Document:

EX-4.7

 EXHIBIT 4.7 

HELIUS MEDICAL TECHNOLOGIES, INC. 

and 

                    , AS WARRANT AGENT

 FORM OF DEBT SECURITIES 

WARRANT AGREEMENT 
 DATED
AS OF                      

 HELIUS MEDICAL TECHNOLOGIES, INC. 

FORM OF DEBT SECURITIES WARRANT AGREEMENT 

DEBT SECURITIES WARRANT AGREEMENT (this “Agreement”), dated as of
[                    ], between HELIUS MEDICAL TECHNOLOGIES, INC., a Delaware corporation (the “Company”) and
[                    ], a [corporation] [national banking association] organized and existing under the laws of
[                    ] and having a corporate trust office in
[                    ], as warrant agent (the “Warrant Agent”). 

WHEREAS, the Company has entered into an indenture dated as of (the “Indenture”), with , as trustee (such trustee, and any
successors to such trustee, herein called the “Trustee”), providing for the issuance from time to time of its debt securities, to be issued in one or more series as provided in the Indenture (the “Debt
Securities”); 
 WHEREAS, the Company proposes to sell [If Warrants are sold with other securities—[title of such other securities
being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the right to
purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the
“Warrant Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of
the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 
 NOW,
THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 

ARTICLE 1 
 ISSUANCE OF
WARRANTS AND EXECUTION AND DELIVERY OF WARRANT 
 CERTIFICATES 

1.1 Issuance of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Other Securities
and Warrants—Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby
shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants—Warrant Certificates will be issued with the Other Securities and each Warrant
Certificate will evidence [                    ] Warrants for each [$ principal amount]
[[                ] shares] of Other Securities issued]. 

 1.2 Execution and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall
be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant
Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers,
controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on
the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued
hereunder. 
 In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease
to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant
Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the
Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The term “holder” or “holder of a
Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose. 

1.3 Issuance of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company and
delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and
shall deliver such Warrant Certificates to or upon the order of the Company. 

 ARTICLE 2 

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 

2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable
Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price of [    ]% of the principal amount thereof [plus
accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall
have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($ for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a [    ]% annual rate,
computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the Warrant Debt Securities is referred to in
this Agreement as the “Warrant Price.” 
 2.2 Duration of Warrants. Each Warrant may be exercised in whole or in part at any
time, as specified herein, on or after [the date thereof] [                    ] and at or before [        ]
p.m., [City] time, on or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration
Date”). Each Warrant not exercised at or before [        ] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such
Warrant under this Agreement shall cease. 
 2.3 Exercise Of Warrants. 

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt Securities in registered
form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing
House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise
is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate properly completed
and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided,
however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of
such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such
person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be
opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the
Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the
Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing. 

(b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities with
respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise,
(iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the Company or the Trustee shall reasonably require.

 (c) As soon as practicable after the exercise of any Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations, to
or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer
than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the
number of Warrant Debt Securities remaining unexercised. 

 (d) The Company shall not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until
such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

(e) Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved,
out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

 ARTICLE 3 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT 

CERTIFICATES 
 3.1 No Rights As Holder
of Warrant Debt Securities Conferred By Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without
limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture. 

3.2 Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the
Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated
Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized
officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like principal
amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this
Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 
 3.3 Holder Of Warrant Certificate May Enforce
Rights. Notwithstanding any of the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant
Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s
right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 

3.4 Merger, Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar transaction of the Company with or into another person
or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties
and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from
the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The
Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming
entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver
securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the
Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology
and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the
provisions of this Section 3.4. 
 3.5 Notice To Warrantholders. In case the Company shall (a) effect any Reorganization Event or
(b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s
address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is 

 
expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable
upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 
 EXCHANGE AND
TRANSFER OF WARRANT CERTIFICATES 
 4.1 Exchange and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the
Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant
Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable
regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or
registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made
for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or
registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a
Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant
Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or
registration of transfer. 
 4.2 Treatment of Holders of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the
registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding. 

4.3 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants
evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and,
except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant
Certificates in a manner satisfactory to the Company. 
 ARTICLE 5 

CONCERNING THE WARRANT AGENT 
 5.1
Warrant Agent. The Company hereby appoints [                    ] as Warrant Agent of the Company in respect of the Warrants and the Warrant
Certificates upon the terms and subject to the conditions herein set forth, and [                    ] hereby accepts such appointment. The Warrant
Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of
the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 

5.2 Conditions of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof,
including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject: 

(a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for 

 
reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or
willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred
without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such
liability. 
 (b) Agent for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting
solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 

(c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

(d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance
upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

(e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants,
with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the
Warrant Agent from acting as trustee under any indenture to which the Company is a party, including, without limitation, as Trustee under the Indenture. 

(f) No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any
time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 
 (g) No Liability for Invalidity. The
Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

(h) No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the
Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 
 (i) No Implied
Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this
Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained
herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company. 

5.3 Resignation, Removal and Appointment of Successors. 

(a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent
hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent may at any time resign as agent by giving
written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless
the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying 

 
such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor
Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the
Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent. 

(c) In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its
inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the
Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the
premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control
of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed
with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 

(d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor
with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent
shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets
and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 ARTICLE 6 

MISCELLANEOUS 
 6.1 Amendment. This
Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any
other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of
the Warrant Certificates. 

 6.2 Notices and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any
notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 

6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to , Attention: and any
communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Helius Medical Technologies, Inc., 642 Newtown Yardley Road, Suite 100, Newtown, Pennsylvania 18940, Attention: Chief Financial Officer (or such
other address as shall be specified in writing by the Warrant Agent or by the Company). 
 6.4 Governing Law. This Agreement and each Warrant
Certificate issued hereunder shall be governed by and construed in accordance with the laws of the State of New York. 
 6.5 Delivery Of Prospectus.
The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the
“Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of
the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

6.6 Obtaining of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective any and
all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Debt
Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise of the Warrants, the issuance, sale,
transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 
 6.7 Persons Having Rights Under
the Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

6.8 Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof. 
 6.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

6.10 Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the
Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such holder’s Warrant Certificate for inspection by it. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the
day and year first above written. 
  

			
	HELIUS MEDICAL TECHNOLOGIES, INC.
		
	By:	 	
	Name:	 	
	Title:	 	
	
	[WARRANT AGENT], as Warrant Agent
		
	By:	 	
	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	 [Form of Legend if Warrants are not
 immediately
exercisable.]
	  	 [Prior to         , Warrants

evidenced by this Warrant Certificate
 cannot be
exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [        ] P.M., [        ] TIME, ON
        , 

 HELIUS MEDICAL TECHNOLOGIES, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	No. [                    ]	  	[                    ] Warrants

 This certifies that
[                    ] or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner to
purchase, at any time [after [        ] p.m., [City] time, [on [                    ] and] on or before
[        ] p.m., [City] time, on , $ principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”), of Helius Medical Technologies, Inc. (the
“Company”), issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from , through and including , each Warrant shall entitle the Holder thereof, subject to the
provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of % of the principal amount thereof [plus accrued
amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been
paid on the Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($ for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a % annual rate, computed on a[n] [semi-]annual basis
[using a 360-day year consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back
hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each
Warrant Debt Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office
of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set
forth herein and in the Warrant Agreement (as hereinafter defined). 
 The term “Holder” as used herein shall mean the person in whose name at the
time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 

The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral
multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal
amount of Warrant Debt Securities remaining unexercised. 

 This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of
                    , (the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

 The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued under and in
accordance with an Indenture, dated as of                     , (the “Indenture”), between the Company and , as trustee (such
trustee, and any successors to such trustee, the “Trustee”) and will be subject to the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the
Warrant Debt Securities, are on file at the corporate trust office of the Trustee. 
 Transfer of this Warrant Certificate may be registered when this
Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation,
the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any purpose until
countersigned by the Warrant Agent. 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf
by the facsimile signatures of its duly authorized officers. 
 Dated: 

 

			
	HELIUS MEDICAL TECHNOLOGIES, INC.
		
	By:	 	
	Name:	 	
	Title:	 	
	
	Countersigned:
	
	[WARRANT AGENT], as Warrant Agent
		
	By:	 	
	Name:	 	
	Title:	 	

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of Warrant Agent],
Attention: , which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail
(certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment.

 (To be executed upon exercise of Warrants) 

The undersigned hereby irrevocably elects to exercise Warrants, evidenced by this Warrant Certificate, to purchase $ principal amount of the [Title of Warrant
Debt Securities] (the “Warrant Debt Securities”), of Helius Medical Technologies, Inc. and represents that the undersigned has tendered payment for such Warrant Debt Securities, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Helius Medical Technologies, Inc., c/o [insert name and address of Warrant
Agent], in the amount of $ in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as
specified in accordance with the instructions set forth below. 
 If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the
undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions
below. 
  

							
	Dated	 		  	Name	  	
				
		 		  		  	Please Print
				
	Address:	 		  		  	
			
	(Insert Social Security or Other Identifying Number of Holder)	  		  	
				
	Signature Guaranteed	 		  		  	
	Signature	 		  		  	

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: 

 

			
	 By
 hand at
	 	
		
	 By
 mail at
	 	

 [Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants
for the number of Warrant Debt Securities remaining unexercised—complete as appropriate.] 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED, hereby sells, assigns and transfers unto: 
  

			
	(Please print name and address including zip code)	  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase $ aggregate principal amount of [Title of Warrant Debt Securities] of
Helius Medical Technologies, Inc. to which the within Warrant relates and appoints attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

			
	Dated	  	
		
		  	Signature
	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	
	Signature GuaranteedExhibit 10.1

 

2,500,000 SHARES OF COMMON STOCK

 

OF

 

NANOVIRICIDES, INC.

 

UNDERWRITING AGREEMENT

 

January 21, 2020

 

Aegis Capital Corp.

810 Seventh Avenue

New York, NY 10019

 

As Representative of the

several underwriters, if any, named in Schedule I hereto

 

Ladies and Gentlemen:

 

The undersigned, NanoViricides,
Inc., a company incorporated under the laws of Nevada (collectively with its subsidiaries and affiliates, including, without limitation,
all entities disclosed or described in the Registration Statement (as defined below) as being subsidiaries or affiliates of NanoViricides,
Inc., the “Company”), hereby confirms its agreement (this “Agreement”) with the several underwriters
(such underwriters, including the Representative (as defined below), the “Underwriters” and each an “Underwriter”)
named in Schedule I hereto for which Aegis Capital Corp. (“Aegis”) is acting as representative to the
several Underwriters (in such capacity, the “Representative” and if there are no Underwriters other than the
Representative, references to multiple Underwriters shall be disregarded and the term Representative as used herein shall have
the same meaning as Underwriter) on the terms and conditions set forth herein.

 

It is understood that
the Underwriters are to make a public offering of the Public Securities (as defined below) as soon as the Representative deems
it advisable to do so. The Public Securities are to be initially offered to the public at the public offering price set forth on
the cover page of the Prospectus.

 

It is further understood
that you will act as the Representative for the Underwriters in the offering and sale of the Closing Shares and, if any, the Option
Shares in accordance with this Agreement.

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Action” shall have
the meaning ascribed to such term in Section 3.1(k).

 

“Affiliate” means with
respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with such Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors”
means the board of directors of the Company.

 

     

     

    

 

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

 

“Closing” means the
closing of the purchase and sale of the Closing Shares pursuant to Section 2.1.

 

“Closing Date” means
the hour and the date on the Trading Day on which all conditions precedent to (i) the Underwriters’ obligations to pay the
Closing Purchase Price and (ii) the Company’s obligations to deliver the Closing Shares, in each case, have been satisfied
or waived, but in no event later than 10:00 a.m. (New York City time) on the second (2nd) Trading Day following the date hereof
or at such earlier time as shall be agreed upon by the Representative and the Company.

 

“Closing Purchase Price”
shall have the meaning ascribed to such term in Section 2.1(b), which aggregate purchase price shall be net of underwriting discounts
and commissions.

 

“Closing Shares” shall
have the meaning ascribed to such term in Section 2.1(a)(i).

 

“Commission” means the
United States Securities and Exchange Commission.

 

“Common Stock” means
the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Common Stock Equivalents”
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company Auditor” means
EisnerAmper LLP, with offices located in Iselin, New Jersey.

 

“Company Counsel” means
McCarter English, LLP, with offices located at Two Tower Center Boulevard, 24th Floor, East Brunswick, New Jersey 08816,
or, as applicable, special intellectual property counsel.

 

“Disclosure Schedules”
means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Effective Date” means
the date and time as of which the Registration Statement became effective, or is deemed to have become effective by the Commission,
in accordance with the rules and regulations under the Securities Act.

 

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

 

“Execution Date” shall
mean the date on which the parties execute and enter into this Agreement.

 

“Exempt Issuance” means
the issuance of (a) shares of Common Stock, restricted stock, restricted stock units or options to employees, officers or directors
of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of
the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services
rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Public Securities issued hereunder
and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the
date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number
of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection
with automatic price resets, stock splits, adjustments or combinations as set forth in such securities) or to extend the term of
such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144)
and carry no registration rights that require or permit the filing of any registration statement in connection therewith during
the prohibition period in Section 4.20(a) herein, and provided that any such issuance shall only be to a Person (or to the equity
holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but
shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an
entity whose primary business is investing in securities. Notwithstanding the foregoing, an Exempt Issuance shall include the issuance
of securities to TheraCour Pharma, Inc. (“TheraCour”) for the retirement and cancellation of certain obligations to
TheraCour outstanding as of the date of this Agreement.

 

    	 	2	 

     

    

 

“FCPA” means the Foreign
Corrupt Practices Act of 1977, as amended.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“GAAP” shall have the
meaning ascribed to such term in Section 3.1(i).

 

“Indebtedness” means
(a) any liabilities for borrowed money or amounts owed in excess of $200,000 (other than trade accounts payable incurred in the
ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others,
whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except
guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business; and (c) the present value of any lease payments in excess of $200,000 due under leases required to be capitalized in
accordance with GAAP.

 

“Intellectual Property Rights”
shall have the meaning ascribed to such term in Section 3.1(q).

 

“Liens” means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up Agreements”
means the lock-up agreements that are delivered on the date hereof by each of the Company’s officers and directors, in the
form of Exhibit A attached hereto.

 

“Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permit” shall
have the meaning ascribed to such term in Section 3.1(o).

 

“Offering” shall have
the meaning ascribed to such term in Section 2.1(c).

 

“Option Closing Date”
shall have the meaning ascribed to such term in Section 2.2(c).

 

“Option Closing Purchase Price”
shall have the meaning ascribed to such term in Section 2.2(b), which aggregate purchase price shall be net of the underwriting
discounts and commissions.

 

“Option Shares” shall
have the meaning ascribed to such term in Section 2.2(a)(i).

 

“Over-Allotment Option”
shall have the meaning ascribed to such term in Section 2.2(a).

 

    	 	3	 

     

    

 

“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.

 

“Preliminary Prospectus”
shall have the meaning ascribed to such term in Section 3.1(f).

 

“Proceeding” means an
action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Prospectus” shall have
the meaning ascribed to such term in Section 3.1(f).

 

“Public Securities”
means, collectively, the Closing Shares and, if any, the Option Shares.

 

“Registration Statement”
shall have the meaning ascribed to such term in Section 3.1(f).

 

“Representative Counsel”
means Olshan Frome Wolosky LLP, with offices located at 1325 Avenue of the Americas, 15th Floor, New York, New York
10019, which is acting as counsel to the Representative, or any replacement legal counsel to the Representative.

 

“Required Approvals”
shall have the meaning ascribed to such term in Section 3.1(e).

 

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

 

“Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such
Rule.

 

“SEC Reports” shall
have the meaning ascribed to such term in Section 3.1(i).

 

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

 

“Share Purchase Price”
shall have the meaning ascribed to such term in Section 2.1(b).

 

“Shares” means, collectively,
the shares of Common Stock delivered to the Underwriters in accordance with Section 2.1(a)(i) and Section 2.2(a).

 

“Subsidiary” means any
subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or
acquired after the date hereof.

 

“Trading Day” means
a day on which the principal Trading Market is open for trading.

 

“Trading Market” means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“Transaction Documents”
means this Agreement and all exhibits and schedules hereto, the Lock-Up Agreements, and any other documents or agreements executed
in connection with the transactions contemplated hereunder.

 

    	 	4	 

     

    

 

“Transfer Agent” means
Corporate Stock Transfer, Inc., the current transfer agent of the Company, with a mailing address of 3200 Cherry Creek Drive South,
Suite 430, Denver, Colorado 80209, and a facsimile number of (303) 282-5800, and any successor transfer agent of the Company.

 

“Variable Rate Transaction”
shall have the meaning ascribed to such term in Section 4.20(b).

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.

 

(a) Upon the terms and
subject to the conditions set forth herein, the Company agrees to sell in the aggregate 2,500,000 shares of Common Stock and each
Underwriter agrees to purchase, severally and not jointly, at the Closing the number of shares of Common Stock (the “Closing
Shares”) set forth opposite the name of such Underwriter on Schedule I hereof.

 

(b) The aggregate purchase
price for the Closing Shares shall equal the amount set forth opposite the name of such Underwriter on Schedule I hereto (the “Closing
Purchase Price”). The purchase price for one (1) Closing Share shall be $3.00 (the “Share Purchase Price”).

 

(c) On the Closing Date,
each Underwriter shall deliver or cause to be delivered to the Company, via wire transfer, immediately available funds equal to
such Underwriter’s Closing Purchase Price and the Company shall deliver to, or as directed by, such Underwriter its respective
Closing Shares and the Company shall deliver the other items required pursuant to Section 2.3 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections 2.3 and 2.4, the Closing shall occur at the offices of Representative
Counsel or such other location as the Company and Representative shall mutually agree. The Public Securities are to be offered
initially to the public at the offering price set forth on the cover page of the Prospectus (the “Offering”).

 

2.2 Over-Allotment
Option.

 

(a) For the purposes
of covering any over-allotments in connection with the distribution and sale of the Closing Shares, the Representative is hereby
granted an option (the “Over-Allotment Option”) to purchase, in the aggregate, up to 375,000 shares of Common
Stock (the “Option Shares”), which may be purchased at the Share Purchase Price.

 

(b) In connection with
an exercise of the Over-Allotment Option the purchase price to be paid for any Option Shares is equal to the product of the Share
Purchase Price multiplied by the number of Option Shares to be purchased (the aggregate purchase price to be paid on an Option
Closing Date, the “Option Closing Purchase Price”).

 

(c) The Over-Allotment
Option granted pursuant to this Section 2.2 may be exercised by the Representative as to all (at any time) or any part (from time
to time) of the Option Shares within forty-five (45) days after the Execution Date. An Underwriter will not be under any obligation
to purchase any Option Shares prior to the exercise of the Over-Allotment Option by the Representative. The Over-Allotment Option
granted hereby may be exercised by the giving of written notice by electronic mail to the Company from the Representative, which
must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number of Option
Shares to be purchased and the date and time for delivery of and payment for the Option Shares (each, an “Option Closing
Date”), which will not be later than the earlier of (i) forty-five (45) days after the Execution Date and (ii) two (2)
full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative,
at the offices of Representative Counsel or at such other place (including remotely by facsimile or other electronic transmission)
as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur
on the Closing Date, each Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option, the
Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters
will become obligated to purchase the number of Option Shares specified in such notice. The Representative may cancel the Over-Allotment
Option at any time prior to the expiration of the Over-Allotment Option (provided the Representative has not provided written notice
of an Option Closing Date), by written notice to the Company.

 

    	 	5	 

     

    

 

2.3 Deliveries.
The Company shall deliver or cause to be delivered to each Underwriter (if applicable) the following:

 

(a) At the Closing Date,
the Closing Shares and, as to each Option Closing Date, if any, the applicable Option Shares, which shares shall be delivered via
The Depository Trust Company Deposit or Withdrawal at Custodian system for the accounts of the several Underwriters;

 

(b) At the Closing Date,
legal opinions of Company Counsel (including, without limitation, a negative assurance letter or statement) addressed to the Underwriters
and as to the Closing Date and as to each Option Closing Date, if any, bring-down opinions and assurances from Company Counsel,
in each case in form and substance reasonably satisfactory to Representative Counsel;

 

(c) Contemporaneously
with the execution hereof, a cold comfort letter, addressed to the Underwriters and in form and substance reasonably satisfactory
to Representative Counsel from the Company Auditor dated as of the date of this Agreement, and a bring-down letter dated as of
the Closing Date and each Option Closing Date, if any;

 

(d) On the Closing Date
and on each Option Closing Date, if any, a duly executed and delivered Officer’s Certificate, in customary form reasonably
satisfactory to Representative Counsel;

 

(e) On the Closing Date
and on each Option Closing Date, if any, a duly executed and delivered Secretary’s Certificate, in customary form reasonably
satisfactory to Representative Counsel;

 

(f) Contemporaneously
herewith, the duly executed and delivered Lock-Up Agreements;

 

(g) At the Closing Date
and at each Option Closing Date, if any, the duly executed and delivered opinions (addressed to the Underwriters) of Company Counsel,
counsel(s) for the Company with respect to certain intellectual property matters dated as of the Closing Date and each Option Closing
Date, if any, and in form and substance reasonably satisfactory to Representative Counsel; and

 

(h) Such other certificates,
opinions or documents as the Underwriters and Representative Counsel may have reasonably requested.

 

2.4 Closing Conditions.
The respective obligations of each Underwriter hereunder in connection with the Closing and each Option Closing Date are subject
to the following conditions being met:

 

(a) the accuracy in all
material respects when made and on the date in question (other than representations and warranties of the Company already qualified
by materiality, which shall be true and correct in all respects) of the representations and warranties of the Company contained
herein (unless as of a specific date therein);

 

    	 	6	 

     

    

 

(b) all obligations,
covenants and agreements of the Company required to be performed at or prior to the date in question shall have been performed
in all material respects;

 

(c) the delivery by the
Company of the items set forth in Section 2.3 of this Agreement;

 

(d) the Registration
Statement shall be effective on the date of this Agreement or such later date and time as shall be consented on in writing by the
Underwriters and at each of the Closing Date and each Option Closing Date, if any, no stop order suspending the effectiveness of
the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or shall be pending
or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied
with to the reasonable satisfaction of the Representative;

 

(e) by the Execution
Date, if required by FINRA, the Underwriters shall have received a notice of no objections from FINRA as to the amount of compensation
allowable or payable to and the terms and arrangements for acting as the Underwriters as described in the Registration Statement;

 

(f) the Closing Shares
and the Option Shares have been approved for listing on the Trading Market; and

 

(g) prior to and on each
of the Closing Date and each Option Closing Date, if any: (i) there shall have been no material adverse change or development involving
a prospective material adverse change in the condition or prospects or the business activities, financial or otherwise, of the
Company from the latest dates as of which such condition is set forth in the Registration Statement, the General Disclosure Package
and Prospectus; (ii) no action suit or proceeding, at law or in equity, shall have been pending or threatened against the Company
or any Affiliate of the Company before or by any court or federal or state commission, board or other administrative agency wherein
an unfavorable decision, ruling or finding may materially adversely affect the business, operations, prospects or financial condition
or income of the Company, except as set forth in the Registration Statement, the General Disclosure Package and Prospectus; (iii)
no stop order applicable to the Company shall have been issued under the Securities Act and no proceedings therefor shall have
been initiated or threatened by the Commission; (iv) the Company has not incurred any material liabilities or obligations, direct
or contingent, nor has it entered into any material transactions not in the ordinary course of business, other than pursuant to
this Agreement and the transactions referred to herein or otherwise disclosed in the Registration Statement, the General Disclosure
Package (as such term is defined in Section 3(f)) and Prospectus; (v) the Company has not paid or declared any dividends or other
distributions of any kind on any class of its capital stock; (vi) the Company has not altered its method of accounting; and (vii)
the Registration Statement, the General Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain
all material statements which are required to be stated therein in accordance with the Securities Act and the rules and regulations
thereunder and shall conform in all material respects to the requirements of the Securities Act and the rules and regulations thereunder,
and neither the Registration Statement, the General Disclosure Package nor the Prospectus nor any amendment or supplement thereto
shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

If any of the conditions specified in this
Section 2.4 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates, opinions, written
statements or letters furnished to the Representative or to Representative Counsel pursuant to this Section 2.4 shall not be reasonably
satisfactory in form and substance to the Representative and to Representative Counsel, all obligations of the Underwriters hereunder
may be cancelled by the Representative at, or at any time prior to, the consummation of the Closing. Notice of such cancellation
shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

    	 	7	 

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company represents and warrants to the Underwriters as of the Execution Date, as of the
Closing Date and as of each Option Closing Date, if any, as follows:

 

(a) Subsidiaries.
All of the Subsidiaries of the Company are set forth on Schedule 3.1(a). The Company owns, directly or indirectly, all of
the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar
rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or
any of them in the Transaction Documents shall be disregarded.

 

(b) Organization and
Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority
to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary
is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good
standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability
of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition
(financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or
(iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents to which it is a party and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party,
the issuance and sale of the Public Securities and the consummation by it of the transactions contemplated hereby and thereby do
not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles
of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties
or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company
or Subsidiary debt or otherwise) or other 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, or (iii) subject to the Required Approvals, conflict with or result
in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(e) Filings, Consents
and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or
make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person
in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filing
with the Commission of the Prospectus, (ii) such filings as are required to be made under applicable state securities laws and
(iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner
required thereby (collectively, the “Required Approvals”).

 

(f) Registration Statement.
The Company has filed with the Commission the Registration Statement, including any related Preliminary Prospectus or Prospectuses,
for the registration of the Public Securities under the Securities Act, which Registration Statement has been prepared by the Company
in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities
Act. The registration of the Common Stock under the Exchange Act has been declared effective by the Commission on the date hereof.
Copies of such Registration Statement and of each amendment thereto, if any, including the related Preliminary Prospectuses, heretofore
filed by the Company with the Commission have been delivered to the Underwriters. The term “Registration Statement”
means such registration statement on Form S-1 (File No. 333-235306), as amended, as of the relevant Effective Date, including financial
statements, all exhibits and any information deemed to be included or incorporated by reference therein, including any information
deemed to be included pursuant to Rule 430A or Rule 430B of the Securities Act and the rules and regulations thereunder, as applicable.
If the Company files a registration statement to register a portion of the Public Securities and relies on Rule 462(b) of the Securities
Act and the rules and regulations thereunder for such registration statement to become effective upon filing with the Commission
(the “Rule 462 Registration Statement”), then any reference to the “Registration Statement” shall
be deemed to include the Rule 462 Registration Statement, as amended from time to time. The term “Preliminary Prospectus”
as used herein means a preliminary prospectus as contemplated by Rule 430 or Rule 430A of the Securities Act and the rules and
regulations thereunder as included at any time as part of, or deemed to be part of or included in, the Registration Statement.
The term “Prospectus” means the final prospectus in connection with this Offering as first filed with the Commission
pursuant to Rule 424(b) of the Securities Act and the rules and regulations thereunder or, if no such filing is required, the form
of final prospectus included in the Registration Statement at the Effective Date, except that if any revised prospectus or prospectus
supplement shall be provided to the Representative by the Company for use in connection with the Public Securities which differs
from the Prospectus (whether or not such revised prospectus or prospectus supplement is required to be filed by the Company pursuant
to Rule 424(b)), the term “Prospectus” shall also refer to such revised prospectus or prospectus supplement, as the
case may be, from and after the time it is first provided to the Representative for such use. Any reference herein to the terms
 “amend”, “amendment” or “supplement” with respect to the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include: (i) the filing of any document under the Exchange Act after
the Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated
therein by reference, and (ii) any such document so filed. All references in this Agreement to the Registration Statement, a Preliminary
Prospectus and the Prospectus, or any amendments or supplements to any of the foregoing shall be deemed to include any copy thereof
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”).
The term “General Disclosure Package” means, collectively, the Permitted Free Writing Prospectus(es) (as defined
below) issued at or prior to the date hereof, the most recent preliminary prospectus related to this offering, and the information
included on Schedule I hereto.

 

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(g) Issuance of Public
Securities. The Public Securities are duly authorized and, when issued and paid for in accordance with this Agreement, will
be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company has
reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.
The Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or
similar contractual rights granted by the Company. All corporate action required to be taken for the authorization, issuance and
sale of the Public Securities has been duly and validly taken. The Public Securities conform in all material respects to all statements
with respect thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus.

 

(h) Capitalization.
The capitalization of the Company as of the date hereof is as set forth in the Registration Statement, the General Disclosure Package
and Prospectus. The Company has not issued any capital stock since its most recently filed periodic or current report under the
Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance
of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion
and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange
Act. Except as set forth in the Disclosure Schedules, no Person has any right of first refusal, preemptive right, right of participation,
or any similar right to participate in the transactions contemplated by the Transaction Documents, except such rights which have
been waived prior to the date hereof. Except as set forth in the Disclosure Schedules and except as a result of the purchase and
sale of the Public Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for,
or giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary,
or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional shares of Common Stock or Common Stock Equivalents or the capital stock of any Subsidiary except as disclosed in the
Registration Statement, the General Disclosure Package and Prospectus. The issuance and sale of the Public Securities will not
obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Underwriters).
There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and non-assessable, have been issued in compliance with all federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or
purchase securities. The authorized shares of the Company conform in all material respects to all statements relating thereto contained
in the Registration Statement, the General Disclosure Package and the Prospectus. The offers and sales of the Company’s securities
were at all relevant times either registered under the Securities Act and the applicable state securities or Blue Sky laws or,
based in part on the representations and warranties of the purchasers, exempt from such registration requirements. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Public Securities
other than those that have been previously obtained. There are no stockholders agreements, voting agreements or other similar agreements
with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between
or among any of the Company’s stockholders.

 

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(i) SEC Reports; Financial
Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the
Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. Since November 14, 2006, the Company has not been an issuer subject to Rule 144(i) under the Securities
Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Preliminary
Prospectus, the General Disclosure Package, the Prospectus, and the SEC Reports conform in all material aspects to the descriptions
thereof contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations
thereunder to be described in the Registration Statement, the Preliminary Prospectus, the General Disclosure Package, the Prospectus
or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described
or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it
is or may be bound or affected and (i) that is referred to in the Registration Statement, the General Disclosure Package, the Prospectus
or the SEC Reports, or (ii) is material to the Company’s business (each, a “Material Agreement”), has
been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except (x)
as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities
laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the
equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material Agreement
has been assigned by the Company, and neither the Company nor, to the best of the Company’s knowledge, any other party is
in default thereunder and, to the best of the Company’s knowledge, no event has occurred that, with the lapse of time or
the giving of notice, or both, would constitute a default thereunder. To the best of the Company’s knowledge, performance
by the Company of the material provisions of the Material Agreements will not result in a violation of any existing applicable
law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction
over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.

 

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(j) Material Changes;
Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within
the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof or the Registration
Statement, the General Disclosure Package and Prospectus, (i) there has been no event, occurrence or development that has had or
that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed
in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared
or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer,
director or Affiliate, except pursuant to existing Company stock option plans and the issuance of Common Stock Equivalents as disclosed
in the SEC Reports. The Company does not have pending before the Commission any request for confidential treatment of information.
No event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least one Trading Day prior to the date that this
representation is made. Unless otherwise disclosed in an SEC Report filed prior to the date hereof or the Registration Statement,
the General Disclosure Package and Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation,
direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect
to its capital stock.

 

(k) Litigation.
There has not been, and to the knowledge of the Company there is not pending or contemplated, any action, suit, inquiry, notice
of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company,
any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency
or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Public Securities or
(ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor, to the Company’s knowledge, any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. To the knowledge of the Company, there has not been, and there is not pending or contemplated, any investigation by the Commission
involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order
or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange
Act or the Securities Act.

 

(l) Labor Relations.
No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which
could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees
is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the
Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters that would reasonably be expected to have a Material
Adverse Effect. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(m) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the
Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived); (ii) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority; or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as
could not have or reasonably be expected to result in a Material Adverse Effect.

 

(n) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where
in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(o) Regulatory Permits.
The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits issued by the
appropriate federal, state, local or foreign regulatory authorities, including, without limitation, those administered by the U.S.
Food and Drug Administration (“FDA”) of the U.S. Department of Health and Human Services, the Centers for Medicare
 & Medicaid Services (“CMA”), or by any foreign, federal, state or local governmental or regulatory authority
performing functions similar to those performed by the FDA or CMS necessary to conduct their respective businesses as described
in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse
Effect (each, a “Material Permit”), and neither the Company nor any Subsidiary has received any notice of proceedings
relating to the revocation or modification of any Material Permit. The disclosures in the Registration Statement concerning the
effects of federal, state, local and all foreign regulation on the Company’s business as currently contemplated are correct
in all material respects.

 

(p) Title to Assets.
The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable
title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, except as set
forth in Schedule 3.1(p), in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value
of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and
the Subsidiaries, and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made
therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and
facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases
with which the Company and the Subsidiaries are in compliance.

 

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(q) Intellectual Property.
Except as set forth on Schedule 3.1(q), the Company and the Subsidiaries have, or have rights to use, all patents, patent
applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and
other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses
as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). Except as set forth on Schedule 3.1(q), none of, and neither the Company nor any Subsidiary
has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned,
or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement, except where such
action would not reasonably be expected to have a Material Adverse Effect. Other than as specifically described in the SEC Reports,
neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within
the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Company’s products or planned products
as described in the SEC Reports violate or infringe upon the rights of any Person, except as could not have or reasonably be expected
to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and
there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties,
except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(r) Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(s) Transactions with
Affiliates and Employees. Except as disclosed in the Registration Statement, the General Disclosure Package and Prospectus,
none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees
of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of
money to or otherwise requiring payments to or from, any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee,
stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company, and (iii) other employee benefits, including
stock option agreements under any stock option plan of the Company.

 

(t) Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated
by the Commission thereunder that are effective as of the date hereof and as of the Closing Date and each Option Closing Date,
if any. The Company and the Subsidiaries maintain a system of 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; and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures
to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The
Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and
the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date,
the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange
Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial
reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is
reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

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(u) Certain Fees.
Except as set forth in the Registration Statement, the General Disclosure Package and Prospectus, no brokerage or finder’s
fees or commissions are or will be payable by the Company, any Subsidiary or Affiliate of the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. There are no other arrangements, agreements or understandings of the Company or, to the Company’s
knowledge, any of its stockholders that may affect the Underwriters’ compensation, as determined by FINRA. Other than payments
to the Underwriters for this Offering or as disclosed on Schedule 3.1(u), the Company has not made and has no agreements,
arrangements or understanding to make any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as
a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing
to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that
has any direct or indirect affiliation or association with any FINRA member, within the 180-day period preceding the initial filing
of the Registration Statement through the 90-day period after the Effective Date. None of the net proceeds of the Offering will
be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

 

(v) Investment Company.
The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Public Securities will not be
or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

(w) Registration Rights.
No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities
of the Company or any Subsidiary, other than those rights that have been disclosed in the Registration Statement or have been waived
or satisfied.

 

(x) Listing and Maintenance
Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken
no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock
under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
The Public Securities have been approved for listing on the NYSE American exchange, subject to official notice of issuance. The
Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all the
listing and maintenance requirements of the NYSE American exchange. The Common Stock is currently eligible for electronic transfer
through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees
of the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

    	 	15	 

     

    

 

(y) Application of
Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws
of its state of incorporation that is or could become applicable as a result of the Underwriters and the Company fulfilling their
obligations or exercising their rights under the Transaction Documents.

 

(z) Disclosure; 10b-5.
The Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required
by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, if any, at the time it became
effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable rules and regulations
under the Securities Act and did not and, as amended or supplemented, if applicable, 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 not
misleading. The Preliminary Prospectus and the Prospectus, each as of its respective date, comply in all material respects with
the Securities Act and the Exchange Act and the applicable rules and regulations. The Prospectus, as amended or supplemented, did
not and will not contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of its date
and the date hereof, the General Disclosure Package did not and does not include 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. The SEC Reports, when they were filed with the Commission, conformed in all material respects to the
requirements of the Securities Act and the Exchange Act, as applicable, and the applicable rules and regulations, and none of such
documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein (with respect to the SEC Reports incorporated by reference in the Prospectus), in
light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference
in the Prospectus, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they
were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after
the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is
required to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the
transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed
within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus
or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as
required. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as
a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not
misleading. The statistical and market-related data included in each of the General Disclosure Package and the Prospectus are based
on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company’s
good faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required
for the inclusion of such statistical and market-related data in each of the General Disclosure Package and the Prospectus. No
forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed
other than in good faith.

 

    	 	16	 

     

    

 

(aa) No Integrated
Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Public Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder
approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(bb) Solvency.
Except as set forth on Schedule 3.1(bb), based on the consolidated financial condition of the Company as of the Closing
Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair
saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s
existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do
not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its
capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with
the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses
of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid.
The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing
and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which
lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within one year from the Closing Date. Schedule 3.1(bb) sets forth as of the date hereof all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. Neither the Company
nor any Subsidiary is in default with respect to any Indebtedness.

 

(cc) Tax Status.
Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign
income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes
for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know
of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part
of the Registration Statement 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. 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 whatsoever, 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.

 

    	 	17	 

     

    

 

(dd) Foreign Corrupt
Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other
person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment
to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate
funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its
behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA.
The Company has taken commercially reasonable steps to ensure that its accounting controls and procedures are designed to cause
the Company to comply in all material respects with the FCPA.

 

(ee) Accountants.
To the knowledge of the Company, the Company Auditor (i) is an independent registered public accounting firm as required by the
Exchange Act and (ii) expressed its opinion with respect to the financial statements included in the Company’s Annual Report
for the fiscal year ended June 30, 2019.

 

(ff) Stock Option
Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with
the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the
Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under
the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no
Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options
with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial
results or prospects.

 

(gg) Office of Foreign
Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department.

 

(hh) U.S. Real Property
Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section
897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Representative’s request.

 

(ii) Bank Holding
Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956,
as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal
Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.

  

(jj) Money Laundering.
The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary,
threatened.

 

    	 	18	 

     

    

 

(kk) D&O Questionnaires.
To the Company’s knowledge, all information contained in the questionnaires most recently completed by each of the Company’s
directors and officers and beneficial owner of 5% or more of the Common Stock or Common Stock Equivalents is true and correct in
all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires
become inaccurate and incorrect.

 

(ll) FINRA Affiliation.
No officer, director or any beneficial owner of 5% or more of the Company’s shares of Common Stock or Common Stock Equivalents
has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations
of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an
owner of stock or other securities of any member of FINRA. No Company Affiliate has made a subordinated loan to any member of FINRA.
No proceeds from the sale of the Public Securities (excluding underwriting compensation as disclosed in the Registration Statement
and the Prospectus) will be paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member.
Except as disclosed in the Prospectus, the Company has not issued any warrants or other securities or granted any options, directly
or indirectly, to the Representative or any of the Underwriters named on Schedule I hereto within the 180-day period prior
to the initial filing date of the Prospectus. Except as disclosed in the Registration Statement and except for securities issued
to the Representative as disclosed in the Prospectus and securities sold by the Representative on behalf of the Company, no person
to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the
Prospectus is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No FINRA member
participating in the Offering has a conflict of interest with the Company. For this purpose, a “conflict of interest”
exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a FINRA member in the aggregate
beneficially own 5% or more of the Company’s outstanding subordinated debt or common equity, or 5% or more of the Company’s
preferred equity. “FINRA member participating in the Offering” includes any associated person of a FINRA member that
is participating in the Offering, any member of such associated person’s immediate family and any affiliate of a FINRA member
that is participating in the Offering. “Any person associated with a FINRA member” means (1) a natural person who is
registered or has applied for registration under the rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch
manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person
engaged in the investment banking or securities business who is directly or indirectly controlling or controlled by a FINRA member.
When used in this Section 3.1(mm) the term “affiliate of a FINRA member” or “affiliated with a FINRA member”
means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Representative
and Representative Counsel if it learns that any officer, director or owner of 5% or more of the Company’s outstanding shares
of Common Stock or Common Stock Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

 

(mm) Officers’
Certificate. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or Representative
Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

 

(nn) Board of Directors.
The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the
Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market.
At least one (1) member of the Board of Directors qualifies as a “financial expert” as such term is defined under the
Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading Market. In addition, at least a majority
of the persons serving on the Board of Directors qualify as “independent” as defined under the rules of the Trading
Market.

 

    	 	19	 

     

    

 

(oo) ERISA. The
Company is not a party to an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), which: (i) is subject to any provision of ERISA; and (ii) is or
was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter).
These plans are referred to collectively herein as the “Employee Plans.” An “ERISA Affiliate” of
any person or entity means any other person or entity which, together with that person or entity, could be treated as a single
employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the “Code”).
Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee
Plan is subject to Title IV of ERISA. The Registration Statement, Preliminary Prospectus and the Prospectus identify each employment,
severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed pursuant
to the Rules and Regulations providing for insurance coverage (including any self-insured arrangements), workers’ compensation,
disability benefits, severance benefits, supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred
compensation, profit-sharing, bonuses, stock options, stock appreciation rights or other forms of incentive compensation, or post-retirement
insurance, compensation or benefits, which: (i) is not an Employee Plan; (ii) is entered into, maintained or contributed to, as
the case may be, by the Company or any of its ERISA Affiliates; and (iii) covers any officer or director or former officer or director
of the Company or any of its ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as
 “Benefit Arrangements.” Each Benefit Arrangement has been maintained in material compliance with its terms and with
the requirements of applicable law. There is no liability in respect of post-retirement health and medical benefits for retired
employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable
law. No “prohibited transaction” (as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred
with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of the Code is
so qualified, and nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Amendments to
Registration Statement. The Company has delivered, or will as promptly as practicable deliver, to the Underwriters complete
conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof,
and conformed copies of the Registration Statement (without exhibits), the Prospectus, as amended or supplemented, and the General
Disclosure Package in such quantities and at such places as an Underwriter reasonably requests. Neither the Company nor any of
its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material in
connection with the offering and sale of the Public Securities other than the Prospectus, the General Disclosure Package and the
Registration Statement. The Company shall not file any such amendment or supplement to which the Representative shall reasonably
object in writing.

 

4.2 Federal Securities
Laws.

 

(a) Compliance.
During the time when a Prospectus is required to be delivered under the Securities Act, the Company shall comply with all requirements
imposed upon it by the Securities Act and the rules and regulations thereunder and the Exchange Act and the rules and regulations
thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Public
Securities in accordance with the provisions hereof and the Prospectus. If at any time when a Prospectus relating to the Public
Securities is required to be delivered under the Securities Act, any event shall have occurred as a result of which, in the opinion
of Company Counsel or Representative Counsel, the Prospectus, as then amended or supplemented, includes an untrue statement of
a material fact or omits to state any 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, or if it is necessary at any time to amend the Prospectus
to comply with the Securities Act, the Company will notify the Underwriters promptly and prepare and file with the Commission,
subject to Section 4.1 hereof, an appropriate amendment or supplement in accordance with Section 10 of the Securities Act.

 

    	 	20	 

     

    

 

(b) Exchange Act Registration.
For a period of one (1) year from the Execution Date, the Company shall use its commercially reasonable efforts to maintain the
registration of the Common Stock under the Exchange Act. The Company will not deregister the Common Stock under the Exchange Act
without the prior written consent of the Representative.

 

(c) Free Writing Prospectuses.
The Company represents and agrees that it has not made and will not make any offer relating to the Public Securities that would
constitute an issuer free writing prospectus, as defined in Rule 433 of the rules and regulations under the Securities Act, without
the prior written consent of the Representative. Any such free writing prospectus consented to by the Representative is herein
referred to as a “Permitted Free Writing Prospectus.” The Company represents that it will treat each Permitted
Free Writing Prospectus as an “issuer free writing prospectus” as defined in rule and regulations under the Securities
Act, and has complied and will comply with the applicable requirements of Rule 433 of the Securities Act, including timely Commission
filing where required, legending and record keeping.

 

4.3 Delivery to the
Underwriters of Prospectuses. The Company will deliver to the Underwriters, without charge, from time to time during the period
when the Prospectus is required to be delivered under the Securities Act or the Exchange Act such number of copies of each Prospectus
as the Underwriters may reasonably request and, as soon as the Registration Statement or any amendment or supplement thereto becomes
effective, deliver to the Representative two original executed Registration Statements, including exhibits, and all post-effective
amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference and all original executed consents
of certified experts.

 

4.4 Effectiveness
and Events Requiring Notice to the Underwriters. The Company shall use its commercially reasonable efforts to cause the Registration
Statement to remain effective with a current prospectus until six (6) months from the Execution Date, and will notify the Underwriters
immediately and confirm the notice in writing: (i) of the cessation of the effectiveness of the Registration Statement and any
amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding
for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification
of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for
that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration
Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and
(vi) of the happening of any event during the period described in this Section 4.4 that, in the judgment of the Company, makes
any statement of a material fact made in the Registration Statement, the General Disclosure Package or the Prospectus untrue or
that requires the making of any changes in the Registration Statement, the General Disclosure Package or the Prospectus in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or
any state securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every
reasonable effort to obtain promptly the lifting of such order.

 

    	 	21	 

     

    

 

4.5 Non-Accountable
and Accountable Expenses of the Offering.

 

(a) The Company hereby agrees to pay on
each of the Closing Date and each Option Closing Date, if any, a non-accountable expense allowance equal to 1.0% of the gross proceeds
received on such Closing Date of the Offering.

 

(b) The Company hereby agrees to pay on
each of the Closing Date and each Option Closing Date, if any, to the extent not paid at or prior to the Closing Date, all accountable
expenses incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (a)
all filing fees and communication expenses relating to the registration of the Public Securities to be sold in the Offering (including
the Option Shares) with the Commission; (b) all FINRA Public Offering Filing System filing fees associated with the review of the
Offering by FINRA; (c) all fees and expenses relating to the listing of the Common Stock on the Trading Market and such other stock
exchanges as the Company and the Representative together determine; (d) all fees, expenses and disbursements relating to the registration
or qualification of such Public Securities under the “blue sky” securities laws of such states and other foreign jurisdictions
as the Representative may reasonably designate (including, without limitation, all filing and registration fees, and the reasonable
fees and disbursement of the Company’s “blue sky” counsel, which will be Representative Counsel); (e) all fees,
expenses, and disbursement relating to the registration, qualification, or exemption of the Public Securities under the securities
laws of such foreign jurisdictions as the Representative may reasonably designate; (f) the costs of all mailing and printing of
the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate,
any Agreement Among Underwriters, any agreements with Selected Dealers, Underwriters’ Questionnaire and Power of Attorney),
Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses
as the Representative may reasonably deem necessary; (g) the costs of preparing, printing and delivering the Public Securities;
(h) fees and expenses of the Transfer Agent for the Public Securities (including, without limitation, any fees required for same-day
processing of any instruction letter delivered by the Company); (i) stock transfer and/or stamp taxes, if any, payable upon the
transfer of securities from the Company to the Underwriters; (j) the fees and expenses of the Company’s accountants; (k)
the fees and expenses of the Company’s legal counsel and other agents and representative; (l) the Underwriters’ costs
of mailing prospectuses to prospective investors; (m) all fees, expenses and disbursements relating to background checks of the
Company’s officers and directors; (n) the fees and expenses associated with the Underwriters’ use of i-Deal’s
book-building, prospectus tracking and compliance software (or other similar software) for the Offering; (o) the Company’s
actual “road show” expenses for the Offering; and (p) the fees and expenses of due diligence review by the Underwriters
and Representative Counsel. The Underwriters may also deduct from the net proceeds of the Offering payable to the Company on the
Closing Date, or each Option Closing Date, if any, all out-of-pocket fees, expenses and disbursements (including reasonable legal
fees and expenses) of the Underwriters incurred as a result of providing services related to the Offering to be paid by the Company
to the Underwriters; provided, however, that all such costs and expenses pursuant to this Section 4.5(b) and otherwise
which are incurred by the Underwriters shall not exceed $67,500 in the aggregate (the “Expense Cap”), including
the $25,000 advance against such expenses which shall be refunded to the extent it exceeds actual expenses.

 

4.6 Application of
Net Proceeds. The Company will apply the net proceeds from the Offering received by it in a manner consistent with the application
described under the caption “Use of Proceeds” in the Prospectus.

 

4.7 Intentionally
Omitted.

 

4.8 Stabilization.
Neither the Company, nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative)
has taken or will take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected
to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Public Securities.

 

    	 	22	 

     

    

 

4.9 Internal Controls.
The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary
in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii)
access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences.

 

4.10 Accountants.
For a period of three (3) years from the Closing Date, the Company shall continue to retain an independent registered public accounting
firm. The Underwriters acknowledge that the Company Auditor is acceptable to the Underwriters.

 

4.11 FINRA. The
Company shall advise the Underwriters (who shall make an appropriate filing with FINRA) if it is aware that any officer, director,
5% or greater shareholder of the Company or Person that received the Company’s unregistered equity securities in the past
180 days is or becomes an affiliate or associated person of a FINRA member firm prior to the earlier of the termination of this
Agreement or the conclusion of the distribution of the Offering.

 

4.12 No Fiduciary
Duties. The Company acknowledges and agrees that the Underwriters’ responsibility to the Company is solely contractual
and commercial in nature, based on arms-length negotiations and that neither the Underwriters nor their affiliates or any selected
dealer shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its
affiliates in connection with the Offering and the other transactions contemplated by this Agreement. Notwithstanding anything
in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of
the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company
by the Underwriters for the shares and the Underwriters have no obligation to disclose, or account to the Company for, any of such
additional financial interests.

 

4.13 Intentionally
Omitted.

 

4.14 Board Composition
and Board Designations. The Company shall ensure that: (i) the qualifications of the persons serving as board members and the
overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and
with the listing requirements of the Trading Market; and (ii) at least one (1) member of the Board of Directors qualifies as a
 “financial expert” as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.

 

4.15 Securities Laws
Disclosure; Publicity. At the request of the Representative, by 9:30 a.m. (New York City time) on the first Trading Day after
the date hereof, the Company shall issue a press release disclosing the material terms of the Offering. The Company and the Representative
shall consult with each other in issuing any press releases with respect to the Offering, and neither the Company nor any Underwriter
shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with
respect to any other press release of such Underwriter, or without the prior consent of such Underwriter, with respect to any press
release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law,
in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.
The Company will not issue press releases or engage in any other publicity, without the Representative’s prior written consent,
for a period ending at 5:00 p.m. (New York City time) on the first (1st) Business Day following the fortieth (40th) day following
the Closing Date, other than normal and customary releases issued in the ordinary course of the Company’s business.

 

    	 	23	 

     

    

 

4.16 Shareholder Rights
Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Underwriter
of the Public Securities is an “Acquiring Person” under any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Underwriter of Public Securities could be deemed to trigger the provisions of any such plan
or arrangement, by virtue of receiving Public Securities.

 

4.17 Reservation of
Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue Option Shares pursuant to the Over-Allotment Option.

 

4.18 Listing of Common
Stock. The Common Stock has been approved for trading on the Trading Market. The Company agrees to use its best efforts to
effect and maintain the trading of the Common Stock on the Trading Market for at least one (1) year after the Closing Date.

 

4.19 Right of First
Refusal. The Company hereby grants the Representative the right of first refusal for a period of nine (9) months from the commencement
of sales of the offering (the “Right of First Refusal Period”) to act as lead managing underwriter or placement
agent or sole bookrunner, as the case may be, of all the economics of any and all future public or private equity or equity-linked
financings of the Company or any successor to or any subsidiary of the Company. The Representative shall not have more than one
opportunity to waive or terminate the right of first refusal in consideration of any payment or fee. In addition, the Right of
First Refusal Period shall be subject to termination by the Company in the event one or more of the managing directors of Representative
as of the date hereof resigns or is terminated by the Representative.

 

4.20 Subsequent Equity
Sales.

 

(a) From the date hereof
until ninety (90) days after the Closing Date, except in a transaction with the Representative, neither the Company nor any Subsidiary
shall (i) issue, enter into any agreement to offer, sell, issue, or otherwise transfer or dispose of, directly or indirectly, or
announce the foregoing or proposed issuance of any shares of capital stock of the Company or Common Stock Equivalents, or (ii)
file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock
of the Company or Common Stock Equivalents. Notwithstanding the foregoing, the Company shall not be prohibited from making an Exempt
Issuance.

 

(b) From the date hereof
until 180 days after the Closing Date, except in a transaction with the Representative, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock
Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares
of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity
line of credit, whereby the Company may issue securities at a future determined price. Any Underwriter shall be entitled to obtain
injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect
damages.

 

    	 	24	 

     

    

 

(c) Notwithstanding the
foregoing, this Section 4.20 shall not apply in respect of an Exempt Issuance.

 

4.21 Capital Changes.
Until ninety (90) days after the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification
of the Common Stock without the prior written consent of the Representative.

 

4.22 Research Independence.
The Company acknowledges that each Underwriter’s research analysts and research departments, if any, are required to be independent
from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such
Underwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports
with respect to the Company and/or the offering that differ from the views of its investment bankers. The Company hereby waives
and releases, to the fullest extent permitted by law, any claims that the Company may have against such Underwriter with respect
to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research
departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter’s
investment banking divisions. The Company acknowledges that each Representative is a full service securities firm and as such from
time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers
and hold long or short position in debt or equity securities of the Company.

 

ARTICLE V.

DEFAULT BY UNDERWRITERS

 

If on the Closing Date or any Option Closing
Date, if any, any Underwriter shall fail to purchase and pay for the portion of the Closing Shares or Option Shares, as the case
may be, which such Underwriter has agreed to purchase and pay for on such date (otherwise than by reason of any default on the
part of the Company), the Representative, or if the Representative is the defaulting Underwriter, the non-defaulting Underwriters,
shall use their reasonable efforts to procure within 36 hours thereafter one or more of the other Underwriters, or any others,
to purchase from the Company such amounts as may be agreed upon and upon the terms set forth herein, the Closing Shares or Option
Shares, as the case may be, which the defaulting Underwriter or Underwriters failed to purchase. If during such 36 hours the Representative
shall not have procured such other Underwriters, or any others, to purchase the Closing Shares or Option Shares, as the case may
be, agreed to be purchased by the defaulting Underwriter or Underwriters, then (a) if the aggregate number of Closing Shares or
Option Shares, as the case may be, with respect to which such default shall occur does not exceed ten percent (10%) of the Closing
Shares or Option Shares, as the case may be, covered hereby, the other Underwriters shall be obligated, severally, in proportion
to the respective numbers of Closing Shares or Option Shares, as the case may be, which they are obligated to purchase hereunder,
to purchase the Closing Shares or Option Shares, as the case may be, which such defaulting Underwriter or Underwriters failed to
purchase, or (b) if the aggregate number of Closing Shares or Option Shares, as the case may be, with respect to which such default
shall occur exceeds ten percent (10%) of the Closing Shares or Option Shares, as the case may be, covered hereby, the Company or
the Representative will have the right to terminate this Agreement without liability on the part of the non-defaulting Underwriters
or of the Company except to the extent provided in Article VI hereof. In the event of a default by any Underwriter or Underwriters,
as set forth in this Article V, the applicable Closing Date may be postponed for such period, not exceeding seven days, as the
Representative, or if a Representative is the defaulting Underwriter, the non-defaulting Underwriters, may determine in order that
the required changes in the Prospectus or in any other documents or arrangements may be effected. The term “Underwriter”
includes any person substituted for a defaulting Underwriter. Any action taken under this Section shall not relieve any defaulting
Underwriter from liability with respect to damages caused by any default of such Underwriter under this Agreement.

 

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ARTICLE VI.

INDEMNIFICATION

 

6.1 Indemnification
of the Underwriters. The Company shall indemnify and hold harmless each Underwriter, its affiliates, the directors, officers,
managers, members, employees, representatives, and agents of such Underwriter and each person, if any, who controls such Underwriter
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Underwriter
Indemnified Parties,” and each, an “Underwriter Indemnified Party”) from and against any and all losses,
claims, liabilities, expenses and damages (including any and all investigative, legal and other expenses reasonably incurred in
connection with, and any amount paid in settlement of, any action, suit or proceeding between any of the indemnified parties and
any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), to which they,
or any of them, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation,
at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based on (i) any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
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 Securities Act and the rules and regulations thereunder, as applicable, or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus,
any preliminary prospectus supplement, any Permitted Free Writing Prospectus or the Prospectus (or any amendment or supplement
to any of the foregoing) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading or (iii) any untrue statement or alleged
untrue statement of a material fact contained in any materials or information provided to investors by, or with the approval of,
the Company in connection with the marketing of the offering of the Public Securities, including any roadshow or investor presentations
made to investors by the Company (whether in person or electronically) (collectively, Marketing Materials”) or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (iv) in whole or in part any inaccuracy in any material respect in
the representations and warranties of the Company contained herein; provided, however, that the Company shall not
be liable to the extent that such loss, claim, liability, expense or damage is based on any untrue statement or omission or alleged
untrue statement or omission made in reliance on and in conformity with written information furnished to the Company in writing
with respect to the Underwriters by the Representatives expressly for use in the Registration Statement, the Pricing Prospectus
or the Prospectus or any amendment thereof or supplement thereto, which information shall consist solely of the following: (i)
the names of the several Underwriters appearing in the Prospectus; and (ii) the information set forth in the Prospectus in the
 “Electronic Distribution” and “Price Stabilization, Short Positions and Penalty Bids” sections under the
caption “Underwriting” (“Underwriters’ Information”). With respect to any untrue statement
or omission or alleged untrue statement or omission made in the Registration Statement, General Disclosure Package or Prospectus,
the indemnity agreement contained in this Section 6.1 shall not inure to the benefit of any Underwriter Indemnified Party to the
extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified Party results from the fact that a copy
of the Prospectus was not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written
confirmation of sale of the Public Securities to such person as required by the Securities Act, and if the untrue statement or
omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by
the Company with its obligations under Section 4.3 hereof. This indemnity agreement will be in addition to any liability that the
Company might otherwise have.

 

    	 	26	 

     

    

 

6.2 Indemnification
of the Company. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, affiliates,
the directors, officers,, employees, representatives, and agents of the Company and each other person or entity, if any, who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, liabilities,
claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys’ fees and any and
all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened,
or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they
or any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, liabilities,
claims, damages or expenses (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 at the time of effectiveness and at any subsequent time pursuant
to Rules 430A and 430B of the Securities Act and the rules and regulations thereunder, any Preliminary Prospectus, the Prospectus,
or any amendment or supplement to any of them, 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 any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or
is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
the Underwriters’ Information; provided, however, that in no case shall any Underwriter (or any related Underwriter
Indemnified Party) be liable or responsible for any amount in excess of the underwriting discount and commissions applicable to
the Public Securities purchased by such Underwriter hereunder.

 

6.3 Indemnification
Procedures. Any party that proposes to assert the right to be indemnified under this Section 6 shall, promptly after receipt
of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party
or parties under this Section 6, notify each such indemnifying party of the commencement of such action, enclosing a copy of all
papers served, but the omission so to notify such indemnifying party shall not relieve the indemnifying party from any liability
that it may have to any indemnified party under the foregoing provisions of this Section 6 unless, and only to the extent that,
such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought
against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled
to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving
notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified,
to assume the defense of the action, with counsel satisfactory to the indemnified party, and after notice from the indemnifying
party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified
party for any legal or other expenses except as provided below and except for the reasonable out-of-pocket costs of investigation
subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ
its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified
party unless (i) the employment of counsel by the indemnified party has been authorized in writing by one of the indemnifying parties
in connection with the defense of such action, (ii) 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, (iii) the indemnified party has reasonably concluded that 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 shall not have the right to direct the defense of such action on behalf of the indemnified party), (iv) the indemnifying
party does not diligently defend the action after assumption of the defense, or (v) the indemnifying party has not in fact employed
counsel 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, in each of which cases the reasonable fees, disbursements and other charges of counsel shall
be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other
charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party
or parties. All such fees, disbursements and other charges shall be reimbursed by the indemnifying party promptly as they are incurred.
An indemnifying party shall not be liable for any settlement of any action or claim effected without its written consent (which
consent will not be unreasonably withheld or delayed). No indemnifying party shall, without the prior written consent of each indemnified
party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating
to the matters contemplated by this Section 6 (whether or not any indemnified party is a party thereto), unless (x) such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising or that may arise
out of such claim, action or proceeding and (ii) 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, and (y) the indemnifying party confirms in writing its indemnification
obligations hereunder with respect to such settlement, compromise or judgment. Notwithstanding the foregoing, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel,
such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 6(a) effected without
its written consent if (A) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid
request, (B) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such
settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance
with such request prior to the date of such settlement.

 

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6.4 Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 6 is applicable in accordance with its terms but for any reason is held to be unavailable, the Company
and the Underwriters shall contribute to the total losses, claims, liabilities, expenses and damages (including any investigative,
legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
or any claim asserted, but after deducting any contribution received by the Company from persons other than the Underwriters, such
as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration
Statement and directors of the Company, who may also be liable for contribution), to which the Company and the Underwriter may
be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand
and the Underwriters on the other from the offering of the Public Securities pursuant to this Agreement. The relative benefits
received by the Company and the Underwriters shall be deemed to be in the same proportion as (x) the total proceeds from the Offering
(net of underwriting discount and commissions but before deducting expenses) received by the Company bears to (y) the underwriting
discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus.
If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution
shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence
but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements
or omissions which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to whether
the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contributions pursuant to this Section 6.4 were to be determined by pro rata allocation or by any other method
of allocation (even if the Underwriters were treated as one entity for such purpose) which does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense or damage, or action in respect thereof, referred to above in this Section 6.4 shall be deemed to include, for purpose
of this Section 6.4, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 6.4, no Underwriter shall be required to
contribute any amount in excess of the underwriting discounts and commissions received by it. No person found 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. For purposes of this Section 6.4, any person who controls a party to this
Agreement within the meaning of the Securities Act will have the same rights to contribution as that party, and each officer of
the Company who signed the Registration Statement will have the same rights to contribution as the Company, and each director,
officer, employee, counsel or agent of an Underwriter will have the same rights to contribution as such Underwriter, subject in
each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any
action against such party in respect of which a claim for contribution may be made under this Section 6.4, will notify any such
party or parties from whom contribution may be sought, but the omission so to notify will not relieve the party or parties from
whom contribution may be sought from any other obligation it or they may have under this Section 6.4. The obligations of the Underwriters
to contribute pursuant to this Section 6.4 are several in proportion to the respective number of Public Securities to be purchased
by each of the Underwriters hereunder and not joint. No party will be liable for contribution with respect to any action or claim
settled without its written consent (which consent will not be unreasonably withheld).

 

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6.5 Contribution Procedure.
Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of
any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party
(“Contributing Party”), notify the Contributing Party of the commencement thereof, but the failure to so notify
the Contributing Party will not relieve it from any liability which it may have to any other party other than for contribution
hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a Contributing Party
or its representative of the commencement thereof within the aforesaid fifteen days, the Contributing Party will be entitled to
participate therein with the notifying party and any other Contributing Party similarly notified. Any such Contributing Party shall
not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such
party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution
without the written consent of such Contributing Party. The contribution provisions contained in this Section 6.5 are intended
to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise
available.

 

6.6 Survival.
The indemnity and contribution agreements contained in this Section 6 and the representations and warranties of the Company contained
in this Agreement shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf
of any Underwriter or any controlling Person thereof, (ii) acceptance of any of the Public Securities and payment therefor or (iii)
any termination of this Agreement.

 

ARTICLE VII.

MISCELLANEOUS

 

7.1 Termination.

 

    	 	29	 

     

    

 

(a) Termination Right.
The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic
or international event or act or occurrence has materially disrupted, or in their opinion will in the immediate future materially
disrupt, general securities markets in the United States; or (ii) if trading on any Trading Market shall have been suspended or
materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities
shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction, or (iii)
if the United States shall have become involved in a new war or an increase in major hostilities, or (iv) if a banking moratorium
has been declared by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared
which materially adversely impacts the United States securities markets, or (vi) if the Company shall have sustained a material
loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not
such loss shall have been insured, will, in the Representative’s opinion, make it inadvisable to proceed with the delivery
of the Public Securities, or (vii) if the Company is in material breach of any of its representations, warranties or covenants
hereunder, or (viii) if the Representative shall have become aware after the date hereof of such a material adverse change in
the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative’s
reasonable judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or
to enforce contracts made by the Underwriters for the sale of the Public Securities. 

 

(b) Expenses.
Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters, pursuant to Article
V above, in the event this Agreement shall be terminated pursuant to Section 7.1(a), within the time specified herein or any extensions
thereof pursuant to the terms herein, the Company shall be obligated to pay to the Representative its actual and accountable out
of pocket expenses related to the transactions contemplated herein then due and payable, up to $50,000 ($25,000 of which has been
paid prior to the Execution Date) (provided, however, that such expense cap in no way limits or impairs the indemnification
and contribution provisions of this Agreement).

 

(c) Indemnification.
Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement,
and whether or not this Agreement is otherwise carried out, the provisions of Article VI shall not be in any way effected by such
election or termination or failure to carry out the terms of this Agreement or any part hereof.

 

7.2 Entire Agreement.
The Transaction Documents, together with the exhibits and schedules thereto, any Preliminary Prospectus and the Prospectus, contain
the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

7.3 Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at
or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on
the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

7.4 Amendments; Waivers.
No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case
of an amendment, by the Company and Aegis. No waiver of any default with respect to any provision, condition or requirement of
this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder
in any manner impair the exercise of any such right.

 

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

 

7.6 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.

 

7.7 Governing Law;
Prevailing Party; Agent for Service of Process. All questions concerning the construction, validity, enforcement and interpretation
of the Transaction Documents 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 the transactions contemplated by this Agreement and any other Transaction Documents
(whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any action, suit or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof 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 Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, in
addition to the obligations of the Company under Article VI, the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding. The Company irrevocably appoints Company Counsel as its authorized agent (the “Authorized
Agent”) upon which process may be served in any suit or proceeding arising out of the Transaction Documents, and agrees
that service of process in any manner permitted by applicable law upon the Authorized Agent shall be deemed in every respect effective
service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further
agrees to take any and all action as may be necessary to maintain such designation and appointment of the Authorized Agent or a
substitute authorized agent in full force and effect for a period of three (3) years from the date of this Agreement.

 

7.8 Survival.
The representations and warranties contained herein shall survive the Closing and the Option Closing, if any, and the delivery
of the Public Securities.

 

7.9 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

    	 	31	 

     

    

 

7.10 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

7.11 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Underwriters
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy
at law would be adequate.

 

7.12 Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

7.13 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

7.14 WAIVER OF
JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE
GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER ANY RIGHT
TO TRIAL BY JURY.

 

7.15 Binding Effect.
This Agreement shall inure solely to the benefit of and shall be binding upon the Representatives, the Underwriters, the Company
and the controlling persons, directors and officers of each of the Company or the Underwriter Indemnified Parties, and their respective
successors, legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term “successors
and assigns” shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

 

[Signature Pages Follow]

 

 

    	 	32	 

     

    

 

If the foregoing correctly sets forth the
understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon
this letter shall constitute a binding agreement among the Company and the several Underwriters in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	NANOVIRICIDES, INC.
	 	 

	 	By: 	 

	 	Name: Anil R. Diwan
	 	Title: President and Chairman
	 	 
	 	Address for Notice:
	 	 
	 	1 Controls Drive
	 	Shelton, Connecticut 06484
	 	Attention: Anil R. Diwan, Ph.D., President and Chairman
	 	 
	 	Copy to:
	 	 
	 	McCarter English, LLP
	 	Two Tower Center Boulevard, 24th Floor
	 	East Brunswick, New Jersey 08816
	 	Attention: Peter Campitiello, Esq.

 

 

Accepted by the Representative, acting for
themselves and as

Representative of the Underwriters named on Schedule I hereto,

as of the date first above written:

 

AEGIS CAPITAL CORP.

	By:	 	 

Name: Joseph T. Rallo

Title: Co-Head of Investment Banking

 

Address for Notice:

 

810 Seventh Avenue

New York, NY 10019

Attention: Mr. Joseph T. Rallo, Co-Head of
Investment Banking

 

Copy to:

 

Olshan Frome Wolosky LLP

1325 Avenue of the Americas, 15th
Floor

New York, NY 10019

Attention: Spencer G. Feldman, Esq.

 

    	 	33	 

     

    

 

 

SCHEDULE I

 

SCHEDULE OF UNDERWRITERS

 

	Underwriters	Closing Shares	Closing Purchase Price
	 	 	 
	Aegis Capital Corp.	2,500,000	 

 

 

Total

 

    	 	34	 

     

    

 

 

SCHEDULE 3.1 (a)

 

Subsidiaries

 

None.

 

    	 	35	 

     

    

 

 

SCHEDULE 3.1(p)

 

 

Mortgage recorded against the Company’s headquarters located
at 1 Controls Drive, Shelton, Connecticut made in favor of Anil Diwan securing a Note in the principal amount up to Two Million
Dollars ($2,000,000).

 

 

    	 	36	 

     

    

 

SCHEDULE 3.1(q)

 

Intellectual Property

 

 

		·	Infringements on Right to Use Intellectual Property

 

None.

 

		·	Notice of Expiration or Abandonment

 

None.

 

 

    	 	37

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