the Company’s stock records as issued and outstanding have been duly
and validly authorized and issued, are fully paid and nonassessable and free and clear of any preemptive or other similar rights arising
under applicable law, the charter or by-laws of the Company or any Specified Agreement; the authorized capital stock of the Company is
as set forth under the “pro forma” description thereof contained under the caption “Capitalization” in Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus.

 

6.
The Underwriter Warrants have been duly authorized, executed and delivered by the Company and constitute valid and binding obligations
of the Company enforceable in accordance with their terms, except that such enforcement may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium, or other similar law, now or hereafter in effect, affecting creditors’ rights generally. The Underwriter
Warrant Shares, when issued and delivered upon valid exercise of the Underwriter Warrants and payment of the applicable exercise price,
will be validly issued, fully paid and nonassessable.

 

7.
The holders of outstanding shares of capital stock of the Company Stock are not entitled to any preemptive right or right of first refusal
(i) set forth in or provided for by the Company’s currently effective Certificate of Incorporation or By-Laws (collectively, the
“Company Governing Documents”), or (ii) to our knowledge, granted by the Company in any currently effective written agreement.

 

8.
The statements in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under the heading “Description
of Securities” and in the Registration Statement in Part II, Item 15, insofar as such statements purport to summarize legal matters,
agreements or documents discussed therein, fairly summarize such legal matters, agreements or documents, in all material respects.

 

    	 

     

    

 

9.
The Registration Statement has become effective under the Securities Act. No stop order suspending the effectiveness of the Registration
Statement has been issued, and to our knowledge, no proceedings for that purpose have been instituted or overtly threatened by the Commission.
Any required filing of the Final Prospectus, and any required supplement thereto, pursuant to Rule 424(b) under the Securities Act, has
been made in the manner and within the time period required by Rule 424(b).

 

10.
No consent, approval, authorization or filing with or order of any U.S. Federal, State of Delaware court or governmental agency or body
having jurisdiction over the Company is required, under the laws, rules and regulations of the United States of America and the State
of Delaware

 

11.
The consummation by the Company of the transactions contemplated by the Underwriting Agreement, except (i) such as have been made or
obtained under the Securities Act and (ii) such as may be required under the blue sky laws of any jurisdiction in connection with the
purchase and distribution of the Shares by you in the manner contemplated in the Underwriting Agreement and in the Final Prospectus,
as to which we express no opinion.

 

12.
The execution and delivery of the Underwriting Agreement by the Company, the performance by the Company of its obligations thereunder
and the issuance and sale of the Shares will not result in a breach or violation of (or constitute any event that with notice, lapse
of time or both would result in a breach of violation of): (i) the Company Governing Documents, (ii) any statute, rule, or regulation
of the United States of America or the State of Delaware which, in our experience, is typically applicable to transactions of the nature
contemplated by the Underwriting Agreement and is applicable to the Company, (iii) any currently effective order, writ, judgment, injunction,
decree, or award that names and has been entered against the Company and of which we have knowledge, or (iv) any Contract that was filed
as an exhibit to the Company’s most recent annual report on Form 10-K, in each case (ii) through (iv) the breach or violation of
which would materially and adversely affect the Company.

 

13.
To our knowledge, except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the
Company is not a party to any written agreement granting any holders of securities of the Company rights to require the registration
under the Securities Act of resales of such securities.

 

14.
The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described
in the Time of Sale Disclosure Package and the Final Prospectus will not be, required to register as an “investment company”
as defined in the Investment Company Act.

 

In
addition to rendering legal advice and assistance to the Company in the course of the preparation of the Registration Statement, the
Time of Sale Disclosure Package and the Final Prospectus, involving, among other things, discussions and inquiries concerning various
legal matters and the review of certain corporate records, documents and proceedings, we also participated in conferences with certain
officers and other representatives of the Company, its independent certified public accountants and you and your counsel, at which the
contents of the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, including the documents incorporated
by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and related matters were discussed.
We have also reviewed and relied upon certain corporate records and documents of the Company, letters from counsel and accountants, and
oral and written statements and certificates of officers and other representatives of the Company and others as to the existence and
consequences of certain factual and other matters.

 

    	 

     

    

 

The
purpose of our professional engagement was not to establish or confirm factual matters or financial or quantitative information. Therefore,
we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements or information
contained or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus (except
to the extent expressly set forth in the numbered paragraph 10 of this opinion letter) and have not made, or undertaken any obligation
to make, an independent check or verification thereof (except as also stated in that opinion letter). Moreover, many of the determinations
required to be made in the preparation of the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus involve
matters of a non-legal nature.

 

However,
subject to the foregoing and based on our participation, review and reliance described in the second preceding paragraph, (i) we believe
(a) the Registration Statement (as of its effective date), the Time of Sale Disclosure Package (as of the Applicable Time), the
Final Prospectus (as of its date), and any further amendments and supplements thereto (as of their respective dates), as applicable,
made by the Company prior to the Closing Date (other than the financial statements and schedules and other financial and statistical
data derived therefrom, as to which we express no belief) appeared on their face to be appropriately responsive, and complied as to form,
in all material respects to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder
and (b) the documents incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus
(other than the financial statements and schedules and other financial and statistical data derived therefrom, as to which we express
no belief), at the time they were filed with the Commission, appeared on their face to be appropriately responsive, and complied as to
form, in all material respects to the requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder,
and (ii) we confirm that no facts have come to our attention that caused us to believe (a) that the Registration Statement or any amendment
thereto filed by the Company prior to the Closing Date (other than the financial statements and schedules and other financial and statistical
data derived therefrom, as to which we express no belief), when the Registration Statement or such amendment became effective, except
as it relates to any class of securities other than the Common Stock, contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (b) that the Time of
Sale Disclosure Package (other than the financial statements and schedules and other financial and statistical data derived therefrom,
as to which we express no belief), as of the 4:00 p.m. ET on January ___, 2022 (the “Applicable Time,” which, you have informed
us, is a time before the time of the first sale of the Shares by the Underwriter), except as it relates to any class of securities other
than the Common Stock, contained any untrue statement of a material fact or omitted 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; or (c) that, as of its date
and as of the Closing Date, the Final Prospectus or any further amendment or supplement thereto made by the Company prior to the Closing
Date (other than the financial statements and schedules and other financial and statistical data included therein or derived therefrom,
as to which we express no belief), except as it relates to any class of securities other than the Common Stock, contained or contains
any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading. We do not express any belief with respect to the assessments of
or reports on the effectiveness of internal control over financial reporting contained in the Registration Statement, the Time of Sale
Disclosure Package or the Final Prospectus.

 

In
addition, we supplementally inform you that, to our knowledge, there is no action, suit or proceeding by or before any court or other
governmental agency, authority or body or any arbitrator pending or overtly threatened against the Company or its properties by a third
party of a character required to be disclosed in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus
that is not disclosed in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus as required by the Securities
Act and the rules thereunder.

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