Document:

EX-10.1

 Exhibit 10.1 

AT THE MARKET OFFERING AGREEMENT 

January 27, 2020 
 H.C. Wainwright &
Co., LLC 
 430 Park Avenue 
 New York, NY 10022 

Ladies and Gentlemen: 
 Helius Medical
Technologies, Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with H.C. Wainwright & Co., LLC (the “Manager”) as follows: 

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

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

“Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “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. 
 “Base Prospectus” shall mean the
base prospectus contained in the Registration Statement at the Execution Time. 
 “Board” shall have the
meaning ascribed to such term in Section 2(b)(iii). 
 “Broker Fee” shall have the meaning ascribed to
such term in Section 2(b)(v). 
 “Commission” shall mean the United States Securities and Exchange
Commission. 
 “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(k). 

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

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

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

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission promulgated thereunder. 
 “Execution Time” shall mean the date and time that this Agreement
is executed and delivered by the parties hereto. 
 “Free Writing Prospectus” shall mean a free writing
prospectus, as defined in Rule 405. 
 “GAAP” shall have the meaning ascribed to such term in
Section 3(e). 
 “Incorporated Documents” shall mean the documents or portions thereof filed with the
Commission on or prior to 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. 
 “Intellectual Property” shall
have the meaning ascribed to such term in Section 3(t). 
 “Issuer Free Writing Prospectus” shall mean
an issuer free writing prospectus, as defined in Rule 433. 
 “Losses” shall have the meaning ascribed
to such term in Section 7(d). 
 “Material Adverse Effect” shall have the meaning ascribed to such term
in Section 3(g). 
 “Net Proceeds” shall have the meaning ascribed to such term in
Section 2(b)(v). 
 “Permits” shall have the meaning ascribed to such term in Section 3(r). 

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

“Person” shall mean 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. 

  
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 “Placement” shall have the meaning ascribed to such term in
Section 2(c). 
 “Prospectus” shall mean the Base Prospectus and the prospectus related to the Shares
in the Registration Statement, as supplemented by the most recently filed Prospectus Supplement (if any). 

“Prospectus Supplement” shall mean each prospectus supplement relating to the Shares prepared and filed
pursuant to Rule 424(b) from time to time. 
 “Registration Statement” shall mean the shelf
registration statement on Form S-3, registering $100,000,000 of Class A common stock, preferred stock, debt securities and warrants of the Company, including the Prospectus and any exhibits and
financial statements, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective, shall also mean such registration statement as so amended. 

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

“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 Act. 

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

“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(h). 

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

“Trading Market” means The Nasdaq Capital Market. 

  
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 2. Sale and Delivery of Shares. The Company proposes to issue and sell through or to
the Manager, as sales agent and/or principal, from time to time during the term of this Agreement and on the terms set forth herein, up to the “Maximum Amount,” which is equal to the lesser of such number of shares (the
“Shares”) of the Company’s Class A common stock, $0.001 par value per share (“Common Stock”), that (a) equals the number or dollar amount of shares of Common Stock registered on the Registration
Statement, pursuant to which the offering is being made, (b) equals the number of authorized but unissued shares of Common Stock (less the number of shares of Common Stock issuable upon exercise, conversion or exchange of any outstanding
securities of the Company or otherwise reserved from the Company’s authorized capital 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) and (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 the Manager shall have no obligation in connection with such compliance. 

(a) Appointment of Manager as Selling Agent; Terms Agreement. For purposes of selling the Shares through the Manager,
the Company hereby appoints the Manager as exclusive agent of the Company for the purpose of selling the Shares of the Company pursuant to this Agreement and the Manager agrees to use its commercially reasonable best efforts to sell 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. 

(b) Agent Sales. Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, following the effectiveness of the Registration Statement, 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 best efforts
to sell, as sales agent for the Company, 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, (B) the Company has instructed the Manager 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 deliverables required under Sections 6(b)(i) (other than the negative assurance statement), 6(b)(ii), 6(b)(iii) and 6(d) 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 

  
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or the Company files its Annual Report on Form 10-K or a material amendment thereto under the Exchange Act, unless the Manager reasonably requests the
deliverables required under Sections 6(b)(i), 6(b)(ii), 6(b)(iii) and 6(d) in connection with a Representation Date, upon which request such deliverables shall be deliverable hereunder. 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. Subject to the terms and conditions hereof, the Manager shall use its commercially reasonable
best 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 the shares of Common Stock sold by the
Manager under this Section 2(b) on the Trading Market at the time of sale of such Shares. 
 (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 best 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. 

(iii) The Company shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially
reasonable best 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 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 the Manager receives the 

  
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Company’s prior written approval for any sales in privately negotiated transactions and if so provided in the “Plan of Distribution” section of the Prospectus. The Manager shall
not sell any Shares in Canada, to anyone known by the Manager to be a resident of Canada, or over or through the facilities of the TSX. 

(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 acts 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 of any transaction fees imposed by any clearing firm, execution broker, or
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. 
 (vii) Unless otherwise agreed between the
Company and the Manager, settlement for sales of the Shares will occur at 10:00 a.m. (New York City time) on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading)
following the date on which such sales are made (each, a “Settlement Date”). On or before the Trading Day prior to each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being
sold by crediting the Manager’s or its designee’s account (provided that the Manager shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company
(“DTC”) through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which Shares in all cases shall be freely tradable, transferable, registered
shares in good deliverable form. On each Settlement Date, the Manager will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that, if the Company, or
its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Shares on a Settlement Date, in addition to and in no way limiting the rights and obligations set forth in Section 7 hereto, the

  
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Company will (i) hold the Manager harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred,
arising out of or in connection with such default by the Company, and (ii) pay to the Manager any commission, discount or other compensation to which the Manager would otherwise have been entitled absent such default. 

(viii) At each Applicable Time, Settlement Date, and Representation 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 best 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. 

(ix) If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to
holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution” and the record date for the determination of stockholders entitled to receive the Distribution, the “Record Date”), the Company
hereby covenants that, in connection with any sales of Shares pursuant to a Sales Notice on the Record Date, the Company covenants and agrees that the Company shall issue and deliver such Shares to the Manager on the Record Date and the Record Date
shall be the Settlement Date and the Company shall cover any additional costs of the Manager in connection with the delivery of Shares on the Record Date. 

(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, wishes to accept such proposed terms (which it may decline
to do for any reason in its sole discretion) or, following discussions with the Company 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 

  
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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 the 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. 

(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 officer, 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 Trading Day’s prior notice of its intent to sell any Shares in order to allow the Manager
time to comply with Regulation M. 

  
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 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) Registration Statement. On or prior to the initial Applicable Time hereunder, the
Registration Statement shall have been declared effective by the Commission under the Act. The Company has complied, to the Commission’s satisfaction, with all requests of the Commission for additional or supplemental information, if any. No
stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission. At
the time the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 was filed with the Commission, or, if later, at the time the Registration Statement was originally filed with
the Commission, the Company met the then-applicable requirements for use of Form S-3 under the Act. The Company meets the requirements for use of Form S-3 under the Act,
including General Instruction I.B.6 of Form S-3. The Incorporated Documents, at the time they were or hereafter are filed with the Commission, or became effective under the Exchange Act, as the case may be,
complied and will comply in all material respects with the requirements of the Exchange Act. 
 (b) Disclosure. The
Prospectus when filed complied in all material respects with the Act and, if filed by electronic transmission pursuant to EDGAR, was identical (except as may be permitted by Regulation S-T under the Act) to
the copy thereof delivered to the Manager for use in connection with the offer and sale of the Shares. Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective and at all subsequent
times, complied and will comply in all material respects with the Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading. At the Execution Time, each such time this representation is repeated or deemed to be made pursuant to this Agreement, and at all times during which a prospectus is required to be delivered by the Act (whether physically or through
compliance with Rule 172, 173 or any similar rule) in connection with any offer or sale of the Shares, the Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus, as of its date and (as then amended or supplemented) at all subsequent times, did
not 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 the light of the circumstances under which they were made, not misleading. The representations and
warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectus or any amendments or supplements thereto, made in
reliance upon and in conformity with written information relating to the Manager furnished to the Company in writing by the Manager expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to
be filed as an exhibit to the Registration Statement which have not been described or filed as required. None of the Incorporated Documents, when they were filed or will be filed with the Commission, as the case may be, contained or will contain any
untrue statement of a material fact or omitted or will omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
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 (c) Free Writing Prospectuses. As of the determination date
referenced in Rule 164(h) under the Act, the Company was not, is not or will not be (as applicable) an “ineligible issuer” in connection with the offering of the Shares pursuant to Rules 164, 405 and 433 under the Act. Each free writing
prospectus that the Company is required to file pursuant to Rule 433(d) under the Act has been, or will be, filed with the Commission in accordance with the requirements of the Act. Each free writing prospectus that the Company has filed, or is
required to file, pursuant to Rule 433(d) under the Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of Rule 433 under the Act, including timely
filing with the Commission or retention where required and legending, and each such free writing prospectus, as of its issue date and at all subsequent times through the completion of the offer and sale of the Shares did not, does not and will not
include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus and not superseded or modified. The Company has not prepared, used or referred to, and will not,
without the Manager’s prior written consent, prepare, use or refer to, any free writing prospectus. 
 (d) [Reserved]

 (e) Financial Information. The consolidated financial statements of the Company included or incorporated by
reference in the Registration Statement and the Prospectus, if any, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below)
as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance in all material respects with the requirements of
the Act and Exchange Act and in conformity with accounting principles generally accepted in the United States applied on a consistent basis during the periods involved (“GAAP”) applied on a consistent basis during the periods
involved, except as may be expressly stated in the related notes thereto; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement and the Prospectus that
are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet
obligations), not described in the Registration Statement (excluding the exhibits thereto) and the Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement and 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

  
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G of the Exchange Act and Item 10 of Regulation S-K under the Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto. 
 (f) [Reserved] 

(g) Organization. The Company and each of its Subsidiaries are duly organized, validly existing as a corporation and in
good standing under the laws of their respective jurisdictions of organization. The Company and each of its Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing under the laws of each
other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all corporate power and authority necessary to own or hold their respective
properties and to conduct their respective businesses as described in the Registration Statement, the Prospectus and the Incorporated Documents, except where the failure to be so qualified or in good standing or have such power or authority would
not, individually or in the aggregate, have a material adverse effect or would reasonably be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial or otherwise),
prospects, stockholders’ equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent or materially interfere with the consummation of the transactions contemplated hereby (a “Material Adverse
Effect”). 
 (h) Subsidiaries. Except as set forth in the Registration Statement, the Prospectus or any
Incorporated Document, the Company owns, directly or indirectly, all of the equity interests of its subsidiaries (as defined in Rule 405 of the Act) (individually, a “Subsidiary”) free and clear of any lien, charge, security
interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights. No Subsidiary is currently
prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from
transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary of the Company. 
 (i)
No Violation or Default. Neither the Company nor any of its Subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has
occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, 

  
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mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or
to which any of the property or assets of the Company or any of its Subsidiaries are subject; or (iii) in violation of any law of any governmental authority, except, in the case of each of clauses (ii) and (iii) above, for any such
violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(j) No Material Adverse Effect. Subsequent to the respective dates as of which information is given in the Registration
Statement and the Prospectus (including the Incorporated Documents), there has not been (i) any Material Adverse Effect or the occurrence of any development that the Company reasonably expects will result in a Material Adverse Effect,
(ii) any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations),
incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries or
(v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement
or Prospectus (including any document deemed incorporated by reference therein). 
 (k) Capitalization. The issued and
outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable and, other than as disclosed in the Registration Statement, the Prospectus or the Incorporated Documents, are not subject to any preemptive
rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Prospectus and the Incorporated Documents as of the dates referred to therein
(other than the grant of additional options under the Company’s existing stock option plans, or changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of
securities exercisable for, or convertible into, Common Stock (“Common Stock Equivalents”) outstanding on the date hereof) and such authorized capital stock conforms in all material respects to the description thereof set forth in
the Registration Statement and the Prospectus. The description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as disclosed in or contemplated by the
Registration Statement, the Prospectus or the Incorporated Documents, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations
convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities. 

  
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 (l) Authorization of Shares. The Shares have been duly authorized for
issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be duly and validly issued, fully paid and non-assessable,
free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to
Section 12 of the Exchange Act. The Company has reserved from its duly authorized capital stock the maximum number of Shares issuable pursuant to this Agreement. The Shares, when issued, will conform in all material respects to the description
thereof set forth in or incorporated into the Registration Statement and the Prospectus. 
 (m) No Consents Required.
No consent, approval, authorization, order, registration or qualification of or with any governmental authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale by the Company of the
Shares, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws or laws of the Financial Industry Regulatory Authority, Inc.
(“FINRA”), the Toronto Stock Exchange (“TSX”) or the Trading Market in connection with the sale of the Shares. 

(n) No Preferential Rights. Except as set forth in the Registration Statement, the Prospectus or any Incorporated
Document, (i) no Person has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities of the Company, (ii) no Person has any
preemptive rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase any Common Stock or shares
of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Common Stock, and (iv) no Person
has the right, contractual or otherwise, to require the Company to register under the Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration
Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise. 

(o) Independent Registered Public Accounting Firm. BDO USA, LLP (the “Accountant”), whose report on the
consolidated financial statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with the Commission and incorporated by reference into
the Registration Statement and the Prospectus, are and, during the periods covered by their report, were an independent registered public accounting firm within the meaning of the Act and the rules of the Public Company Accounting Oversight Board
(United States). To the Company’s knowledge, the Accountant 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. 

  
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 (p) Enforceability of Agreements. All agreements 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, the Canadian securities laws or public policy considerations in respect thereof. 
 (q) No Litigation. Except as
set forth in the Registration Statement, the Prospectus or any Incorporated Document, there are no actions, suits or proceedings by or before any governmental authority pending, nor, to the Company’s knowledge, any audits or investigations by
or before any governmental authority, to which the Company or a Subsidiary is a party or to which any property of the Company or any of its Subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company or
its Subsidiaries, would reasonably be expected to have a Material Adverse Effect and, to the Company’s knowledge, no such actions, suits, proceedings, audits or investigations are threatened by any governmental authority or threatened by
others; and (i) there are no current or pending audits, investigations, actions, suits or proceedings by or before any governmental authority that are required under the Act to be described in Registration Statement or Prospectus that are not
so described; and (ii) there are no contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement that are not so filed. 

(r) Consents and Permits. Except as disclosed in the Registration Statement, the Prospectus or any Incorporated
Document, 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 authority (including the United States Food and Drug Administration (the “FDA”), the United
States Drug Enforcement Administration or any other foreign, federal, state, provincial or local government authorities engaged in the regulation of clinical trials, pharmaceuticals, biologics or biohazardous substances or materials) necessary for
the ownership or lease of their respective properties or to conduct its businesses as described in the Registration Statement and the Prospectus (collectively, “Permits”), except for such 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 and its 

  
 14 

 
Subsidiaries are in compliance with the terms and conditions of all such Permits, except where the failure to be in compliance would not reasonably be expected to have a Material Adverse Effect;
all of the Permits are valid and in full force and effect, except where any invalidity, individually or in the aggregate, would not be reasonably expected to have a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has
received any written notice relating to the limitation, revocation, cancellation, suspension, modification or non-renewal of any such Permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect, or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course. To the extent required
by applicable Laws of the FDA, the Company or applicable Subsidiary has submitted to the FDA or otherwise has in effect an Investigational Device Exemption or amendment or supplement thereto for each clinical trial it has conducted or sponsored or
is conducting or sponsoring; all such submissions were in material compliance with applicable laws when submitted and no material deficiencies have been asserted by the FDA with respect to any such submissions. The Company and each Subsidiary
possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses, and neither the Company nor any Subsidiary has
received, or has any reason to believe that it will receive, any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to result in a Material Adverse Effect. 

(s) Regulatory Filings. Except as disclosed in the Registration Statement, the Prospectus or any Incorporated Document,
neither the Company nor any of its Subsidiaries has failed to file with the applicable governmental authority (including the FDA, or any foreign, federal, state, provincial or local governmental authority performing functions similar to those
performed by the FDA) 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, the Prospectus or any Incorporated Document, 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. The Company has operated and currently is, in all material respects, in compliance with the United States Federal Food, Drug, and Cosmetic Act, all applicable rules and regulations of the FDA and other federal, state, local and foreign
governmental authority exercising comparable authority. The Company has no knowledge of any studies, tests or trials not described in the Registration Statement, the Prospectus or any Incorporated Document the results of which reasonably call into
question in any material respect the results of the studies, tests and trials described in the Registration Statement, the Prospectus or such Incorporated Document. 

  
 15 

 (t) Intellectual Property. Except as disclosed in the Registration
Statement, the Prospectus or any Incorporated Document, 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, the Prospectus or any Incorporated Document, (i) there are no rights of third parties to any such Intellectual Property owned by the Company
and its Subsidiaries; (ii) to the Company’s knowledge, there is no infringement by third parties of any such Intellectual Property; (iii) 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;
(iv) 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; (v) 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; (vi) 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 Registration Statement and the Prospectus as being owned by or licensed to the Company; and (vii) 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 (i)-(vii) 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. 

(u) Clinical Studies. The preclinical studies and tests and clinical trials described in the Registration Statement and
the Prospectus were, and, if still pending, are being conducted in all material respects in accordance with the experimental protocols, procedures and controls pursuant to, where applicable, accepted professional and scientific standards for
products or product candidates 

  
 16 

 
comparable to those being developed by the Company; the descriptions of such studies, tests and trials, and the results thereof, contained in the Registration Statement and the Prospectus are
accurate and complete in all material respects; the Company is not aware of any tests, studies or trials not described in the Registration Statement, the Prospectus or any Incorporated Document, the results of which reasonably call into question the
results of the tests, studies and trials described in the Registration Statement and the Prospectus; and the Company has not received any written notice or correspondence from the FDA or any foreign, state or local governmental authority exercising
comparable authority or any institutional review board or comparable authority requiring the termination, suspension, clinical hold or material modification of any tests, studies or trials. 

(v) No Material Defaults. Neither the Company nor any of the Subsidiaries 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. 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 have a Material Adverse Effect. 

(w) Certain Market Activities. Neither the Company nor any of its subsidiaries has taken, directly or indirectly, any
action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act
(“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M. 

(x) Broker/Dealer Relationships. Neither the Company nor any of the Subsidiaries (i) is required to register as a
“broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a member” or “associated
person of a member” (within the meaning set forth in the FINRA Manual). 
 (y) 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. 

(z) Taxes. The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns which
have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where 

  
 17 

 
the failure to so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the Prospectus or any Incorporated Document, no tax deficiency
has been determined adversely to the Company or any of its Subsidiaries which has had, or would have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state, provincial or other governmental
tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect. 

(aa) Title to Real and Personal Property. Except as set forth in the Registration Statement, the Prospectus or any
Incorporated Document, the Company and its Subsidiaries have good and marketable title in fee simple to all items of real property owned by them, good and valid title to all personal property described in the Registration Statement, the Prospectus
or such Incorporated Document as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case free and clear of all liens, encumbrances and claims, except those matters that (i) do not materially
interfere with the use made and proposed to be made of such property by the Company and any of its Subsidiaries or (ii) would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. Any real or personal
property described in the Registration Statement or the Prospectus as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with
the use made or proposed to be made of such property by the Company or any of its Subsidiaries or (B) would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. Each of the properties of the Company
and its Subsidiaries complies with all applicable laws (including building and zoning laws and laws relating to access to such properties), except if and to the extent disclosed in the Registration Statement, the Prospectus or any Incorporated
Document or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property by the Company and its
Subsidiaries or otherwise have a Material Adverse Effect. None of the Company or its subsidiaries has received from any governmental authorities any notice of any condemnation of, or zoning change affecting, the properties of the Company and its
Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property
by the Company and its Subsidiaries or otherwise have a Material Adverse Effect, individually or in the aggregate. 

  
 18 

 (bb) Environmental Laws. Except as set forth in the Registration
Statement, the Prospectus or any Incorporated Document, the Company and its Subsidiaries (i) are in compliance with any and all applicable federal, state, provincial, local and foreign laws relating to the protection of human health and safety,
the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals required of
them under applicable Environmental laws to conduct their respective businesses as described in the Registration Statement or the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or
remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required
permits, licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(cc) Periodic Review of Costs of Environmental Compliance. In the ordinary course of its business, the Company conducts
a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including any capital or
operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). No facts or circumstances have come to the Company’s attention that could result in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(dd) Disclosure Controls. The Company and each of its Subsidiaries maintain systems of internal accounting controls
designed 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 generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language incorporated by
reference in the Registration Statement or any Incorporated Document fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. 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 Registration Statement, Prospectus or any
Incorporated Document). Except as described in the Registration Statement, the Prospectus or any Incorporated Document, 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 

  
 19 

 
financial reporting (other than as set forth in the Registration Statement, Prospectus or any Incorporated Document). 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 Quarterly Report
on Form 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures as of a date within 90 days
prior to the filing date of the Annual Report on Form 10-K for the fiscal year most recently ended (such date, the “Evaluation Date”). The Company presented in its Annual Report on Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Except
as described in the Registration Statement, the Prospectus or any Incorporated Document, 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 Act) or, to the Company’s knowledge, in other factors that could significantly affect the Company’s internal controls. 

(ee) Sarbanes Oxley. There is and has been no failure on the part of the Company or any of the Company’s directors
or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal
financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley
Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence, “principal executive officer” and “principal
financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act. 
 (ff) Brokers.
Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to
or pursuant to this Agreement. 
 (gg) Labor Disputes. No labor disturbance by or dispute with employees of the
Company or any of its Subsidiaries exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. 

  
 20 

 (hh) Investment Company Act. Neither the Company nor any of the
Subsidiaries is, or will be, either after receipt of payment for the Shares or after the application of the proceeds therefrom as described under “Use of Proceeds” in the Registration Statement or the Prospectus, required to register as an
“investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940 (the “Investment Company Act”). 

(ii) Operations. 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, the money laundering laws 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 authority (collectively, the “Money Laundering Laws”); and no action, suit or
proceeding by or before any governmental authority 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. 

(jj) 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 any structural finance, special purpose or limited purpose entity (each, an “Off-Balance Sheet Transaction”) that would 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. 

(kk) ERISA. To the knowledge of the Company, each material employee benefit plan, within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and any
of its Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including ERISA and the Internal Revenue Code of 1986 (the “Code”); no
prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant
to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the
Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined
using reasonable actuarial assumptions. 

  
 21 

 (ll) Forward-Looking Statements. Each financial or operational
projection or other “forward-looking statement” (as defined by Section 27A of the Act or Section 21E of the Exchange Act) contained in the Registration Statement or the Prospectus (i) was so included by the Company in good
faith and with reasonable basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii) is accompanied by meaningful cautionary statements identifying those factors
that could cause actual results to differ materially from those in such forward-looking statement. No such statement was made with the knowledge of an executive officer or director of the Company that is was
false or misleading. 
 (mm) Margin Rules. Neither the issuance, sale and delivery of the Shares nor the application
of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 

(nn) Insurance. The Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and
covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary for companies engaged in similar businesses in similar industries. 

(oo) No Improper Practices. (i) Neither the Company nor the Subsidiaries, nor any director, officer, or employee of
the Company or any Subsidiary or, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political
office (or failed fully to disclose any contribution in violation of applicable Law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with
similar public or quasi-public duty in violation of any applicable Law or of the character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or, to the
Company’s knowledge, any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that is required by the Act to be described in the Registration Statement and
the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or
any Subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) except as described in the Registration Statement and the

  
 22 

 
Prospectus, there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of their respective officers
or directors or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier
of the Company or any Subsidiary to alter the customer’s or supplier’s level or type of business with the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information about the Company
or any Subsidiary or any of their respective products or services, and, (vi) neither the Company nor any Subsidiary nor any director, officer, employee, or, to the Company’s knowledge, agent, affiliate or other person acting on behalf of
the Company, or any Subsidiary has (A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, or any other applicable anti-bribery or anti-corruption Law (collectively,
“Anti-Corruption Laws”), (B) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing
any act or decision of the recipient or securing any improper advantage, or (C) made any payment of funds of the Company or any Subsidiary or received or retained any funds in violation of any Anti-Corruption Laws. 

(pp) Authorization and Enforcement. The Company has full legal right, power and authority to enter into this Agreement
and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except to the
extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles. 

(qq) No Conflicts. Neither the execution of this Agreement, nor the issuance, offering or sale of the Shares, nor the
consummation of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will
constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract, instrument or other agreement to which
the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches or defaults that would not reasonably
be expected to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in any violation of the provisions of any statute or any
order, rule or regulation applicable to the Company or of any governmental authority having jurisdiction over the Company other than (for the avoidance of doubt, solely with respect to clause (y)) any violation that would not have a Material Adverse
Effect. 

  
 23 

 (rr) Sanctions. (i) The Company represents that, neither the
Company nor any of its Subsidiaries (collectively, the “Entity”) or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph,
“Person”) that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”),
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign
Sanctions Evaders List (as amended, collectively, “Sanctions”), nor (B) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory
(including Cuba, Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine) (the “Sanctioned Countries”); (ii) the Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the
offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; or (B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether
as underwriter, advisor, investor or otherwise); and (iii) the Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years, it has not knowingly engaged in, is not now
knowingly engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country. 

(ss) Compliance with Laws. Each of the Company and its Subsidiaries: (A) is and at all times has been in compliance
with all statutes, rules, or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any
product manufactured or distributed by the Company or its Subsidiaries (“Applicable Laws”), except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (B) has not
received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the FDA or any other governmental authority alleging or asserting noncompliance with any Applicable Laws or any licenses,
certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”); (C) possesses all material Authorizations and such Authorizations are valid
and in full force and effect and are not in material violation of any term of any such Authorizations; 

  
 24 

 
(D) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental authority or third party alleging that
any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation
or proceeding; (E) has not received notice that any governmental authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is
considering such action; (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or
Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct on the date filed (or were corrected or supplemented by a subsequent submission);
and (G) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, post-sale warning, “dear healthcare
provider” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the Company’s knowledge, no third party has initiated, conducted or intends to
initiate any such notice or action. 
 (tt) Statistical and Market-Related Data. All statistical, demographic and market-related data included in the Registration Statement or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company’s good faith
estimates that are made on the basis of data derived from such sources. 
 (uu) Stock Exchange Listing. The Common
Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and is listed on the Trading Market and the TSX, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act or delisting the Common Stock from the Trading Market, nor has the Company received any notification that the Commission or the Trading Market is contemplating terminating such registration or listing. To the
Company’s knowledge, it is in compliance with all applicable listing requirements of the Trading Market. 
 (vv)
Related-Party Transactions. There are no business relationships or related-party transactions involving the Company or any of its Subsidiaries or any other person required to be described in the Registration Statement or the Prospectus that
have not been described as required. 

  
 25 

 (ww) FINRA Matters. All of the information provided to the Manager or
to counsel for the Manager by the Company, and, to the knowledge of the Company, its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the
offering of the Shares is true, complete, correct and compliant with FINRA’s rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA rules is true, complete and correct. 

(xx) Dividend Restrictions. No subsidiary of the Company is prohibited or restricted, directly or indirectly, from
paying dividends to the Company, or from making any other distribution with respect to such subsidiary’s equity securities or from repaying to the Company or any other subsidiary of the Company any amounts that may from time to time become due
under any loans or advances to such subsidiary from the Company or from transferring any property or assets to the Company or to any other subsidiary. 

(yy) FINRA Affiliation. To the Company’s knowledge, no officer, director or any beneficial owner of 5% or more of
the Company’s outstanding shares of Common Stock or Common Stock Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating
in this offering. The Company will advise the Manager and counsel to the Manager if it learns that any officer, director or owner of 5% or more of the Company’s outstanding shares of Common Stock or Common Stock Equivalents is or becomes
an affiliate or associated person of a FINRA member firm that is participating in this offering. 
 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 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; provided, however, that the Company will have no obligation to provide the Manager any advance
copy of such filing or to provide the Manager an opportunity to object to such filing if the filing does not name the Manager and does not relate to the transaction herein provided. 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 

  
 26 

 
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 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 reasonable 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 reasonable 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.

 (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 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 not misleading, or if it shall be necessary to amend the
Registration Statement, file a 

  
 27 

 
new registration statement or supplement the Prospectus to comply with the 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 reasonable 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 Act and Rule 158. For the avoidance of doubt, the Company’s compliance with the reporting
requirements of the Exchange Act shall be deemed to satisfy the requirements of this Section 4(d). 
 (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 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. 
 (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 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. 
 (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 it has or shall have obtained, as the case may be, the prior written consent
of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus 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

  
 28 

 
“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. 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) during the term of this Agreement (i) without giving the
Manager at least three Trading Days’ prior written notice specifying the nature of the proposed transaction and the date of such proposed transaction and (ii) unless the Manager suspends acting under this Agreement for such period of time
requested by the Company or as deemed appropriate by the Manager in light of the proposed transaction; provided, however, that the Company may issue and sell Common Stock pursuant to any employee equity incentive plan, stock ownership
plan or dividend reinvestment plan of the Company in effect at the Execution Time and the Company may issue Common Stock issuable upon the conversion or exercise of Common Stock Equivalents outstanding at the Execution Time. 

(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 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. 
 (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 an
amendment to 

  
 29 

 
financial statements previously filed with the Commission under the Exchange Act (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 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, 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) Opinions; Negative Assurance. At each Representation Date, unless waived by the Manager, the
Company shall furnish or cause to be furnished forthwith to the Manager and to counsel to the Manager a written opinion of each of (i) Cooley LLP, counsel to the Company (“Company Counsel”) (including a negative assurance
statement), (ii) Hogan Lovells US LLP, U.S. Regulatory counsel for the Company (“Company Regulatory Counsel”), and (iii) Proskauer Rose LLP, U.S. intellectual property counsel for the Company (“Company IP
Counsel”), each addressed to the Manager and dated and delivered on such Representation Date, in form and substance reasonably satisfactory to the Manager; provided, however, that such opinions (other than the negative
assurance statement) shall only be required to be furnished 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, unless the Manager reasonably requests such opinions in connection with a Representation Date, upon which request such opinions shall be deliverable
hereunder. 
 (m) Auditor “Comfort” Letter. 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, unless the Manager reasonably
requests such letter in connection with a Representation Date upon which request such letter shall be deliverable hereunder, the Company shall cause the Accountant, or other independent accountants satisfactory to the Manager forthwith to furnish
the Manager a letter, dated on such Representation Date, in form satisfactory to the Manager, of the same tenor as the letters referred to in Section 6 of this Agreement but modified to relate to the Registration Statement and the Prospectus,
as amended and supplemented to the date of such letters and certificate. 

  
 30 

 (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 (each, a “Due Diligence Session”), in form and substance, reasonably satisfactory to the Manager, which shall include representatives of management and Accountant. 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 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. The Company shall reimburse the Manager for the reasonable fees and expenses of Manager’s counsel incurred in connection with each Due Diligence Session, in an amount not to exceed $2,500 per
fiscal quarter. 
 (o) Acknowledgment of Trading. The Company consents to the Manager trading in the Common Stock for
the Manager’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant to a Terms Agreement. 

(p) 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; and, if required by any subsequent change in Commission policy or request, more frequently by means of a Current
Report on Form 8-K or a further Prospectus Supplement. 
 (q) 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 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. 
 (r)
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 

  
 31 

 
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). 
 (s) 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 reasonable best efforts to cause the Shares to be listed for trading on the Trading Market
and the TSX and to maintain such listing. 
 (t) 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 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. 

(u) DTC Facility. The Company shall cooperate with Manager and use its reasonable best efforts to permit the Shares to
be eligible for clearance and settlement through the facilities of DTC. 
 (v) Use of Proceeds. The Company will apply
the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus. 
 (w) Filing of Prospectus
Supplement. If any sales of Shares are made pursuant to this Agreement which are not made in “at the market offerings” as defined in Rule 415, including, without limitation, any Placement pursuant to a Terms Agreement, the Company
shall file a Prospectus Supplement describing the terms of such transaction, the amount of Shares sold, the price thereof, the Manager’s compensation, and such other information as may be required pursuant to Rule 424 and Rule 430B, as
applicable, within the time required by Rule 424. 
 (x) 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 shall cause such registration statement to become effective as promptly as practicable. After the effectiveness of any such registration 

  
 32 

 
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, and all references to “Base Prospectus” included in this Agreement shall be deemed to include the final form of prospectus, including
all documents incorporated therein by reference, included in any such registration statement at the time such registration statement became effective. 

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 transportation and other expenses incurred by or on behalf of Company representatives in
connection with presentations to prospective purchasers of the Shares; (viii) the fees and expenses of the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (ix) the
filing fee under FINRA Rule 5110; (x) the reasonable fees and expenses of the Manager’s counsel, not to exceed $50,000 (excluding any periodic due diligence fees provided for under Section 4(n)), which is payable on the Execution Time; and
(xi) all other costs and expenses incident to the performance by the Company of its obligations hereunder. 

  
 33 

 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) the performance by the Company of its obligations hereunder and (iii) the following additional conditions (except as set forth in Section 4(l) and Section 4(m)): 

(a) Effectiveness of the Registration Statement; Filing of Prospectus Supplement. The Registration Statement shall have
been declared effective by the Commission and 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 Act; any other material required to be filed by the Company pursuant to
Rule 433(d) under the 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. 

(b) Delivery of Opinions. The Company shall have caused to be furnished to the Manager (i) the opinion and negative
assurance statement of Company Counsel, dated as of such date and addressed to the Manager in form and substance acceptable to the Manager, (ii) the opinion of Company Regulatory Counsel, dated as of such date and addressed to the Manager in
form and substance acceptable to the Manager, and (iii) the opinion of Company IP Counsel, each 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 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. 

  
 34 

 (d) Delivery of Accountant’s “Comfort” Letter. The
Company shall have requested and caused the Accountant to have furnished to the Manager a letter (which may refer to letters previously delivered to the Manager), dated as of such date, in form and substance satisfactory to the Manager, confirming
that they are independent accountants within the meaning of the Act and the Exchange Act and the respective applicable rules and regulations adopted by the Commission thereunder and that they have performed a review of any unaudited interim
financial information of the Company included or incorporated by reference in the Registration Statement and the Prospectus and provide customary “comfort” as to such review in form and substance satisfactory to the Manager. 

(e) 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 sole 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). 

(f) 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 Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the 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). 

(g) 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. 
 (h) 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. 

  
 35 

 (i) 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 Ellenoff Grossman & Schole LLP,
counsel for the Manager, at 1345 Avenue of the Americas, New York, New York 10105, 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 Act or the Exchange Act against any and all losses, claims, damages or liabilities, as
incurred, joint or several, to which they or any of them may become subject under the 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 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 arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, 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 or liability; 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. This indemnity
agreement will be in addition to any liability that the Company may otherwise have. 

  
 36 

 (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 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 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 

  
 37 

 
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. 
 (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. 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 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 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 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). 

  
 38 

 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 five (5) Trading Days’ prior 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 Sections 5, 7, 8, 9, 10, 12 and 14 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 Sections 5, 7, 8, 9, 10,
12 and 14 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 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 Sections 5, 7, 8, 9, 10, 12 and 14 shall remain in full force and effect. 
 (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 of the Shares 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 

  
 39 

 
minimum prices shall have been established on such exchange, (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. 
 10. Notices.
All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered, e-mailed or facsimiled to the addresses of the Company and the Manager, respectively, set forth on
the signature page hereto. 
 11. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and
their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section 7, and no other person will have any right or obligation hereunder. 

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 agrees that it will not claim that the Manager has rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the
Company, in connection with such transaction or the process leading thereto. 
 13. Integration. This Agreement and any Terms
Agreement supersede all prior agreements and understandings (whether written or oral) between the Company and the Manager with respect to the subject matter hereof. 

  
 40 

 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. Each of the Company and the Manager: (i) agrees that any legal suit, action or proceeding arising
out of or relating to this Agreement shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection which it may have or
hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York in
any such suit, action or proceeding. Each of the Company and the Manager further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New
York, or in the United States District Court for the Southern District of New York and agrees that service of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of
process upon the Company, in any such suit, action or proceeding, and service of process upon the Manager mailed by certified mail to the Manager’s address shall be deemed in every respect effective service process upon the Manager, in any such
suit, action or proceeding. If either party shall commence an action or proceeding to enforce any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable
attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

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. 
 *************************** 

  
 41 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the Manager. 

Very truly yours, 
 HELIUS MEDICAL TECHNOLOGIES, INC.

  

			
	By:	 	 /s/ Joyce LaViscount

	Name:	 	Joyce LaViscount
	Title:	 	Chief Financial Officer and Chief Operating Officer

 Address for Notice: 
 642 Newtown
Yardley Road, Suite 100 
 Newtown, Pennsylvania 18940 

Attention: Joyce LaViscount 

E-mail: jlaviscount@heliusmedical.com 

The foregoing Agreement is hereby confirmed and accepted as of 

the date first written above. 
 H.C. WAINWRIGHT &
CO., LLC 
  

			
	By:	 	 /s/ Mark W. Viklund

	Name:	 	Mark W. Viklund
	Title:	 	Chief Executive Officer

 Address for Notice: 
 430 Park
Avenue 
 New York, New York 10022 
 Attention: Chief Executive
Officer 
 E-mail: notices@hcwco.com 

  
 42 

 Form of Terms Agreement 

ANNEX I 
 TERMS
AGREEMENT 
 Dear Sirs: 
 Helius Medical
Technologies, Inc. (the “Company”) proposes, subject to the terms and conditions stated herein and in the At The Market Offering Agreement, dated January 27, 2020 (the “At The Market Offering Agreement”),
between the Company and H.C. Wainwright & Co., LLC (“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. 

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 latter 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
hereto. 

  
 43 

 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. 
  

			
	HELIUS MEDICAL TECHNOLOGIES, INC.
		
	By:	 	
                     
    

		 	 Name:
 Title:

 ACCEPTED as of the date first written above. 
  

			
	H.C. WAINWRIGHT & CO., LLC
		
	By:	 	
                     
            

		 	Name:
		 	Title:

  
 44EX-10.1

 Exhibit 10.1 

FORM OF 
 MANAGEMENT
AGREEMENT 
 BY AND AMONG 

NEXPOINT REAL ESTATE FINANCE, INC. 

AND 
 NEXPOINT REAL
ESTATE ADVISORS VII, L.P. 

 TABLE OF CONTENTS 

 

					
	 	 	 	 	Page
	1.	 	 Definitions
	 	1
	2.	 	 Appointment
	 	4
	3.	 	 Duties of the Manager
	 	4
	4.	 	 Authority of the Manager
	 	7
	5.	 	 No Partnership or Joint Venture
	 	7
	6.	 	 Bank Accounts
	 	7
	7.	 	 Records; Access; Confidentiality
	 	7
	8.	 	 Limitations on Activities
	 	8
	9.	 	 Compensation
	 	8
	10.	 	 Expenses
	 	9
	11.	 	 Other Services
	 	9
	12.	 	 Other Activities of the Manager
	 	9
	13.	 	 Term and Termination
	 	9
	14.	 	 Payments and Duties Upon Termination
	 	10
	15.	 	 Limitation of Liability, Exculpation and Indemnification by the Company
	 	10
	16.	 	 Indemnification by the Manager
	 	11
	17.	 	 Representations and Warranties
	 	12
	18.	 	 Notices
	 	13
	19.	 	 Modification
	 	14
	20.	 	 Severability
	 	14
	21.	 	 Governing Law; Waiver of Jury Trial
	 	14
	22.	 	 Entire Agreement
	 	14
	23.	 	 No Waiver
	 	15
	24.	 	 Pronouns and Plurals
	 	15
	25.	 	 Headings
	 	15
	26.	 	 Execution in Counterparts
	 	15

  

  
 i 

 MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”), dated as
of                , 2020, is entered into by and among NexPoint Real Estate Finance, Inc., a Maryland corporation (the “Company”) and NexPoint
Real Estate Advisors VII, L.P., a Delaware limited partnership (the “Manager”). 
 RECITALS 

A. The Company is a Maryland corporation created in accordance with the Maryland General Corporation Law and intends to elect to qualify as a
REIT for U.S. federal income tax purposes. 
 B. The Company desires to avail itself of the experience, sources of information, advice,
assistance and certain facilities of the Manager and its Affiliates and to have the Manager undertake the duties and responsibilities set forth in this Agreement, on behalf of, and subject to the supervision of the Board of Directors of the Company,
all as provided in this Agreement. 
 C. The Manager is willing to render such services, subject to the supervision of the Board of Directors
of the Company, on the terms and conditions set forth in this Agreement. 
 D. The Board of Directors has approved this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending
to be legally bound, hereby agree as follows: 
 1. Definitions. As used in this Agreement, the following terms have the
definitions set forth below: 
 “1940 Act” means the Investment Company Act of 1940, as amended. 

“Affiliate” or “Affiliated” means with respect to any Person, (i) any Person directly or
indirectly controlling, controlled by or under common control with such other Person; (ii) any executive officer, director, trustee or general partner of such other Person; and (iii) any legal entity for which such Person acts as an
executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,” “is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights, by contract or otherwise. 

“Articles of Incorporation” means the Articles of Amendment and Restatement of the Company, as hereafter amended from
time to time. 
 “Automatic Renewal Term” has the meaning set forth in Section 13(a). 

“Board of Directors” or “Board” means the Board of Directors of the Company. 

“Bylaws” means the bylaws of the Company, as amended and as the same are in effect from time to time. 

“Cash on Hand” means the Company’s cash on hand, exclusive of the proceeds of any debt financing incurred or to
be incurred in connection with the relevant Investment. 
 “Cause Event” means (a) a final judgment by any
court or governmental body of competent jurisdiction not stayed or vacated within 30 days that the Manager, any of its agents or any of its assignees has committed a felony or a material violation of applicable securities laws that has a material
adverse effect on the business of the Company or the ability of the Manager to perform its duties under the terms of this Agreement, (b) an order for relief in an involuntary bankruptcy case relating to the Manager or the Manager authorizing or
filing a voluntary bankruptcy petition, (c) the dissolution of the Manager, or (d) a determination that the Manager has (i) committed fraud against the Company, (ii) misappropriated or embezzled funds of the Company,
(iii) acted in a manner constituting bad faith, willful 

 
misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement, (iv) failed to act, where such failure to act constituted bad faith, willful
misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement, or (v) defaulted in the performance or observance of any material term, condition or covenant contained in this Agreement and such default
shall have continued for a period of 30 days after the Company had given written notice to the Manager of such default; provided, however, that if any of the actions or omissions described in this clause (d) are caused by an employee and/or
officer of the Manager or one of its Affiliates and the Manager takes all necessary action against such person and cures the damage caused by such actions or omissions within 30 days of such determination, then such event shall not constitute a
Cause Event. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to
time. 
 “Core Earnings” means the net income (loss) attributable to the common stockholders of the Company,
computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), excluding any unrealized gains or losses or other similar non-cash items that are included in
net income (loss) for the applicable reporting period, regardless of whether such items are included in other comprehensive (loss), or in net income (loss) and adding back amortization of stock-based compensation. Net income (loss) attributable to
common stockholders may also be adjusted for one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after
discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors. 

“Covered Person” has the meaning set forth in Section 15(a). 

“Director” means a member of the Board of Directors. 

“Effective Termination Date” has the meaning set forth in Section 14(a). 

“Election Notice” has the meaning set forth in Section 9(a). 

“Equity” means (a) the sum of (i) total stockholders’ equity immediately prior to the Offering Date,
plus (ii) the net proceeds received by the Company from all issuances of the Company’s common stock in and after the IPO, plus (iii) the Company’s cumulative Core Earnings from and after the Offering Date to the end of the most
recently completed calendar quarter, (b) less (i) any distributions to the Stockholders from and after the Offering Date to the end of the most recently completed calendar quarter and (ii) all amounts that the Company or any of its
subsidiaries has paid to repurchase the Company’s common stock from and after the Offering Date to the end of the most recently completed calendar quarter. In the Company’s calculation of Equity, the Company will adjust its calculation of
Core Earnings to remove the compensation expense relating to awards granted under one or more of its long-term incentive plans that is added back in the calculation of Core Earnings. Additionally, for the avoidance of doubt, Equity will not include
the assets contributed to the Company in the Formation Transaction. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Expenses” has the meaning set forth in Section 10(a). 

“Formation Transaction” means the series of transactions through which the Company will acquire an initial portfolio
of Investments as described in the Registration Statement. 
 “GAAP” means generally accepted accounting principles
in the U.S. 
 “Governing Instruments” means, with regard to any entity, the articles of incorporation or
certificate of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the certificate of formation and operating
agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended. 

  
 2 

 “Independent Director” means a Director who qualifies as an
“independent director” under the NYSE listing rules. 
 “Initial Term” has the meaning set forth in
Section 13(a). 
 “Investment Guidelines” means the investment guidelines and other
investment parameters for Investments, financing activities and other operations as initially disclosed in the Registration Statement, as may be amended, restated, modified, supplemented or waived by the Board of Directors from time to time. 

“Investments” means any investments by the Company in Real Estate Assets or any other asset. 

“IPO” means the Company’s initial public offering of Shares pursuant to the Registration Statement. 

“Joint Ventures” means any joint venture or partnership arrangements (other than between the Company and its operating
partnership) in which the Company or any of its subsidiaries is a co-venturer, member or partner, which are established to own Investments. 

“Loans” means any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes, debentures,
deeds of trust, letters of credit or similar instruments, including mortgages, mezzanine loans and bridge loans. 
 “Management
Fee” means an annual fee, payable monthly, in an amount equal to 1.50% of Equity, determined in accordance with Section 9. 

“NexPoint” means NexPoint Advisors, L.P., a Delaware limited partnership. 

“NYSE” means the New York Stock Exchange. 

“Offering” means any public or private offering of equity or debt securities of the Company that is consummated
subsequent to the date of this Agreement, excluding Shares offered under any employee benefit plan of the Company. 
 “Offering
Date” means the closing of the Company’s IPO. 
 “Offering Expenses” means any and all expenses
(other than underwriting discounts and commissions) paid or to be paid by the Company in connection with an Offering, including, without limitation, the Company’s legal, accounting, printing, mailing and filing fees and other documented
offering expenses. 
 “Operating Expenses” means all
out-of-pocket expenses of the Manager in performing services for the Company, including but not limited to the expenses incurred by the Manager in connection with any
provision by the Manager of legal, accounting, financial and due diligence services performed by the Manager that outside professionals or outside consultants would otherwise perform. Operating Expenses also include compensation expense under any
long term incentive plan adopted by the Company and approved by Stockholders and the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager
required for the Company’s operations. Operating Expenses do not include expenses for the administrative services described on Exhibit A to this Agreement. 

“Person” means an individual, corporation, partnership, joint venture, association, company (whether of limited
liability or otherwise), trust, bank or other entity, or government or any agency or political subdivision of a government. 

  
 3 

 “Real Estate Assets” means any investment by the Company (including,
without limitation, reserves for capital expenditures) in Real Estate either directly, through a direct or indirect subsidiary of the Company or through a Joint Venture. 

“Real Estate” means assets owned from time to time by the Company, either directly, through a direct or indirect
subsidiary of the Company or through a Joint Venture, which consists of (a) land only, (b) land, including the buildings located thereon, (c) buildings only, (d) real estate-related securities (including preferred stock), Loans
and other real estate-related financings, or (e) such investments the Board or the Manager designate as Real Estate to the extent such investments could be classified as Real Estate related. 

“Registration Statement” means the Company’s Registration Statement on Form
S-11 (No. 333-235698), as amended from time to time. 

“REIT” means a “real estate investment trust” within the meaning of Sections 856 through 860 of the Code.

 “SEC” means the Securities and Exchange Commission. 

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

“Shares” means the shares of the Company’s common stock, par value $0.01 per share. 

“Stockholders” means the registered holders of the Shares. 

“Termination Fee” means a termination fee equal to three times the average annual Management Fee earned by the Manager
during the two-year period immediately preceding the most recently completed calendar quarter prior to the Effective Termination Date; provided, however, if this Agreement is terminated prior to the two
year anniversary of the date of this Agreement, the Management Fee earned during such period will be annualized for purposes of calculating the average annual Management Fee. 

“VWAP” means volume-weighted average price. 

2. Appointment. The Company hereby appoints the Manager to serve as their advisor to perform the services set forth herein
on the terms and conditions set forth in this Agreement, and the Manager hereby accepts such appointment. Except as otherwise provided in this Agreement, the Manager hereby agrees to use its commercially reasonable efforts to perform each of the
duties set forth herein. The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this Agreement, to cause the duties of the Manager
as set forth herein to be provided by third parties and/or its Affiliates. 
 3. Duties of the Manager. The Manager, in
its capacity as manager of the assets and the day-to-day operations of the Company, at all times will be subject to the supervision of the Board of Directors and will
have only such functions and authority as the Board of Directors may delegate to it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be performed through one or more of its Affiliates or subsidiaries) such services and activities relating to
the assets and operations of the Company as may be appropriate, including, without limitation: 
 (a) serve as the Company’s investment
and financial advisor; 
 (b) provide the daily management for the Company and perform and supervise the various administrative functions
necessary for the day-to-day management of the operations of the Company, including the administrative services described on Exhibit A to this Agreement; 

  
 4 

 (c) investigate, select, and, on behalf of the Company, engage and conduct business with
such Persons as the Manager deems necessary to the proper performance of its obligations hereunder, including, but not limited to, consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors,
mortgagors, the registrar and the transfer agent and any and all agents for any of the foregoing, including Affiliates of the Manager, and Persons acting in any other capacity deemed by the Manager necessary or desirable for the performance of any
of the foregoing services, including, but not limited to, entering into contracts in the name of the Company with any of the foregoing; 

(d) consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed
to be undertaken by the Company; 
 (e) subject to the provisions of Section 4 hereof, (i) participate in
formulating an investment strategy and asset allocation framework, (ii) locate, analyze and select potential Investments, (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and
dispositions of Investments will be made; (iv) research, identify, review and recommend acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company in compliance with the investment objectives and
policies of the Company; (v) negotiate the terms of and arrange for financing and refinancing and make other changes in the assets or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with,
Investments; (vi) negotiate and enter into agreements relating to Real Estate Assets and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively
oversee and manage Investments for purposes of meeting the Company’s investment objectives and reviewing and analyzing financial information for each of the Investments and the overall portfolio; (viii) select Joint Venture partners,
structure and negotiate corresponding agreements and oversee and monitor these relationships; (ix) engage, oversee, supervise and evaluate property managers who perform services for the Company; (x) engage, oversee, supervise and evaluate
Persons with whom the Manager contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting and other record-keeping functions for the Company, including reviewing and analyzing the capital
and operating budgets for the Real Estate Assets and generating an annual budget for the Company; and (xii) recommend various liquidity events to the Board when appropriate; 

(f) upon request, but no less than quarterly, provide the Board with periodic reports regarding prospective investments; 

(g) negotiate the terms of and make investments in, and dispositions of, Investments within the discretionary limits and authority as granted
by the Board; 
 (h) within the discretionary limits and authority as granted by the Board, negotiate on behalf of the Company with banks or
other lenders for Loans to be made to the Company, and negotiate with investment banking firms and broker-dealers or negotiate private sales of Shares or obtain Loans for the Company, but in no event in such a manner so that the Manager shall be
acting as broker-dealer or underwriter; provided, further, that any fees and costs payable to third parties incurred by the Manager in connection with the foregoing shall be the responsibility of the Company; 

(i) at least quarterly, and at any other time reasonably requested by the Board, obtain reports (which may, but are not required to, be
prepared by the Manager or its Affiliates), where appropriate, concerning the value of Investments or contemplated Investments of the Company; 

(j) at least quarterly, and at any other time reasonably requested by the Board, make reports to the Board of its performance of services to
the Company under this Agreement (including reports with respect to potential conflicts of interest involving the Manager or any of its Affiliates), the composition and characteristics of the Company’s portfolio, and compliance with the
Company’s Investment Guidelines and other policies approved from time to time by the Board; 

  
 5 

 (k) provide the Company with all necessary cash management services; 

(l) deliver to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate
Assets as may be required to be obtained by the Board; 
 (m) notify the Board of all proposed transactions outside of the Manager’s
delegated authority and obtain Board approval of same before they are completed; 
 (n) negotiate and effect any tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board; 

(o) perform investor-relations and Stockholder communications functions for the Company; 

(p) render such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions herein; 

(q) maintain the Company’s accounting and other records and assist the Company in filing all reports required to be filed by it with the
SEC, the Internal Revenue Service and other regulatory agencies; 
 (r) do all things necessary to assure its ability to render the services
described in this Agreement; 
 (s) advise the Company regarding the maintenance of the Company’s qualification as a REIT and monitor
the Company’s compliance with the various REIT qualification requirements and other rules set forth in the Code and any applicable Treasury Regulations promulgated under the Code, as amended from time to time, and use its commercially
reasonable efforts to cause the Company to qualify as a REIT and to maintain its qualification as a REIT for U.S. federal income tax purposes; 

(t) advise the Company regarding the maintenance of their exemptions from the status of an investment company required to register under the
1940 Act, and monitor compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such status; 

(u) assist the Company in qualifying to do business in all applicable jurisdictions in which the Company or their subsidiaries do business, and
ensure that the Company and its subsidiaries obtain and maintain all applicable licenses; 
 (v) assist the Company in complying with all
regulatory requirements applicable to them with respect to their business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and
documents, if any, required under the Exchange Act, the Securities Act or by the NYSE; 
 (w) if requested by the Company, provide, or cause
another qualified third party to provide, such internal audit, compliance and control services as may be required for the Company and its subsidiaries to comply with applicable law (including the Securities Act and the Exchange Act), regulation
(including SEC regulations) and the rules and requirements of the NYSE or such other securities exchange on which the Shares are listed, and as otherwise requested by the Board; 

(x) handle and resolve on behalf of the Company (including its subsidiaries) all routine claims, disputes or controversies, including all
routine litigation, arbitration, settlement or other proceedings or negotiations, in which the Company or its subsidiaries may be involved (other than with the Manager or its Affiliates) or to which they may become subject, subject to such
limitations or parameters as may be imposed from time to time by the Board; and 
 (y) use commercially reasonable efforts to cause the
Company and its subsidiaries to comply with all applicable laws. 
 Notwithstanding the foregoing, the Manager may delegate any of the foregoing duties to
any Person so long as the Manager remains responsible for the performance of the duties set forth in this Section 3; provided, however, that the delegation by the Manager of any of the foregoing duties to
another Person shall not result in an increased Management Fee or additional expenses payable hereunder. 

  
 6 

 4. Authority of the Manager. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 8), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Company, acting on the authority of the Board of Directors, hereby delegates to the Manager the
authority to perform the services described in Section 3. 
 (b) Notwithstanding anything herein to the contrary,
the Manager shall obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, in connection with (i) any Investment for which the portion of the consideration paid
out of the Company’s Cash on Hand equals or exceeds $50,000,000, (ii) any investment that is inconsistent with the Company’s publicly disclosed Investment Guidelines as in effect from time to time, or, if none are then publicly
disclosed, as otherwise adopted by the Board from time to time, or (iii) any engagement of Affiliated service providers on behalf of the Company, which engagement terms will be negotiated on an arm’s length basis. 

(c) If a transaction requires approval by the Independent Directors, the Manager will deliver to the Independent Directors all documents and
other information required by them to properly evaluate the proposed transaction. 
 (d) For the period and on the terms and conditions set
forth in this Agreement, the Company and each of its subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and
attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into agreements, instruments and authorizations on their behalf, on such terms
and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate (subject to any limitations imposed by the Board). This power of attorney is deemed to be coupled with an interest. 

5. No Partnership or Joint Venture. The parties to this Agreement
are not partners or joint venturers with each other and nothing herein shall be construed to make them partners or joint venturers or impose any liability as such on either of them. 

6. Bank Accounts. The Manager may establish and maintain one or more bank accounts in its own name for the
account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, consistent with the authority granted under
Section 4 and in such other circumstances as the Board may approve, provided that no funds shall be commingled with the funds of the Manager; and the Manager shall upon request render appropriate accountings of such collections
and payments to the Board and to the auditors of the Company. 
 7. Records; Access;
Confidentiality. The Manager shall maintain appropriate books of accounts and records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the
Company, at any time and from time to time. The Manager shall at all reasonable times have access to the books and records of the Company. The Manager shall keep confidential any and all information obtained in connection with the services rendered
under this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties except (a) with the prior written consent of the Board, (b) to legal
counsel, accountants or other professional advisors or consultants engaged by the Company, (c) to appraisers, financing sources and others in the ordinary course of the Company’s business, (d) to governmental officials having
jurisdiction over the Company (including its subsidiaries), (e) in connection with any governmental or regulatory filings of the Company or of its subsidiaries, or disclosure or presentations to Company investors, (f) as required by law or
legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party, or (g) to the extent such information is otherwise publicly available through the actions of a Person other than the Manager not resulting
from the Manager’s violation of this Section 7. The confidentiality provisions of this Section 7 shall survive for a period of one year after the expiration or earlier termination of this Agreement. 

  
 7 

 8. Limitations on Activities. Notwithstanding anything
herein to the contrary, the Manager shall not intentionally or with gross negligence, reckless disregard or bad faith take any action that, would (a) adversely affect the maintenance of the Company’s qualification as a REIT under the Code,
unless the Board has determined that the maintenance of the Company’s REIT qualification is not in the best interests of the Company and its Stockholders, (b) subject the Company to regulation under the 1940 Act, (c) be contrary to or
inconsistent with the Company’s Investment Guidelines or (d) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by
the Articles of Incorporation or Bylaws, except if such action shall be ordered by the Board, in which case the Manager shall notify promptly the Board of the Manager’s judgment of the potential impact of such action and shall refrain from
taking such action until it receives further clarification or instructions from the Board. In such event, the Manager shall have no liability for acting in accordance with the specific instructions of the Board so given. 

9. Compensation. 

(a) During the term hereof, as the same may be extended from time to time, the Company shall pay the Manager the Management Fee. The Manager
will not receive any compensation as calculated hereunder for the period prior to the Offering Date. The Manager shall compute each installment of the Management Fee as promptly as possible after the end of the month with respect to which such
installment is payable. The accrued fees will be payable monthly as promptly as possible after the end of each month during which this Agreement is in effect. A copy of the computations made by the Manager to calculate such installment shall
thereafter, for informational purposes only, promptly be delivered to the Board. The Management Fee shall be paid in cash unless the Manager elects, in its sole discretion, to receive all or a portion of the Management Fee in Shares; provided,
that (i) such election to receive all or a portion of the fee in Shares shall be made by notice to the Board (the “Election Notice”) at the time the Manager delivers to the Board the computation of the Management Fee
for such month and (ii) the Manager’s ability to receive Shares in payment of all or a portion of the Management Fee shall be subject to Section 9(c). To the extent that the Manager elects to receive Shares in payment of all or a
portion of the Management Fee for any particular month, the number of Shares payable to the Manager for such month shall equal (i) the dollar amount of the portion of the monthly installment of the Management Fee payable in Shares (as set forth
in the Election Notice) divided by (ii) the VWAP per Share for the 10 trading days prior to the end of the month for which the Management Fee will be paid. The Management Fee shall be payable independent of the performance of the Company or the
Investments. 
 (b) The Manager may waive a portion of its fees. If this Agreement becomes effective subsequent to the first day of a month
or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. 

(c) The Manager’s ability to receive Shares in payment of all or a portion of the Management Fee due to the Manager under this Agreement
shall be subject to the following: (i) the ownership of such Shares by the Manager shall not violate the limit on ownership of Shares set forth in the Articles of Incorporation or otherwise raise a material risk to the status of the Company as
a REIT, after giving effect to any exception from such limit that the Board may grant to the Manager or its Affiliates; and (ii) the Company’s issuance of such Shares to the Manager shall comply with all applicable restrictions under the
U.S. federal securities laws and the rules of the NYSE. 
 (d) The Company agrees to provide reasonable registration rights to the Manager
and its Affiliates in a form of registration rights agreement to be mutually agreed. 

  
 8 

 10. Expenses. 

(a) In addition to the compensation paid to the Manager pursuant to Section 9, the Company shall pay directly or
reimburse the Manager for all of the documented Operating Expenses and Offering Expenses (together, “Expenses”) paid or incurred by the Manager or its Affiliates in connection with the services it provides to the Company
pursuant to this Agreement. Any Expenses payable by the Company or reimbursable to the Manager pursuant to this Agreement shall not be in amounts greater than those which would be payable to outside professionals or consultants engaged to perform
such services pursuant to agreements negotiated on an arm’s length basis. Operating Expenses directly paid by the Company together with the reimbursement of Operating Expenses to the Manager, plus Management Fees under
Section 9, may not exceed 2.5% of equity book value determined in accordance with GAAP for any calendar year or portion thereof, provided, however, that this limitation will not apply to Offering Expenses,
legal, accounting, financial, due diligence and other service fees incurred in connection with extraordinary litigation and mergers and acquisitions and other events outside the Company’s ordinary course of business or any out-of-pocket acquisition or due diligence expenses incurred in connection with the acquisition or disposition of Real Estate Assets. 

(b) The Manager shall prepare a statement documenting all Expenses incurred during each month, and shall deliver such statement to the Company
within 15 business days after the end of each month. Expenses incurred by the Manager on behalf of the Company and payable pursuant to this Section 10 shall be reimbursed no later than the 15th business day immediately following the date of
delivery of such statement of Expenses to the Company. 
 11. Other Services. Should the Board request
that the Manager or any director, officer or employee thereof render services for the Company other than set forth in Section 3, such services shall be separately compensated at such customary rates and in such customary
amounts as are agreed upon by the Manager and the Board, including a majority of the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this
Agreement. 
 12. Other Activities of the Manager. Except as set forth in this
Section 12, nothing herein contained shall prevent the Manager or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons
(including other REITs) and the management of other programs advised, sponsored or organized by NexPoint or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee, or stockholder of
the Manager or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services;
provided, however, that the Manager must devote sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. The Manager may, with respect to any investment in which the Company
is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures or arrangements, the Manager may be engaged to provide advice and service to such Persons, in which case
the Manager will earn fees for rendering such advice and service. 
 The Board acknowledges that the Manager and its Affiliates are subject
to various conflicts of interest, including without limitation, those set forth in the Registration Statement. The Manager shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or is reasonably likely to create a conflict of interest between the Manager’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 

13. Term and Termination. 

(a) Duration. This Agreement shall become effective on the date first set forth above. Unless terminated as herein provided, this
Agreement shall remain in full force and effect until the date that is three years after the effective date of this Agreement (the “Initial Term”). Subsequent to the Initial Term, this Agreement shall be deemed to be
automatically renewed for an additional one-year period (an “Automatic Renewal Term”), unless the Company or the Manager elects not to renew this Agreement in accordance with
Section 9(c) below. 

  
 9 

 (b) Amendment. No provision of this Agreement may be amended, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party against which enforcement of the amendment, waiver, discharge or termination is sought. Any amendment of this Agreement shall be approved by either (i) the
Company’s Board of Directors or (ii) a vote of the Company’s stockholders. 
 (c) Termination. Notwithstanding any
other provision of this Agreement to the contrary, (i) upon written notice given 180 days’ prior to the expiration of the Initial Term or any Automatic Renewal Term to the Manager, the Company may, without cause, in connection with the
expiration of the Initial Term or the then-current Automatic Renewal Term, decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this
Agreement next following the delivery of such notice, (ii) no later than 180 days prior to the expiration of the Initial Term or the then-current Automatic Renewal Term, the Manager may, without cause, deliver written notice to the Company
informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement next following the
delivery of such notice, (iii) the Company may terminate this Agreement upon the occurrence of a Cause Event by giving written notice to the Manager of the occurrence of a Cause Event, whereupon this Agreement shall terminate 30 days after
delivery of such written notice, and (iv) the Manager may terminate this Agreement by giving written notice to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant
contained in this Agreement and such default shall have continued for a period of 30 days before the Manager had given written notice to the Company of such default, whereupon this Agreement shall terminate 30 days after delivery of such written
notice. 
 14. Payments and Duties Upon Termination. 

(a) Amounts Owed. The Company shall pay the Manager the Termination Fee before or on the last day of the Initial Term, the Automatic
Renewal Term or the end of the 30-day period, as the case may be (the “Effective Termination Date”) upon termination of this Agreement, provided that the Company is not required to pay
the Manager the Termination Fee if this Agreement is terminated by the Company as a result of a Cause Event. 
 (b) Manager’s
Duties. The Manager shall promptly upon termination of this Agreement: 
 (i) pay over to the Company all money collected and held for
the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to the Board all assets, including
all Investments, and documents of the Company then in the custody of the Manager; and 
 (iv) reasonably cooperate with the Company, at the
Company’s expense, to provide an orderly management transition. 
 15. Limitation of Liability, Exculpation and Indemnification by
the Company. 
 (a) Whether or not expressly provided in this Agreement, every provision of this Agreement relating to the conduct or
affecting the liability of or affording protection to the Manager or any of its respective Affiliates and their respective partners, members, officers, directors, employees and agents (including parties acting as agents for the execution of
transactions) (each, a “Covered Person” and collectively, “Covered Persons”) shall be subject to the provisions of this Section. 

  
 10 

 (b) To the fullest extent permitted by law, no Covered Person shall be liable to the Company
(including but not limited to (i) any act or omission by any Covered Person in connection with the conduct of the business of the Company, that is determined by such Covered Person in good faith to be in or not opposed to the best interests of
the Company, (ii) any act or omission by any Covered Person based on the suggestions of any professional advisor of the Company whom such Covered Person believes is authorized to make such suggestions on behalf of the Company, (iii) any
act or omission by the Company, or (iv) any mistake, negligence, misconduct or bad faith of any broker or other agent of the Company selected by the Covered Person with reasonable care), unless any act or omission by such Covered Person
constitutes bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard of its duties (as determined by a non-appealable judgment of a court or arbitration
proceeding of competent jurisdiction). 
 (c) A Covered Person may consult with legal counsel or accountants selected by such Covered Person
and any act or omission by such Covered Person on behalf of the Company or in furtherance of the business of the Company in good faith in reliance on and in accordance with the advice of such counsel or accountants shall be full justification for
the act or omission, and such Covered Person shall be fully protected in so acting or omitting to act if the counsel or accountants were selected with reasonable care. 

(d) To the fullest extent permitted by law, the Company shall indemnify and save harmless Covered Persons, from and against any and all claims,
liabilities, damages, losses, costs and expenses, including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and expenses of investigating or defending against any claim or
alleged claim, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Covered Person and arise out of or in connection with the business or investments of the Company, or the performance by the Covered
Person of its responsibilities hereunder, provided that the Covered Person shall not be entitled to indemnification hereunder to the extent the Covered Person’s conduct constitutes bad faith, fraud, willful misfeasance, intentional misconduct,
gross negligence or reckless disregard of its duties (as determined by a non-appealable judgment of a court or arbitration proceeding of competent jurisdiction). The termination of any proceeding by
settlement, judgment, order or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the Covered Person’s conduct constituted bad faith, fraud, willful misfeasance, intentional misconduct, gross
negligence or reckless disregard of its duties (as determined by a non-appealable judgment of a court or arbitration proceeding of competent jurisdiction). 

(e) Expenses incurred by a Covered Person in defense or settlement of any claim that shall be subject to a right of indemnification hereunder,
shall be advanced by the Company prior to the final disposition thereof upon receipt of an undertaking by or on behalf of the Covered Person to repay the amount advanced to the extent that it shall be determined ultimately that the Covered Person is
not entitled to be indemnified hereunder. 
 (f) The right of any Covered Person to the indemnification provided herein shall be cumulative
of, and in addition to, any and all rights to which the Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall be extended to the Covered Person’s successors, assigns and legal representatives. 

(g) The provisions of this Section are expressly intended to confer benefits upon Covered Persons and such provisions shall remain operative
and in full force and effect regardless of the expiration or any termination of this Agreement. 
 (h) No Covered Person shall be liable
hereunder for any settlement of any action or claim effected without its written consent thereto. 
 16. Indemnification by
the Manager. 
 (a) The Manager shall indemnify and hold harmless the Company and its subsidiaries from all claims, liabilities, damages,
losses, costs and expenses, including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and expenses of investigating or defending against any claim or alleged claim, of any
nature whatsoever, 

  
 11 

 
known or unknown, liquidated or unliquidated, that are incurred by reason of the Manager’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless
disregard of its duties; provided, however, that the Manager shall not be held responsible for any action of the Board in following or declining to follow any written advice or written recommendation given by the Manager. 

(b) Notwithstanding anything in this Agreement to the contrary, the aggregate maximum amount that the Manager may be liable to the Company
pursuant to this Agreement shall, to the extent not prohibited by law, never exceed the amount of the Management Fees received by the Manager under this Agreement prior to the date that the acts or omissions giving rise to a claim for
indemnification or liability shall have occurred. In no event shall the Manager be liable for special, exemplary, punitive, indirect, or consequential loss, or damage of any kind whatsoever, including without limitation lost profits. The foregoing
limitations shall not apply to the extent such damages are determined in a final binding non-appealable court or arbitration proceeding to result from the bad faith, fraud, willful misfeasance, intentional
misconduct, gross negligence or reckless disregard of its duties as the Manager. 
 (c) The provisions of this Section are expressly intended
to confer benefits upon the Company and its subsidiaries and such provisions shall remain operative and in full force and effect regardless of the expiration or any termination of this Agreement. 

17. Representations and Warranties. 

(a) The Company hereby makes the following representations and warranties to the Manager, all of which shall survive the execution and delivery
of this Agreement: 
 (i) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Maryland and is qualified to do business and is in good standing in Maryland. The Company has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. The Company has the power
and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws
of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect
on the business operations, assets or financial condition of the Company and its subsidiaries, if any, taken as a whole. 
 (ii) The
execution, delivery, and performance of this Agreement by the Company have been duly authorized by all necessary action on the part of the Company. No consent of any other Person that has not already been obtained, including stockholders and
creditors of the Company, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Company in connection with this Agreement
or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. 
 (iii) This
Agreement has been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Company, and this Agreement constitutes, and each instrument or document required hereunder when executed and
delivered hereunder will constitute, a legal, valid, and binding instrument, agreement or document of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency, receivership and similar
laws from time to time in effect and general principles of equity, including, without limitation, those relating to the availability of specific performance. 

(iv) The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Company, or the Governing Instruments of, or any securities issued by the
Company or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or by which the Company or any of its assets may be bound, the violation of which

  
 12 

 
would have a material adverse effect on the business operations, assets or financial condition of the Company and its subsidiaries, if any, taken as a whole, and will not result in, or require,
the creation or imposition of any lien on any of the property, assets or revenues of the Company pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 

(b) The Manager hereby makes the following representations and warranties to the Company, all of which shall survive the execution and delivery
of this Agreement: 
 (i) The Manager is a limited partnership duly formed, validly existing, and in good standing under the laws of the
State of Delaware and is qualified to do business and is in good standing in Delaware. The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to
its qualifying to do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of any of the assets or properties of the Company (which it shall do promptly after being required to do
so). The Manager has the limited partnership power and authority and the legal right to conduct the business in which it is now engaged and is duly qualified as a foreign partnership and in good standing under the laws of each jurisdiction where its
ownership or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations,
assets or financial condition of the Manager. 
 (ii) The execution, delivery, and performance of this Agreement by the Manager have been
duly authorized by all necessary action on the part of the Manager. No consent of any other Person, including partners and creditors of the Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required
hereunder. 
 (iii) This Agreement has been, and each instrument or document required hereunder will be, executed and delivered by a duly
authorized officer of the Manager, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute, a legal, valid, and binding instrument, agreement or document of the Manager
enforceable against the Manager in accordance with its terms, except as limited by bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those relating to
the availability of specific performance. 
 (iv) The execution, delivery and performance of this Agreement and the documents or instruments
required hereunder will not violate any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Manager, or the Governing
Instruments of, or any securities issued by the Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which the Manager or any of its assets may be bound, the
violation of which would have a material adverse effect on the business operations, assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien on any of its property, assets or revenues
pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. 
 18.
Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses set forth below: 

 

			
	To the Company:	  	NexPoint Real Estate Finance, Inc.
		  	300 Crescent Court
		  	Suite 700
		  	Dallas, Texas 75201
		  	Attention: Brian Mitts

  
 13 

			
		  	 with a copy to:
  

		  	 Winston & Strawn LLP
 2121 N. Pearl
Street, Suite 900

		  	Dallas, Texas 75201
		  	Attention: Charles T. Haag
		
	To the Manager:	  	NexPoint Real Estate Advisors VII, L.P.
		  	300 Crescent Court
		  	Suite 700
		  	Dallas, Texas 75201
		  	 Attention: Brian Mitts
  

with a copy to:
  

		  	 Winston & Strawn LLP
 2121 N. Pearl
Street, Suite 900

		  	Dallas, Texas 75201
		  	Attention: Charles T. Haag

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 17. 
 19. Modification. This Agreement shall not be amended, supplemented, modified,
terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

20. Severability. The provisions of this Agreement are independent of and severable from each other, and no provision
shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

21. Governing Law; Waiver of Jury Trial. THE PROVISIONS OF THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AS AT THE TIME IN EFFECT, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF NEW YORK, INCLUDING ANY APPELLATE COURTS THEREOF. THE PARTIES ACKNOWLEDGE AND AGREE THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 22. Entire Agreement.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

  
 14 

 23. 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 other 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 effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 24.
Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall
include the plural and vice versa. 
 25. Headings. The titles of Sections and Subsections contained in this Agreement
are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

26. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

  
 15 

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

					
	NEXPOINT REAL ESTATE FINANCE, INC.
		
	By:	 	
                 

		 	Name:	 	Brian Mitts
		 	Title:	 	Chief Financial Officer, Executive VP-
		 		 	Finance, Secretary and Treasurer
	
	NEXPOINT REAL ESTATE ADVISORS VII, L.P.
		
	By:	 	              

		 	Name:	 	Brian Mitts
		 	Title:	 	Chief Financial Officer, Executive
		 		 	VP-Finance, Secretary and Treasurer

 [Signature Page to Management Agreement] 

 EXHIBIT A 

Description of Administration Services. 

Manager will perform the following administration services: 
  

	(i)	 Prepare monthly transaction listings; 

 

	(ii)	 Supply various normal and customary portfolio and Company statistical data as requested on an ongoing basis;

  

	(iii)	 Prepare for execution and file the Company’s Federal and state tax returns: prepare a fiscal tax provision
in coordination with the annual audit; prepare an excise tax provision; and prepare all relevant 1099 calculations; 

  

	(iv)	 Coordinate contractual relationships and communications between the Company and its contractual service
providers; 

  

	(v)	 Coordinate printing of the Company’s annual shareholder reports; 

 

	(vi)	 Prepare income and capital gain distributions; 

 

	(vii)	 Prepare the quarterly and annual financial statements; 

 

	(viii)	 Monitor the Company’s compliance with the Code and SEC reporting requirements; 

 

	(ix)	 Prepare, coordinate with the Company’s counsel and coordinate the filing with the SEC: quarterly reports
on Form 10-Q; annual reports on Form 10-K, and current reports on Form 8-K, in each case based upon information provided by the
Company; assist in the preparation of Forms 3, 4 and 5 pursuant to Section 16 of the Exchange Act for the officers and directors of the Company, such filings to be based on information provided by those persons; 

 

	(x)	 Assist in the preparation of notices of meetings of shareholders, coordinate preparation of proxy statements,
including obtaining information required to be disclosed by applicable regulations and the engagement of proxy solicitors on behalf of the Company; 

  

	(xi)	 Assist in obtaining directors’ and officers’ errors and omissions insurance policies for the Company,
including evaluation of insurance carriers, recommending appropriate coverage levels and evaluating the costs thereof, as such policies are approved by the Company’s Board of Directors; 

 

	(xii)	 Draft agendas and resolutions for quarterly and special board meetings; 

 

	(xiii)	 Coordinate the preparation, assembly and posting of board materials; 

 

	(xiv)	 Attend board meetings and draft minutes thereof; 

 

	(xv)	 Maintain the Company’s calendar to assure compliance with various filing and board approval deadlines;

  

	(xvi)	 Assist the Company in the handling of SEC examinations and responses thereto; 

 

	(xvii)	 If the chief executive officer or chief financial officer of the Company is required to provide a certification
as part of the Company’s Form 10-Q or Form 10-K filing pursuant to regulations promulgated by the SEC, Manager will provide (to such person or entity as agreed
between the Company and Manager) a sub-certification in support of certain matters set forth in the 

  
 A-1 

	 	
aforementioned certification, such sub-certification to be in such form and relating to such matters as agreed between the Company and Manager from time to
time. Manager shall be required to provide the subcertification only during the term of the Agreement and only if it receives such cooperation as it may request to perform its investigations with respect to the
sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other regulatory requirement;

  

	(xviii)	 Prepare and coordinate the Company’s state notice filings; 

 

	(xix)	 Furnish the Company office space in the offices of Manager, or in such other place or places as may be agreed
from time to time, and all necessary office facilities, simple business equipment, supplies, utilities and telephone service for managing the affairs of the Company; 

 

	(xx)	 Perform clerical, bookkeeping and other administrative services not provided by the Company’s other
service providers; 

  

	(xxi)	 Determine or oversee the determination of the Company’s Equity in accordance with the Company’s
policies as adopted from time to time by the Board of Directors; 

  

	(xxii)	 Oversee the maintenance by the Company’s custodian and transfer agent and dividend disbursing agent of
certain books and records of the Company and maintain (or oversee maintenance by such other persons as approved by the Board of Directors) such other books and records required by law or for the proper operation of the Company;

  

	(xxiii)	 Prepare such information and reports as may be required by any stock exchange or exchanges on which the
Company’s shares are listed; 

  

	(xxiv)	 Determine the amounts available for distribution as dividends and distributions to be paid by the Company to
its shareholders; calculate, analyze and prepare a detailed income analysis and forecast future earnings for presentation to the Board of Directors; prepare and arrange for dividend notices to shareholders, as applicable, and provide the
Company’s dividend disbursing agent and custodian with such information as is required for such parties to effect the payment of dividends and distributions and to implement the Company’s dividend reinvestment plan, if any;

  

	(xxv)	 Serve as liaison between the Company and each of its service providers; 

 

	(xxvi)	 Assist in monitoring and tracking the daily cash flows of the individual assets of the Company, as well as
security position data of portfolio investments; assist in resolving any identified discrepancies with the appropriate third party, including the Company’s custodian, administrative agents and other service providers, through various means
including researching available data via agent notices, financial news and data services, and other sources; 

  

	(xxvii)	 Monitor compliance with leverage tests under the Company’s credit facility, if any, and communicate with
leverage providers and rating agencies; 

  

	(xxviii)	 Coordinate negotiation and renewal of credit agreements for presentation to the Board of Directors;

  

	(xxix)	 Coordinate negotiations of agreements with counterparties and the Company’s custodian for derivatives and
similar transactions, as applicable; 

  

	(xxx)	 Provide assistance with the closing of Real Estate Asset purchases and dispositions; 

 

	(xxxi)	 Coordinate and oversee the provision of legal services to the Company; 

 

	(xxxii)	 Cooperate with the Company’s independent registered public accounting firm in connection with audits and
reviews of the Company’s financial statements, including interviews and other meetings, as necessary; 

  
 A-2 

	(xxxiii)	 Provide Secretary and any Assistant Secretaries, Treasurer and any Assistant Treasurers and other officers for
the Company as requested or required by Maryland law; 

  

	(xxxiv)	 Develop or assist in developing guidelines and procedures to improve overall compliance by the Company;

  

	(xxxv)	 Determine and monitor expense accruals for the Company; 

 

	(xxxvi)	 Authorize expenditures and approve bills for payment on behalf of the Company; 

 

	(xxxvii)	 Monitor the number of shares of the Company registered and assist in the registration of additional shares, as
necessary; 

  

	(xxxviii)	 Exercise or procure the exercise of any rights of the Company with respect to any class action proceedings or
other legal action concerning investments of the Company; 

  

	(xxxix)	 Prepare such reports as the Board of Directors of the Company may request from time to time; and

	

	(xl)	 Perform such additional administrative duties relating to the administration of the Company as may subsequently
be agreed upon in writing between the Company and Manager. 

  
 A-3

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