Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of December 23, 2015, between Ekso Bionics Holdings, Inc., a Nevada
corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its
successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each
Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in
this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have
the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have the meanings
set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

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

 

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

 

“Certificate
of Designation” means the Certificate of Designation to be filed prior to the Closing by the Company with the Secretary
of State of Nevada, in the form of Exhibit A attached hereto.

 

     

     

    

 

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

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than
the third Trading Day following the date hereof.

 

“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
Counsel” means Nutter, McClennen & Fish, LLP, with offices located at 155 Seaport Blvd., Boston, Massachusetts 02210.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Certificate of Designation.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in
accordance with the terms hereof.

 

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

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

“Equipois
Asset Purchase Agreement” means that certain Asset Purchase Agreement dated December 1, 2015 by and between Equipois,
LLC, the Company and Ekso Bionics, Inc.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

    2 

     

    

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors, consultants
or advisors 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 (in the case of consultants or advisors, up to 100,000 shares of Common Stock in any rolling
12 month period, or in the case of options at an exercise price at least equal to the then applicable Conversion Price); (b) securities
upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into 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 stock splits or combinations), 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 any such issuance shall only be to a Person (or to the equityholders
of a Person) which is, itself or through its subsidiaries or Affiliates, 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 (including without limitation, securities issuable pursuant to
the terms of the Equipois Asset Purchase Agreement).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lock-Up
Agreement” means the Lock-Up Agreement, dated as of the date hereof, by and among the Company and each of the directors
and executive officers, of the Company, in the form of Exhibit D attached hereto

 

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

 

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

 

“Maximum
Rate” shall have the meaning ascribed to such term in Section 5.17.

 

    3 

     

    

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.12(a).

 

“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.

 

“Placement
Agency Agreement” means that certain Placement Agency Agreement dated December 23, 2015 by and between the Company and
Ladenburg Thalmann & Co. Inc. for itself and as representative of the placement agents thereunder.

 

“Placement
Agents” means Ladenburg Thalmann & Co. Inc. and Trout Capital LLC.

 

“Preferred
Stock” means the up to 15,000 shares of the Company’s Series A Convertible Preferred Stock issued hereunder having
the rights, preferences and privileges set forth in the Certificate of Designation, in the form of Exhibit A hereto.

 

“Pre-Notice”
shall have the meaning ascribed to such term in Section 4.12(b).

 

“Pro
Rata Portion” shall have the meaning ascribed to such term in Section 4.12(e).

 

“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”
means the final prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Registration
Statement” means the effective registration statement with the Commission file No. 333-205168 which registers the sale
of the Preferred Stock, Warrants and Underlying Shares.

 

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

 

“Required
Minimum” means, as of any date, 150% of the maximum aggregate number of shares of Common Stock then issued or potentially
issuable in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon exercise in full of
all Warrants or conversion in full of all shares of Preferred Stock, ignoring any conversion or exercise limits set forth therein.

 

    4 

     

    

 

“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(h).

 

“Securities”
means the Preferred Stock, the Warrants, the Warrant Shares and the Underlying Shares.

 

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

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 

 

“Stated
Value” means $1,000 per share of Preferred Stock.

 

“Strategic
Issuance” the issuance of securities to a Person (or the equityholders of a Person) which, itself or through its subsidiaries
or Affiliates, at the time of its investment or proposed investment in the Company is, or in connection with such investment or
proposed investment becomes, a business partner of the Company, including without limitation being or becoming a purchaser of the
Company’s products or services, a reseller of the Company’s products and services, a supplier of products or services
to the Company, and/or a licensee of the Company’s technology, provided that (a) the aggregate of all such issuances of securities
does not exceed $4,000,000, and (b) any such securities issued are subject to a lockup of 180 days on terms substantially identical
to the Lock-up Agreement. For clarity, Strategic Issuances shall be subject to the Dilutive Issuance provisions of the Certificate
of Designations and the Warrants, but shall not be subject to the Purchasers’ rights of participation in Section 4.12 nor
the market standoff in Section 4.13(a). Fifty percent (50%) of any Strategic Issuance shall count as a Financing Transaction towards
a Qualified Financing Event, each as defined in the Warrants.

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Preferred Stock and Warrants purchased hereunder
as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.12(a).

 

    5 

     

    

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.12(b).

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) 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 MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

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

 

“Transfer
Agent” means VStock Transfer, LLC the current transfer agent of the Corporation
with a mailing address of 18 Lafayette Place, Woodmere, New York 11598, and any successor transfer agent of the Company.

 

“Underlying
Shares” means the shares of Common Stock issued and issuable upon conversion or redemption of the Preferred Stock and
upon exercise of the Warrants and issued and issuable in lieu of the cash payment of dividends on the Preferred Stock in accordance
with the terms of the Certificate of Designation.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.13(b).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Purchasers of at least 75% in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

    6 

     

    

 

“Warrants”
means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a)
hereof, which Warrants shall be exercisable immediately and have a term of exercise equal to five years, in the form of Exhibit C
attached hereto.

 

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

 

ARTICLE II.

PURCHASE AND SALE

 

2.1         Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $15,000,000 of shares of Preferred Stock with an aggregate Stated Value for each Purchaser
equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and Warrants
as determined by pursuant to Section 2.2(a). The aggregate number of shares of Preferred Stock sold hereunder shall be up to 15,000.
Each Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to its Subscription Amount, and
the Company shall deliver to each Purchaser its respective shares of Preferred Stock and Warrants, as determined pursuant to Section
2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or
such other location as the parties shall mutually agree. The Company covenants that, if the Purchaser delivers a Notice of Conversion
(as defined in the Certificate of Designation) to convert any shares of Preferred Stock between the date hereof and the Closing
Date, the Company shall deliver Conversion Shares to the Purchaser on the Closing Date in connection with such Notice of Conversion.

 

2.2         Deliveries.

 

(a)          On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         a
legal opinion of Company Counsel, substantially in the form of Exhibit B attached hereto;

 

(iii)        a
certificate evidencing a number of shares of Preferred Stock equal to such Purchaser’s Subscription Amount divided by the
Stated Value, registered in the name of such Purchaser and evidence of the filing and acceptance of the Certificate of Designation
from the Secretary of State of Nevada;

 

    7 

     

    

 

(iv)        a
Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of such Purchaser’s
Subscription Amount divided by the initial Conversion Price, with an exercise price equal to $1.25,
subject to adjustment therein;

 

(v)         the
Lock-Up Agreements; and

 

(vi)        the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)          On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

 

(i)          this
Agreement duly executed by such Purchaser; and

 

(ii)         such
Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company.

 

2.3         Closing
Conditions.

 

(a)          The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)        the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)          The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

    8 

     

    

 

(ii)         all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)        the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)        there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)         from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the
Closing.

 

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 hereby makes the following representations and warranties to each Purchaser:

 

(a)          Subsidiaries.
All of the direct and indirect 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.

 

    9 

     

    

 

(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 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
it 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 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, (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.

 

    10 

     

    

 

(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 filings required pursuant to Section 4.6 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the listing
of the Underlying Shares for trading thereon in the time and manner required thereby, (iv) the filing of the Certificate of Designation
with the Secretary of State of Nevada, and (v) any filings that may be required under applicable state securities laws or blue
sky laws (collectively, the “Required Approvals”).

 

(f)          Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company (other than as set forth in the Certificate of Designation and Warrant). The Underlying Shares, when issued in accordance
with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens
imposed by the Company (other than as set forth in the Certificate of Designation and Warrant). The Company has reserved from its
duly authorized capital stock a number of shares of Common Stock for issuance of the Underlying Shares at least equal to the Required
Minimum on the date hereof. The Company has prepared and filed the Registration Statement in conformity with the requirements of
the Securities Act, which became effective on July 9, 2015 (the “Effective Date”), including the Prospectus,
and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement
is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have
been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and
regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made not misleading;
and the Prospectus and the Prospectus Supplement, at time the Prospectus or the Prospectus Supplement was issued and at the Closing
Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.

 

    11 

     

    

 

(g)          Capitalization.
The capitalization of the Company is as set forth on Schedule 3.1(g). Except as set forth on Schedule 3.1(g),
the Company has not issued any capital stock since its most recently filed periodic 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. 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. Schedule 3.1(g) sets forth all currently options to
purchase Common Stock or other equity awards issued to employees, consultants, advisors and members of the Company’s
Board of Directors pursuant to any equity compensation plans or arrangements and all securities exercisable for, or
convertible into or exchangeable for any shares of capital stock of the Company. Other than the shares issued as a
result of the purchase and sale of the Securities or as set forth on Schedule 3.1(g), 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 capital stock of any Subsidiary. The issuance and sale of the Securities will not
obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the
Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. 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 nonassessable, 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. No further approval or authorization of any stockholder, the Board of Directors or others is required for the
issuance and sale of the Securities. 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.

 

    12 

     

    

 

(h)          SEC
Reports; Financial Statements. Except as set forth on Schedule 3.1(h), 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 and the Prospectus Supplement, 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.
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.

 

(i)          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: (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. The Company does not have pending before the Commission any request for confidential treatment of information. Except
for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), 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, 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 1 Trading Day prior to the date that this representation is made.

 

    13 

     

    

 

(j)          Litigation.
There is no 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 Securities
or (ii) could reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any current
director or executive 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. There has not been, and to the knowledge of the
Company, 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.

 

(k)          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. 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.

 

    14 

     

    

 

(l)          Compliance.
Except as set forth on Schedule 3.1(l), 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.

 

(m)          Environmental
Laws.   Except as set forth on Schedule 3.1(m), 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.

 

(n)          Regulatory
Permits. Except as set forth on Schedule 3.1(n), (i) the Company and the Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate federal, state, local or foreign regulatory authorities 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 (“Material Permits”), and (ii) neither the Company nor any Subsidiary has
received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

    15 

     

    

 

(o)          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,
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.

 

(p)          Intellectual
Property. Except as set forth on Schedule 3.1(p), 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 as described in the SEC Reports as necessary or required for
use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively,
the “Intellectual Property Rights”). 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. 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 Intellectual Property Rights 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. 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.

 

(q)          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 at least equal to the aggregate Subscription Amount. 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.

 

    16 

     

    

 

(r)          Transactions
With Affiliates and Employees. Except as set forth in the SEC Reports, 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.

 

(s)          Sarbanes-Oxley;
Internal Accounting Controls. Except as set forth on Schedule 3.1(s), the Company and the Subsidiaries are in 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. 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. Except as set forth on Schedule 3.1(s), 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.

 

(t)          Certain
Fees. Except as set forth in the Prospectus Supplement and except for payment of the fees and expenses of the Placement Agent
pursuant to the Placement Agency Agreement, no brokerage or finder’s fees or commissions are or will be payable by the Company
or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person
with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect
to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section
that may be due in connection with the transactions contemplated by the Transaction Documents.

 

    17 

     

    

 

(u)          Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the 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.

 

(v)         Registration
Rights. Except as set forth on Schedule 3.1(v), 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.

 

(w)          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 Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on
which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or
maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable
future continue to be, in compliance with all such listing and maintenance requirements. 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 to the Depository Trust Company (or such other established clearing corporation) in connection with such
electronic transfer.

 

(x)          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 to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

    18 

     

    

 

(y)          Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they
were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement
taken as a whole 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 Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(z)          No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company 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. 

 

(aa)         Solvency.
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(aa)
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. For the purposes of this Agreement, “Indebtedness” means (x)
any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) 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 (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance
with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    19 

     

    

 

(bb)         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.

 

(cc)         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.

 

(dd)         Accountants.
The Company’s accounting firm is OUM & Co. LLP. To the knowledge and belief of the Company, such accounting firm: (i)
is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial
statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2015.

 

(ee)         Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to
each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

    20 

     

    

 

(ff)         Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere
herein to the contrary notwithstanding (except for Sections 3.2(e) and 4.15 hereof), it is understood and acknowledged by the
Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from
purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities
issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions
by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or
after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s
publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such
Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common Stock and (iv) each
Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative”
transaction. The Company further understands and
acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities
are outstanding, including, without limitation, during the periods that the value of the Underlying Shares deliverable with respect
to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders'
equity interests in the Company at and after the time that the hedging activities are being conducted.  The Company acknowledges
that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(gg)         Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of,
any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement
agent in connection with the placement of the Securities.

 

    21 

     

    

 

(hh)         FDA.
Except as set forth on Schedule 3.1(hh), as to each product subject to the jurisdiction of the U.S. Food and Drug Administration
(“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”)
that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each
such product, a “Product”), such Product is being manufactured, packaged, labeled, tested, distributed, sold
and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations
relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices,
good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of
reports, except where the failure to be in compliance would not have a Material Adverse Effect. Except as set forth on Schedule
3.1(hh), there is no pending, completed or, to the Company's knowledge, threatened, action (including any lawsuit, arbitration,
or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries,
and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA
or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses
of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Product,
(ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising
or sales promotional materials relating to, any Product, (iii) imposes a clinical hold on any clinical investigation by the Company
or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes
to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any
violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the
aggregate, would have a Material Adverse Effect. Except as set forth on Schedule 3.1(hh), the properties, business and operations
of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations
of the FDA.

 

(ii)         Stock
Option Plans. Except as set forth on Schedule 3.1(ii), 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. 

 

(jj)         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 is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”).

 

(kk)         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 Purchaser’s
request.

 

    22 

     

    

 

(ll)         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 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.

 

(mm)         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 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.

 

3.2         Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a)          Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it 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.

 

    23 

     

    

 

(b)          Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary
course of its business.

 

(c)          Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants or converts any shares of Preferred Stock it will be an “accredited investor” as defined
in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(d)          Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)          Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not directly
or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases
or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser
first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material
terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered
by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives, including,
without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser
has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and
terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a
representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of,
available shares to borrow in order to effect Short Sales or similar transactions in the future.

 

    24 

     

    

 

(f)          
Address. Such Purchaser’s address on the signature page hereto indicates the true state of residence of such Purchaser
for purposes of applicable state securities laws.

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the
Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transactions contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1         Underlying
Shares. The shares of Common Stock underlying the shares of Preferred Stock shall be issued free of legends. If all or any
portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance or resale of
the Warrant Shares or if the Warrant is exercised in accordance with its terms via cashless exercise, the Warrant Shares issued
pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement
(or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise
available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing
that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration
statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the
foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance
with applicable federal and state securities laws). The Company shall use best efforts to keep a registration statement (including
the Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.

 

4.2         Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares
of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations
under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares pursuant to the Transaction
Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless
of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect
that such issuance may have on the ownership of the other stockholders of the Company.

 

    25 

     

    

 

4.3          Furnishing
of Information; Public Information. Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants
have expired, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange
Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

4.4         Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules
and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction
unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.5         Conversion
and Exercise Procedures. Each of the form of Notice of Exercise included in the Warrants and the form of Notice of Conversion
included in the Certificate of Designation set forth the totality of the procedures required of the Purchasers in order to exercise
the Warrants or convert the Preferred Stock. Without limiting the preceding sentences, no ink-original Notice of Exercise or Notice
of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise or Notice of Conversion form be required in order to exercise the Warrants or convert the Preferred Stock. No additional
legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants or convert their
Preferred Stock. The Company shall honor exercises of the Warrants and conversions of the Preferred Stock and shall deliver Underlying
Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.6         Securities
Laws Disclosure; Publicity. The Company shall by 9:00 a.m. (New York City time) on the Trading Day immediately following the
date hereof, (a) issue a press release disclosing the material terms of the transactions contemplated hereby and (b) file a Current
Report on Form 8-K, including the Transaction Documents as exhibits thereto (including the Disclosure Schedules), with the Commission.
From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed
all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their
respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents.
In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates
on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases
with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release
nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any
Purchaser, or without the prior consent of each Purchaser, 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. Notwithstanding the foregoing, the
Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission
or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by federal
securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such
disclosure permitted under this clause (b).

 

    26 

     

    

 

4.7         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
Purchaser 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 Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.8         Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company
hereby covenants and agrees that such purchaser shall not have any duty of confidentiality to Company, any of its Subsidiaries,
or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public
information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.9         Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder as set forth in the Prospectus
Supplement and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment
of trade payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any Common
Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

    27 

     

    

 

4.10       Indemnification
of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the
Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not
an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may
be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any
Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not
be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a
loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties,
covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification
required by this Section 4.10 shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any
cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject
to pursuant to law.

 

4.11       Reservation
and Listing of Securities.

 

(a)          The
Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents
in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

 

    28 

     

    

 

(b)          If,
on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required
Minimum on such date, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate
or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required
Minimum at such time, as soon as possible and in any event not later than the 75th day after such date.

 

(c)          The
Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading
Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required Minimum
on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing
or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or
quotation and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Required Minimum on
such date on such Trading Market or another Trading Market. The Company agrees to maintain the eligibility of the Common Stock
for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation,
by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such
electronic transfer.

 

4.12       Participation
in Future Financing.

 

(a)          From
the date hereof until the date that is the 12-month anniversary of the Closing Date, upon any issuance by the Company or any of
its Subsidiaries of Common Stock, Common Stock Equivalents for cash consideration, Indebtedness or a combination of units hereof
(a “Subsequent Financing”), each Purchaser shall have the right to participate in up to an amount of the Subsequent
Financing equal to the Participation Maximum on the same terms, conditions and price provided for in the Subsequent Financing.
For purposes of this Section 4.12, “Participation Maximum” shall mean 40% of the Subsequent Financing.

 

(b)          At
least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Purchaser a written
notice (“Pre-Notice”), which Pre-Notice shall ask such Purchaser if it wants to receive material non-public
information about the Company. Upon the request of a Purchaser, and only upon a request by such Purchaser, the Company shall promptly,
but no later than one (1) Trading Day after such request, deliver a written notice outlining the details of the applicable Subsequent
Financing (such additional notice, a “Subsequent Financing Notice”). The Subsequent Financing Notice shall describe
in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and
the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet
or similar document relating thereto as an attachment.

 

    29 

     

    

 

(c)          Any
Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30
p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice that
such Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing
and warranting that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent
Financing Notice. If the Company receives no such notice from a Purchaser as of such third (3rd) Trading Day, such Purchaser
shall be deemed to have notified the Company that it does not elect to participate.

 

(d)          If
by 5:30 p.m. (New York City time) on the third (3rd ) Trading Day after all of the Purchasers have received the Subsequent
Financing Notice, notifications by the Purchasers of their willingness to participate in the Subsequent Financing (or to cause
their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company
may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing
Notice.

 

(e)          If
by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Subsequent
Financing Notice, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than
the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as
defined below) of the Participation Maximum.  “Pro Rata Portion” means the ratio of (x) the Subscription
Amount of Securities purchased on the Closing Date by a Purchaser participating under this Section 4.12 and (y) the sum of the
aggregate Subscription Amounts of Securities purchased on the Closing Date by all Purchasers participating under this Section 4.12.

 

(f)          The
Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of
participation set forth above in this Section 4.12, if the Subsequent Financing subject to the initial Subsequent Financing Notice
is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading Days after
the date of the initial Subsequent Financing Notice.

 

(g)          The
Company and each Purchaser agree that if any Purchaser elects to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision whereby such Purchaser shall be required to agree
to any restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or
termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written
consent of such Purchaser.

 

    30 

     

    

 

(h)          Notwithstanding
anything to the contrary in this Section 4.12 and unless otherwise agreed to by such Purchaser, the Company shall either confirm
in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly
disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser
will not be in possession of any material, non-public information, by the tenth (10th) Business Day following delivery of the
Subsequent Financing Notice. If by such tenth (10th) Business Day, no public disclosure regarding a transaction with respect to
the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by such
Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession
of any material, non-public information with respect to the Company or any of its Subsidiaries.  

 

(i)          Notwithstanding
the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance or a Strategic Issuance.

 

4.13       Subsequent
Equity Sales.

 

(a)          From
the date hereof until 90 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.

 

(b)          From
the date hereof until such time as the Warrants and Preferred Stock are no longer outstanding, 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 any agreement, including, but not limited to, an equity line of credit or an “at-the-market”
offering, whereby the Company may issue securities at a future determined price. Any Purchaser 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.

 

(c)          Notwithstanding
the foregoing, this Section 4.13 shall not apply in respect of an Exempt Issuance or a Strategic Issuance, except that no Variable
Rate Transaction shall be an Exempt Issuance or a Strategic Issuance. 

 

    31 

     

    

 

4.14       Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.15       Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.6.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such
time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.6, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and
the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.6, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6 and (iii) no Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.6.  Notwithstanding the foregoing, in the case of
a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

ARTICLE V.

MISCELLANEOUS

 

5.1         Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before December 31, 2015; provided, however, that such termination will not affect
the right of any party to sue for any breach by any other party (or parties).

 

    32 

     

    

 

5.2           Fees
and Expenses. At the Closing, the Company has agreed to reimburse Sabby Management, LLC (“Sabby”) the non-accountable
sum of $30,000 for its legal fees and expenses. Except as expressly set forth in the Transaction Documents to the contrary, each
party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall
pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter
delivered by the Company and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties
levied in connection with the delivery of any Securities to the Purchasers.

 

5.3           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
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.

 

5.4           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 email attachment at the email address as 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 email attachment at the email 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. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5           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 the Purchasers holding in the aggregate at least 75% of the number of shares of
Common Stock issued or then issuable upon conversion of Preferred Stock and exercise of the Warrants (in each case without regard
to any restriction or limitation on the conversion or exercise thereof and excluding any Common Stock issued or issuable upon conversion
of the Preferred Stock or exercise of the Warrants to the extent such Common Stock, Preferred Stock or Warrants have been resold,
transferred or are otherwise no longer held by an initial Purchaser) or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought; provided, that if any amendment, modification or waiver disproportionately and adversely
impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required.  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. Any proposed amendment or waiver that disproportionately, materially and adversely affects the
rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require
the prior written consent of such adversely affected Purchaser, Any amendment effected in accordance with accordance with this
Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

    33 

     

    

 

5.6           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.

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8           No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.10.

 

5.9           Governing
Law. 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
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such 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 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 any 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
Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

    34 

     

    

 

5.10         Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11         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.

 

5.12         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.

 

5.13         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the
case of a rescission of a conversion of the Preferred Stock or exercise of a Warrant, the applicable Purchaser shall be required
to return any shares of Common Stock subject to any such rescinded conversion or exercise notice concurrently with the return to
such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s
right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate
evidencing such restored right).

 

5.14         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

    35 

     

    

 

 

5.15         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers 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.

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent all of the
Purchasers and only represents Sabby. The Company has elected to provide all Purchasers with the same terms and Transaction Documents
for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly
understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company
and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

    36 

     

    

 

5.18         Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

5.19         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.

 

5.20         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.

 

5.21         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    37 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	EKSO BIONICS HOLDINGS, INC.	Address for Notice:
	 	1414 Harbour Way South
	 	Suite 1201
	 	Richmond, CA 94804
	By: /s/Max Scheder-Bieschin	Email: [omitted]
	Name: Max Scheder-Bieschin	 
	Title: Chief Financial Officer	 
	With a copy to (which shall not constitute notice):	 
	 	 
	Nutter McClennen & Fish	 
	155 Seaport Blvd	 
	Boston, MA 02210	 
	Attn: Michelle L. Basil, Esq.	 
	Email:  [omitted]	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    38 

     

    

 

[PURCHASER
SIGNATURE PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Sabby Healthcare Master
Fund, Ltd.

 

Signature of Authorized Signatory of
Purchaser: /s/ Robert Grundstein

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Purchaser’s
Investment Manager

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser: c/o Sabby Management, LLC 10
Mountainview Road, Suite 205, Upper Saddle River, NJ 07458

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]

 

Subscription Amount: $7,000,000

 

Shares of Preferred Stock: 7,000

 

Warrant Shares: 6,930,693

 

EIN Number: [omitted]

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    39 

     

    

 

[PURCHASER
SIGNATURE PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Sabby Volatility Warrant
Master Fund, Ltd.

 

Signature of Authorized Signatory of
Purchaser: /s/ Robert Grundstein

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Purchaser’s
Investment Manager

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser: c/o Sabby Management, LLC 10
Mountainview Road, Suite 205, Upper Saddle River, NJ 07458

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]

 

Subscription Amount: $2,500,000

 

Shares of Preferred Stock: 2,500

 

Warrant Shares: 2,475,248

 

EIN Number: [omitted]

 

 ̈
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    40 

     

    

 

[PURCHASER
SIGNATURE PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Alpha Capital Anstalt

 

Signature of Authorized Signatory of
Purchaser: /s/ Konrad Ackermann

 

Name of Authorized Signatory: Konrad Ackermann

 

Title of Authorized Signatory: Director

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser:

c/o Alpha Capital Anstalt

Lettstrasse 32

9490 Vaduz

Principality of Liechtenstein

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]

 

Subscription Amount: $2,500,000

 

Shares of Preferred Stock: 2,500

 

Warrant Shares: 2,475,248

 

EIN Number: [omitted]

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    41 

     

    

 

[PURCHASER
SIGNATURE PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Empery Tax Efficient
II, LP

 

By: Empery Asset Management, LP, its authorized
agent

 

By: Empery AM GP, LLC, its General Partner

 

Signature of Authorized Signatory of
Purchaser: /s/ Ryan M. Lane

 

Name of Authorized Signatory: Ryan M. Lane

 

Title of Authorized Signatory: Managing
Member

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser:

c/o Empery Asset Management, LP

1 Rockefeller Plaza, Suite 1205

New York, NY 10020

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]

 

Subscription Amount: $1,555,000

 

Shares of Preferred Stock: 1,555

 

Warrant Shares: 1,539,604

 

EIN Number: [omitted]

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    42 

     

    

 

[PURCHASER SIGNATURE
PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Empery Asset Master,
LTD

 

By: Empery Asset Management, LP, its authorized
agent

 

By: Empery AM GP, LLC, its General Partner

 

Signature of Authorized Signatory of
Purchaser: /s/ Ryan M. Lane

 

Name of Authorized Signatory: Ryan M. Lane

 

Title of Authorized Signatory: Managing
Member

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser:

c/o Empery Asset Management, LP

1 Rockefeller Plaza, Suite 1205

New York, NY 10020

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]Subscription Amount: $887,000

 

Shares of Preferred Stock: 887

 

Warrant Shares: 878,218

 

EIN Number: [omitted]

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    43 

     

    

 

[PURCHASER SIGNATURE
PAGES TO EKSO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: Empery Tax Efficient,
LP

 

By: Empery Asset Management, LP, its authorized
agent

 

By: Empery AM GP, LLC, its General Partner

 

Signature of Authorized Signatory of
Purchaser: /s/ Ryan M. Lane

 

Name of Authorized Signatory: Ryan M. Lane

 

Title of Authorized Signatory: Managing
Member

 

Email Address of Authorized Signatory:
[omitted]

 

Facsimile Number of Authorized Signatory: [omitted]

 

Address for Notice to Purchaser:

c/o Empery Asset Management, LP

1 Rockefeller Plaza, Suite 1205

New York, NY 10020

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

[omitted]Subscription Amount: $558,000

 

Shares of Preferred Stock: 558

 

Warrant Shares: 552,475

 

EIN Number: [omitted]

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the third (3rd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    44 

     

    

 

DISCLOSURE SCHEDULE

 

to the

 

EKSO BIONICS HOLDINGS,
INC. (the “Company”)

 

SECURITIES PURCHASE
AGREEMENT

 

(the “Agreement”)

 

Dated as of December
23, 2015

 

Capitalized terms used herein but not otherwise
defined have the meanings ascribed to such terms in the Agreement. The section numbers in this Disclosure Schedule correspond to
the section numbers in the Agreement; provided, however, that this Disclosure Schedule and the information and disclosures
contained herein are intended only to qualify and limit the corresponding representations and warranties of the Company contained
in the Agreement. The disclosure of information in this Disclosure Schedule will not be deemed to constitute an acknowledgment
that such information is required to be disclosed pursuant to the Agreement, or rises above any materiality standards set forth
in the corresponding representation and warranty, if any, and will not be deemed to expand in any way the scope or effect of any
such representations or warranties. The captions contained in this Disclosure Schedule are for convenience of reference only and
do not form a part of this Disclosure Schedule.

 

     

     

    

 

Schedule 3.1(a) – Subsidiaries

 

Wholly-Owned Subsidiaries

Ekso Bionics, Inc.

Ekso Bionics, Ltd.

Ekso Bionics, GmbH

 

     

     

    

  

Schedule 3.1(g) – Capitalization
Table

 

	
Authorized Capital
	 	 	 	 	For the period Ended 12/21/2015	 
	Preferred	 	 	 	 	 	 	10,000,000	 	 			 
	Common	 	 	 	 	 	 	500,000,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Outstanding Capital	 	 	 	 	 	 	 	 	 	 	 	 
	Preferred	 	 	 	 	 	 	-	 	 	 	 	 
	Common	 	 	 	 	 	 	102,689,379	 	 	 	79.41	%
	Shares reserved for Stock Option Plan (Pool):	 	 	 	 	 	 	 	 	 	 	 	 
	Authorized	 	 	 	 	 	 	26,000,000	 	 	 	 	 
	Options Granted & Outstanding	 	 	 	 	 	 	12,880,837	 	 	 	9.96	%
	Available for grant	 	 	 	 	 	 	11,404,761	 	 	 	8.82	%
	Options cancelled & returned	 	 	 	 	 	 	736,561	 	 	 	 	 
	Exercised options	 	 	 	 	 	 	1,714,402	 	 	 	 	 

 

	Warrants	 	Weighted 
 Average
 Exercise 
 Price	 	 	 	 	 	 	 
	Common	 	 	1.566	 	 	 	13,744,441	 	 	 	10.63	%
	 	 			 	 	 	 	 	 	 	 	 
	Total Outstanding	 		 	 	 	 	 	 	 	 	 	 
	(Common Stock, Outstanding Options, Preferred Stock, Warrants)	 			 	 	 	129,314,657	 	 	 	100.00	%
	Dilution 
 (Common
    Stock, Outstanding Options, Preferred Stock, Warrants)	 	 	 	 	 	 	140,719,418	 	 	 	 	 

 

On December 1, 2015, the Company entered into an asset purchase
agreement by and among the Company, Ekso Bionics, Inc., and Equipois, LLC (“Equipois”). The initial purchase price
was 781,250 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) that were issued
at the closing (the “Closing Shares”).   The Company also agreed to issue additional shares of Common Stock
in accordance with the terms of the Asset Purchase Agreement.

 

     

     

    

 

Schedule 3.1(h) – SEC Reporting

 

The Company’s Current Report on Form 8-K filed on January
23, 2014 was due on January 22, 2014.

 

     

     

    

 

Schedule 3.1(i) – Material Changes

 

None.

 

     

     

    

 

Schedule 3.1(l) – Compliance

 

See Schedule 3.1(hh)

 

     

     

    

 

Schedule 3.1(m) – Environmental
Laws

 

See Schedule 3.1(hh)

 

     

     

    

 

Schedule 3.1(n) – Regulatory Permits

 

See Schedule 3.1(hh)

 

     

     

    

 

Schedule 3.1(s) – Sarbanes Oxley;
Internal Accounting Controls

 

Even though the Company implemented policies,
practices and procedures during 2014 and 2015 to remediate previously identified material weakness and began the process of testing
the controls, many of these have not been operational for a sufficient period of time to be properly tested for their effectiveness
over time, and therefore the Company cannot determine that its controls are effective in the aggregate. As a result, the Company’s
management, with the participation of its principal executive officer and principal financial officer, concluded that the Company’s
disclosure controls and procedures were not effective as of September 30, 2015. Please see Item 4 of the Company’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2015 for additional information.

     

     

    

 

Schedule 3.1(v) – Registration
Rights

 

In connection with the Private Placement
Offering completed in January 2014 (the “PPO”), the Company entered into a Registration Rights Agreement, pursuant
to which the Company agreed that promptly, but no later than 90 calendar days from the final closing of the PPO, the Company would
file a registration statement with the SEC (the “Registration Statement”) covering (a) the shares of Common Stock issued
in the PPO (including those issued upon conversion of the Bridge Notes), (b) the shares of Common Stock issuable upon exercise
of the Bridge Warrants, (c) the shares of Common Stock issuable upon exercise of the PPO Warrants, and (d) the shares of Common
Stock underlying Bridge Agent Warrants and PPO Agent Warrants (the “Registrable Shares”). The Registration Statement
was filed on May 7, 2014 and declared effective June 20, 2014.

 

The Company must keep the Registration
Statement “evergreen” for one year from the date it is declared effective by the SEC or until Rule 144 is available
to the holders of Registrable Shares who are not and have not been affiliates of the Company with respect to all of their registrable
shares, whichever is earlier.

 

To the extent that any of the Registrable
Shares are removed from the Registration Statement, the holders of such Registrable Shares have “piggyback” registration
rights for such Registrable Shares with respect to any registration statement filed by the Company following the effectiveness
of the Registration Statement that would permit the inclusion of such shares.

 

Also in connection with the PPO, the Company
entered into Lock-Up Agreements with its directors, officers and certain shareholders (each, a “Restricted Holder”).
Pursuant to the terms of the Lock-Up Agreements, the Restricted Holders have piggyback registration rights in the event that the
Company registers any of the shares of Common Stock received by Ekso Bionics, Inc. stockholders in exchange for their shares of
Ekso Bionics, Inc. stock in connection with the merger of Ekso Acquisition Corp., a wholly-owned subsidiary of the Company, with
and into Ekso Bionics Inc., other than a registration on Form S-8 or other registration relating to issuable upon exercise of employee
stock options or in connection with any employee benefit plan or similar plan of the Company. These piggyback registration rights
expire January 15, 2016.

 

     

     

    

  

Schedule 3.1(aa) – Indebtedness

 

Outstanding Debt as of December 21, 2015

 

	Debtor	 	Type	 	Amount	 
	Hall Equities Group	 	Leasehold Improvements	 	$	67,483	 
	Stratasys, Inc.	 	Equipment Capital Lease	 	$	155,195	 

 

     

     

    

 

Schedule 3.1(hh) – FDA

 

While the Company believes that its robotic
exoskeleton has been appropriately marketed as a Class I 510(k) exempt Powered Exercise Equipment device since it was first sold
in the United States in February 2012, on June 26, 2014, the FDA announced the creation of a new product classification for Powered
Exoskeleton devices. On October 21, 2014, the FDA published the summary for the new Powered Exoskeleton classification and designated
it a Class II medical device, which requires the clearance of a 510(k) notice.

 

On October 21, 2014, concurrent with the
FDA’s publication of the reclassification of Powered Exoskeleton devices, the FDA sent the Company an “Untitled Letter”
which informed the Company in writing of the agency’s belief that this new product classification applied to its Ekso device.
In response to the letter, the Company submitted a 510(k) notice for the Ekso robotic exoskeleton on December 24, 2014, and the
510(k) was accepted by the FDA for substantive review on July 29, 2015. The Company’s requested indication for use, as specified
in its 510(k) notice, was to enable individuals with weakness or paralysis of the lower limbs, such as from spinal cord injury
(SCI), stroke and other conditions causing lower extremity weakness, to perform ambulatory functions such as gait training in rehabilitation
institutions, which is more expansive than the indications for use of the predicate device referenced in the Company’s 510(k)
notice except that it is limited to rehabilitation institutions under the supervision of a trained physical therapist.

 

By letter dated September 11, 2015, the
FDA requested that the Company provide additional information in support of its requested 510(k) clearance for the Ekso robotic
exoskeleton, including information pertaining to its requested indications for use and its clinical data supporting the requested
indications for use, as well as information pertaining to mechanical and electromagnetic compatibility testing, electrical safety
and software, and information pertaining to medical device reports related to adverse events involving the Ekso robotic exoskeleton.

 

The Company has up to 180 days from September
11, 2015 to respond to the FDA’s request for additional information. Once the Company has submitted the additional information,
the FDA will review that response for substantive adequacy and either: (1) determine that the response is adequate to support a
determination of substantial equivalence; or (2) request further additional information, generally in the form of an interactive
review. The FDA will generally seek to make a final decision on a 510(k) submission within 90 days from the date the 510(k) notice
was first accepted for substantive review, excluding any time that the application was placed on hold due to an additional information
request from the FDA. There is no guarantee that the FDA will ultimately determine that the information provided by the Company
is adequate to support a determination of substantial equivalence, and could seek the Company’s voluntary withdrawal of the
510(k) notice or issue a not substantially equivalent (NSE) letter should there be deficiencies in the response.

 

     

     

    

 

On December 4, 2015, the Company held a
submission issue meeting with the FDA to discuss its response strategy and seek the FDA’s input on that strategy in advance
of our formal submission of its response to the FDA’s request for additional information. Based on this submission issue
meeting and given the FDA’s encouragement during that meeting to file the Company’s formal response to the agency’s
request for additional information, the Company intends to submit a response to the FDA that addresses all aspects of the FDA’s
request for additional information in a manner intended to support a clearance decision by the FDA as soon as practicable. In connection
with its formal response, the Company may revise the requested indications for use to include only individuals with spinal cord
injury and individuals with hemiplegia due to stroke. Although the FDA has not expressly
requested that the Company conduct additional clinical studies or trials in support of its request for clearance, the Company may
conclude after further dialogue with the FDA and its advisors that additional clinical data is required in order to support our
requested indications for use. In such an event, the Company may be required to conduct additional clinical testing in support
of its requested clearance. Alternatively, the Company also may determine to narrow the requested indications for use until such
time as the Company is able to generate additional data to support broader indications for use.

 

From September 2, 2015
to September 11, 2015, the Division of Bioresearch Monitoring Center for Devices and Radiological Health of the FDA conducted an
inspection of the Company’s facility in Richmond, California. At the conclusion of the inspection, the FDA issued a Form
FDA 483 with four observations. These observations are inspectional and do not represent a final FDA determination of non-compliance.
The observations pertain to informed consent requirements, reporting of adverse results and records maintenance. On October 2,
2015, the Company responded to the FDA. That response describes the corrective and preventive actions that the Company has implemented
and continues to implement to address the FDA’s concerns.Exhibit 10.2

 

15,000 Units 

 

Each Unit consisting of 

 

One Share of Preferred Stock and 

 

A Warrant to Purchase up to 990.1 Shares
of Common Stock 

 

Ekso Bionics Holdings, Inc.

 

PLACEMENT AGENCY AGREEMENT 

 

December 23, 2015

 

Ladenburg Thalmann & Co. Inc.

As Representative of the several

Placement Agents set forth in Schedule C hereto

c/o Ladenburg Thalmann & Co. Inc.

570 Lexington Avenue, 11th Floor

New York, New York 10022

 

Dear Sirs:

 

1. INTRODUCTION. Ekso Bionics Holdings, Inc., a Nevada
corporation (the “Company”), proposes to issue and sell to the purchasers, pursuant to the terms and conditions
of this Placement Agency Agreement (this “Agreement”) and the Securities Purchase Agreement in the form of Exhibit
A attached hereto (the “Securities Purchase Agreement”) entered into with the purchasers identified therein
(each a “Purchaser” and, collectively, the “Purchasers”), up to an aggregate of 15,000 units
(the “Units”), each Unit consisting of (i) one share (the “Shares”) of authorized but
unissued Series A Convertible Preferred Stock, par value $0.001 per share (the “Preferred Stock”) of the Company,
which shares of Preferred Stock shall be convertible into shares of common stock, par value $0.001 per share, of the Company (the
“Common Stock”) and (ii) a warrant (the “Warrants”) to purchase up to 990.1 shares
of Common Stock (the “Warrant Shares”). The Units, the Shares, the shares of Common Stock underlying the Preferred
Stock (the “Conversion Shares”), the Warrants and the Warrant Shares are collectively referred to herein as
the “Securities”. The Shares and the Warrants shall be immediately separable and transferable upon issuance.
The terms of (i) the Preferred Stock are set forth in the form of Certificate of Designation (the “Certificate of
Designation”) to be filed with the Secretary of State of the State of Nevada and (ii) the Warrants are set forth
in the form of Warrant attached as Exhibit B hereto. The Company hereby confirms that Ladenburg Thalmann & Co. Inc.
(“Ladenburg”) and Trout Capital LLC (“Trout”, together with Ladenburg, the “Placement
Agents”) have acted as the Placement Agents in accordance with the terms and conditions hereof. Ladenburg is acting as
the representative of the Placement Agents and in such capacity is hereinafter referred to as the “Representative.”

 

2. AGREEMENT TO ACT AS PLACEMENT AGENTS; PLACEMENT OF THE
UNITS. On the basis of the representations, warranties and agreements of the Company herein contained, and subject to the terms
and conditions set forth in this Agreement:

 

(a) The Company hereby authorizes the Placement Agents to act
as its exclusive agents to solicit offers for the purchase of all or part of the Units from the Company in connection with the
proposed offering of the Units (the “Offering”). Until the Closing Date (as defined below) or earlier upon termination
of this Agreement pursuant to Section 8, the Company shall not, without the prior consent of the Representative, solicit
or accept offers to purchase the Units otherwise than through the Placement Agents.

 

     

     

    

 

(b) The Company hereby acknowledges that the Placement Agents
have agreed, as agents of the Company, to use their commercially reasonable efforts to solicit offers to purchase the Units from
the Company on the terms and subject to the conditions set forth in the Prospectus (as defined below). The Placement Agents shall
use commercially reasonable efforts to assist the Company in obtaining performance by each Purchaser whose offer to purchase the
Units has been solicited by the Placement Agents and accepted by the Company, but the Placement Agents shall not, except as otherwise
provided in this Agreement, be obligated to disclose the identity of any potential purchaser or have any liability to the Company
in the event any such purchase is not consummated for any reason. Under no circumstances will the Placement Agents be obligated
to underwrite or purchase any Units for their own account and, in soliciting purchases of the Units, the Placement Agents shall
act solely as the Company’s agent and not as principal.

 

(c) Subject to the provisions of this Section 2, offers
for the purchase of the Units may be solicited by the Placement Agents as agents for the Company at such times and in such amounts
as the Placement Agents deem advisable. The Placement Agents shall communicate to the Company, orally or in writing, each reasonable
offer to purchase the Units received by them as agents of the Company. The Company shall have the sole right to accept offers to
purchase the Units and may reject any such offer, in whole or in part. The Placement Agents shall have the right to reject any
offer to purchase the Units received by them, in whole or in part, only following notice to the Company of such offer and the Company’s
agreement with the Placement Agent regarding such rejection.

 

(d) The Units are being sold to the Purchasers at an offering
price of $1,000 per Unit. The purchases of the Units by the Purchasers shall be evidenced by the execution of Securities Purchase
Agreement by each of the Purchasers and the Company.

 

(e) As compensation for services rendered, on the Closing Date
(as defined below), the Company shall pay to the Placement Agents by wire transfer of immediately available funds to an account
or accounts designated by the Representative, an aggregate amount equal to 6.2% of the gross proceeds received by the Company
(the “Placement Fee”) from the sale of the Units on such Closing Date. The Placement Agents may retain other
brokers or dealers to act as sub-agents on their behalf in connection with the Offering, the fees of which shall be paid out of
the Placement Fee.

 

(f) No Units which the Company has agreed to sell pursuant to
this Agreement and the Securities Purchase Agreement shall be deemed to have been purchased and paid for, or sold by the Company,
until such Units shall have been delivered to the Purchaser thereof against payment by such Purchaser. If the Company shall default
in its obligations to deliver the Units to a Purchaser whose offer it has accepted, the Company shall indemnify and hold the Placement
Agent harmless against any loss, claim, damage or expense arising from or as a result of such default by the Company in accordance
with the procedures set forth in Section 7(c) herein.

 

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The
Company represents and warrants to the Placement Agents, as of the date hereof, and agrees with the Placement Agents that:

 

(a) The Company has prepared and filed with the Securities and
Exchange Commission (the “Commission”) in accordance with the provisions of the Securities Act of 1933, as amended,
and the rules and regulations of the Commission thereunder (collectively, the “Act”), a registration statement
on Form S-3 (File No. 333-205168), including a base prospectus (the “Base Prospectus”), relating to, among other
things, the Securities. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto,
at each time of effectiveness under the Act for purposes of Section 11 of the Act, as such section applies to the Placement Agents
(the “Effective Time”), including any required information deemed to be part thereof at the time of effectiveness
pursuant to Rule 430B under the Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder (collectively, the “Exchange Act”) is called the “Registration Statement.” Any
preliminary prospectus supplement to the Base Prospectus that described the Securities and the offering thereof and is used prior
to filing of the Prospectus is called, together with the Base Prospectus, a “Preliminary Prospectus.” The term
“Prospectus” shall mean the prospectus supplement relating to the Securities, together with the Base Prospectus, that
is first filed pursuant to Rule 424(b) under the Act after the date and time that this Agreement is executed and delivered to the
parties hereto. If the Company files another registration statement with the Commission to register a portion of the Securities
pursuant to Rule 462(b) under the Act (the “Rule 462 Registration Statement”), then any reference to “Registration
Statement” herein shall be deemed to include the registration statement on Form S-3 (File No. 333-205168) and the Rule 462
Registration Statement, as each such registration statement may be amended pursuant to the Act. For purposes of this Agreement,
“free writing prospectus” has the meaning ascribed to it in Rule 405 under the Act, and “Issuer Free
Writing Prospectus” shall mean each free writing prospectus prepared by or on behalf of the Company or used or referred
to by the Company in connection with the offering of the Securities. “Time of Sale Information” shall mean the
Preliminary Prospectus together with the free writing prospectuses, if any, each identified in Schedule A hereto and the information
included on Schedule B hereto. All references in this Agreement to the Registration Statement, the Rule 462 Registration Statement,
a Preliminary Prospectus, the Prospectus or the Time of Sale Information, or any amendments or supplements to any of the foregoing,
shall be deemed to refer to and include any documents incorporated by reference therein, and shall include any copy thereof filed
with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”).

 

    1 

     

    

 

Any reference in this Agreement to the Registration Statement,
any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 under the Act, as of the date of the Registration Statement, such Preliminary Prospectus or the
Prospectus, as the case may be, and any reference to any amendment or supplement to the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Exchange Act
that, upon filing, are incorporated by reference therein, as required by paragraph (b) of Item 12 of Form S-3. As used herein,
the term “Incorporated Documents” means the documents that at the time of filing are incorporated by reference
in the Registration Statement, any Preliminary Prospectus, the Prospectus or any amendment or supplement thereto.

 

(b) The Company satisfies all of the requirements of the Act
for use of Form S-3 for the offering of the Securities contemplated hereby. The Company was not at the time of initial filing of
the Registration Statement and at the earliest time thereafter that the Company or another offering participant made a bona fide
offer (within the meaning of Rule 164(h)(2) of the Act) of the Common Stock, is not on the date hereof and will not be on the applicable
Delivery Date, an “ineligible issuer” (as defined in Rule 405 under the Act).

 

(c) The Registration Statement conformed, and any amendment
to the Registration Statement filed after the date hereof will conform in all material respects when filed, to the requirements
of the Act. The most recent Preliminary Prospectus conformed, and the Prospectus will conform in all material respects to the requirements
of the Act when filed with the Commission pursuant to Rule 424(b) under the Act.

 

(d) The Registration Statement does not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; provided, that no representation or warranty is made as to information contained in or omitted from the Registration
Statement in reliance upon and in conformity with the written information furnished to the Company through the Representatives
by or on behalf of any Placement Agent specifically for inclusion therein, which shall solely include the twelfth and thirteenth
paragraphs concerning stabilization by the Placement Agents under the caption “Plan of Distribution” in any Preliminary
Prospectus or Prospectus (the “Placement Agents’ Information”).

 

(e)The Registration Statement is effective under the Act,
and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use
of any Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission and no proceedings
for that purpose have been instituted or, to the Company’s knowledge, are threatened under the Act. Any required filing of
any Preliminary Prospectus and/or the Prospectus and any supplement thereto pursuant to Rule 424(b) under the Act has been or will
be made in the manner and within the time period required by such Rule 424(b). Any material required to be filed by the Company
pursuant to Rule 433(d) under the Act has been or will be made in the manner and within the time period by such rules.

 

(f) The Incorporated Documents heretofore filed, when they were
filed (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material
respects with the requirements of the Exchange Act and the rules and regulations thereunder, and any further Incorporated Documents
so filed will, when they are filed, conform in all material respects with the requirements of the Exchange Act and the rules and
regulations thereunder; no such Incorporated Document when it was filed (or, if an amendment with respect to any such document
was filed, when such amendment was filed), contained an 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 light of the circumstances under which they
were made, not misleading; and no such further Incorporated Document, when it is filed, will contain an untrue statement of a material
fact or will 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 are made, not misleading.

 

    2 

     

    

 

(g) The Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to
information contained in or omitted from the Prospectus in reliance upon and in conformity with the Placement Agents’ Information.

 

(h) The Time of Sale Information does not, and will not at the
time of sale of the Securities, contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that no representation or warranty is made as to information contained in or omitted from the Time of Sale Information
in reliance upon and in conformity with the Placement Agents’ Information.

 

(i) Each Issuer Free Writing Prospectus (including, without
limitation, any road show that is a free writing prospectus under Rule 433 under the Act), when considered together with the Time
of Sale Information at the time of sale of the Securities, did not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

(j) Each Issuer Free Writing Prospectus conformed or will conform
in all material respects to the requirements of the Act on the date of first use, and, in reliance upon representations from the
Representative, the Company has complied with all prospectus delivery and any filing requirements applicable to such Issuer Free
Writing Prospectus pursuant to the Act. The Company has not made any offer relating to the Securities that would constitute an
Issuer Free Writing Prospectus without the prior written consent of the Representatives. The Company has retained in accordance
with the Act all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the Act. The Company has taken
all actions necessary so that any “road show” (as defined in Rule 433 under the Act) in connection with the offering
of the Securities will not be required to be filed pursuant to the Act.

 

(k) The capitalization of the
Company is and will be as set forth in the Prospectus as of the date set forth therein. All the outstanding shares of Common Stock
and Preferred Stock of the Company have been, and as of the Closing Date, will be, duly authorized and validly issued, fully paid
and nonassessable and free of any preemptive or similar rights; except as set forth in the Time of Sale Information and the Prospectus,
the Company is not a party to or bound by any outstanding options, warrants or similar rights to subscribe for, or contractual
obligations to issue, sell, transfer or acquire, any of its capital stock or any securities convertible into or exchangeable for
any of such capital stock; the Securities to be issued and sold by the Company hereunder have been duly authorized and, when issued
and delivered against full payment therefor in accordance with the terms of this Agreement and the Securities Purchase Agreement,
will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights; the capital stock of the Company
conforms to the description thereof in the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment
or supplement thereto); the Warrant Shares and the Conversion Shares, when issued, paid for
and delivered upon due exercise of the Warrants and the conversion of the Shares, will be duly authorized and validly issued, fully
paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free of preemptive or similar
rights; the Warrant Shares and the Conversion Shares have been reserved for issuance; and the delivery of certificates for the
Securities being sold by the Company against payment therefor pursuant to the terms of the Securities Purchase Agreement will pass
valid title to the Securities being sold by the Company, free and clear of any claim, encumbrance or defect in title, to the several
Purchasers purchasing such shares in good faith and without notice of any lien, claim or encumbrance. The certificates for the
Securities being sold by the Company are in valid and sufficient form.

 

(l) Each of the Company and its subsidiaries is duly organized
and validly existing as a corporation, limited liability company or other organization in good standing under the laws of the jurisdiction
of its incorporation or organization with full corporate or organizational power and authority to own, lease and operate its properties
and to conduct its business as presently conducted and as described in the Registration Statement, the Time of Sale Information
and the Prospectus (and any amendment or supplement thereto filed prior to the date hereof) and is duly registered and qualified
to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct
of its business requires such registration or qualification, except where the failure to so register or qualify would not have
a material adverse effect on the condition (financial or other), business, properties, or the results of operations of the Company
and its subsidiaries taken as a whole (a “Material Adverse Effect”).

 

    3 

     

    

 

(m) The issued shares of capital stock of each of the Company’s
subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company free and
clear of any security interests, liens, encumbrances, equities or claims. The Company does not have any subsidiaries and does not
own a material interest in or control, directly or indirectly, any other corporation, partnership, joint venture, association,
trust or other business organization, except for subsidiaries that are not significant subsidiaries or as set forth in Exhibit
21 to the Company’s registration statement on Form S-1 (File No. 333-195783). As used in this Agreement, subsidiaries shall
mean direct and indirect subsidiaries of the Company.

 

(n) There are no legal or governmental proceedings pending or,
to the knowledge of the Company, threatened, against the Company or its subsidiaries, or to which the Company or its subsidiaries
or any of their properties are subject, that are required to be described in the Registration Statement or the Prospectus (or any
amendment or supplement thereto) but are not described as required. Except as described in the Registration Statement, the Time
of Sale Information and Prospectus, there is no action, suit, inquiry, proceeding or investigation by or before any court or governmental
or other regulatory or administrative agency or commission pending or, to the knowledge of the Company, threatened, against or
involving the Company or its subsidiaries, which might individually or in the aggregate prevent or adversely affect the transactions
contemplated by this Agreement or result in a Material Adverse Effect, nor to the Company’s knowledge, is there any basis
for any such action, suit, inquiry, proceeding or investigation. There are no (i) agreements, contracts, indentures, leases or
other instruments that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus
(or any amendment or supplement thereto) or (ii) agreements to be filed as an exhibit to the Registration Statement (clauses (i)
and (ii), collectively, the “Material Contracts”) that are not described, filed or incorporated by reference
in the Registration Statement, the Time of Sale Information and the Prospectus as required by the Act. The Material Contracts have
been duly authorized, executed and delivered by the Company or the applicable subsidiary, constitute valid and binding agreements
of the Company or the applicable subsidiary and are enforceable against the Company or the applicable subsidiary in accordance
with the terms thereof, except as enforceability thereof may be limited by (i) the application of bankruptcy, reorganization, insolvency
and other laws affecting creditors’ rights generally and (ii) equitable principles being applied at the discretion of a court
before which any proceeding may be brought. Neither the Company nor the applicable subsidiary has received notice or been made
aware that any other party is in breach of or default to the Company under any of such contracts.

 

(o) Neither the Company nor any of its subsidiaries is (i) in
violation of (A) its articles of incorporation or bylaws, or other organizational documents, (B) any federal, state or foreign
law, ordinance, administrative or governmental rule or regulation applicable to the Company or any of its subsidiaries, the violation
of which in the case of clause (B) only would have a Material Adverse Effect or (C) any decree of any federal, state or foreign
court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries, the violation of which in
the case of clause (C) only, would have a Material Adverse Effect; or (ii) in default in any material respect in the performance
of any obligation, agreement or condition contained in (A) any bond, debenture, note or any other evidence of indebtedness or (B)
any agreement, indenture, lease or other instrument (each of (A) and (B), an “Existing Instrument”) to which
the Company or any of its subsidiaries is a party or by which any of their properties may be bound, which default would have a
Material Adverse Effect; and to the knowledge of the Company there does not exist any state of facts that constitutes an event
of default on the part of the Company or any of its subsidiaries as defined in such documents or that, with notice or lapse of
time or both, would constitute such an event of default.

 

(p) The Company’s execution and delivery of this Agreement
and the Securities Purchase Agreement and the performance by the Company of its obligations hereunder and thereunder have been
duly and validly authorized by the Company and this Agreement and the Securities Purchase Agreement have been duly executed and
delivered by the Company, and constitute valid and legally binding agreements of the Company, enforceable against the Company in
accordance with their respective terms, except to the extent enforceability may be limited by (i) the application of bankruptcy,
reorganization, insolvency and other laws affecting creditors’ rights generally and (ii) equitable principles being applied
at the discretion of a court before which any proceeding may be brought, except as rights to indemnity and contribution hereunder
may be limited by federal or state securities laws.

 

    4 

     

    

 

(q) None of the issuance and sale of the Securities by the Company,
the execution, delivery or performance of this Agreement and the Securities Purchase Agreement by the Company nor the consummation
by the Company of the transactions contemplated hereby (i) requires any consent, approval, authorization or other order of or registration
or filing with, any court, regulatory body, administrative agency or other governmental body, agency or official (except such as
may be required for the registration of the Securities under the Act, the quotation of the Shares for trading on the OTC Bulletin
Board (the “OTCBB”), the registration of the Common Stock under the Exchange Act and the rules and regulations
of the Commission thereunder and compliance with the securities or Blue Sky laws of various jurisdictions, all of which will be,
or have been, effected in accordance with this Agreement), (ii) conflicts with or will conflict with or constitutes or will constitute
a breach of, or a default under, the Company’s articles of incorporation or the Company’s bylaws or any agreement,
indenture, lease or other instrument to which the Company or any of its subsidiaries is a party or by which any of its properties
may be bound, (iii) violates any statute, law, regulation, ruling, filing, judgment, injunction, order or decree applicable to
the Company or any of its subsidiaries or any of their properties, or (iv) results in a breach of, or default under, or results
in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries
pursuant to, or requires the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, defaults,
liens, charges or encumbrances that will not, individually or in the aggregate, result in a Material Adverse Effect.

 

(r) Except as described in the Time of Sale Information and
the Prospectus, and except for options to purchase capital stock issued pursuant to the Company’s Amended and Restated 2014
Equity Incentive Plan, neither the Company nor any of its subsidiaries has outstanding and at the Closing Date will have outstanding
any options to purchase, or any warrants to subscribe for, or any securities or obligations convertible into, or any contracts
or commitments to issue or sell, any shares of Common Stock or Preferred Stock or any such warrants or convertible securities or
obligations. No holder of securities of the Company has rights to the registration of any securities of the Company as a result
of or in connection with the filing of the Registration Statement or the consummation of the transactions contemplated hereby that
have not been satisfied or heretofore waived in writing.

 

(s) OUM & Co., LLP, the certified public accountants who
have certified the financial statements (including the related notes thereto and supporting schedules) filed as part of the Registration
Statement and the Prospectus (or any amendment or supplement thereto), are independent public accountants as required by the Act
and the Exchange Act.

 

(t) Except as disclosed in the Registration Statement, the Time
of Sale Information and the Prospectus (or any amendment or supplement thereto), since the date of the last balance sheet included
in or incorporated by reference into the Prospectus (i) neither the Company nor any of its subsidiaries has incurred any material
liabilities or obligations, indirect, direct or contingent, or entered into any transaction that is not in the ordinary course
of business, (ii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with its business
or properties from fire, flood, windstorm, accident or other calamity, whether or not covered by insurance, (iii) neither the Company
nor any of its subsidiaries has paid or declared any dividends or other distributions with respect to its capital stock and the
Company is not in default under the terms of any class of capital stock of the Company or any outstanding debt obligations, (iv)
there has not been any change in the authorized or outstanding capital stock of the Company or any material change in the indebtedness
of the Company (other than in the ordinary course of business) and (v) there has not been any material adverse change, or any development
involving or that may reasonably be expected to result in a Material Adverse Effect, in the condition (financial or otherwise),
business, properties, net worth, result of operations or prospects of the Company.

 

(u) All offers and sales of the Company’s capital stock
and other debt or other securities prior to the date hereof were made in compliance with or were the subject of an available exemption
from the Act and all other applicable state and federal laws or regulations, or any actions under the Act or any state or federal
laws or regulations in respect of any such offers or sales are effectively barred by effective waivers or statutes of limitation.

 

(v) The Common Stock is registered pursuant to Section 12(g)
of the Exchange Act and is quoted on the OTCBB, and the Company has taken no action designed to, or likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act or terminating the quotation of the Common Stock on the
OTCBB, nor has the Company received any notification that the Commission or the OTCBB is contemplating terminating such registration
or quotation.

 

    5 

     

    

 

(w) Other than excepted activity pursuant to Regulation M under
the Exchange Act, the Company has not taken and will not take, directly or indirectly, any action that constituted, or any action
designed to, or that might reasonably be expected to cause or result in or constitute, under the Act or otherwise, stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or for any other
purpose.

 

(x) The Company and each of its subsidiaries have filed, or
have applied for an extension of time to file, all tax returns required to be filed (other than certain state or local tax returns,
as to which the failure to file, individually or in the aggregate, would not have a Material Adverse Effect), which filed returns
are complete and correct, and neither the Company nor any subsidiary is in default in the payment of any taxes that were payable
pursuant to said filed returns or any assessments with respect thereto. Except as disclosed in the Time of Sale Information and
the Prospectus, all deficiencies asserted as a result of any federal, state, local or foreign tax audits have been paid or finally
settled and no issue has been raised in any such audit that, by application of the same or similar principles, reasonably could
be expected to result in a proposed deficiency for any other period not so audited. There are no outstanding agreements or waivers
extending the statutory period of limitation applicable to any federal, state, local or foreign tax return for any period. On the
Closing Date, all stock transfer and other taxes that are required to be paid in connection with the sale of the shares to be sold
by the Company will have been fully paid by the Company and all laws imposing such taxes will have been complied with.

 

(y) Except as set forth in the Time of Sale Information and
the Prospectus, there are no transactions with “affiliates” (as defined in Rule 405 under the Act) or any officer,
director or security holder of the Company (whether or not an affiliate) that are required by the Act to be disclosed in the Registration
Statement. Additionally, no relationship, direct or indirect, exists between the Company or any of its subsidiaries on the one
hand, and the directors, officers, stockholders, customers or suppliers of the Company or any subsidiary on the other hand that
is required by the Act to be disclosed in the Registration Statement, the Time of Sale Information and the Prospectus that is not
so disclosed.

 

(z) The Company is not an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

(aa) Each of the Company and its subsidiaries has good and valid
title to all property (real and personal) described in the Time of Sale Information and the Prospectus as being owned by it, free
and clear of all liens, claims, security interests or other encumbrances except (i) such as are described in the Time of Sale Information
and the Prospectus or (ii) such as are not materially burdensome and has not had or would not result in a Material Adverse Effect
to the use of the property or the conduct of the business of the Company. All property (real and personal) held under lease by
the Company and its subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions as in the
aggregate are not materially burdensome and do not have or result in a Material Adverse Effect to the use of the property or the
conduct of the business of the Company.

 

(bb) Except as otherwise disclosed in the Time of Sale Information
and the Prospectus, each of the Company and its subsidiaries has all permits, licenses, franchises, approvals, consents and authorizations
of governmental or regulatory authorities (hereinafter “permit” or “permits”) as are necessary to own its
properties and to conduct its business in the manner described in the Time of Sale Information and the Prospectus, subject to such
qualifications as may be set forth in the Time of Sale Information and the Prospectus, except where the failure to have obtained
any such permit has not had and would not have a Material Adverse Effect; except as otherwise disclosed in the Time of Sale Information
and the Prospectus, each of the Company and its subsidiaries has operated and is operating its business in material compliance
with and not in material violation of all of its obligations with respect to each such permit and no event has occurred that allows,
or after notice or lapse of time would allow, revocation or termination of any such permit or result in any other material impairment
of the rights of any such permit, subject in each case to such qualification as may be set forth in the Time of Sale Information
and the Prospectus; and, except as described in the Time of Sale Information and the Prospectus, such permits contain no restrictions
that are materially burdensome to the Company or any of its subsidiaries.

 

    6 

     

    

 

(cc) The consolidated financial statements of the Company, together
with the related schedules and notes thereto, set forth or incorporated by reference in the Time of Sale Information and the Prospectus
present fairly in all material respects (i) the financial condition of the Company and its consolidated subsidiaries as of the
dates indicated and (ii) the consolidated results of operations, stockholders’ equity and changes in cash flows of the Company
and its consolidated subsidiaries for the periods therein specified; and such financial statements and related schedules and notes
thereto have been prepared in conformity with United States generally accepted accounting principles, consistently applied throughout
the periods involved (except as otherwise stated therein and subject, in the case of unaudited financial statements, to the absence
of footnotes and normal year-end adjustments). There are no other financial statements (historical or pro forma) that are required
to be included or incorporated by reference in the Time of Sale Information and the Prospectus; and the Company does not have any
material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Time
of Sale Information and the Prospectus; and all disclosures contained in the Time of Sale Information and the Prospectus regarding
“non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply with
Regulation G of the Exchange Act and Item 10(e) of Regulation S-K under the Act, to the extent applicable, and present fairly in
all material respects the information shown therein and the Company’s basis for using such measures. The interactive data
in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto.

 

(dd) The Company and its subsidiaries maintain a system of internal
accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain accountability for assets, (iii) access to assets is permitted
only in accordance with management’s general or specific authorizations, (iv) the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (v) the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents
the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto.

 

(ee) The Company has established and maintains and evaluates
“disclosure controls and procedures” (as such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act); except
as disclosed in the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment or supplement thereto),
such disclosure controls and procedures are designed to ensure that material information relating to the Company, including its
consolidated subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial Officer by others
within those entities, and such disclosure controls and procedures are effective to perform the functions for which they were established;
the Company’s independent auditors and the Audit Committee of the Board of Directors of the Company have been advised of
(i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which could adversely affect the Company’s ability to record, process, summarize, and report financial data and (ii) any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal control over financial reporting; since the date of the most recent evaluation of such disclosure controls and procedures,
except as described in the Registration Statement, the Preliminary Prospectus and the Prospectus, there have been no significant
changes in internal control over financial reporting or in other factors that could significantly affect internal control over
financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses; the principal
executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made all
certifications required by the Sarbanes-Oxley Act (the “Sarbanes-Oxley Act”) and any related rules and regulations
promulgated by the Commission, and the statements contained in each such certification are complete and correct; the Company and
its subsidiaries are, and the Company has taken all necessary actions to ensure that the Company’s directors and officers
in their capacities as such are, each in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley
Act and the rules and regulations of the Commission promulgated thereunder.

 

(ff) The Company and, to the knowledge of the Company, the Company’s
directors or officers, in their capacities as such, are each in compliance in all material respects with Section 402 of the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder.

 

(gg) The Company has not, prior to the date hereof, made any
offer or sale of securities which could be “integrated” for purposes of the Act with the offer and sale of the Securities
pursuant to the Registration Statement and the Prospectus; and except as disclosed in the Time of Sale Information and the Prospectus,
the Company has not sold or issued any security during the 180-day period preceding the date of the Prospectus, including but not
limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than shares of Common Stock issued pursuant
to employee benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding options,
rights or warrants as described in the Time of Sale Information and the Prospectus.

 

    7 

     

    

 

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

 

(ii) Neither the Company nor any of its subsidiaries nor, to
the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is
currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

(jj)The operations of the Company and its subsidiaries are and
have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the “United and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001” (the “Patriot Act”) or the
money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency.

 

(kk) No labor problem or dispute with the employees of the Company
or any of its subsidiaries exists, or, to the Company’s knowledge, is threatened or imminent, which would reasonably be expected
to result in a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the
Company or any of its subsidiaries plans to terminate employment with the Company or any of its subsidiaries. Except for matters
which would not, individually or in the aggregate, result in a Material Adverse Effect, neither the Company nor any of its subsidiaries
has engaged in any unfair labor practice, and (i) there is (A) no unfair labor practice complaint pending or, to the Company’s
knowledge, threatened against the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance
or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company’s knowledge,
threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened against
the Company or any of its subsidiaries and (C) no union representation dispute currently existing concerning the employees of the
Company or any of its subsidiaries and (ii) to the Company’s knowledge, (A) no union organizing activities are currently
taking place concerning the employees of the Company or any of its subsidiaries and (B) there has been no violation of any federal,
state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour
laws or any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) or the rules and regulations
promulgated thereunder concerning the employees of the Company or any of its subsidiaries.

 

    8 

     

    

 

(ll) Except as disclosed in the Registration Statement, the
Time of Sale Information and the Prospectus (or any amendment or supplement thereto), the Company and its subsidiaries (i) are
in compliance with any and all applicable federal, state, local and foreign laws and regulations relating to the protection of
human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental
Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or
approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals
or failure to comply with the terms and conditions of such permits, licenses or other approvals would not, individually or in the
aggregate, have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been named as a “potentially
responsible party” under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended. Neither
the Company nor any of its subsidiaries owns, leases or occupies any property that appears on any list of hazardous sites compiled
by any state or local governmental agency. There are no costs or liabilities associated with Environmental Laws (including, without
limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third
parties) which would, individually or in the aggregate, result in a Material Adverse Effect.

 

(mm) Except as otherwise disclosed in the Time of Sale Information
and the Prospectus, each of the Company and its subsidiaries owns and has full right, title and interest in and to, or has valid
licenses to use, each material trade name, trademark, service mark, patent, copyright, approval, trade secret and other similar
rights (collectively “Intellectual Property”) under which the Company and its subsidiaries conduct all or any
material part of its business, and the Company has not created any lien or encumbrance on, or granted any right or license with
respect to, any such Intellectual Property except where the failure to own or obtain a license or right to use any such Intellectual
Property would not have a Material Adverse Effect; there is no material claim pending against the Company or its subsidiaries with
respect to any Intellectual Property, and the Company and its subsidiaries have not received notice or otherwise become aware that
any Intellectual Property that it uses or has used in the conduct of its business infringes upon or conflicts with the rights of
any third party. Neither the Company nor any of its subsidiaries has become aware that any material Intellectual Property that
it uses or has used in the conduct of its business infringes upon or conflicts with the rights of any third party.

 

(nn) The Company has procured Lock-Up Agreements, in the form
of Exhibit C attached hereto, from each of the individuals set forth on Schedule D.

 

(oo) To the Company’s knowledge, there are no affiliations
or associations between (i) any member of FINRA and (ii) the Company or any of the Company’s officers, directors, 5% or greater
security holders or any beneficial owner of the Company’s unregistered equity securities that were acquired at any time on
or after the 180th day immediately preceding the date the Registration Statement was initially filed with the Commission, except
as otherwise disclosed in the Registration Statement, the Time of Sale Information, the Prospectus or the FINRA Questionnaires
previously furnished to the Representative.

 

(pp) The Company and each of its subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary
in the businesses in which it is engaged; and neither the Company nor any of its subsidiaries has reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business at a comparable cost.

 

(qq) The Company and its subsidiaries and any “employee
benefit plan” (as defined under ERISA) established or maintained by the Company, its subsidiaries or their “ERISA Affiliates”
(as defined below) are in compliance in all material respects with ERISA and all other applicable state and federal laws. “ERISA
Affiliate” means, with respect to the Company or a subsidiary, any member of any group or organization described in Sections
414(b), (c), (m) or (o) of the Code of which the Company or such subsidiary is a member. No “reportable event” (as
defined in ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan” established
or maintained by the Company, its subsidiaries or any of their ERISA Affiliates. No “employee benefit plan” established
or maintained by the Company, its subsidiaries or any of their ERISA Affiliates, if such “employee benefit plan” were
terminated, would have any “amount of unfunded benefit liabilities” (as defined in ERISA). Neither the Company, its
subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of
ERISA with respect to termination of, or withdrawal from, any “employee benefit plan” or (ii) Sections 412, 4971, 4975
or 4980B of the Code. Each “employee benefit plan” established or maintained by the Company, its subsidiaries or any
of their ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred,
whether by action or failure to act, that would cause the loss of such qualification.

 

    9 

     

    

 

(rr) Except as otherwise disclosed in the Time of Sale Information
and the Prospectus, each of the Company and its subsidiaries has all registrations, permits, licenses, approvals, consents and
authorizations (“Regulatory Permits”) required by the United States Food and Drug Administration (the “FDA”)
or any other regulatory authority engaged in the regulation of medical devices such as those being developed by the Company (“Regulatory
Authority”). The Company is in material compliance with the requirements of the Regulatory Permits, and all of the Regulatory
Permits are valid and in full force and effect; the Company has not received any notice of proceedings relating to the revocation,
termination, modification or impairment of rights of any of the Regulatory Permits, that, individually or in the aggregate, if
the subject of an unfavorable decision, ruling or finding could reasonably be expected to result in a Material Adverse Effect;
the Company has not failed to file with the FDA or any other Regulatory Authority any required application, submission, report,
document, or notice, and all such filings were in material compliance with applicable laws when filed and have been supplemented
as necessary to remain in material compliance with applicable laws and no material deficiencies have been asserted by the FDA or
any other Regulatory Authority with respect to any such filings, in each case, except as otherwise disclosed in the Time of Sale
Information and the Prospectus.

 

(ss) The non-clinical studies and, as applicable, clinical trials
conducted by the Company, and each of its subsidiaries have been and, if still pending, are being conducted, in all material respects,
in accordance with experimental protocols and procedures pursuant to all applicable laws and Regulatory Permits, and the results
of such studies and clinical trials described in the Time of Sale Information and the Prospectus are accurate and fairly present,
in all material respects, the data derived from such studies and clinical trials; any studies and clinical trials conducted by
the Company, or its subsidiaries, if still pending, are being conducted in all material respects in accordance with applicable
professional and scientific standards and the applicable requirements of the FDA and other Regulatory Authorities; neither the
Company nor any subsidiary has received any notice or correspondence from the FDA nor any Regulatory Authority requiring the termination,
suspension or modification of any such study or clinical trial; and the Company is not aware of any study or clinical trial, the
results of which the Company believes reasonably call into question the results described or referred to in the Time of Sale Information
and the Prospectus.

 

4. FURTHER AGREEMENTS OF THE COMPANY. The Company agrees
with the Placement Agents:

 

(a) To prepare the Rule 462(b) Registration Statement, if necessary,
in a form approved by the Representative and file such Rule 462(b) Registration Statement with the Commission on the date hereof;
to prepare the Prospectus in a form approved by the Representative containing information previously omitted at the time of effectiveness
of the Registration Statement in reliance on rules 430A, 430B and 430C of the Rules and Regulations and to file such Prospectus
pursuant to Rule 424(b) of the Rules and Regulations not later than the second (2nd) business day following the execution
and delivery of this Agreement or, if applicable, such earlier time as may be required by Rule 430A of the Rules and Regulations;
to notify the Representative immediately of the Company’s intention to file or prepare any supplement or amendment to any
Registration Statement or to the Prospectus in connection with this Offering and to make no amendment or supplement to the Registration
Statement, the Time of Sale Information or to the Prospectus to which the Representative shall reasonably object by notice to the
Company after a reasonable period to review; to advise the Representative, promptly after it receives notice thereof, of the time
when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Time of Sale Information
or the Prospectus or any amended Prospectus has been filed and to furnish the Representative copies thereof; to file promptly all
material required to be filed by the Company with the Commission pursuant to Rule 433(d) or 163(b)(2), as the case may be, of the
Rules and Regulations; to file promptly all reports and any definitive proxy or information statements required to be filed by
the Company with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the
Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) of the Rules
and Regulations) is required in connection with the Offering or sale of the Securities; to advise the Representative, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending
the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, of the suspension of the qualification
of the Securities for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose,
or of any request by the Commission for the amending or supplementing of the Registration Statement, the Time of Sale Information
or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing
or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus or suspending any such
qualification, and promptly to use its best efforts to obtain the withdrawal of such order.

 

    10 

     

    

 

(b) The Company represents and agrees that, it has not made,
and unless it obtains the prior consent of the Representative, it will not make, any offer relating to the Units that would constitute
a “free writing prospectus” as defined in Rule 405 of the Rules and Regulations (each, a “Permitted Free Writing
Prospectus”); provided that the prior written consent of the Representative hereto shall be deemed to have been
given in respect of the Issuer Free Writing Prospectus(es) included in Schedule A hereto. The Company represents that it
has treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, comply with
the requirements of Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free Writing Prospectus, including
the requirements relating to timely filing with the Commission, legending and record keeping and will not take any action that
would result in the Placement Agents or the Company being required to file with the Commission pursuant to Rule 433(d) of the Rules
and Regulations a free writing prospectus prepared by or on behalf of such Placement Agent that such Placement Agent otherwise
would not have been required to file thereunder.

 

(c) If at any time when a Prospectus relating to the Securities
is required to be delivered under the Securities Act, any event occurs or condition exists as a result of which the Prospectus,
as then amended or supplemented, would include 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, or the Registration
Statement, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein not misleading, or if for any other reason it is necessary at any time to amend or supplement
any Registration Statement or the Prospectus to comply with the Securities Act or the Exchange Act, the Company will promptly notify
the Representative, and upon the Representative’s request, the Company will promptly prepare and file with the Commission,
at the Company’s expense, an amendment to the Registration Statement or an amendment or supplement to the Prospectus that
corrects such statement or omission or effects such compliance and will deliver to the Placement Agents, without charge, such number
of copies thereof as the Placement Agents may reasonably request. The Company consents to the use of the Prospectus or any amendment
or supplement thereto by the Placement Agents.

 

(d) If the Time of Sale Information is being used to solicit
offers to buy the Securities at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur
as a result of which, in the judgment of the Company or in the reasonable opinion of the Representative, it becomes necessary to
amend or supplement the Time of Sale Information in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or to make the statements therein not conflict with the information contained or incorporated
by reference in the Registration Statement then on file and not superseded or modified, or if it is necessary at any time to amend
or supplement the Time of Sale Information to comply with any law, the Company promptly will either (i) prepare, file with
the Commission (if required) and furnish to the Placement Agents and any dealers an appropriate amendment or supplement to the
Time of Sale Information or (ii) prepare and file with the Commission an appropriate filing under the Exchange Act which shall
be incorporated by reference in the Time of Sale Information so that the Time of Sale Information as so amended or supplemented
will not, in the light of the circumstances under which they were made, be misleading or conflict with the Registration Statement
then on file, or so that the Time of Sale Information will comply with law.

 

(e) If at any time following issuance of an Issuer Free Writing
Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted
or will conflict with the information contained in the Registration Statement, Preliminary Prospectus or Prospectus, including
any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof and not superseded or
modified or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, the Company has promptly notified or will promptly notify the Representative so that any use of
the Issuer Free Writing Prospectus may cease until it is amended or supplemented and has promptly amended or will promptly amend
or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance
upon, and in conformity with, written information furnished to the Company by the Representative by or on behalf of the Placement
Agents specifically for inclusion therein, which information the parties hereto agree is limited to the Placement Agents’
Information (as defined in Section 3(d)).

 

    11 

     

    

 

(f) To the extent not available on the Commission’s EDGAR
system or any successor system, to furnish promptly to the Placement Agents and to counsel for the Placement Agents a signed copy
of the Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission,
including all consents and exhibits filed therewith.

 

(g) To the extent not available on the Commission’s EDGAR
system or any successor system, to deliver promptly to the Representative in New York City such number of the following documents
as the Representative shall reasonably request: (i) conformed copies of the Registration Statement as originally filed with
the Commission (in each case excluding exhibits), (ii) each Preliminary Prospectus (if any), (iii) any Issuer Free Writing
Prospectus, (iv) the Prospectus (the delivery of the documents referred to in clauses (i), (ii), (iii) and (iv) of
this paragraph (g) to be made not later than 10:00 A.M., New York time, on the business day following the execution
and delivery of this Agreement), (v) conformed copies of any amendment to the Registration Statement (excluding exhibits),
(vi) any amendment or supplement to the Time of Sale Information or the Prospectus (the delivery of the documents referred
to in clauses (v) and (vi) of this paragraph (g) to be made not later than 10:00 A.M., New York City time,
on the business day following the date of such amendment or supplement) and (vii) any document incorporated by reference in
the Time of Sale Information or the Prospectus (excluding exhibits thereto) (the delivery of the documents referred to in clause
(vi) of this paragraph (g) to be made not later than 10:00 A.M., New York City time, on the business day following
the date of such document).

 

(h) To make generally available to its stockholders as soon
as practicable, but in any event not later than eighteen (18) months after the effective date of each Registration Statement
(as defined in Rule 158(c) of the Rules and Regulations), an earnings statement of the Company and its subsidiaries (which need
not be audited) complying with Section 11(a) of the Securities Act and the Rules and Regulations (including, at the option
of the Company, Rule 158).

 

(i) The Company will cooperate with you and counsel for the
Representative in connection with the registration or qualification of the Securities under the securities or Blue Sky laws of
such jurisdictions as you may reasonably designate and will file such consents to service of process or other documents as may
be reasonably necessary in order to effect and maintain such registration or qualification for so long as required to complete
the distribution of the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction
where it is not now so qualified or to take any action that would subject it to general service of process in suits, other than
those arising out of the offering or sale of the Securities, as contemplated by this Agreement and the Prospectus, in any jurisdiction
where it is not now so subject. In the event that the qualification of the Securities in any jurisdiction is suspended, the Company
shall so advise you promptly in writing. The Company will use its reasonable best efforts to qualify or register the Conversion
Shares and Warrant Shares for sale in non-issuer transactions under (or obtain exemptions from the application of) the Blue Sky
laws of each state where necessary to permit market making transactions and secondary trading and will comply with such Blue Sky
laws and will continue such qualifications, registrations and exemptions in effect until the earlier of such time as the Common
Stock is listed or quoted, as the case may be, on the New York Stock Exchange, the American Stock Exchange or quoted on the NASDAQ
Stock Market, or three (3) years from the date hereof, provided that if the Company obtains and keeps current a listing of its
Common Stock in the Standard & Poor’s Corporation Records Services or Mergent’s Industrial Manual it shall be deemed
to have satisfied such requirement, except that Mergent’s OTC Industrial Manual is not sufficient for these purposes. Unless
the Common Stock is listed or quoted, as the case may be, on the New York Stock Exchange, the American Stock Exchange or quoted
on the NASDAQ Stock Market, the Company shall at the beginning of each fiscal quarter, provide you with a written report detailing
those states in which the Conversion Shares and Warrant Shares may be traded in non-issuer transactions under the Blue Sky laws
of the fifty States for a period of three (3) years after the date hereof.

 

(j) Upon request, during the period of three (3) years
from the date hereof, to the extent not available on the Commission’s EDGAR system or any successor system, to deliver to
the Placement Agents, as soon as they are available (i) copies of all reports or other communications furnished to stockholders,
and (ii) copies of any reports and financial statements furnished or filed with the Commission or any national securities
exchange or automatic quotation system on which the Common Stock is listed or quoted.

 

    12 

     

    

 

(k) For a period commencing on the date hereof and ending on
the 90th day after the date of the Prospectus (the “Lock-Up Period”), the Company agrees not to, directly or
indirectly, and other than in connection with an Exempt Issuance (as defined in the Securities Purchase Agreement), (1) offer for
sale, sell, pledge or otherwise dispose of (or enter into any transaction or device that is designed to do any of the foregoing)
any shares of Common Stock or securities convertible into or exchangeable for Common Stock (other than Common Stock issued pursuant
to employee benefit plans, qualified stock option plans or other employee compensation plans existing on the date hereof or pursuant
to currently outstanding options, warrants or rights or Common Stock issued pursuant to other agreements existing on the date hereof
and disclosed in the Registration Statement or the Prospectus), or sell or grant options, rights or warrants with respect to any
shares of Common Stock or securities convertible into or exchangeable for Common Stock (other than the grant of options, warrants
or rights pursuant to employee benefit plans, qualified stock option plans or other employee compensation plans existing on the
date hereof), (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the
economic benefits or risks of ownership of such shares of Common Stock, whether any such transaction described in clause (1) or
(2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) file or cause to be filed
a registration statement, including any amendments, with respect to the registration of any shares of Common Stock or securities
convertible, exercisable or exchangeable into Common Stock or any other securities of the Company (other than the filing of a registration
statement on Form S-8, including any amendments thereto, or any post effective amendments or prospectus supplements with respect
to the Company’s registration statement on Form S-1 (File No. 333-195783), effective as of the date hereof) or (4) publicly
disclose the intention to do any of the foregoing, in each case without the prior written consent of the Representative, and to
cause each individual set forth on Schedule D to furnish to the Representative, prior to the Closing Date, a letter or letters,
substantially in the form of Exhibit C hereto (the “Lock-Up Agreements”).

 

(l) To the extent not available on EDGAR, to supply the Representative
with copies of all correspondence to and from, and all documents issued to and by, the Commission in connection with the registration
of the Securities under the Securities Act or the Registration Statement, any Preliminary Prospectus or the Prospectus, or any
amendment or supplement thereto.

 

(m) Prior to the Closing Date, not to issue any press release
or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial
or otherwise, or earnings, business affairs or business prospects (except for routine marketing communications in the ordinary
course of business and consistent with the past practices of the Company, and of which the Representative is notified), without
the prior written consent of the Representative, unless in the judgment of the Company and its counsel, and after notification
to the Representative, such press release or communication is required by law or applicable stock exchange rules.

 

(n) Until the Representative shall have notified the Company
of the completion of the Offering, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation
M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which
it or any of its affiliated purchasers has a beneficial interest, any Securities, or attempt to induce any person to purchase any
Securities; and not to, and to cause its affiliated purchasers not to, make bids or purchases for the purpose of creating actual,
or apparent, active trading in or of raising the price of the Securities.

 

(o) Not to take any action prior to the Closing Date, which
would require the Prospectus to be amended or supplemented pursuant to Section 4.

 

(p) To at all times comply with all applicable provisions of
the Sarbanes-Oxley Act in effect from time to time.

 

(q) To apply the net proceeds from the sale of the Securities
as set forth in the Registration Statement, the Time of Sale Information and the Prospectus under the heading “Use of Proceeds.”

 

(r) To use its best efforts to assist the Placement Agents with
any filings with, and to obtain clearance from, FINRA.

 

(s) To use its best efforts to list, subject to notice of issuance,
effect and maintain the quotation and listing of the Common Stock on the OTCBB.

 

    13 

     

    

 

(t) To timely file with OTCBB all documents and notices required
by the OTCBB of companies that have or will issue securities that are quoted on the OTCBB.

 

(u) To use its best efforts to do and perform all things required
to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent
to the delivery of the Securities.

 

5. PAYMENT OF EXPENSES. Whether or not the transactions
contemplated hereby are consummated or this Agreement becomes effective or is terminated, the Company agrees to pay or cause to
be paid the following: (i) the fees, disbursements and expenses of the Company’s counsel and accountants in connection with
the registration of the sale of Securities under the Act and all other expenses in connection with the preparation, printing and
filing of the Registration Statement and the Prospectus and amendments and supplements thereto and the mailing and delivering of
copies thereof and of any Preliminary Prospectus; (ii) the printing and delivery (including postage, air freight charges and charges
for counting and packaging) of such copies of the Registration Statement, the Prospectus, each Preliminary Prospectus, the Time
of Sale Information, the Blue Sky memoranda, this Agreement, the Selected Dealers Agreement and all amendments or supplements to
any of them as may be reasonably requested for use in connection with the offering and sale of the Securities; (iii) consistent
with the provisions of Section 4(i), all expenses in connection with the qualification of the Securities for offering and sale
under state securities laws or Blue Sky laws; (iv) the filing fees incident to securing any required review by FINRA of the fairness
of the terms of the sale of the Securities and the reasonable fees and disbursements of the Placement Agents’ counsel relating
thereto; (v) the fees and expenses associated with quoting the Common Stock on the OTCBB; (vi) the cost of preparing stock certificates;
(vii) the costs and charges of any transfer agent or registrar; (viii) the cost of the tax stamps, if any, in connection with the
issuance and delivery of the Securities; (ix) all other fees, costs and expenses referred to in Part II, Item 14 of the Registration
Statement; and (x) the transportation, lodging, graphics and other expenses incidental to the Company’s preparation for and
participation in the “roadshow” for the offering contemplated hereby. Except as provided in this Section 5 and in Section
7 hereof, the Placement Agents shall pay their own expenses, including the fees and disbursements of their counsel, provided however
that upon the closing of the sale of Securities, the Company shall reimburse the Placement Agents for fees, disbursements and other
charges of counsel to the Placement Agents in an amount not to exceed $62,500.

 

6. CONDITIONS TO THE OBLIGATIONS OF THE PLACEMENT AGENTS,
AND THE SALE OF THE SECURITIES. The respective obligations of the Placement Agents hereunder, and the closing of the sale of
the Units, are subject to each of the following terms and conditions:

 

(a) All filings require by Rules 424(b), 430B and 462 under
the Act shall have been timely made.

 

(b) You shall be reasonably satisfied that since the respective
dates as of which information is given in the Registration Statement, the Time of Sale Information and Prospectus, (i) there shall
not have been any change in the capital stock of the Company or any material change in the indebtedness (other than in the ordinary
course of business) of the Company, (ii) except as set forth or contemplated by the Registration Statement, the Time of Sale Information
or the Prospectus, no material oral or written agreement or other transaction shall have been entered into by the Company that
is not in the ordinary course of business or that could reasonably be expected to result in a material reduction in the future
earnings of the Company, (iii) no loss or damage (whether or not insured) to the property of the Company shall have been sustained
that had or could reasonably be expected to have a Material Adverse Effect, (iv) no legal or governmental action, suit or proceeding
affecting the Company or any of its properties that is material to the Company or that affects or could reasonably be expected
to affect the transactions contemplated by this Agreement shall have been instituted or threatened and (v) there shall not have
been any material change in the condition (financial or otherwise), business, management, results of operations or prospects of
the Company or its subsidiaries that makes it impractical or inadvisable in your judgment to proceed with the public offering or
purchase of the Securities as contemplated hereby.

 

(c) You shall have received on the Closing Date an opinion of
Nutter McClennen & Fish LLP, counsel to the Company, addressed to the Representative, substantially in the form heretofore
approved by you.

 

In rendering such opinion, counsel may rely,
to the extent they deem such reliance proper, as to matters of fact upon certificates of officers of the Company and of government
officials, provided that counsel shall state their belief that they and you are justified in relying thereon. Copies of all such
certificates shall be furnished to you and your counsel on the Closing Date.

 

    14 

     

    

 

 

(d) You
shall have received on the Closing Date an opinion of Diederiks & Whitelaw, PLC, special intellectual property counsel to the
Company, addressed to the Representative, substantially in the form heretofore approved by you. 

 

(e) You shall have received on the Closing Date an opinion of
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., as counsel for the Placement Agents, dated the Closing Date with respect to
the issuance and sale of the Securities, the Registration Statement and other related matters as you may reasonably request, and
the Company and its counsel shall have furnished to your counsel such documents as they may reasonably request for the purpose
of enabling them to pass upon such matters.

 

(f) You shall have received letters addressed to you and dated
the date hereof and the Closing Date, from (i) the firm of OUM & Co. LLP, independent certified public accountants and (ii)
the Chief Financial Officer of the Company, substantially in the forms heretofore approved by you.

 

(g) (i) No stop order suspending the effectiveness of the Registration
Statement shall have been issued by the Commission and no proceedings for that purpose shall be pending or, to the knowledge of
the Company, shall be threatened or contemplated by the Commission at or prior to the Closing Date; (ii) to the knowledge of the
Company no order suspending the effectiveness of the Registration Statement or the qualification or registration of the Securities
under the securities or Blue Sky laws of any jurisdiction shall be in effect and no proceeding for such purpose shall be pending
or, to the knowledge of the Company, threatened or contemplated by the authorities of any jurisdiction; (iii) any request for additional
information on the part of the staff of the Commission or any such authorities shall have been complied with to the satisfaction
of the staff of the Commission or such authorities; (iv) after the date hereof, no amendment or supplement to the Registration
Statement or the Prospectus shall have been filed unless a copy thereof was first submitted to you and you did not object thereto
in good faith; and (v) all of the representations and warranties of the Company contained in this Agreement shall be true and correct
in all material respects (except for such representations and warranties qualified by materiality, which representations and warranties
shall be true and correct in all respects) on and as of the date hereof and on and as of the Closing Date, as if made on and as
of the Closing Date, and you shall have received a certificate, dated the Closing Date and signed by the chief executive officer
and the chief financial officer of the Company (or such other officers as are acceptable to you) to the effect set forth in this
Section 6(g) and in Sections 6(b) and 6(i) hereof.

 

(h) You shall have received on the Closing Date a certificate
of the Company signed by the Secretary of the Company, dated the Closing Date certifying: (i) that each of the Company’s
articles of incorporation and bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the
resolutions of the Company’s board of directors relating to the offering of the Securities are in full force and effect and
have not been modified; and (iii) as to the incumbency of the officers of the Company. The documents referred to in such certificate
shall be attached to such certificate.

 

(i) The Company shall not have failed in any material respect
at or prior to the Closing Date to have performed or complied with any of its agreements herein contained and required to be performed
or complied with by it hereunder at or prior to the Closing Date.

 

(j) The Company shall have furnished or caused to have been
furnished to you such further certificates and documents as you shall have reasonably requested.

 

(k) At or prior to the Closing Date, you shall have received
the written Lock-Up Agreements from each of the individuals set forth on Schedule D.

 

(l) At or prior to the date of this Agreement, you shall have
received a letter from the Corporate Financing Department of FINRA confirming that such Department has determined to raise no objections
with respect to the fairness or reasonableness of the placement agency terms and arrangements of the offering contemplated hereby.

 

    15 

     

    

 

(n) The Company shall have entered into Securities Purchase
Agreement with each of the Purchasers and such agreements shall be in full force and effect.

 

(o) The Company shall have filed the Certificate of Designation
with the Secretary of State of the State of Nevada.

 

(p) The Company shall have furnished to the Representative such
further information, good standing certificates of the Company, opinions, certificates (including a Secretary’s Certificate),
letters or such other documents as the Representative shall have reasonably requested.

 

All opinions, letters, evidence and certificates mentioned above
or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance
reasonably satisfactory to counsel for the Placement Agents.

 

7. INDEMNIFICATION AND CONTRIBUTION.

 

Subject to the limitations in this paragraph below, the Company
agrees to indemnify and hold harmless you and each other Placement Agent, the directors, officers, employees and agents of each
Placement Agent, and each person, if any, who controls any Placement Agent within the meaning of Section 15 of the Act or Section
20 of the Exchange Act (collectively, the “Placement Agent Indemnified Parties,” and each a “Placement
Agent Indemnified Party”) from and against any and all losses, claims, damages, liabilities and expenses, including reasonable
costs of investigation and attorneys’ fees and expenses (collectively, “Damages”) arising out of or based
upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, in the Registration
Statement, the Time of Sale Information, any Issuer Free Writing Prospectus or the Prospectus or in any amendment or supplement
thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made not misleading, except to the extent that any
such Damages arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission that has been
made therein or omitted therefrom in reliance upon and in conformity with the Placement Agents’ Information or (ii) any inaccuracy
in or breach of the representations and warranties of the Company contained herein or any failure of the Company to perform its
obligations hereunder or under law; provided, however, that with respect to any untrue statement or omission made in any Preliminary
Prospectus, the indemnity agreement contained in this paragraph shall not inure to the benefit of any Placement Agent (or to the
benefit of any person controlling such Placement Agent or to any officer, director, employee or agent of any Placement Agent) if
both (A) such Placement Agent failed to deliver a copy of the Time of Sale Information to the person asserting such Damages at
or prior to the written confirmation of the sale of such Securities to such person as required by the Act and (B) the untrue statement
or omission in the Preliminary Prospectus was corrected in the Time of Sale Information. This indemnification shall be in addition
to any liability that the Company may otherwise have.

 

If any action or claim shall be brought against any Placement
Agent or any person controlling any Placement Agent in respect of which indemnity may be sought against the Company, such Placement
Agent or such controlling person shall promptly notify in writing the party(s) against whom indemnification is being sought (the
“indemnifying party” or “indemnifying parties”), and such indemnifying party(s) shall assume the defense
thereof, including the employment of counsel reasonably acceptable to such Placement Agent or such controlling person and the payment
of all reasonable fees of and expenses incurred by such counsel. Such Placement Agent or any such controlling person shall have
the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of such Placement Agent or such controlling person, unless (i) the indemnifying party(s) has (have)
agreed in writing to pay such fees and expenses, (ii) the indemnifying party(s) has (have) failed to assume the defense and employ
counsel reasonably acceptable to the Placement Agent or such controlling person or (iii) the named parties to any such action (including
any impleaded parties) include both such Placement Agent or such controlling person and the indemnifying party(s), and such Placement
Agent or such controlling person shall have been advised by its counsel that one or more legal defenses may be available to the
Placement Agent that may not be available to the Company, or that representation of such indemnified party and any indemnifying
party(s) by the same counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation
by the same counsel has been proposed) due to actual or potential differing interests between them (in which case the indemnifying
party(s) shall not have the right to assume the defense of such action on behalf of such Placement Agent or such controlling person
(but the Company shall not be liable for the fees and expenses of more than one counsel for the Placement Agents and such controlling
persons)). The indemnifying party(s) shall not be liable for any settlement of any such action effected without its (their several)
written consent, but if settled with such written consent, or if there be a final judgment for the plaintiff in any such action,
the indemnifying party(s) agree(s) to indemnify and hold harmless any Placement Agent and any such controlling person from and
against any loss, claim, damage, liability or expense by reason of such settlement or judgment, but in the case of a judgment only
to the extent stated in the first paragraph of this Section 7.

 

    16 

     

    

 

Each Placement Agent agrees, severally and not jointly, to indemnify
and hold harmless the Company, its directors, its officers who sign the Registration Statement and any person who controls the
Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (collectively, the “Company Indemnified
Parties,” and each a “Company Indemnified Party”), to the same extent as the foregoing several indemnity
from the Company to each Placement Agent, but only with respect to information furnished in writing by or on behalf of such Placement
Agent through you expressly for use in the Registration Statement, the Prospectus, the Time of Sale Information, any Issuer Free
Writing Prospectus or any Preliminary Prospectus, or any amendment or supplement thereto. If any action or claim shall be brought
or asserted against the Company, any of its directors, any of its officers or any such controlling person based on the Registration
Statement, the Prospectus, the Time of Sale Information or any Preliminary Prospectus, or any amendment or supplement thereto,
and in respect of which indemnity may be sought against any Placement Agent pursuant to this paragraph, such Placement Agent shall
have the rights and duties given to the Company by the immediately preceding paragraph (except that if the Company shall have assumed
the defense thereof such Placement Agent shall not be required to do so, but may employ separate counsel therein and participate
in the defense thereof, but the fees and expenses of such counsel shall be at such Placement Agent’s expense), and the Company,
its directors, any such officers and any such controlling persons, shall have the rights and duties given to the Placement Agents
by the immediately preceding paragraph.

 

In any event, the Company will not, without the prior written
consent of the Representative, settle or compromise or consent to the entry of any judgment in any proceeding or threatened claim,
action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not the Representative or any
person who controls the Representative within the meaning of Section 15 of the Act or Section 20 of the Exchange Act is a party
to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of all
Placement Agents and such controlling persons from all liability arising out of such claim, action, suit or proceeding.

 

If the indemnification provided for in this Section 7 is unavailable
or insufficient for any reason whatsoever to an indemnified party in respect of any Damages referred to herein, then an indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party
as a result of such Damages (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on
the one hand, and the Placement Agents on the other hand, from the offering and sale of the Securities or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative and several fault of the Company on the one hand, and the Placement
Agents on the other hand, in connection with the statements or omissions that resulted in such Damages as well as any other relevant
equitable considerations. The relative and several benefits received by the Company on the one hand, and the Placement Agents on
the other hand, shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses)
received by the Company bear to the total fees and commissions received by the Placement Agents, in each case as set forth in the
table on the cover page of the Prospectus. The relative fault of the Company on the one hand, and the Placement Agents on the other
hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand, or
by the Placement Agents on the other hand and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

    17 

     

    

 

The Company and the Placement Agents agree that it would not
be just and equitable if contribution pursuant to this Section 7 was determined by a pro rata allocation (even if the Placement
Agents were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result
of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth
above, 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 7, in no event shall any indemnity by any Placement Agent
under this Section 7 exceed the total fees and commission received by such Placement Agent in connection with the Offering. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

 

Any Damages for which an indemnified party is entitled to indemnification
or contribution under this Section 7 shall be paid by the indemnifying party to the indemnified party as Damages are incurred after
receipt of reasonably itemized invoices therefor. The indemnity, contribution and reimbursement agreements contained in this Section
7 and the representations and warranties of the Company set forth in this Agreement shall remain operative and in full force and
effect, regardless of (i) any investigation made by or on behalf of any Placement Agent or any person controlling any Placement
Agent, the Company, its directors or officers or any person controlling the Company, (ii) acceptance of any Securities and payment
therefor hereunder and (iii) any termination of this Agreement. A successor to any Placement Agent or any person controlling any
Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall be entitled to the benefits
of the indemnity, contribution and reimbursement agreements contained in this Section 7.

 

8. TERMINATION. This Agreement shall be subject to termination
in your absolute discretion, without liability on the part of any Placement Agent to the Company, by notice to the Company, if
prior to the Closing Date, in your sole judgment, (i) trading in the Company’s Common Stock shall have been suspended by
the Commission or quotation of the Company’s Common Stock shall have been suspended by the OTCBB, (ii) quotation in securities
generally on the OTCBB or trading in securities generally on the New York Stock Exchange or the NASDAQ Stock Market shall have
been suspended or materially limited, or minimum or maximum prices shall have been generally established on such quotations service
or exchange, or additional material governmental restrictions, not in force on the date of this Agreement, shall have been imposed
upon trading in securities generally by any such exchange or the OTCBB or by order of the Commission or any court or other governmental
authority, (iii) a general moratorium on commercial banking activities shall have been declared by either federal or New York State
authorities or (iv) there shall have occurred any outbreak or escalation of hostilities or other international or domestic calamity,
crisis or change in political, financial or economic conditions or other material event the effect of which on the financial markets
of the United States is such as to make it, in your judgment, impracticable or inadvisable to market the Securities or to enforce
contracts for the sale of the Securities. Notice of such cancellation shall be promptly given to the Company and its counsel by
telegraph, telecopy or telephone and shall be subsequently confirmed by letter.

 

9. REIMBURSEMENT OF PLACEMENT AGENTS’ EXPENSES.
Notwithstanding anything to the contrary in this Agreement, if (a) this Agreement shall have been terminated pursuant to Section 8,
(b) the Company shall fail to tender the Units for delivery to the Purchasers for any reason not permitted under this Agreement,
(c) the Purchasers shall decline to purchase the Units for any reason permitted under the Securities Purchase Agreement or
(d) the sale of the Units is not consummated because any condition to the obligations of the Placement Agents set forth herein
is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or
to satisfy any condition or to comply with the provisions hereof, then, in addition to the payment of out-of-pocket expenses in
accordance with Section 5, the Company shall reimburse the Placement Agents for the fees and expenses of the Placement
Agents’ counsel and for such other accountable out-of-pocket expenses as shall have been reasonably incurred by them in connection
with this Agreement and the proposed purchase of the Securities, and upon demand the Company shall pay the full amount thereof
to the Representative on behalf of the Placement Agents.

 

10. ABSENCE OF FIDUCIARY RELATIONSHIP. The Company acknowledges
and agrees that:

 

(a) Each Placement Agent’s responsibility to the Company
is solely contractual in nature, each Placement Agent has been retained solely to act as an Placement Agent in connection with
the Offering and no fiduciary, advisory or agency relationship between the Company and such Placement Agent has been created in
respect of any of the transactions contemplated by this Agreement, irrespective of whether Ladenburg or Trout has advised or is
advising the Company on other matters;

 

    18 

     

    

 

(b) the price of the Units set forth in this Agreement was established
by the Company following discussions and arms-length negotiations with the Representative, and the Company is capable of evaluating
and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;

 

(c) it has been advised that Ladenburg and Trout, and each of
their affiliates, are engaged in a broad range of transactions which may involve interests that differ from those of the Company
and that the Placement Agents have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary,
advisory or agency relationship; and

 

(d) it waives, to the fullest extent permitted by law, any claims
it may have against the Placement Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Placement
Agents shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any
person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors
of the Company.

 

11. SUCCESSORS; PERSONS ENTITLED TO BENEFIT OF AGREEMENT.
This Agreement shall inure to the benefit of and be binding upon the several Placement Agents, the Company, and their respective
successors and assigns. Notwithstanding the foregoing, the determination as to whether any condition in Section 6 hereof
shall have been satisfied, and the waiver of any condition in Section 6 hereof, may be made by the Representative in
its sole discretion, and any such determination or waiver shall be binding on each of the Placement Agents and shall not require
the consent of any Placement Agent. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give
any person, other than the persons mentioned in the preceding sentences, any legal or equitable right, remedy or claim under or
in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that
the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be
for the benefit of the Placement Agent Indemnified Parties and the several indemnities of the Placement Agents shall be for the
benefit of the Company Indemnified Parties. It is understood that each Placement Agent’s responsibility to the Company is
solely contractual in nature and the Placement Agents do not owe the Company, or any other party, any fiduciary duty as a result
of this Agreement.

 

12. SURVIVAL OF INDEMNITIES, REPRESENTATIONS, WARRANTIES,
ETC. The respective indemnities, covenants, agreements, representations, warranties and other statements of the Company and
the several Placement Agents, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain
in full force and effect, regardless of any investigation made by or on behalf of any Placement Agent, the Company or any person
controlling any of them and shall survive delivery of and payment for the Securities. Notwithstanding any termination of this Agreement,
including without limitation any termination pursuant to Section 8, the payment obligations contained in Section
5, the indemnity and contribution and reimbursement agreements contained in Sections 7 and 9 and the covenants,
representations, warranties set forth in this Agreement shall not terminate and shall remain in full force and effect at all times.

 

13. NOTICES. All statements, requests, notices and agreements
hereunder shall be in writing, and:

 

(a) if to the Representative, shall be delivered or sent by
mail, facsimile transmission or email to Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue, 11th Floor, New York, New York
10022, Attention: Managing Director, Legal, with a copy to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Chrysler Center,
666 Third Avenue, New York, New York 10017, Attention: Ivan K. Blumenthal, Esq.; and

 

(b) if to the Company, shall be delivered or sent by mail, facsimile
transmission or email to: Ekso Bionics Holdings, Inc., 1414 Harbour Way South, Suite 1201, Richmond, California 94804, Attention:
Nathan Harding, Chief Executive Officer, with a copy to Nutter McClennen & Fish LLP, Seaport West, 155 Seaport Blvd., Boston,
Massachusetts 02210-2604, Attention: Michelle Basil

 

provided, however, that any notice to the Placement Agents
pursuant to Section 7 shall be delivered or sent by mail or facsimile transmission to the Representative c/o Ladenburg
Thalmann & Co. Inc. at the address set forth above in this Section 13. Any such statements, requests, notices or
agreements shall take effect at the time of receipt thereof, except that any such statement, request, notice or agreement delivered
or sent by email shall take effect at the time of confirmation of receipt thereof by the recipient thereof.

 

    19 

     

    

 

14. DEFINITION OF CERTAIN TERMS. For purposes of this
Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for trading,
(b) “knowledge” means the actual knowledge of the directors and officers of the Company after reasonable
inquiry and (c) “subsidiary” has the meaning set forth in Rule 405 of the Rules and Regulations.

 

15. GOVERNING LAW, AGENT FOR SERVICE AND JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation
Section 5-1401 of the New York General Obligations Law. No legal proceeding may be commenced, prosecuted or continued in
any court other than the courts of the State of New York located in the City and County of New York or in the United States District
Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the
Company and the Placement Agents each hereby consent to the jurisdiction of such courts and personal service with respect thereto.
The Company and the Placement Agents each hereby waive all right to trial by jury in any legal proceeding (whether based upon
contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Company agrees that a final judgment
in any such legal proceeding brought in any such court shall be conclusive and binding upon the Company and the Placement Agents
and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment. 

 

16. PARTIAL UNENFORCEABILITY. The invalidity or unenforceability
of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section,
paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined
to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary
to make it valid and enforceable.

 

17. GENERAL. This Agreement constitutes the entire agreement
of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings
and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the
singular and the plural include one another. The section headings in this Agreement are for the convenience of the parties only
and will not affect the construction or interpretation of this Agreement. This Agreement may be amended or modified, and the observance
of any term of this Agreement may be waived, only by a writing signed by the Company and the Representative.

 

18. RESEARCH ANALYST INDEPENDENCE. The Company acknowledges
that each Placement Agent’s research analysts and research departments are required to be independent from its investment
banking division and are subject to certain regulations and internal policies, and that such Placement Agent’s research analysts
may hold views 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 their investment banking division. The Company hereby waives and releases, to the fullest
extent permitted by law, any claims that the Company may have against either Placement Agent with respect to any conflict of interest
that may arise from the fact that the views expressed by its independent research analysts and research departments may be different
from or inconsistent with the views or advice communicated to the Company by such Placement Agent’s investment banking division.
The Company acknowledges that each Placement Agent is a full service securities firm and as such from time to time, subject to
applicable securities laws, rules and regulations, may effect transactions for its own account or the account of its customers
and hold long or short positions in debt or equity securities of the Company; provided, however, that nothing in this Section 18
shall relieve either Placement Agent of any responsibility or liability it may otherwise bear in connection with activities in
violation of applicable securities laws, rules or regulations.

 

19. EFFECTIVENESS. This Agreement shall become effective
upon the execution and delivery hereof by the parties hereto.

 

20. COUNTERPARTS. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument and such signatures may be delivered by facsimile.

 

    20 

     

    

 

If the foregoing is in accordance with your understanding of
the agreement between the Company and the Placement Agents, kindly indicate your acceptance in the space provided for that purpose
below.

 

	 	Very truly yours,
	 	 
	 	EKSO BIONICS HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Max Scheder-Bieschin
	 	 	Name: 	Max Scheder-Bieschin
	 	 	 	 
	 	 	Title:	Chief Financial Officer

 

	
        Confirmed as of the date first

        above mentioned, on behalf of

        themselves and the Placement Agents

        named in Schedule C hereto:
	 
	 	 
	LADENBURG THALMANN & CO. INC.	 
	 	 	 
	By:	/s/ David J. Strupp Jr.	 
	 	Name: David J. Strupp Jr.	 
	 	 	 
	 	Title: Managing Director

	 

 

[Signature page to Placement Agency Agreement]

 

    21 

     

    

 

SCHEDULE A 

 

General Use Free Writing Prospectuses

 

None.

 

    22 

     

    

 

SCHEDULE B 

 

Pricing Information 

 

Number of Shares of Preferred Stock to be Issued: 15,000

 

Number of Shares of Common Stock Issuable Upon Exercise of All
Warrants: 14,851,486

 

Number of Shares of Common Stock Issuable Upon Exercise of each
Warrant: 990.1

 

Offering Price: $1,000 per unit

 

Conversion Price: $1.01 per share

 

Warrant Exercise Price: $1.25 per share

 

     23

     

    

 

 

 

SCHEDULE C 

 

	PLACEMENT AGENT	 	NUMBER OF UNITS PLACED	 
	 	 	 	 
	LADENBURG THALMANN & CO. INC.	 	 	12,900	 
	TROUT CAPITAL LLC	 		2,100	 
	 	 	 	 	 
	TOTAL:	 	 	15,000	 

 

     24

     

    

 

SCHEDULE D 

 

Steve Sherman

Nathan Harding

Dan Boren

Marilyn Hamilton

Jack Peurach

Stanley Stern

Amy Wendell

Max Scheder-Bieschin

Thomas Looby

Russ Angold

 

     25

     

    

 

EXHIBIT A 

 

Form of Securities Purchase Agreement

 

     26

     

    

 

EXHIBIT B 

 

Form of Warrant

 

     27

     

    

 

EXHIBIT C 

  

Form of Lock-up Agreement

 

December __, 2015

 

EKSO BIONICS HOLDINGS, INC.

1414 Harbour Way South

Suite 1201

Richmond, CA 94804

 

LADENBURG THALMANN & CO. INC.

As Representative of the Placement Agents

c/o Ladenburg Thalmann & Co. Inc.

570 Lexington Avenue, 11th Floor

New York, NY 10022

 

		Re:	Ekso Bionics Holdings, Inc. (the "Company”) - Restriction on Stock Sales

 

Dear Sirs:

 

This letter is delivered
to you pursuant to the Placement Agency Agreement (the “Placement Agency Agreement”) to be entered into by the Company,
as issuer, and Ladenburg Thalmann & Co. Inc., the representative (the “Representative”) of certain placement agents
(the “Placement Agents”) to be named therein. Upon the terms and subject to the conditions of the Placement Agency
Agreement, the Placement Agents intend to effect a public offering of units (the “Units”) each consisting of one share
of Convertible Preferred Stock, par value $0.001 per share, of the Company and a warrant to purchase shares of the Company’s
Common Stock, par value $0.001 per share, as described in and contemplated by the registration statement of the Company on Form
S-3, File No. 333-205168 (the “Registration Statement”), as filed with the Securities and Exchange Commission on June
23, 2015 (the “Offering”).

 

The undersigned recognizes
that it is in the best financial interests of the undersigned, as an officer or director, or an owner of stock, options, warrants
or other securities of the Company (the “Company Securities”), that the Company complete the proposed Offering.

 

The undersigned further
recognizes that the Company Securities held by the undersigned are, or may be, subject to certain restrictions on transferability,
including those imposed by United States federal securities laws. Notwithstanding these restrictions, the undersigned has agreed
to enter into this letter agreement to further assure the Placement Agents that the Company Securities of the undersigned, now
held or hereafter acquired, will not enter the public market at a time that might impair the placement effort.

 

     28

     

    

 

Therefore, as an inducement
to the Placement Agents to execute the Placement Agent Agreement, the undersigned hereby acknowledges and agrees that the undersigned
will not (i) offer, sell, contract to sell, pledge, grant any option to purchase or otherwise dispose of (collectively, a “Disposition”)
any Company Securities, or any securities convertible into or exercisable or exchangeable for, or any rights to purchase or otherwise
acquire, any Company Securities held by the undersigned or acquired by the undersigned after the date hereof, or that may be deemed
to be beneficially owned by the undersigned (collectively, the “Lock-Up Shares”), pursuant to the Rules and Regulations
promulgated under the Securities Act of 1933, as amended (the “Act”), and the Securities Exchange Act of 1934, as amended,
for a period commencing on the date hereof and ending 90 days after the date of the Company’s Prospectus for the Offering
first filed pursuant to Rule 424(b) under the Act, inclusive (the “Lock-Up Period”), without the prior written consent
of Ladenburg Thalmann & Co. Inc. or (ii) exercise or seek to exercise or effectuate in any manner any rights of any nature
that the undersigned has or may have hereafter to require the Company to register under the Act the undersigned’s sale, transfer
or other disposition of any of the Lock-Up Shares or other securities of the Company held by the undersigned, or to otherwise participate
as a selling securityholder in any manner in any registration effected by the Company under the Act, including under the Registration
Statement, during the Lock-Up Period. The foregoing restrictions are expressly agreed to preclude the undersigned from engaging
in any hedging, collar (whether or not for any consideration) or other transaction that is designed to or reasonably expected to
lead or result in a Disposition of Lock-Up Shares during the Lock-Up Period, even if such Lock-Up Shares would be disposed of by
someone other than such holder. Such prohibited hedging or other transactions would include any short sale or any purchase, sale
or grant of any right (including any put or call option or reversal or cancellation thereof) with respect to any Lock-Up Shares
or with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant
part of its value from Lock-Up Shares.

 

Notwithstanding the
agreement not to make any Disposition during the Lock-Up Period, you have agreed that the foregoing restrictions shall not apply
to:

 

		(1)	the Company Securities being offered in the prospectus included in the Registration Statement;

		(2)	any grant or exercise of options pursuant to the Company’s Amended and Restated 2014 Equity
Incentive Plan;

		(3)	the exercise of currently outstanding warrants to purchase Company Securities;

		(4)	any transaction relating to Company Securities acquired in open market transactions after the completion
of the Offering;
	 	(5)	any
transfer of Company Securities as a bona fide gift;

		(6)	any transfer of Company Securities to a trust for the direct or indirect benefit of the undersigned
or one or more members of the undersigned’s immediate family (which for purposes of this lock-up agreement shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin); or

		(7)	any transfer of Company Securities by will or intestate succession upon the death of the undersigned;

 

			provided that in the case of any transfer or distribution pursuant to clause (5), (6), or
(7), each donee, trustee distributee, or other transferee, as the case may be, shall sign and deliver a lock-up letter substantially
in the form of this letter for the balance of the Lock-up Period.

 

     29

     

    

 

In addition, the
undersigned hereby waives, from the date hereof until the expiration of the Lock-up Period, any and all rights, if any, to request
or demand registration pursuant to the Act, of any shares of Common Stock or securities convertible into or exercisable or exchangeable
for Common Stock that are registered in the name of the undersigned or that are Lock-Up Shares. In order to enable the aforesaid
covenants to be enforced, the undersigned hereby authorizes the Company, and any duly appointed transfer agent for the registration
or transfer of the shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Lock-Up
Shares, to decline to make any transfer of securities if such transfer would constitute a violation or breach of this letter agreement.

 

It is understood
that, if the Placement Agent Agreement (other than the provisions thereof that survive termination) shall terminate or be terminated
prior to payment for and delivery of the Units, this letter agreement shall automatically terminate.

 

Capitalized terms
used but not defined herein have the respective meanings assigned to such terms in the Placement Agent Agreement.

 

[Rest of page intentionally
left blank.]

 

     30

     

    

 

 

This letter shall
be binding on the undersigned and the respective successors, heirs, personal representatives and assigns of the undersigned.

 

	 	Very truly yours,
	 	 
	 	Signature of Securityholder

 

 

     31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]