Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement (this “Agreement”) is made and entered into this 25th day of January 2019 (the “Effective Date”), by and between Guess?, Inc., a Delaware corporation (the “Company”), and Victor Herrero Amigo (“Executive”).

RECITALS

Executive is employed by and an officer and director of the Company, and Executive’s employment with and service as an officer and director of the Company will end on February 2, 2019 (the “Separation Date”);
Executive is a party to an Executive Employment Agreement with the Company dated July 7, 2015 and as amended April 28, 2017 (the “Employment Agreement”), and a Confidentiality Agreement with the Company dated August 10, 2015 (the “Confidentiality Agreement”); and
The parties desire to enter into this Agreement on the terms and conditions set forth below.
NOW, THEREFORE, in consideration of the covenants undertaken and the releases contained in this Agreement, Executive and the Company agree as follows:
1.Resignation.  
(a)    Executive hereby irrevocably resigns as an employee, officer, director, manager and in each and every other capacity with the Company and each of its Affiliates (as such term is defined below) on the Separation Date.  The Company accepts such resignation.
(b)    Executive agrees that he has been paid all compensation and benefits due from the Company and each of its Affiliates (including, but not limited to, accrued vacation, salary, bonus, incentive, equity awards, and other wages), and that all payments due to Executive from the Company or any of its Affiliates after the Effective Date shall be determined under this Agreement.  Executive agrees that he has submitted and been reimbursed for all reimbursable business expenses.  Executive’s accrued and unused base salary for the current pay period, and his accrued and unused vacation time, will be paid on or promptly following the Separation Date.  as expressly provided in Section 3 below, Executive agrees that he holds no equity or derivative equity interest in, has no right with respect to any such interest in, has no right to any other incentive in or with respect to, and otherwise has no investment or right to make any investment in or with respect to the Company or any of its Affiliates.  Executive’s accrued and vested benefit under the Guess?, Inc. 401(k) Plan will be paid in accordance with the terms of that plan.  Executive’s accrued and vested benefit under the Company’s Nonqualified Deferred Compensation Plan will be paid in accordance with the terms of that plan and the applicable deferral terms, giving effect to the six-month delay for payments to “specified employees” under the terms of the plan and Internal Revenue Code Section 409A.
(c)    Beginning with coverage for March 2019, Executive shall have the option to convert and continue coverage for Executive and Executive’s eligible dependents under the Company’s group health and dental insurance plans, as may be required by law under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or Cal-COBRA, as applicable.  Executive further acknowledges that Executive must make a timely election to continue such coverage for COBRA.  Executive further 

acknowledges that Executive must make a timely election to continue such coverage for COBRA benefits and, except as provided in Section 2(d), Executive shall be exclusively responsible to pay the full costs of the premiums and administrative charges required by COBRA or Cal-COBRA, as applicable.
(d)    As used in this Agreement: (i) the term “Affiliate” means a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company; (ii) the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a person; and (iii) the term “person” shall be construed broadly and includes, without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.
2.Severance Payment.  Provided that Executive signs this Agreement and does not revoke it, the Company shall pay or provide Executive with the following severance benefits (regardless of whether or when Executive commences employment with a new employer):
(a)    Payment of an aggregate amount equal to $2,400,000, to be paid in twenty-four installments ($100,000 per installment), subject to tax withholding and other authorized deductions.  The first installment shall be paid in March 2019 and an installment shall be paid each month thereafter until fully paid in February 2021; provided, however, that no such payment shall be made until the earlier of (i) the date which is six months after the Separation Date or (ii) the date of Executive’s death.  Any payment that would otherwise be made in the six-month period following the Separation Date that is not so paid because of the six-month delay provided in the preceding sentence shall be paid (without interest) in a single lump sum not later than the fifth day (fifteenth day, in the event of Executive’s death) after the date the first to occur of (i) the date which is six months after the Separation Date or (ii) the date of Executive’s death.
(b)    Executive’s bonus for fiscal year 2019, which shall be paid at the time that annual bonuses are paid to other senior executives of the Company, but in any event within seventy-four (74) days after the conclusion of fiscal year 2019.  The Compensation Committee of the Company’s Board of Directors will determine Executive’s bonus for fiscal year 2019 as though Executive’s employment had not terminated and based on the performance goals established for fiscal year 2019 for such purpose (with no discretion to reduce such bonus below such amount determined based on such performance goals), and the resulting amount will be subject to tax withholding and other authorized deductions.
(c)    The Company’s obligation to reimburse Executive for premiums incurred to obtain life insurance of up to Ten Thousand Dollars ($10,000) a year pursuant to Section 7(e) of the Employment Agreement shall continue for coverage through the scheduled expiration in December 2020 (assuming a December 2019 one-year renewal) or, if earlier until Executive’s death or should Executive lose or terminate such coverage, of the two life insurance policies currently maintained on Executive’s life.  Should Executive elect in December 2020 to extend such coverage for an additional year, the Company shall reimburse Executive for up to $904 toward the premiums incurred for such extension.
(d)    The Company shall pay or reimburse Executive for Executive’s premiums charged to continue medical coverage pursuant to COBRA, at the same or reasonably equivalent medical coverage for Executive (and, if applicable, Executive’s eligible dependents) as in effect immediately prior to the Separation Date, to the extent that Executive elects such continued coverage; provided, however, that the Company’s obligation to make any payment or reimbursement pursuant to this Section 2(d) shall 

commence with continuation coverage for March 2019 and shall cease with continuation coverage for February 2021 (or, if earlier, shall cease upon the first to occur of Executive’s death, the date on which Executive becomes eligible for coverage under the health plan of a future employer, or when the Company is no longer obligated to provide COBRA coverage).  The Company’s obligations pursuant to this Section 2(d) are subject to compliance with all applicable law, and subject to the Company’s payment or reimbursement obligation pursuant to this Section 2(d) not resulting in unintended tax consequences or penalties for the Company, any applicable Company benefit plan, or the participants in any such benefit plan.
3.Equity Awards.  
(a)    Prior to the Effective Date, the Company granted Executive the following equity awards that remain outstanding (in whole or part) as of the Effective Date: (i) a stock option grant in connection with entering into the Employment Agreement that initially covered 600,000 shares of Company common stock (the “Stock Option”); (ii) a stock unit award in connection with entering into the Employment Agreement that initially covered 250,000 shares of Company common stock (the “Initial RSU Award”); (iii) stock unit awards with one-year performance measures in April 2016, April 2017, and June 2018 that initially covered 49,047 shares of Company common stock, 125,449 shares of Company common stock, and 64,132 shares of Company common stock, respectively (the “FY17 RSU Award,” “FY18 RSU Award,” and “FY19 RSU Award,” respectively); (iv) stock unit awards with three-year TSR-based performance measures in April 2016, April 2017, and June 2018 that initially covered a target of 59,209 shares of Company common stock, 131,775 shares of Company common stock, and 69,034 shares of Company common stock, respectively (the “FY17 TSR Award,” “FY18 TSR Award,” and “FY19 TSR Award,” respectively); and (v) stock unit awards with three-year Company financial-based performance measures in April 2016, April 2017, and June 2018 that initially covered a target of 54,495 shares of Company common stock, 89,606 shares of Company common stock, and 45,809 shares of Company common stock, respectively (the “FY17 LTI Award,” “FY18 LTI Award,” and “FY19 LTI Award,” respectively).
(b)    In accordance with the terms of the applicable award agreement, and if Executive signs this Agreement and does not revoke it, the Stock Option will vest as of the Separation Date as to an additional 86,301 shares of Company common stock subject to the Option (such that the Stock Option will have vested, after giving effect to such acceleration, as to a total of 536,301 shares of Company common stock subject to the Stock Option).  Any portion of the Stock Option not vested on the Separation Date, after giving effect to the accelerated vesting on the Separation Date as provided above, will terminate on the Separation Date and Executive will have no further right with respect thereto or in respect thereof.  The portion of the Stock Option that is outstanding and vested on the Separation Date will remain exercisable for sixty (60) days following the Separation Date, and, to the extent not exercised in that sixty (60) day period of time, will terminate on the last day of the sixty (60) day period and Executive will have no further right with respect thereto or in respect thereof.  The Stock Option otherwise continues to be subject to the terms and conditions of the applicable Nonqualified Stock Option Agreement dated July 7, 2015.
(c)    In accordance with the terms of the applicable award agreement and provided that Executive signs this Agreement and does not revoke it, the units that remain unvested subject to each of the Initial RSU Award, the FY18 RSU Award, and the FY19 RSU Award on the Separation Date will vest and be paid in accordance with the Restricted Stock Unit Agreement dated July 7, 2017, the Restricted Stock Unit Agreement dated April 28, 2017, or the Restricted Stock Unit Agreement dated June 25, 2018, as applicable.  The final scheduled vesting installment of the FY17 RSU Award will vest in accordance with its terms prior to the Separation Date and will be paid in accordance with the applicable Restricted Stock Unit Agreement dated April 29, 2016.

(d)    In accordance with the terms of the applicable Performance Share Award Agreement (TSR) dated April 29, 2016, April 28, 2017, or June 25, 2018, Performance Share Award Agreement (Revenue/OI) dated April 29, 2016, Performance Share Award Agreement (Revenue (Excluding Americas Retail)/Earnings from Operations) dated April 28, 2017, or Performance Share Award Agreement (Revenue (Excluding Americas Retail)/Earnings from Operations) dated June 25, 2018, as the case may be, and provided that Executive signs this Agreement and does not revoke it, a pro-rata portion (determined in accordance with the applicable award agreement based on the portion of the applicable performance period that occurred prior to the Separation Date, which pro-rata portion shall be 100% as to the three-year performance period ending with fiscal year 2019 applicable to the awards granted in fiscal year 2017) of each of the FY17 TSR Award, the FY18 TSR Award the FY19 TSR Award, the FY17 LTI Award, the FY18 LTI Award, and the FY19 LTI Award, will be eligible to vest and be paid following the end of the applicable performance period based on the extent (if any) to which the applicable performance conditions are satisfied.  Any portion of any such award that does not so vest will terminate as of the end of the applicable performance period and Executive will have no further right with respect thereto or in respect thereof.  The terms and conditions of the applicable award agreement referenced above in this Section 3(d) continue to apply as to each such award.
4.Release of Claims.  Executive, on his own behalf and on behalf of his descendants, dependents, heirs, executors, administrators, assigns and successors, and each of them, hereby fully and forever releases the Company, its divisions, subsidiaries, parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors, officers, stockholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and collectively, “Releasees”), from, and agrees not to sue concerning, or in any manner institute, prosecute or pursue, or cause to be instituted, prosecuted, or pursued, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any acts or omissions that have occurred up until and including the date and time that Executive signs the Agreement (collectively, “Claims”), including, without limitation, (a) any and all Claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship; (b) any and all Claims for violation of any federal, state, municipal, or other applicable jurisdiction (whether in or outside of the United States) law, constitution, regulation, ordinance or common law, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Employee Retirement Income Security Act of 1974; the federal Family Medical Leave Act; the California Business and Professions Code; the California Family Rights Act; the California Fair Employment and Housing Act; and the California Labor Code; and all amendments to each such law; (c) any and all Claims for any wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied (including but not limited to Claims arising out of the Offer Letter); breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; personal injury; invasion of privacy; false imprisonment; and conversion; (d) any and all Claims for wages, benefits, severance, vacation, bonuses, commissions, equity, expense reimbursements, or other compensation or benefits; and (e) any and all Claims for attorneys' fees, costs and/or penalties; provided, however, that the foregoing release does not apply to any obligation of the Company to Executive pursuant to any of the following: (1) this Agreement; (2) any right to indemnification that Executive may have pursuant to the Company’s bylaws, its corporate charter (or any corresponding provision of any subsidiary or affiliate of the Company), or applicable law; (3) with respect to any rights that Executive may have to insurance coverage under any Company (or subsidiary or affiliate) directors 

and officers liability insurance policy; and (4) any rights to continued medical and dental coverage that Executive may have under COBRA.  In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law.
Executive understands that nothing in this Agreement limits his ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”).  Executive further understands that this Agreement does not limit his ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  However, by signing this Agreement Executive waives his right to recover individual relief based on any released claims asserted in such a charge or complaint with the exception that this Agreement does not limit Executive’s right to receive an award for information provided to any Government Agencies authorized to provide monetary or other awards to eligible individuals who come forward with information that leads to an agency enforcement action.  Notwithstanding anything to the contrary herein, consistent with the federal Defend Trade Secrets Act of 2016 (“DTSA”), nothing in this Agreement or the Confidentiality Agreement is intended to limit Executive’s right (a) to disclose the Company’s trade secrets in a confidential manner either to a federal, state or local government official or to an attorney where such disclosure is solely for the purpose of reporting or investigating a suspected violation of law, or (b) to disclose the Company’s trade secrets in an anti-retaliation lawsuit or other legal proceeding, so long as that disclosure or filing is made under seal and Executive does not otherwise disclose such trade secrets, except pursuant to court order.
5.Waiver of Unknown Claims.  This Agreement is intended to be effective as a general release of and bar to each and every Claim hereinabove specified.  Accordingly, Executive hereby expressly waives any rights and benefits conferred by Section 1542 of the California Civil Code and any similar provision of any other applicable state law as to the Claims.  Section 1542 of the California Civil Code provides:  

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
Executive acknowledges that he may later discover claims, demands, causes of action or facts in addition to or different from those which Executive now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms.  Nevertheless, Executive hereby waives, as to the Claims, any claims, demands, and causes of action that might arise as a result of such different or additional claims, demands, causes of action or facts. 
6.ADEA Waiver.  Executive expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), and that this waiver and release is knowing and voluntary.  Executive and the Company agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Agreement.  Executive further expressly acknowledges and agrees that:

(a)    In return for this Agreement, he will receive consideration beyond that which he was already entitled to receive before executing this Agreement; 
(b)    He is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;
(c)    He was given a copy of this Agreement on the Effective Date, and informed that he had twenty-one (21) days within which to consider this Agreement and that if he wished to execute this Agreement prior to the expiration of such 21-day period he will have done so voluntarily and with full knowledge that he is waiving his right to have twenty-one (21) days to consider this Agreement; and that such twenty-one (21) day period to consider this Agreement would not and will not be re-started or extended based on any changes, whether material or immaterial, that are or were made to this Agreement in such twenty-one (21) day period after he received it; 
(d)    He was informed that he had seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null and void if Executive elects revocation during that time.  Any revocation must be in writing and must be received by the Company during the seven-day revocation period.  In the event that Executive exercises this revocation right, neither the Company nor Executive will have any obligation under this Agreement.  Any notice of revocation should be sent by Executive in writing to the Company (attention General Counsel), 1444 South Alameda Street, Los Angeles, California 90021, and with a copy (which shall not constitute notice) to Jeffrey W. Walbridge, Esq., O’Melveny & Myers LLP, 610 Newport Center Drive, Suite 1700, Newport Beach, CA 92660, so that each is received within the seven-day period following execution of this Agreement by Executive.
(e)    Nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law.
7.No Transferred Claims, Pending Claims or Future Lawsuits.  Executive warrants and represents that he has not heretofore assigned or transferred to any person not a party to this Agreement any released matter or any part or portion thereof.  Executive warrants and represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the Releasees.  Executive also warrants and represents that he does not presently intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the Releasees.  Executive also promises to opt out of any class or representative action and to take such other steps as Executive has the power to take to disassociate himself from any class or representative action seeking relief against the Company and/or any other Releasee regarding any of the matters released in this Agreement.

8.Confidentiality Agreement; Cooperation.  Executive shall, and Executive hereby acknowledges that he will, comply with his continuing obligations under the terms of the Confidentiality Agreement.  Executive agrees to reasonably cooperate with the Company and its Affiliates regarding the orderly transition of his former duties and responsibilities and to reflect his separation from his prior positions with the Company and its Affiliates (including, without limitation, to remove Executive from bank accounts of and as having signing authority for the Company or any of its Affiliates), and further agrees that he will comply with his continuing cooperation obligations pursuant to Section 13 of the Employment Agreement and, for the avoidance of doubt, in return, the Company agrees to comply with its payment obligations pursuant to Section 13 of the Employment Agreement. 

9.Non-Disparagement.  Executive shall not, at any time, publish or communicate disparaging or derogatory statements or opinions about the Company or any of its Affiliates, including but not limited to, disparaging or derogatory statements or opinions about its or their management, directors, officers, employees, agents, stockholders, research, products or services, to any third party.  Furthermore, the Company shall instruct the officers and directors of the Company to not, at any time, publish or communicate disparaging or derogatory statements or opinions about Executive to any third party.  The restrictions of this Section 9 shall not apply to truthful statements made in court, arbitration proceedings or mediation proceedings or in documents produced or testimony given in connection with legal process that are based on the reasonable belief of the person making the statement and are not made in bad faith.

10.Return of Property.  Executive agrees to commit no act or omission that harms, impairs or in any way damages the Company’s (or any of its Affiliate’s) computer systems and resources, including but not limited to, data, servers, storage, personal computers, mobile devices, security systems, network systems, and Company software.  Executive represents and covenants that he has returned to the to the Company (a) all physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized electronic information, that refer, relate or otherwise pertain to the Company or any of its Affiliates that were in Executive’s possession, subject to Executive’s control or held by Executive for others; and (b) all property or equipment that Executive has been issued by the Company or any of its Affiliates during the course of his employment or property or equipment that Executive otherwise possessed, including any keys, credit cards, office or telephone equipment, computers, tablets, cell phones/smartphones, other devices, and automobile.  Executive acknowledges that he is not authorized to retain any physical, computerized, electronic or other types of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials, and is not authorized to retain any property or equipment of the Company or any of its Affiliates.  Executive further agrees that Executive will immediately forward to the Company (and thereafter destroy any electronic copies thereof) any business information relating to the Company or any of its Affiliates that has been or is inadvertently directed to Executive following the date of the termination of Executive’s employment.  The Company will reasonably cooperate with Executive, if requested, to transfer to Executive the phone numbers associated with Executive’s Company cell phones/smartphones.

11.Non-Solicitation.  Executive agrees that he will not, at any time in the period of twenty four (24) months after the Separation Date, directly or indirectly through any other person solicit, induce or encourage, or attempt to solicit, induce or encourage, any employee or independent contractor of the Company or any Affiliate of the Company to leave the employ or service, as applicable, of the Company or such Affiliate, or become employed or engaged by any third party, or in any way interfere with the relationship between the Company or any such Affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand.  

12.Miscellaneous.
13.1    Governing Law.  This Agreement shall be deemed to have been executed and delivered within the State of California, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of California without regard to principles of conflict of laws.

13.2    Amendments.  This Agreement may not be modified or amended, in whole or in part, except in a formal, definitive written agreement expressly referring to this Agreement, which agreement is signed by an authorized officer of the Company and by Executive.
13.3    No Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be binding unless in writing and signed by the party asserted to have granted such waiver.
13.4    Severability.  It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction or an arbitrator, as the case may be, to be invalid, prohibited or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.  Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
13.5.    Assignment and Successors.  
(a)    This Agreement is personal to Executive and shall not be assignable by Executive.  This Agreement shall be binding upon Executive’s heirs, executors, administrators and other legal representatives.  In the event Executive dies prior to receiving the full amount of the payments due to Executive pursuant to this Agreement, any remaining payments due to Executive shall be paid to Executive’s estate.
(b)    The Company may assign its rights and obligations under this Agreement, and this Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns.  As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires ownership of the Company or to which the Company assigns this Agreement by operation of law or otherwise.
13.6.    Tax Matters.  The Company and Executive intend that all payments made and benefits provided under this Agreement are either exempt from or comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt.  The payments and benefits referenced and provided for in this Agreement are subject to all applicable withholding requirements, as such withholding is determined by the Company in good faith.  Except for the Company’s withholding right, Executive will be solely 

responsible for any and all taxes that may be due with respect to the payments and benefits referenced and provided for in this Agreement.
13.7.    Entire Agreement.  This Agreement, together with the Confidentiality Agreement, embodies the entire agreement of the parties hereto respecting the matters within its and their scope and is an integrated agreement.  This Agreement, together with the Confidentiality Agreement, supersedes all prior or contemporaneous agreements of the parties hereto and that directly or indirectly bear upon the subject matter hereof or thereof (including, without limitation, the Employment Agreement).  Any prior negotiations, correspondence, agreements, proposals or understandings relating to the subject matter hereof, or of the Confidentiality Agreement, or of any portion of this Agreement or the Confidentiality Agreement, shall be deemed to have been merged into this Agreement and the Confidentiality Agreement, and to the extent inconsistent with this Agreement and the Confidentiality Agreement, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect.  This Agreement, together with the Confidentiality Agreement, is a fully integrated agreement.  There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter of this Agreement or the Confidentiality Agreement, except as expressly set forth in this Agreement and the Confidentiality Agreement.  Executive has no further rights, and the Company and its Affiliates have no further obligation, under or with respect to the Employment Agreement, except as to Sections 13 and 19 thereof as expressly referenced in this Agreement.  The award agreements referenced in Section 3 (and the plans and policies referenced in such award agreements), to the extent not inconsistent with Section 3, are outside of the scope of the preceding integration provisions of this Section 13.7 as to the applicable awards covered thereby.
13.8.    Interpretation.  Each party has cooperated in the drafting, negotiation and preparation of this Agreement.  Hence, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter.
13.9.    Review of Agreement.  Each party recognizes that this is a legally binding contract and acknowledges and agrees that it or he, as the case may be, has had the opportunity to consult with legal counsel of its or his own choice.  Executive specifically agrees and acknowledges that he has read and understands this Agreement and the releases it contains, is entering into this Agreement freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.
13.10.    Supplementary Documents.  All parties agree to cooperate fully and to execute any and all supplementary documents and to take all additional actions that may be necessary or appropriate to give full force to the basic terms and intent of this Agreement and which are not inconsistent with its terms. 
13.11.    Headings; Construction.  The section and paragraph headings and titles contained in this Agreement are inserted for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement.  Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders and the neutral.  Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.
13.12.    Counterparts.  This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.  Either party may execute this letter agreement by 

signing on the designated signature block below, and by transmitting such signature page via facsimile or e-mail (via PDF format) to the other party.  Any signature made and transmitted by facsimile or e-mail (via PDF format) for the purpose of executing this letter agreement shall be deemed an original signature for purposes of this letter agreement, and shall be binding upon the party transmitting its or his signature by facsimile or e-mail (via PDF format).
13.13.    Arbitration.  The parties acknowledge and agree that any controversy or claim arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or arising out of or relating in any way to Executive’s employment or termination of employment with the Company, including, without limiting the generality of the foregoing, any alleged violation of statute, common law or public policy, shall be submitted to and be subject to final and binding arbitration as provided in Section 19 of the Employment Agreement; provided, however, that either the Company or Executive may seek provisional injunctive relief to ensure that the relief sought in arbitration is not rendered ineffectual by interim harm pending the arbitration.  Notwithstanding the foregoing, either party shall be entitled to injunctive or other equitable relief to prevent a breach of the Confidentiality Agreement, or a breach of Section 8, 9, 10, or 11 of this Agreement.  By executing this agreement, the Company and Executive are waiving their respective rights to a jury trial.
13.14.    No Wrongdoing.  This Agreement constitutes a compromise and settlement of any and all potential disputed claims.  No action taken by either Executive or the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be: (a) an admission of the truth or falsity of any potential claims; or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other or to any third party.
13.15.    No Liens.  Executive represents and warrants that (a) Executive has the capacity to act on his own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement; and (b) there are no liens or claims of any lien or assignment in law or equity or otherwise of or against any of the claims released in this Agreement.
[The remainder of this page has intentionally been left blank. Signatures on the next page.]

The undersigned have read the foregoing Separation and Release Agreement and each accept and agree to the provisions it contains and hereby execute it, effective as of the Effective Date, voluntarily with full understanding of its consequences.
EXECUTED this 25th day of January 2019, at Los Angeles County, California.
“Executive”
/s/ Victor Herrero Amigo                     
Victor Herrero Amigo

EXECUTED this 25th day of January 2019, at Los Angeles County, California.
 “Company”
GUESS?, INC.

/s/ Jason Miller                                     
By: Jason Miller
Its: General Counsel and SecretaryAT
THE MARKET OFFERING AGREEMENT

 

January
28, 2019

 

Advisory
Group Equity Services, Ltd.

d/b/a
RHK Capital

444
Washington Street, Suite 407

Woburn,
Massachusetts 01801

 

Ladies
and Gentlemen:

 

Cemtrex,
Inc., a corporation organized under the laws of Delaware (the “Company”), confirms its agreement (this “Agreement”)
with Advisory Group Equity Services, Ltd. d/b/a RHK Capital (the “Manager”) as follows:

 

1.
Definitions. The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated.

 

“Accountants”
shall have the meaning ascribed to such term in Section 4(m).

 

“Action”
shall have the meaning ascribed to such term in Section 3(s).

 

“Affiliate”
shall have the meaning ascribed to such term in Section 3(r).

 

“Applicable
Time” shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or any relevant
Terms Agreement.

 

“Board”
shall have the meaning ascribed to such term in Section 2(b)(iii).

 

“Base
Prospectus” shall have the meaning ascribed to such term in Section 2.

 

“Broker
Fee” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Business
Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in New York City.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

    	 	1	 

     

    

 

“Common
Stock” shall have the meaning ascribed to such term in Section 2.

 

“Common
Stock Equivalents” shall have the meaning ascribed to such term in Section 3(h).

 

“Company
Counsel” shall have the meaning ascribed to such term in Section 4(l).

 

“Code”
shall have the meaning ascribed to such term in Section 3(u).

 

“DTC”
shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“EDGAR”
shall have the meaning ascribed to such term in Section 2.

 

“Effective
Date” shall mean each date and time that the Registration Statement and any post-effective amendment or amendments thereto
became or becomes effective.

 

“Electronic
Notice” shall have the meaning ascribed to such term in Section 10.

 

“ERISA”
shall have the meaning ascribed to such term in Section 3(u).

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3(dd).

 

“Exchange
Act” shall have the meaning ascribed to such term in Section 2.

 

“Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 

“Filing
Date” shall have the meaning ascribed to such term in Section 4(x).

 

“FINRA”
shall have the meaning ascribed to such term in Section 3(f).

 

“Forward
Looking Statements” shall have the meaning ascribed to such term in Section 3(rr).

 

“Free
Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405.

 

    	 	2	 

     

    

 

“GAAP”
shall have the meaning ascribed to such term in Section 3(p).

 

“Incorporated
Documents” shall mean the documents or portions thereof filed with the Commission on or before the Effective Date that
are incorporated by reference in the Registration Statement or the Prospectus and any documents or portions thereof filed with
the Commission after the Effective Date that are deemed to be incorporated by reference in the Registration Statement or the Prospectus.

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3(kk).

 

“Intellectual
Property” shall have the meaning ascribed to such term in Section 3(z).

 

“Issuer
Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.

 

“Liens”
shall have the meaning ascribed to such term in Section 3(a).

 

“Losses”
shall have the meaning ascribed to such term in Section 7(d).

 

“Lock-Up
Period” shall have the meaning ascribed to such term in Section 4(h)(i).

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3(w).

 

“Maximum
Amount” shall have the meaning ascribed to such term in Section 2.

 

“Money
Laundering Laws” shall have the meaning ascribed to such term in Section 3(oo).

 

“Net
Proceeds” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Nonelection
Notice” shall have the meaning ascribed to such term in Section 10.

 

    	 	3	 

     

    

 

“Off-Balance
Sheet Transaction” shall have the meaning ascribed to such term in Section 3(qq).

 

“Permitted
Free Writing Prospectus” shall have the meaning ascribed to such term in Section 4(g).

 

“Person”
shall have the meaning ascribed to such term in Section 3(f).

 

“Placement”
shall have the meaning ascribed to such term in Section 2(c).

 

“Proceeding”
shall have the meaning ascribed to such term in Section 3(b).

 

“Prospectus”
shall mean the Base Prospectus, as supplemented by the most recently filed Prospectus Supplement, if any.

 

“Prospectus
Supplement” shall have the meaning ascribed to such term in Section 2.

 

“Registration
Statement” shall have the meaning ascribed to such term in Section 2.

 

“Representation
Date” shall have the meaning ascribed to such term in Section 4(k).

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3(f).

 

“Rule
158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 173”,
“Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and
“Rule 433” refer to such rules under the Securities Act.

 

“Sales
Notice” shall have the meaning ascribed to such term in Section 2(b)(i).

 

“Sanctions”
shall have the meaning ascribed to such term in Section 3(pp).

 

“Sanction
Countries” shall have the meaning ascribed to such term in Section 3(pp).

 

“Sanction
Persons” shall have the meaning ascribed to such term in Section 3(pp).

 

    	 	4	 

     

    

 

“Sarbanes
Oxley Act” shall have the meaning ascribed to such term in Section 3(q).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3(o).

 

“Securities
Act” shall have the meaning ascribed to such term in Section 2.

 

“Securities
Act Regulations” shall have the meaning ascribed to such term in Section 2.

 

“Settlement
Date” shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“Subsidiary”
shall have the meaning ascribed to such term in Section 3(a).

 

“Terms
Agreement” shall have the meaning ascribed to such term in Section 2(a).

 

“Time
of Delivery” shall have the meaning ascribed to such term in Section 2(c).

 

“Trading
Market” means any of the following exchanges or markets on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTC Bulletin Board or the OTCQX or OTCQB marketplaces operated by the OTC Markets Group, Inc.
(or any successors to any of the foregoing).

 

2.
Sale and Delivery of Shares. The Company proposes to issue and sell through or to the Manager, as sales agent and/or principal,
up to $2,000,000 of shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (“Common
Stock”), from time to time during the term of this Agreement and on the terms set forth herein; provided, however,
that in no event shall the Company issue or sell through the Manager such number of Shares that (a) exceeds the number or dollar
amount of Common Stock registered on the Registration Statement, (b) exceeds the number of authorized but unissued shares of Common
Stock or (c) would cause the Company or the offering of the Shares to not satisfy the eligibility and transaction requirements
for use of Form S-3 (including, if applicable, General Instruction I.B.6 of Registration Statement on Form S-3) (the lesser of
(a), (b) or (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the parties
hereto agree that compliance with the limitations set forth in this Section 2 on the number and aggregate sales price of Shares
issued and sold under this Agreement shall be the sole responsibility of the Company and that Manager shall have no obligation
in connection with such compliance.

 

    	 	5	 

     

    

 

The
Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”)
and the rules and regulations thereunder (the “Securities Act Regulations”), with the Commission a registration
statement on Form S-3 (File No. 333-218501), including a base prospectus (the “Base Prospectus”) relating to certain
securities, including the Shares to be issued from time to time by the Company, and which incorporates by reference documents
that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations thereunder. The Company has prepared a prospectus supplement
specifically relating to the Shares (the “Prospectus Supplement”) to the Base Prospectus included as part of
such registration statement. The Company will furnish to the Manager, for use by the Manager, copies of the Prospectus included
as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the
context otherwise requires, such registration statement, including all documents filed as part thereof or incorporated by reference
therein, and including any information contained in a Prospectus subsequently filed with the Commission pursuant to Rule 424(b)
under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities
Act Regulations, is herein called the “Registration Statement.” Any reference herein to the Registration Statement,
any Prospectus Supplement, Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the Incorporated
Documents, including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated
Documents. Any reference herein to the terms “amend,” “amendment” or “supplement” with respect
to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed
to refer to and include the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration
Statement, or the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and
incorporated therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus
or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to
its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system
when used by the Commission (collectively, “EDGAR”).

 

(a)
Appointment of Manager as Selling Agent; Terms Agreement. For purposes of selling the Shares through the Manager, the Company
hereby appoints the Manager, for the sixty (60) day period commencing as of the Execution Date, to act as the exclusive agent
of the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement, and the Manager
agrees during such period to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the
terms and subject to the conditions stated herein. The Company agrees that, whenever it determines to sell the Shares directly
to the Manager as principal, it will enter into a separate agreement (each, a “Terms Agreement”) in substantially
the form of Annex I hereto, relating to such sale in accordance with Section 2 of this Agreement.

 

    	 	6	 

     

    

 

(b)
Agent Sales. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth,
the Company will issue and agrees to sell Shares from time to time through the Manager, acting as sales agent, and the Manager
agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms:

 

(i)
The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Manager on any day that (A)
is a trading day for the Trading Market, (B) the Company has instructed the Manager by telephone (confirmed promptly by electronic
mail) to make such sales (“Sales Notice”) and (C) the Company has satisfied its obligations under Section 6
of this Agreement, provided that the deliveries required under Section 6 shall only be required to be made on the Execution Time
and on a Representation Date on which a material amendment to the Registration Statement or Prospectus is made or the Company
files its Annual Report on Form 10-K or a material amendment thereto under the Exchange Act. The Company will designate the maximum
amount of the Shares to be sold by the Manager daily (subject to the limitations set forth in Section 2(d)) and the minimum price
per Share at which such Shares may be sold, provided that the Sales Notice may specify an amount of Shares to be sold on each
of several successive days. Subject to the terms and conditions hereof, the Manager shall use its commercially reasonable efforts
to sell on a particular day all of the Shares designated for the sale by the Company on such day. The gross sales price of the
Shares sold under this Section 2(b) shall be the market price for shares of the Common Stock sold by the Manager under this Section
2(b) on the Trading Market at the time of sale of such Shares. Notwithstanding the foregoing, if the current Trading Market is
not a national securities exchange, the Company shall not deliver a Sales Notice hereunder, except for a sale of Shares in a privately
negotiated transaction that is eligible for an exemption from registration under the applicable state securities laws.

 

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

 

    	 	7	 

     

    

 

(iii)
The Company shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially reasonable
efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company’s
Board of Directors (the “Board”), or a duly authorized committee thereof, or such duly authorized officers
of the Company, and notified to the Manager in writing. The Company or the Manager may, upon notice to the other party hereto
by telephone (confirmed promptly by electronic mail), suspend the offering of the Shares for any reason and at any time; provided,
however, that such suspension or termination shall not affect or impair the parties’ respective obligations with
respect to the Shares sold hereunder prior to the giving of such notice.

 

(iv)
The Manager may sell Shares by any method permitted by law deemed to be an “at the market offering” as defined in
Rule 415 under the Securities Act, including without limitation sales made directly on the Trading Market, on any other existing
trading market for the Common Stock or to or through a market maker. The Manager may also sell Shares in privately negotiated
transactions, provided that, if required by the Trading Market, the Manager receives the Company’s prior written approval
for any sales in privately negotiated transactions and if so, as provided in the “Plan of Distribution” section
of the Prospectus Supplement.

 

(v)
The compensation to the Manager for sales of the Shares under this Section 2(b) shall be a placement fee of 3% of the gross sales
price of the Shares sold pursuant to this Section 2(b) (“Broker Fee”). The foregoing rate of compensation shall
not apply when the Manager act as principal, in which case the Company may sell Shares to the Manager as principal at a price
agreed upon at the relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after deduction of the Broker
Fee and deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales,
shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”).

 

(vi)
The Manager shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the close
of trading on the Trading Market each day in which the Shares are sold under this Section 2(b) setting forth the number of the
Shares sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the compensation payable
by the Company to the Manager with respect to such sales.

 

    	 	8	 

     

    

 

(vii)
Upon delivery of a Sales Notice, the Company shall issue and deliver the maximum number of Shares to be sold pursuant to the Sales
Notice to the applicable Manager’s account at The Depository Trust Company (“DTC”) via the DWAC system,
which Shares shall be deposited by the Manager in the Company’s account with such Manager. The Manager shall have no obligation
to attempt to sell the Shares until the Company has delivered the Shares to the Manager. Settlement for sales of the Shares pursuant
to this Section 2(b) will occur at 10:00 a.m. (New York City time), or at such time as the Company and the Manager may mutually
agree, on the second Business Day following delivery of the Shares issued pursuant to the Sale Notice (each such day, a “Settlement
Date”). On each Settlement Date, the Manager shall deliver the Net Proceeds from the sale of the Shares to the Company.
If, on any Settlement Date, not all Shares were sold as issued pursuant to the Sales Notice, then, at the election of and upon
notice from the Company, the Shares shall be applied to a future Settlement Date or returned to the Company.

 

(viii)
At each Applicable Time, Settlement Date, Representation Date and Filing Date, the Company shall be deemed to have affirmed each
representation and warranty contained in this Agreement as if such representation and warranty were made as of such date, modified
as necessary to relate to the Registration Statement and the Prospectus as amended as of such date. Any obligation of the Manager
to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing accuracy
of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and
to the continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.

 

(c)
Term Sales. If the Company wishes to sell the Shares pursuant to this Agreement but other than as set forth in Section
2(b) of this Agreement (each, a “Placement”), the Company will notify the Manager of the proposed terms of
such Placement. If the Manager, acting as principal, wish to accept such proposed terms (which it may decline to do for any reason
in its sole discretion) or, following discussions with the Company, the Manager wishes to accept amended terms, the Manager and
the Company will enter into a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement
will not be binding on the Company or the Manager unless and until the Company and the Manager have each executed such Terms Agreement
accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms
of a Terms Agreement, the terms of such Terms Agreement will control. A Terms Agreement may also specify certain provisions relating
to the reoffering of such Shares by the Manager. The commitment of the Manager to purchase the Shares pursuant to any Terms Agreement
shall be deemed to have been made on the basis of the representations and warranties of the Company herein contained and shall
be subject to the terms and conditions herein set forth. Each Terms Agreement shall specify the number of Shares to be purchased
by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights of, and
default by, underwriters acting together with the Manager in the reoffering of the Shares, and the time and date (each such time
and date being referred to herein as a “Time of Delivery”) and place of delivery of and payment for such Shares.
Such Terms Agreement shall also specify any requirements for opinions of counsel, accountants’ letters and officers’
certificates pursuant to Section 6 of this Agreement and any other information or documents required by the Manager.

 

    	 	9	 

     

    

 

(d)
Maximum Number of Shares. Under no circumstances shall the Company cause or request the offer or sale of any Shares if,
after giving effect to the sale of such Shares, the aggregate amount of Shares sold pursuant to this Agreement would exceed the
lesser of (A) together with all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and
sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold
under this Agreement by the Board, a duly authorized committee thereof or a duly authorized executive committee, and notified
to the Manager in writing. Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant
to this Agreement at a price lower than the minimum price authorized from time to time by the Board, a duly authorized committee
thereof or a duly authorized executive committee, and notified to the Manager in writing. Further, under no circumstances shall
the Company cause or permit the aggregate offering amount of Shares sold pursuant to this Agreement to exceed the Maximum Amount.

 

(e)
Regulation M Notice. Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act
are satisfied with respect to the Shares, the Company shall give the Manager at least one Business Day’s prior notice of
its intent to sell any Shares in order to allow the Manager time to comply with Regulation M.

 

3.
Representations and Warranties. The Company represents and warrants to, and agrees with, the Manager at the Execution Time
and on each such time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement,
as set forth below or in the Registration Statement, the Prospectus or the Incorporated Documents.

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries (individually, a “Subsidiary”) of the Company
are set forth on Exhibit 21 to the Company’s most recent Annual Report on Form 10-K filed with the Commission. The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any “Liens”
(which for purposes of this Agreement shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive
right or other restriction), and all 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.

 

    	 	10	 

     

    

 

(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 (as applicable),
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 or 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 reasonably be expected to result in (i) a material adverse effect on the legality,
validity or enforceability of this Agreement, (ii) a material adverse change in the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, from that set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement, the Prospectus or the Incorporated Documents, or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no “Proceeding” (which for
purposes of this Agreement shall mean any action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), has been instituted or, to the knowledge of the Company, threatened
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)
Authorization and Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby 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 or its stockholders
in connection herewith other than in connection with the Required Approvals. This Agreement has been duly executed and delivered
by the Company and constitutes 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.

 

    	 	11	 

     

    

 

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

 

(e)
No Violation or Default under Incorporated Documents. All Incorporated Documents between the Company and third parties
expressly referenced in the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with
their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification
provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect
thereof. Neither the Company nor any of its Subsidiaries is in default (or with the giving of notice or lapse of time would be
in default) under any Incorporated Document to which any of them is a party or by which any of them is bound or to which any of
the properties of any of them is subject, except such defaults that would not, individually or in the aggregate, have a Material
Adverse Effect.

 

    	 	12	 

     

    

 

(f)
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” (defined as 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, including the Trading Market) in connection with the execution, delivery and performance by the Company of this Agreement,
other than (i) the filings required by this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii)
the filing of application(s) to and approval by the Trading Market for the listing of the Shares for trading thereon in the time
and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws and the rules
and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”) (collectively, the “Required
Approvals”).

 

(g)
Issuance of Shares. The Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has
reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.
The issuance by the Company of the Shares has been registered under the Securities Act and all of the Shares are freely transferable
and tradable by the purchasers thereof without restriction (other than any restrictions arising solely from an act or omission
of such a purchaser). The Shares are being issued pursuant to the Registration Statement and the issuance of the Shares has been
registered by the Company under the Securities Act. The Shares, when issued, will conform in all material respects to the description
thereof set forth in or incorporated into the Prospectus. The “Plan of Distribution” section within the Registration
Statement permits the issuance and sale of the Shares as contemplated by this Agreement. Upon receipt of the Shares, the purchasers
of such Shares will have good and marketable title to such Shares and the Shares will be freely tradable on the Trading Market.

 

(h)
Capitalization. The capitalization of the Company is as set forth in the Registration Statement, the Prospectus Supplement
and the Prospectus as of the dates reflected therein. Except as set forth in the SEC Reports, the Company has not issued any capital
stock since its most recently filed periodic report under the Exchange Act, other than pursuant to (x) the exercise of employee
stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees or directors pursuant
to the Company’s employee stock purchase plan and pursuant to the conversion or exercise of securities exercisable, exchangeable
or convertible into Common Stock (“Common Stock Equivalents”) or (y) Section 2 of this Agreement. No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by this Agreement. Except (i) pursuant to the Company’s stock option plans and (ii) pursuant to agreements
or instruments filed as exhibits to Incorporated Documents, there are no outstanding options, warrants, script 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 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. The issuance and sale of the Shares will not obligate the Company to issue shares of Common
Stock or other securities to any Person and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under such securities. All of the outstanding shares of capital stock of the Company are 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.
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.

 

    	 	13	 

     

    

 

(i)
Registration Statement. The Company meets the requirements for use of Form S-3 under the Securities Act and has prepared
and filed with the Commission the Registration Statement, including a related Base Prospectus, for registration under the Securities
Act of the offering and sale of the Shares. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or
any amendment or supplement thereto, and the documents incorporated by reference in the Registration Statement, the Prospectus
or any amendment or supplement thereto, when such documents were or are filed with the Commission under the Securities Act or
the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in all
material respects with the requirements of the Securities Act, the Exchange Act and the securities Act Regulations, as applicable.
Such Registration Statement is effective and available for the offer and sale of the Shares as of the date hereof. As filed, the
Prospectus contains all information required by the Securities Act and the rules thereunder, and, except to the extent the Manager
shall agree in writing to a modification, shall be in all substantive respects in the form furnished to the Manager prior to the
Execution Time or prior to any such time this representation is repeated or deemed to be made. The Registration Statement, at
the Execution Time, each such time this representation is repeated or deemed to be made, and at all times during which a prospectus
is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172, 173 or any similar
rule) in connection with any offer or sale of the Shares, meets the requirements set forth in Rule 415(a)(1)(x). The initial Effective
Date of the Registration Statement was not earlier than the date three years before the Execution Time. The Company has not distributed
and, prior to the later to occur of each Settlement Date and completion of the distribution of the Shares, will not distribute
any offering material in connection with the offering or sale of the Shares other than the Registration Statement and the Prospectus
and any Issuer Free Writing Prospectus (as defined below) to which Manager has consented.

 

    	 	14	 

     

    

 

(j)
No Misstatement or Omission. The Registration Statement, when it became or becomes effective, and the Prospectus, and any
amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all
material respects with the requirements of the Securities Act. At each Settlement Date, the Registration Statement and the Prospectus,
as of such date, will conform in all material respects with the requirements of the Securities Act. The Registration Statement,
when it became or becomes effective, did not, and 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 not misleading. The Prospectus and any
amendment and supplement thereto, on the date thereof and at each Applicable Time, did not or will not include an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. None of the Incorporated Documents, when they were filed with the Commission, contained
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in light
of the circumstances under which they were made not misleading; and any further documents so filed and incorporated by reference
in the Registration Statement, the Base Prospectus, the Prospectus Supplement or the Prospectus, when such documents are filed
with the Commission, will conform in all material respects to the requirements of the Exchange Act and the rules thereunder, as
applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to
statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the
Company by the Manager specifically for use in the preparation thereof.

 

(k)
Market Capitalization. At the time the Registration Statement was originally declared effective, and at the time the Company’s
most recent Annual Report on Form 10-K was filed with the Commission, the Company met the then applicable requirements for the
use of Form S-3 under the Securities Act, including, but not limited to, Instruction I.B.1 of Form S-3. The Company is not a shell
company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously
and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6
of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell
company.

 

(l)
Ineligible Issuer. (i) At the earliest time after the filing of the Registration Statement that the Company or another
offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Execution
Time and on each such time this representation is repeated or deemed to be made (with such date being used as the determination
date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405), without
taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered
an Ineligible Issuer.

 

    	 	15	 

     

    

 

(m)
Free Writing Prospectus. The Company is eligible to use Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus
does not include any information the substance of which conflicts with the information contained in the Registration Statement,
including any Incorporated Documents and any prospectus supplement deemed to be a part thereof that has not been superseded or
modified; and each Issuer Free Writing Prospectus does not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based
upon and in conformity with written information furnished to the Company by the Manager specifically for use therein. Any Issuer
Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission
in accordance with the requirements of the Securities Act and the rules thereunder. Each Issuer Free Writing Prospectus that the
Company has filed, or is required to file, pursuant to Rule 433(d) or that was prepared by or behalf of or used by the Company
complies or will comply in all material respects with the requirements of the Securities Act and the rules thereunder. The Company
will not, without the prior consent of the Manager, prepare, use or refer to, any Issuer Free Writing Prospectuses.

 

(n)
Proceedings Related to Registration Statement. The Registration Statement is not the subject of a pending proceeding or
examination under Section 8(d) or 8(e) of the Securities Act, and the Company is not the subject of a pending proceeding under
Section 8A of the Securities Act in connection with the offering of the Shares. The Company has not received any notice that the
Commission has issued or intends to issue a stop-order with respect to the Registration Statement or that the Commission otherwise
has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has
threatened in writing to do so.

 

(o)
SEC Reports. The Company has complied in all material respects with requirements to file all reports, schedules, forms,
statements and other documents required to be filed by it 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 to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, 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 Exchange Act and the rules and
regulations of the SEC promulgated thereunder, 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
light of the circumstances under which they were made, not misleading.

 

    	 	16	 

     

    

 

(p)
Financial Statements. The consolidated financial statements incorporated by reference in the Registration Statement, the
Prospectus or the Incorporated Documents and any amendments thereof or supplements thereto 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 or as amended or corrected in a subsequent filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved,
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. All disclosures contained
or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, 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 of Regulation S-K under the Securities Act, to the extent applicable.

 

(q)
Accountants. The Company’s current accountants are Haynie & Company. To the knowledge of the Company, such accountants,
who the Company expects will express their opinion with respect to the financial statements to be included in the Company’s
next Annual Report on Form 10-K, are a registered public accounting firm as required by the Securities Act and is not in violation
of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with
respect to the Company.

 

(r)
Material Adverse Events. Since the date of the latest audited financial statements included within the SEC Reports, except
as specifically disclosed in a subsequent SEC Report or Prospectus Supplement 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 required to be 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”
(defined as any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act), except pursuant
to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment
of information. No event, liability or development has occurred or exists with respect to the Company or its Subsidiaries or their
respective business, properties, operations or financial condition, that would be required to be disclosed by the Company under
applicable securities laws at the time this representation is deemed made that has not been publicly disclosed at least 1 Business
Day prior to the date that this representation is deemed made.

 

    	 	17	 

     

    

 

(s)
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 this Agreement or the Shares or (ii) could, if there were an unfavorable decision, reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any Subsidiary, nor, to the knowledge of the Company, any director or officer thereof,
is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. 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.

 

(t)
Labor Relations. No material 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,
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. No executive officer, to the knowledge of the Company, 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, 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.

 

    	 	18	 

     

    

 

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

 

(v)
No Existing Defaults. 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 order
of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule 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 reasonably be expected to result in a Material Adverse Effect. The Company has not filed a report pursuant to Section
13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed
to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for
borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect

 

    	 	19	 

     

    

 

(w)
Regulatory Permits. Except as disclosed in the Registration Statement and the Prospectus, the Company and its Subsidiaries
have made all filings, applications and submissions required by, possesses and is operating in compliance with, all approvals,
licenses, certificates, certifications, clearances, consents, grants, exemptions, marks, notifications, orders, permits and other
authorizations issued by, the appropriate federal, state or foreign governmental or regulatory authorities necessary for the ownership
or lease of their respective properties or to conduct its businesses as described in the Registration Statement and the Prospectuses
(collectively, “Material Permits”), except for such Material Permits the failure of which to possess, obtain
or make the same would not reasonably be expected to have a Material Adverse Effect; the Company is in compliance with the terms
and conditions of all such Material Permits, except where the failure to be in compliance would not reasonably be expected to
have a Material Adverse Effect; all of the Material Permits are valid and in full force and effect, except where any invalidity,
individually or in the aggregate, would be reasonably expected to have a Material Adverse Effect; and neither the Company nor
any of its Subsidiaries has received any written notice of proceedings relating to the limitation, revocation, cancellation, suspension,
modification or non-renewal of any such Material Permit which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect, and has any reason to believe that any such license, certificate, permit
or authorization will not be renewed in the ordinary course.

 

(x)
Regulatory Filings. Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of
its Subsidiaries has failed to file with the applicable regulatory authorities any required filing, declaration, listing, registration,
report or submission, except for such failures that, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect; except as disclosed in the Registration Statement and the Prospectuses, all such filings, declarations,
listings, registrations, reports or submissions were in compliance with applicable laws when filed and no deficiencies have been
asserted by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports
or submissions, except for any deficiencies that, individually or in the aggregate, would not have a Material Adverse Effect.

 

    	 	20	 

     

    

 

(y)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them that is material to the business of the Company and the Subsidiaries 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 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 Liens for the payment of federal, state or other
taxes, 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 of which the Company and the
Subsidiaries are in compliance, except where such non-compliance would not reasonably be expected to have a Material Adverse Effect.

 

(z)
Intellectual Property. Except as disclosed in the Registration Statement and the Prospectus, the Company and its Subsidiaries
own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks,
trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain
names, know-how and other intellectual property (collectively, the “Intellectual Property”), necessary for
the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or
otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material
Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus (a) there are no rights of third parties
to any such Intellectual Property owned by the Company and its Subsidiaries; (b) to the Company’s knowledge, there is no
infringement by third parties of any such Intellectual Property; (c) there is no pending or, to the Company’s knowledge,
threatened action, suit, proceeding or claim by others challenging the Company’s and its Subsidiaries’ rights in or
to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action,
suit, proceeding or claim; (d) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or
claim by others challenging the validity or scope of any such Intellectual Property; (e) there is no pending or, to the Company’s
knowledge, threatened action, suit, proceeding or claim by others that the Company and its Subsidiaries infringe or otherwise
violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (f) to the Company’s knowledge,
there is no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding
(as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described in the Prospectus as
being owned by or licensed to the Company; and (g) the Company and its Subsidiaries have complied with the terms of each agreement
pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and all such agreements are in full
force and effect, except, in the case of any of clauses (a)-(g) above, for any such infringement by third parties or any such
pending or threatened suit, action, proceeding or claim as would not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect.

 

    	 	21	 

     

    

 

(aa)
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 for companies of similar size as the Company in the businesses
in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage.
To the knowledge of the Company, such insurance contracts and policies are accurate and complete. 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.

 

(bb)
Affiliate Transactions. Except as set forth in the Registration Statement, the Base Prospectus, any Prospectus Supplement
or the Prospectus, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees
of the Company 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, 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 or partner, in each case in excess of $120,000, other than (i) for payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) for other
employee benefits, including stock option agreements under any stock option plan of the Company.

 

(cc)
Sarbanes Oxley Compliance. Except as disclosed in the Registration Statement, any Prospectus Supplement or the Prospectus,
the Company is in material compliance with all provisions of the Sarbanes-Oxley Act which are applicable to it as of the Effective
Date.

 

    	 	22	 

     

    

 

(dd)
Disclosure Controls. The Company and each of its Subsidiaries maintain systems of internal accounting controls sufficient
to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. The Company’s internal control over financial reporting is effective and the Company
is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Prospectus).
Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting (other than as set forth in the Prospectus). The Company
has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed
such disclosure controls and procedures to ensure that material information relating to the Company and each of its Subsidiaries
is made known to the certifying officers by others within those entities, particularly during the period in which the Company’s
Annual Report on Form 10-K or any Current Report on Form 8-K which contains the Company’s quarterly financial statements,
as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s
controls and procedures as of the end of the period covered by the Company’s 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 and the disclosure controls and procedures are effective. Since
the Evaluation Date, there have been no significant changes in the Company’s internal controls (as such term is defined
in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company’s knowledge, in other factors that are reasonably
likely to significantly affect the Company’s internal controls.

 

(ee)
Finder’s Fees. Other than payments to be made to the Manager, no brokerage or finder’s fees or commissions
are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker,
bank or other Person with respect to the transactions contemplated by this Agreement. The Manager 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 this Agreement.

 

(ff)
No Other Sales Agency Agreement. The Company has not entered into any other sales agency agreements or other similar arrangements
with any agent or any other representative in respect of at the market offerings of the Shares.

 

(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 Shares, (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Shares 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 Manager
in connection with the sales of the Shares.

 

    	 	23	 

     

    

 

(hh)
Listing and Maintenance Requirements. The issuance and sale of the Shares as contemplated in this Agreement does not contravene
the rules and regulations of the Trading Market. The Common Stock 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. Except as disclosed in the Registration Statement, any Prospectus Supplement or the Prospectus,
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 has no reason to reasonably believe that it will not in the foreseeable future continue to
be in compliance with all such listing and maintenance requirements.

 

(ii)
Application of Takeover Protections. Except as set forth in the Registration Statement, any Prospectus Supplement or the
Prospectus, the Company and its Board 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 antitakeover
provision under the Company’s Articles of Incorporation (or similar charter documents) or the laws of its state of incorporation
that is or could become applicable to the purchasers of the Shares.

 

(jj)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares,
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 currently intends to conduct its business in a manner so that it will not become subject to the Investment
Company Act of 1940, as amended.

 

(kk)
Solvency. Based on the financial condition of the Company as of the Effective Date, (i) the Company’s fair saleable
value of its 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 and (ii) 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 debt when such amounts are required to be paid.
Within one year of the Effective Date, 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 SEC Reports set forth
as of the dates thereof 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” shall mean (a)
any liabilities for borrowed money or amounts owed in excess of $50,000 (other than accrued liabilities and trade accounts payable
incurred in the ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of
indebtedness of others, whether or not the same are or should be reflected in the Company’s balance sheet (or the notes
thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business; and (c) the present value of any lease payments in excess of $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.

 

    	 	24	 

     

    

 

(ll)
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 each Subsidiary have filed all necessary federal, state and foreign income and franchise
tax returns and have paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which
has been asserted or threatened against the Company or any Subsidiary.

 

(mm)
No Reliance. The Company has not relied upon the Manager or legal counsel for the Manager for any legal, tax or accounting
advice in connection with the offering and sale of the Shares.

 

(nn)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is aware of or has taken any action, directly or indirectly, that
could result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder or the U.K. Bribery Act 2010 or similar law of any other relevant jurisdiction; and neither the Company nor any Subsidiary
nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is
aware of or has taken any action, directly or indirectly, that could result in a sanction for violation by such persons of the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder or the U.K. Bribery Act 2010 or similar
law of any other relevant jurisdiction; and prohibition of noncompliance therewith is covered by the codes of conduct or other
procedures instituted and maintained by the Company and the Subsidiaries.

 

(oo)
AML Compliance. 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, the money laundering statutes of all jurisdictions to which the Company or its Subsidiaries are subject, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the “Money Laundering Laws”), except as would not reasonably be expected
to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.

 

    	 	25	 

     

    

 

(pp)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary (i) is currently subject to any sanctions administered
or imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury
Department, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United
Nations Security Council, the European Union, or the United Kingdom (including sanctions administered or controlled by Her Majesty’s
Treasury) (collectively, “Sanctions” and such persons, “Sanction Persons”) or (ii) will,
directly or indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person in any manner that will result in a violation of any economic Sanctions by,
or could result in the imposition of Sanctions against, any person (including any person participating in the offering, whether
as underwriter, advisor, investor or otherwise). Neither the Company nor any Subsidiary nor, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company or any of the Subsidiaries, is a person that is, or is 50%
or more owned or otherwise controlled by a person that is: (i) the subject of any Sanctions; or (ii) located, organized or resident
in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country
or territory (currently, Cuba, Iran, North Korea, Sudan, and Syria) (collectively, “Sanctioned Countries” and
each, a “Sanctioned Country”). Neither the Company nor any Subsidiary has engaged in any dealings or transactions
with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding 3 years, nor does the Company
or any Subsidiary have any plans to increase its dealings or transactions with Sanctioned Persons, or with or in Sanctioned Countries

 

(qq)
Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the
Company, and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited
to, any structural finance, special purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”)
that could reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for
its capital resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s
Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to
be described in the Prospectus which have not been described as required.

 

    	 	26	 

     

    

 

(rr)
Forward Looking Statements. No forward-looking statements (within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act) (a “Forward Looking Statement”) contained in the Registration Statement and
the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Forward
Looking Statements incorporated by reference in the Registration Statement and the Prospectus from the Company’s Annual
Report on Form 10-K for the fiscal year most recently ended (i) are within the coverage of the safe harbor for forward looking
statements set forth in Section 27A of the Securities Act, Rule 175(b) under the Securities Act or Rule 3b-6 under the Exchange
Act, as applicable, (ii) were made by the Company with a reasonable basis and in good faith and reflect the Company’s good
faith commercially reasonable best estimate of the matters described therein, and (iii) have been prepared in accordance with
Item 10 of Regulation S-K under the Securities Act.

 

(ss)
Statistical and Market-Related Data. Any third-party statistical and market-related data included or incorporated by reference
in a Registration Statement, the Prospectus or any Prospectus Supplement are based on or derived from sources that the Company
believes to be reliable and accurate.

 

(tt)
FINRA Member Shareholders. There are no affiliations with any FINRA member firm among the Company’s officers, directors
or, to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus.

 

(uu)
DTC Eligibility. The Company, through its transfer agent, currently participates in the DTC Fast Automated Securities Transfer
(FAST) Program and the Shares can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer
(FAST) Program.

 

    	 	27	 

     

    

 

4.
Agreements. The Company agrees with the Manager that:

 

(a)
Right to Review Amendments and Supplements to Registration Statement and Prospectus. During any period when the delivery
of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant
to Rule 172, 173 or any similar rule) to be delivered under the Securities Act in connection with the offering or the sale of
Shares, the Company will not file any amendment to the Registration Statement or supplement (including any Prospectus Supplement)
to the Base Prospectus unless the Company has furnished to the Manager a copy for its review prior to filing and will not file
any such proposed amendment or supplement to which the Manager reasonably objects. The Company has properly completed the Prospectus,
in a form approved by the Manager, and filed such Prospectus, as amended at the Execution Time, with the Commission pursuant to
the applicable paragraph of Rule 424(b) by the Execution Time and will cause any supplement to the Prospectus to be properly completed,
in a form approved by the Manager, and will file such supplement with the Commission pursuant to the applicable paragraph of Rule
424(b) within the time period prescribed thereby and will provide evidence reasonably satisfactory to the Manager of such timely
filing. The Company will promptly advise the Manager (i) when the Prospectus, and any supplement thereto, shall have been filed
(if required) with the Commission pursuant to Rule 424(b), (ii) when, during any period when the delivery of a prospectus (whether
physically or through compliance with Rule 172, 173 or any similar rule) is required under the Securities Act in connection with
the offering or sale of the Shares, any amendment to the Registration Statement shall have been filed or become effective (other
than any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act), (iii) of any request by the
Commission or its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any
supplement to the Prospectus or for any additional information, (iv) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any
proceeding for that purpose and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification
of the Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will
use its best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to the
use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as soon as possible the
withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment to
the Registration Statement or a new registration statement and using its best efforts to have such amendment or new registration
statement declared effective as soon as practicable.

 

(b)
Subsequent Events. If, at any time on or after an Applicable Time but prior to the related Settlement Date, any event occurs
as a result of which the Registration Statement or Prospectus would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light of the circumstances under which they were made
or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Manager so that any use of the Registration
Statement or Prospectus may cease until such are amended or supplemented; (ii) amend or supplement the Registration Statement
or Prospectus to correct such statement or omission; and (iii) supply any amendment or supplement to the Manager in such quantities
as the Manager may reasonably request.

 

    	 	28	 

     

    

 

(c)
Notification of Subsequent Filings. During any period when the delivery of a prospectus relating to the Shares is required
(including in circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered
under the Securities Act, any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances
under which they were made at such time not misleading, or if it shall be necessary to amend the Registration Statement, file
a new registration statement or supplement the Prospectus to comply with the Securities Act or the Exchange Act or the respective
rules thereunder, including in connection with use or delivery of the Prospectus, the Company promptly will (i) notify the Manager
of any such event, (ii) subject to Section 4(a), prepare and file with the Commission an amendment or supplement or new registration
statement which will correct such statement or omission or effect such compliance, (iii) use its best efforts to have any amendment
to the Registration Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption
in use of the Prospectus and (iv) supply any supplemented Prospectus to the Manager in such quantities as the Manager may reasonably
request.

 

(d)
Earnings Statements. As soon as practicable, the Company will make generally available to its security holders and to the
Manager an earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158.

 

(e)
Delivery of Registration Statement. Upon the request of the Manager, the Company will furnish to the Manager and counsel
for the Manager, without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery
of a prospectus by the Manager or dealer may be required by the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172, 173 or any similar rule), as many copies of the Prospectus and each Issuer Free Writing
Prospectus and any supplement thereto as the Manager may reasonably request. The Company will pay the expenses of printing or
other production of all documents relating to the offering.

 

(f)
Qualification of Shares. The Company will arrange, if necessary, for the qualification of the Shares for sale under the
laws of such jurisdictions as the Manager may reasonably designate and will maintain such qualifications in effect so long as
required for the distribution of the Shares; 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 service of process in suits,
other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so subject.

 

    	 	29	 

     

    

 

(g)
Free Writing Prospectus. The Company agrees that, unless it has or shall have obtained the prior written consent of the
Manager, and the Manager agrees with the Company that, unless they have or shall have obtained, as the case may be, the prior
written consent of the Company, they have not made and will not make any offer relating to the Shares that would constitute an
Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule
405) required to be filed by the Company with the Commission or retained by the Company under Rule 433. Any such free writing
prospectus consented to by the Manager or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.”
The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer
Free Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and
record keeping.

 

(h)
Subsequent Equity Issuances.

 

(i)
Without the prior written consent of the Manager neither the Company nor any Subsidiary will offer, sell, issue, contract
to sell, contract to issue or otherwise dispose of, directly or indirectly, any other shares of Common Stock or any Common Stock
Equivalents (other than the Shares) (i) during the sixty (60) days from the Execution Time (the “Lock-Up Period”)
and (ii) during the term of this Agreement while any Sales Notice is outstanding and unfulfilled; provided, however,
that the Company may issue and sell Common Stock pursuant to any employee stock option plan, stock ownership plan or dividend
reinvestment plan of the Company in effect at the Execution Time and, with as much notice as reasonably practicable, the Company
may issue Common Stock issuable upon the conversion or exercise of Common Stock Equivalents outstanding at the Execution Time.
The Company also agrees that during the periods identified in clauses (i) and (ii) above, without the prior written consent of
the Manager, the Company will not file any registration statement, preliminary prospectus or prospectus, or any amendment or supplement
thereto, under the Securities Act for any such transaction or which registers, or offers for sale, Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock, except for a registration statement on Form S-8 relating to
employee benefit plans.

 

    	 	30	 

     

    

 

(ii)
Notwithstanding anything to the contrary contained this Agreement, the Company will cause each of Aron Govil, its Executive Director,
and Saagar Govil, its Chairman, President and Chief Executive Officer, and its other executive officers and directors to furnish
to the Manager, prior to the Execution Time, a letter, substantially in the form of Annex II hereto, pursuant to which each such
person shall agree, among other things, for the Lock-Up Period not to directly or indirectly offer, sell, assign, transfer, pledge,
contract to sell, or otherwise dispose of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock, not to engage in any swap or other agreement or arrangement that transfers, in whole or in part, directly or
indirectly, the economic risk of ownership of Common Stock or any such securities and not to engage in any short selling of any
Common Stock or any such securities, during the Lock-Up Period, without the prior written consent of the Manager. The Company
hereby further agrees that (i) if it issues an earnings release or material news, or if a material event relating to the Company
occurs, during the last seventeen (17) days of the Lock-Up Period, or (ii) if prior to the expiration of the Lock-Up Period, the
Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the Lock-Up
Period, the restrictions imposed by this paragraph (h) or the letter shall continue to apply until the expiration of the eighteen
(18)-day period beginning on the date of issuance of the earnings release or the occurrence of the material news or material event.

 

(i)
Market Manipulation. Until the termination of this Agreement, the Company will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation in violation of the Securities Act, Exchange Act or the rules and regulations thereunder of the
price of any security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation
M under the Exchange Act.

 

(j)
Notification of Incorrect Certificate. The Company will, at any time during the term of this Agreement, as supplemented
from time to time, advise the Manager immediately after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant to Section
6 herein.

 

    	 	31	 

     

    

 

(k)
Certification of Accuracy of Disclosure. Upon commencement of the offering of the Shares under this Agreement (and upon
the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder
lasting more than 30 trading days), and each time that (i) the Registration Statement or Prospectus shall be amended or supplemented,
other than by means of Incorporated Documents, (ii) the Company files its Annual Report on Form 10-K under the Exchange Act, (iii)
the Company files its quarterly reports on Form 10-Q under the Exchange Act (iv) the Company files a Current Report on Form 8-K
containing amended financial information (other than information that is furnished and not filed), if the Manager reasonably determines
that the information in such Form 8-K is material, or (v) the Shares are delivered to the Manager as principal at the Time of
Delivery pursuant to a Terms Agreement (such commencement or recommencement date and each such date referred to in (i), (ii),
(iii), (iv) and (v) above, a “Representation Date”), unless waived by the Manager, the Company shall furnish
or cause to be furnished to the Manager forthwith a certificate dated and delivered on the Representation Date, in form reasonably
satisfactory to the Manager to the effect that the statements contained in the certificate referred to in Section 6(c) of this
Agreement which were last furnished to the Manager are true and correct at the Representation Date, as though made at and as of
such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and
supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in
said Section 6(c), modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented
to the date of delivery of such certificate.

 

(l)
Bring Down Opinions; Negative Assurance. At each Representation Date with respect to which the Company is obligated to
deliver a certificate pursuant to Section 4(k) above, unless waived by the Manager, the Company shall furnish or cause to be furnished
forthwith to the Manager a written opinion of counsel to the Company (“Company Counsel”) addressed to the Manager
and dated and delivered on such Representation Date, in form and substance reasonably satisfactory to the Manager, including a
negative assurance representation.

 

(m)
Officer’s Bring Down “Comfort” Letter. At each Representation Date with respect to which the Company
is obligated to deliver a certificate pursuant to Section 4(k) above, unless waived by the Manager, the Company shall cause the
Chief Financial Officer of the Company forthwith to furnish the Manager a certificate, dated on such Representation Date, in substantially
the form of Annex III attached hereto, relating to the financial information (relating to any time subsequent to the audited
financial statements covered by the most recently filed SEC Report) contained in the Registration Statement and the Prospectus,
as amended and supplemented to the date of such certificate.

 

(n)
Due Diligence Session. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement
of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than
30 trading days), and at each Representation Date, the Company will conduct a due diligence session, in form and substance, reasonably
satisfactory to the Manager, which shall include representatives of management and Accountants. The Company shall cooperate timely
with any reasonable due diligence request from or review conducted by the Manager or its agents from time to time in connection
with the transactions contemplated by this Agreement, including, without limitation, providing information and available documents
and access to appropriate corporate officers and the Company’s agents during regular business hours and at the Company’s
principal offices, and timely furnishing or causing to be furnished such certificates, letters and opinions from the Company,
its officers and its agents, as the Manager may reasonably request.

 

    	 	32	 

     

    

 

(o)
Change of Circumstances. The Company will, at any time during the pendency of a Sales Notice, advise the Manager promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would reasonably likely alter
or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Manager pursuant
to this Agreement.

 

(p)
Acknowledgment of Trading. The Company consents to the Manager trading in the Common Stock for the Manager’s own
accounts and for the accounts of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant
to a Terms Agreement.

 

(q)
Disclosure of Shares Sold. The Company will disclose in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q,
as applicable, the number of Shares sold through the Manager under this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to sales of Shares pursuant to this Agreement during the relevant quarter.

 

(r)
Rescission Right. If, to the knowledge of the Company, the conditions set forth in Section 6 shall not have been satisfied
as of the applicable Settlement Date, the Company will, upon request of the Manager prior to the Settlement Date, offer to any
person who has agreed to purchase Shares from the Company as the result of an offer to purchase solicited by the Manager the right
to refuse to purchase and pay for such Shares.

 

(s)
Bring Down of Representations and Warranties. Each acceptance by the Company of an offer to purchase the Shares hereunder,
and each execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that
the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the
date of such acceptance or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations
and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time
of Delivery relating to such sale, as the case may be, as though made at and as of such date (except that such representations
and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating
to such Shares).

 

    	 	33	 

     

    

 

 

(t)
Reservation of Shares. The Company shall ensure that there are at all times sufficient shares of Common Stock to provide
for the issuance, free of any preemptive rights, out of its authorized but unissued shares of Common Stock or shares of Common
Stock held in treasury, of the maximum aggregate number of Shares authorized for issuance by the Board pursuant to the terms of
this Agreement. The Company will use its commercially reasonable efforts to cause the Shares to be listed for trading on the Trading
Market and to maintain such listing.

 

(u)
Obligation under Exchange Act. During any period when the delivery of a prospectus relating to the Shares is required (including
in circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under
the Securities Act, the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act
within the time periods required by the Exchange Act and the regulations thereunder.

 

(v)
DTC Facility. The Company shall cooperate with Manager and use its reasonable efforts to permit the Shares to be eligible
for clearance and settlement through the facilities of DTC during the term of this Agreement.

 

(w)
Use of Proceeds. The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(x)
Filing of Prospectus Supplement. On or prior to the earlier of (i) the date on which the Company shall file a Quarterly
Report on Form 10-Q or an Annual Report on Form 10-K in respect of any fiscal quarter in which sales of Shares were made by the
Manager pursuant to Section 2(b) of this Agreement and (ii) the date on which the Company shall be obligated to file such document
referred to in clause (i) in respect of such quarter (each such date, and any date on which an amendment to any such document
is filed, a “Filing Date”), the Company will file a prospectus supplement with the Commission under the applicable
paragraph of Rule 424(b), which prospectus supplement will set forth, with regard to such quarter, the number of the Shares sold
through the Manager as agent pursuant to Section 2(b) of this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to such sales of the Shares pursuant to Section 2(b) of this Agreement and deliver such number
of copies of each such prospectus supplement to the Trading Market as are required by such exchange.

 

(y)
Additional Registration Statement. To the extent that the Registration Statement is not available for the sales of the
Shares as contemplated by this Agreement, the Company shall file a new registration statement with respect to any additional shares
of Common Stock necessary to complete such sales of the Shares and use commercially reasonable efforts to cause such registration
statement to become effective as promptly as practicable. After the effectiveness of any such registration statement, all references
to “Registration Statement” included in this Agreement shall be deemed to include such new registration statement,
including all documents incorporated by reference therein pursuant to Item 12 of Form S-3.

 

    	 	34	 

     

    

 

(z)
Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of shares of Common Stock or (ii) sell, bid for, or purchase shares of Common
Stock, or pay anyone any compensation for soliciting purchases of the Shares other than the Manager.

 

(aa)
Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it
nor any of its Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,”
as such term is defined in the Investment Company Act of 1940, as amended.

 

(bb)
Blue Sky and Other Qualifications. The Company will use its commercially reasonable efforts, in cooperation with
the Manager, to qualify the Shares for offering and sale, or to obtain an exemption for the Shares to be offered and sold, under
the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Manager may designate and to
maintain such qualifications and exemptions in effect for so long as required for the distribution of the Shares (but in no event
for less than one year from the date of this Agreement); provided, however, that the Company shall
not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities
in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction
in which it is not otherwise so subject. In each jurisdiction in which the Shares have been so qualified or exempt, the Company
will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption,
as the case may be, in effect for so long as required for the distribution of the Shares (but in no event for less than one year
from the date of this Agreement).

 

(cc)
During the Lock-Up Period, the Company agrees 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 oral marketing communications in the ordinary course of business and consistent with the
past practices of the Company and of which the Manager is notified), without the prior written consent of the Manager, which shall
not be unreasonably withheld or delayed, unless in the judgment of the Company and its counsel, and after notification to the
Manager, such press release or communication is required by law.

 

    	 	35	 

     

    

 

5.
Payment of Expenses. The Company agrees to pay the costs and expenses incident to the performance of its obligations under
this Agreement, whether or not the transactions contemplated hereby are consummated, including without limitation: (i) the preparation,
printing or reproduction and filing with the Commission of the Registration Statement (including financial statements and exhibits
thereto), the Prospectus and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii) the printing
(or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies
of the Registration Statement, the Prospectus, and each Issuer Free Writing Prospectus, and all amendments or supplements to any
of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Shares; (iii) the
preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes
in connection with the original issuance and sale of the Shares; (iv) the printing (or reproduction) and delivery of this Agreement,
any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering
of the Shares; (v) the registration of the Shares under the Exchange Act, if applicable, and the listing of the Shares on the
Trading Market; (vi) any registration or qualification of the Shares for offer and sale under the securities or blue sky laws
of the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating to such
registration and qualification); (vii) the fees and expenses of the Company’s accountants and the fees and expenses of counsel
(including local and special counsel) for the Company; (viii) the filing fee under FINRA Rule 5110; (ix) the reasonable fees and
expenses of the Manager’s counsel, not to exceed $15,000; and (x) all other costs and expenses incident to the performance
by the Company of its obligations hereunder.

 

6.
Conditions to the Obligations of the Manager. The obligations of the Manager under this Agreement and any Terms Agreement
shall be subject to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the
Execution Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) to the performance
by the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a)
Filing of Prospectus Supplement. The Prospectus, and any supplement thereto, required by Rule 424 to be filed with the
Commission have been filed in the manner and within the time period required by Rule 424(b) with respect to any sale of Shares;
each Prospectus Supplement shall have been filed in the manner required by Rule 424(b) within the time period required hereunder
and under the Securities Act; any other material required to be filed by the Company pursuant to Rule 433(d) under the Securities
Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; and
no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued
and no proceedings for that purpose shall have been instituted or threatened.

 

    	 	36	 

     

    

 

(b)
Delivery of Opinion. The Company shall have caused the Company Counsel to furnish to the Manager, as required by Section
4(l) and upon reasonable advance notice in connection with any offering of the Shares, its opinion and negative assurance statement,
dated as of such date and addressed to the Manager in form and substance acceptable to the Manager.

 

(c)
Delivery of Officer’s Certificate. The Company shall have furnished or caused to be furnished to the Manager, to
the extent requested by the Manager and upon reasonable advance notice in connection with any offering of the Shares, a certificate
of the Company signed by the Chief Executive Officer or the President and the principal financial or accounting officer of the
Company, dated as of such date, to the effect that the signers of such certificate have carefully examined the Registration Statement,
the Prospectus, any Prospectus Supplement and any documents incorporated by reference therein and any supplements or amendments
thereto and this Agreement and that:

 

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

 

(ii)
no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and
no proceedings for that purpose have been instituted or, to the Company’s knowledge, threatened; and

 

(iii)
since the date of the most recent financial statements included in the Registration Statement, the Prospectus and the Incorporated
Documents, there has been no Material Adverse Effect on the condition (financial or otherwise), earnings, business or properties
of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Registration Statement and the Prospectus.

 

(d)
Delivery of Officer’s “Comfort” Letter. The Company’s Chief Financial Officer shall have furnished
to the Manager, as required by Section 4(m) and upon reasonable advance notice in connection with any offering of the Shares,
a certificate in the tenor of the form contained in Annex III, dated as of such date.

 

(e)
Secretary’s Certificate. The Company shall deliver to the Manager a certificate of the Secretary of the Company and
attested to by an executive officer of the Company, dated as of such date, certifying as to (i) the Articles of Incorporation
of the Company, (ii) the By-laws of the Company, (iii) the resolutions of the Board of Directors of the Company authorizing the
execution, delivery and performance of this Agreement and the issuance of the Shares and (iv) the incumbency of the officers duly
authorized to execute this Agreement and the other documents contemplated by this Agreement.

 

    	 	37	 

     

    

 

(f)
No Material Adverse Event. Since the respective dates as of which information is disclosed in the Registration Statement,
the Prospectus and the Incorporated Documents, except as otherwise stated therein, there shall not have been (i) any change or
decrease in previously reported results specified in the letter or letters referred to in paragraph (d) of this Section 6 or (ii)
any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings,
business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary
course of business, except as set forth in or contemplated in the Registration Statement, the Prospectus and the Incorporated
Documents (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii)
above, is, in the reasonable judgment of the Manager, so material and adverse as to make it impractical or inadvisable to proceed
with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendment thereof),
the Incorporated Documents and the Prospectus (exclusive of any amendment or supplement thereto).

 

(g)
No Misstatement or Material Omission. The Manager shall not have advised the Company that the Registration Statement or
Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Manager’s reasonable
opinion is material, or omits to state a fact that in the Manager’s reasonable opinion is material and is required to be
stated therein or is necessary to make the statements therein not misleading.

 

(h)
Payment of All Fees. The Company shall have paid the required Commission filing fees relating to the Shares within the
time period required by Rule 456(b)(1)(i) of the Securities Act without regard to the proviso therein and otherwise in accordance
with Rules 456(b) and 457(r) of the Securities Act and, if applicable, shall have updated the “Calculation of Registration
Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on
the cover page of a prospectus filed pursuant to Rule 424(b).

 

(i)
No FINRA Objections. FINRA shall not have raised any objection with respect to the fairness and reasonableness of the terms
and arrangements under this Agreement.

 

(j)
Shares Listed on Trading Market. The Shares shall have been listed and admitted and authorized for trading on the Trading
Market, and satisfactory evidence of such actions shall have been provided to the Manager.

 

    	 	38	 

     

    

 

(k)
Other Assurances. Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to
the Manager such further information, certificates and documents as the Manager may reasonably request.

 

If
any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if
any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form
and substance to the Manager and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled
at, or at any time prior to, any Settlement Date or Time of Delivery, as applicable, by the Manager. Notice of such cancellation
shall be given to the Company in writing or by telephone or facsimile confirmed in writing.

 

The
documents required to be delivered by this Section 6 shall be delivered to the office of Mandelbaum Salsburg PA, counsel for the
Manager, at 1270 Avenue of the Americas, Suite 1808, New York, New York 10020, on each such date as provided in this Agreement.

 

7.
Indemnification and Contribution.

 

(a)
Indemnification by Company. The Company agrees to indemnify and hold harmless the Manager, the directors, officers, employees
and agents of the Manager and each person who controls the Manager within the meaning of either the Securities Act or the Exchange
Act (each, a “Manager Indemnified Party”) against any and all losses, claims, damages or liabilities, joint
or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other Federal or state
statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in the Base
Prospectus, any Prospectus Supplement, the Prospectus, any Issuer Free Writing Prospectus, or in any amendment thereof or supplement
thereto, or (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (iii) any breach of any of the representations, warranties, covenants or agreements
made by the Company in this Agreement, and agrees to reimburse each such indemnified party for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein
in reliance upon and in conformity with written information furnished to the Company by the Manager specifically for inclusion
therein and provided, however, that the Company will not be liable in the case of any matter covered by clause (iii) above to
the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that such
losses, claims, damages or liabilities (or actions in respect thereof) were solely caused by the gross negligence, willful misconduct
or fraud of the Manager. This indemnity agreement will be in addition to any liability that the Company may otherwise have, and
shall not limit any rights or remedies which may otherwise be available at law on in equity to each Manager Indemnified Party.

 

    	 	39	 

     

    

 

(b)
Indemnification by Manager. The Manager agrees to indemnify and hold harmless the Company, each of its directors, each
of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the
Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to the Manager, but only with
reference to written information relating to the Manager furnished to the Company by the Manager specifically for inclusion in
the documents referred to in the foregoing indemnity; provided, however, that in no case shall the Manager be liable
to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that such
losses, claims, damages or liabilities (or actions in respect thereof) were solely caused by the gross negligence, willful misconduct,
or fraud of the Company Manager and further provided, however, that in no case shall the Manager be responsible
for any amount in excess of the Broker Fee applicable to the Shares and paid hereunder. This indemnity agreement will be in addition
to any liability which the Manager may otherwise have.

 

(c)
Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)
will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying
party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate
counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel
shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint
counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel
if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with
a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii)
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding.

 

    	 	40	 

     

    

 

(d)
Contribution. In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 7 is unavailable to
or insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively “Losses”) to which the Company and the Manager may be subject in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Manager on the
other from the offering of the Shares; provided, however, that in no case shall the Manager be responsible for any
amount in excess of the Broker Fee applicable to the Shares and paid hereunder, except to the extent that a court of competent
jurisdiction in a final judgment that has become non-appealable shall determine that such losses, claims, damages or liabilities
(or actions in respect thereof) were solely caused by the gross negligence, willful misconduct, or fraud of the Manager. If the
allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Manager severally
shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of
the Company on the one hand and of the Manager on the other in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to
the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Manager shall
be deemed to be equal to the Broker Fee applicable to the Shares and paid hereunder as determined by this Agreement. Relative
fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand
or the Manager on the other, the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company and the Manager agree that it would not be just and equitable
if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this Section 7, each person who controls the Manager within the meaning
of either the Securities Act or the Exchange Act and each director, officer, employee and agent of the Manager shall have the
same rights to contribution as the Manager, and each person who controls the Company within the meaning of either the Securities
Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the
Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions
of this paragraph (d).

 

    	 	41	 

     

    

 

8.
Termination.

 

(a)
The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon two (2) Business Day’s
prior written notice, unless waived by the Manager and provided that the Agreement remains operational during the one (1) Business
Days following receipt of such written notice. Any such termination shall be without liability of any party to any other party
except that (i) with respect to any pending sale, through the Manager for the Company, the obligations of the Company, including
in respect of compensation of the Manager, shall remain in full force and effect notwithstanding the termination and (ii) the
provisions of Section 5 and Sections 7 through 17, inclusive, of this Agreement shall remain in full force and effect notwithstanding
such termination.

 

(b)
The Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be
without liability of any party to any other party except that the provisions of Section 5 and Sections 7 through 17, inclusive,
of this Agreement shall remain in full force and effect notwithstanding such termination.

 

(c)
This Agreement shall remain in full force and effect until the earlier of December 31, 2019 and such date that this Agreement
is terminated pursuant to Sections 8(a) or (b) above or otherwise by mutual agreement of the parties, provided that any such termination
by mutual agreement shall in all cases be deemed to provide that Section 5 and Sections 7 through 14, inclusive, of this Agreement
shall remain in full force and effect.

 

    	 	42	 

     

    

 

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

 

(e)
In the case of any purchase of Shares by the Manager pursuant to a Terms Agreement, the obligations of the Manager pursuant
to such Terms Agreement shall be subject to termination, in the absolute discretion of the Manager, by prompt oral notice
given to the Company prior to the Time of Delivery relating to such Shares, if any, and confirmed promptly by facsimile or
electronic mail, if since the time of execution of the Terms Agreement and prior to such delivery and payment, (i) trading in
the Common Stock shall have been suspended by the Commission or the Trading Market or trading in securities generally on the
Trading Market shall have been suspended or limited or minimum prices shall have been established on the Trading Market, (ii)
a banking moratorium shall have been declared either by Federal or New York State authorities or (iii) there shall have
occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other
calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Manager,
impractical or inadvisable to proceed with the offering or delivery of the Shares as contemplated by the Prospectus
(exclusive of any amendment or supplement thereto).

 

9.
Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other
statements of the Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by the Manager or the Company or any of the officers, directors, employees,
agents or controlling persons referred to in Section 7, and will survive delivery of and payment for the Shares.

 

    	 	43	 

     

    

 

10.
                                         Notices. All communications hereunder will be in writing and effective only on
                                         receipt, and will be mailed, delivered or facsimiled to the addresses of the Company
                                         and Manager, respectively, set forth on the signature pages hereto, with copies to the
                                         following:

 

If
to the Company to:

 

Olshan
Frome Wolosky LLP

1325
Avenue of the Americas

New
York, New York 10019

Attn:
Spencer G. Feldman

 

If
to the Manager to:

 

Mandelbaum
Salsburg PA

1270
Avenue of the Americas, Suite 1808

New
York, New York 10020

Attn:
J. Russell Bulkeley

 

An
electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this Section
10 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed
received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving
Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic
Notice”) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic
Notice.

 

11.
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Manager and
their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 7 hereof. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except
as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior
written consent of the other party; provided, however, that the Manager may assign its rights and obligations hereunder
to an affiliate thereof without obtaining the Company’s consent.

 

12.
No Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Shares pursuant to this Agreement
is an arm’s-length commercial transaction between the Company, on the one hand, and the Manager and any affiliate through
which it may be acting, on the other, (b) the Manager is acting solely as sales agent and/or principal in connection with the
purchase and sale of the Company’s securities and not as a fiduciary, of the Company and (c) the Company’s engagement
of the Manager in connection with the offering and the process leading up to the offering is as independent contractors and not
in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection
with the offering (irrespective of whether the Manager has advised or is currently advising the Company on related or other matters).
The Company understands and acknowledges that the Manager and its affiliates are engaged in a broad range of transactions which
may involve interests that differ from those of the Company and that the Manager has no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship. The Company agrees that it will not
claim that the Manager has rendered advisory services of any nature or respect, or owes an agency, fiduciary or similar duty to
the Company, in connection with such transaction or the process leading thereto.

 

    	 	44	 

     

    

 

13.
Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Sales
Notices issued pursuant hereto) and any Terms Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither
this Agreement, any Terms Agreement, if any, nor any term hereof may be amended except pursuant to a written instrument executed
by the Company and the Manager. In the event that any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision
shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder
of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained
herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall
be in accordance with the intent of the parties as reflected in this Agreement.

 

14.
Applicable Law. This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed within the State of New York.

 

15.
WAIVER OF JURY TRIAL. THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY TERMS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

 

16.
Counterparts. This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute
an original and all of which together shall constitute one and the same agreement, which may be delivered by facsimile or in .pdf
file via e-mail.

 

17.
Headings. The section headings used in this Agreement and any Terms Agreement are for convenience only and shall not affect
the construction hereof.

 

18.
Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the shares of
Common Stock.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	 	45	 

     

    

 

If
the foregoing is in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this letter
and your acceptance shall constitute a binding agreement between the Manager and the Company.

 

	 	Very
    truly yours,
	 	 
	 	CEMTREX,
    INC.
	 	 
	 	By:	/s/
    Aron     Govil
	 	Name:	Aron
    Govil
	 	Title:	Executive Director

 

	 	Address
    for Notice: 
	 	 
	 	30-30
    47th Avenue
	 	Long
    Island City, New York 11101 

	 	Attn:
    	Mr. Aron
    Govil, Executive Director

	 	Facsimile:
	 	Email:

 

The
foregoing Agreement is hereby confirmed and accepted as of the date first written above.

 

	ADVISORY
    GROUP EQUITY SERVICES, LTD.	 
	d/b/a
    RHK CAPITAL	 
	 	 	 
	By:	/s/
    Richard H. Kreger	 
	Name:	Richard H. Kreger	 
	Title:	Senior Managing Director	 

 

Address
for Notice:

 

444
Washington Street, Suite 407

Woburn,
Massachusetts 01801

	Attn:	Mr.
    Richard H. Kreger, Senior Managing Director	 

Facsimile:

Email:

 

[ATM
Agreement – Signature Page]

 

    	 	 	 

     

    

 

ANNEX
I

Form
of Terms Agreement

 

CEMTREX,
INC. TERMS AGREEMENT

 

Dear
Sirs:

 

Cemtrex,
Inc. (the “Company”) proposes, subject to the terms and conditions stated herein and in the At The Market Offering
Agreement, dated January 28, 2019 (the “At The Market Offering Agreement”), between the Company and Advisory
Group Equity Services Ltd. d/b/a RHK Capital (“Manager”) to issue and sell to Manager the securities specified in
the Schedule I hereto (the “Purchased Shares”).

 

Each
of the provisions of the At The Market Offering Agreement not specifically related to the solicitation by the Manager, as agent
of the Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be
part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the representations
and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time
of Delivery, except that each representation and warranty in Section 3 of the At The Market Offering Agreement which makes reference
to the Prospectus (as therein defined) shall be deemed to be a representation and warranty as of the date of the At The Market
Offering Agreement in relation to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement
and the Time of Delivery in relation to the Prospectus as amended and supplemented to relate to the Purchased Shares (except,
in each case, to the extent such representations and warranties expressly relate to a specific earlier date (in which case such
representations and warranties shall be true and correct as of such earlier specified date) and except that such representations
and warranties shall be deemed to relate to the Registration Statement, the Prospectus and any Prospectus Supplement, as amended
or supplemented, as of such date).

 

An
amendment to the Registration Statement (as defined in the At The Market Offering Agreement), or a supplement to the Prospectus,
as the case may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed
with the Securities and Exchange Commission.

 

Subject
to the terms and conditions set forth herein and in the At The Market Offering Agreement which are incorporated herein by reference,
the Company agrees to issue and sell to the Manager and the Manager agrees to purchase from the Company the number of shares of
the Purchased Shares at the time and place and at the purchase price set forth in the Schedule I attached hereto.

 

    	 	1	 

     

    

 

If
the foregoing is in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms
Agreement, including those provisions of the At The Market Offering Agreement incorporated herein by reference, shall constitute
a binding agreement between the Manager and the Company.

 

	CEMTREX,
    INC.	 
	 	 	 
	By:	          	 
	Name:	 	 
	Title:	 	 

 

Accepted
as of the date first written above.

 

	ADVISORY
    GROUP EQUITY SERVICES, LTD.	 
	d/b/a
    RHK CAPITAL	 
	 	 	 
	By:	          	 
	Name:	 	 
	Title:	 	 

 

    	 	2	 

     

    

 

ANNEX
II

Form
of Lock-Up Agreement

 

Advisory
Group Equity Services, Ltd. d/b/a RHK Capital

444
Washington Street, Suite 407

Woburn,
Massachusetts 01801

 

Ladies
and Gentlemen:

 

Reference
is made to that certain At the Market Offering Agreement (the “ATM Agreement”), dated January 28, 2019, between Cemtrex,
Inc. (the “Company”) and Advisory Group Equity Services, Ltd. d/b/a RHK Capital (the “Manager”), pursuant
to which the Company proposes to issue and sell through or to the Manager, as sales agent and/or principal (the “ATM Offering”),
up to $2,000,000 of shares of the Company’s shares of common stock, par value $0.001 per share (the “Common Stock”).
Terms used but not defined herein shall have the respective meanings ascribed to them in the ATM Agreement.

 

To
induce the Manager to continue its efforts in connection with the ATM Offering, the undersigned agrees that, without the Manager’s
prior written consent, the undersigned will not, for a period (the “Lock-Up Period”) commencing on the date
hereof and ending sixty (60) days after the effective date of the Prospectus Supplement, (1) offer, pledge, sell, contract to
sell, grant any option or contract to purchase, purchase any option or contract to sell, or otherwise dispose of, directly or
indirectly, any shares of Common Stock of the Company or any securities convertible into, exercisable for, or exchangeable for
shares of Common Stock (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of Common Stock or such other securities, in cash or otherwise.

 

In
addition, the undersigned agrees that, without the Manager’s prior consent, the undersigned will not, during the period
commencing on the date hereof and ending sixty (60) days after the effective date of the Prospectus Supplement, make any demand
for or exercise any right with respect to, the registration of any shares of Common Stock of the Company or any securities convertible
into, exercisable for, or exchangeable for shares of Common Stock.

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
relating to the transfer of the undersigned’s shares of Common Stock except in compliance with the restrictions described
above.

 

    	 	1	 

     

    

 

If
(x) during the last seventeen (17) days of the lock-up period, the Company issues an earnings release or other press release of
material information or a material event relating to the Company occurs or (y) prior to the expiration of the lock-up period,
the Company announces that it will release its earnings results during the sixteen (16) day period beginning on the last day of
the restricted period, the lock-up period shall be extended by, and the restrictions imposed by this Lock-Up Agreement shall continue
to apply until the expiration of, the eighteen (18) day period beginning on the issuance of the earnings or other press release
or the occurrence of the material event, provided, however, that such extension of the lock-up period shall not apply if, (i)
at the expiration of the lock-up period, the Securities are “actively traded securities” (as defined in Regulation
M) and (ii) the Company meets the applicable requirements of paragraph (a)(1) of Rule 139 under the Securities Act in the manner
contemplated by NASD Rule 2711(f)(4) of the FINRA Manual. If the lock-up period is so extended, the undersigned shall not engage
in any transaction that may be restricted by this Lock-Up Agreement during the extended lock-up period unless the undersigned
requests and receives prior written confirmation from the Manager or the Company that the restrictions imposed by this Lock-Up
Agreement have expired.

 

The
undersigned understands that the Company and the Manager are relying on this Lock-Up Agreement in proceeding toward consummation
of the ATM Offering contemplated by the ATM Agreement. This Lock-Up Agreement is irrevocable and shall be binding upon the undersigned
and the heirs, personal representatives, successors and assigns of the undersigned.

 

	 	Sincerely
    yours,
	 	 
	 	 
	 	[Name]

 

    	 	2	 

     

    

 

ANNEX
III

Form
of Certificate of the Chief Financial Officer

 

I,
________________________, the Chief Financial Officer of Cemtrex, Inc., a Delaware corporation (the “Company”),
hereby deliver this certificate pursuant to Section 4(m) of the At The Market Offering Agreement, dated as of January 28, 2019
(the “ATM Agreement”), by and among the Company and Advisory Group Equity Service Ltd. d/b/a RHK Capital, as
the Manger (the “Manager”). Capitalized terms used but not defined in this certificate shall have the meanings
assigned to them in the ATM Agreement.

 

On
behalf of the Company, I hereby certify to the Manager, in my capacity as Chief Financial Officer and not in my individual capacity,
that:

 

1.
As the Chief Financial Officer of the Company, I am: (a) responsible for the financial and accounting matters of the Company and
its subsidiaries, including oversight of the financial and accounting functions and staff; (b) knowledgeable about the internal
accounting records and accounting practices, systems, policies and procedures of the Company and its subsidiaries; and (c) knowledgeable
about and, together with the Company’s Chief Executive Officer, responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)).

 

2.
I have carefully reviewed the unaudited consolidated financial data of the Company as of and for the [___________ ended ________________,
20 ____ and __________________ ____, 20 ____], all as set forth in the Prospectus (as amended and supplemented to the date of
delivery of this certificate), and the financial data contained therein have been compared and agreed with corresponding figures
in, or confirmed for arithmetic accuracy based on figures included in, (a) the Company’s accounting records or in reports,
schedules or other analyses prepared by the Company from its accounting records or (b) the Company’s operational records.
Such unaudited consolidated financial data presents fairly, in all material respects, the consolidated financial position of the
Company as of [___________________, 20 _____] and its consolidated results of operations for the [______________ ended _____________,
20 ___ and ___________________ ____, 20 ____], subject to normal and recurring adjustments that may arise during the customary
financial statement closing process and the audit by the Company’s independent registered public accounting firm within
the meaning of the Securities Act and the Exchange Act and the respective applicable rules and regulations adopted by the Commission
thereunder.

 

3.
Nothing has come to my attention that leads me to believe that the aforementioned financial data has not been prepared (i) in
conformity with U.S. generally accepted accounting principles (GAAP) on a basis substantially consistent with that of the audited
financial statements included in the Prospectus, as the same were reviewed by an independent registered public accounting firm
within the meaning of the Securities Act and the Exchange Act and the respective applicable rules and regulations adopted by the
Commission thereunder, and (ii) in compliance as to form with the accounting requirements under the Securities Act.

 

    	 	1	 

     

    

 

I
acknowledge and agree that the Manager is entitled to rely on this certificate in conducting and documenting its due diligence
investigation of the Company in connection with a distribution described in the Prospectus. This certificate may not be relied
upon for any other purpose or by any other party.

 

IN
WITNESS WHEREOF, I have executed and delivered this certificate to the Manager as of this ___ day of _____, 20 ____.

 

	 	 	 
	 	Name:	 
	 	Title:
    	Chief
    Financial Officer

 

    	 	2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]