Document:

Exhibit 4.1

 

Crown
Electrokinetics Corp.

 

UNDERWRITING AGREEMENT

 

1,250,000 Shares of Common Stock

 

July 19, 2022

 

Roth Capital Partners, LLC

As the Representative of the

Several Underwriters Named on Schedule I hereto

 

c/o Roth Capital Partners, LLC888 San Clemente
Drive, Suite 400

Newport Beach, CA 92660

 

Ladies and Gentlemen:

 

Crown Electrokinetics Corp.,
a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell
to the underwriters named in Schedule I hereto (the “Underwriters,” or each, an “Underwriter”),
for whom Roth Capital Partners, LLC is acting as the representative (the “Representative”), an aggregate of 1,250,000
authorized but unissued shares (the “Firm Shares”) of common stock, par value $0.0001 per share (the “Common
Stock”), of the Company. The Company also proposes to sell to the Underwriters, upon the terms and conditions set forth in Section
4 hereof, up to an additional 187,500 shares of Common Stock (the “Option Shares”). The Firm Shares and the Option
Shares are hereinafter collectively referred to as the “Shares”. The Shares, the Underwriter Warrants (as defined below)
and the Underwriter Warrant Shares (as defined below) are collectively referred to as the “Securities”.

 

The Company and the several
Underwriters hereby confirm their agreement as follows:

 

1. Registration
Statement and Prospectus.

 

The Company has prepared and
filed with the Securities and Exchange Commission (the “Commission”) a registration statement covering the Shares on
Form S-3 (File No. 333-262122) under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and
regulations (the “Rules and Regulations”) of the Commission thereunder, and such amendments to such registration statement
(including post effective amendments) as may have been required to the date of this Underwriting Agreement (the “Agreement”).
Such registration statement, as amended (including any post effective amendments), has been declared effective by the Commission. Such
registration statement, together with the amendments thereto prior to the date of this Agreement, including the information (if any) deemed
to be a part of, or incorporated by reference into, the registration statement at the time of effectiveness of such registration statement
pursuant to Item 12 of Form S-3 under the Securities Act or Rule 430B under the Securities Act (“Rule 430B Information”),
is hereinafter referred to as the “Registration Statement” and the related base prospectus, dated January 12, 2022,
included in the Registration Statement at the time the Registration Statement first became effective is hereinafter called the “Base
Prospectus.” If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities
Act (the “Rule 462 Registration Statement”), then from and after the date and time of filing of the Rule 462(b) Registration
Statement, any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement.

 

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The Company is filing with
the Commission pursuant to Rule 430B and Rule 424 under the Securities Act a final prospectus supplement to the Base Prospectus relating
to the Shares and the offering thereof after the execution and delivery of this Agreement. Such final prospectus supplement as filed,
along with the Base Prospectus, is hereinafter called the “Final Prospectus.” The term “Preliminary Prospectus”
means the Base Prospectus, together with any preliminary prospectus supplement to the Base Prospectus that describes the Shares and the
offering thereof, that omitted the Rule 430B Information and that was used prior to the filing of the Final Prospectus Supplement, filed
with the Commission pursuant to Rule 424 of the Rules and Regulations, in the form provided to the Underwriters by the Company for use
in connection with the offering of the Shares. Such Final Prospectus and any Preliminary Prospectus in the form in which they shall be
filed with the Commission pursuant to Rule 424(b) under the Securities Act (including the Base Prospectus as so supplemented) is hereinafter
called a “Prospectus.” For purposes of this Agreement, all references to the Registration Statement, Rule 462(b) Registration
Statement, the Base Prospectus, any Preliminary Prospectus, the Final Prospectus or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System
or any successor system thereto (“EDGAR”). Reference made herein to the Base Prospectus, any Preliminary Prospectus, or to
the Final Prospectus shall be deemed to include any documents incorporated by reference therein pursuant to Item 12 of Form S-3 under
the Securities Act as of the date of such prospectus. Any reference to any amendment or supplement to the Registration Statement, the
Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to include any document filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and which is deemed to be incorporated by reference therein
or otherwise deemed by the Rules and Regulations to be a part thereof. The term “Effective Date” shall mean each date
that the Registration Statement and any post-effective amendment or amendments thereto became or become effective.

 

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

 

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

 

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

 

(i) No
Material Misstatements or Omissions. At the Effective Date, at the date hereof, at the Closing Date, and at each Option Closing Date,
if any, the Registration Statement and any post-effective amendment thereto complied or will comply in all material respects with the
requirements of the Securities Act and the Rules and Regulations and did not, does not, and will not, as the case may be, contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. The Time of Sale Disclosure Package (as defined in Section 2(a)(iv)(A)(1) below) as of 6:00 PM (Eastern time)
(the “Applicable Time”) on the date hereof, and at the Closing Date and on each Option Closing Date, if any, and the
Final Prospectus, as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b) under the Securities Act,
and at the Closing Date and at each Option Closing Date, if any, and any individual Written Testing-the-Waters Communication, when considered
together with the Time of Sale Disclosure Package, did not, does not and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall
not apply to statements in or omissions from the Registration Statement, the Time of Sale Disclosure Package or any Prospectus in reliance
upon, and in conformity with, written information furnished to the Company by any Underwriter specifically for use in the preparation
thereof, which written information is described in Section 7(f). The Registration Statement contains all exhibits and schedules required
to be filed by the Securities Act or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration
Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge
of the Company, are contemplated or threatened by the Commission.

 

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

 

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

 

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

 

(1) “Time
of Sale Disclosure Package” means the Base Prospectus, the Prospectus most recently filed with the Commission before the
time of this Agreement, including any preliminary prospectus supplement deemed to be a part thereof, each Issuer Free Writing Prospectus,
and the description of the transaction provided by the Underwriters included on Schedule II.

 

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

 

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

 

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

 

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

 

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

 

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

 

The Company maintains
disclosure controls and procedures that have been designed to ensure that material information relating to the Company is made known to
the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls
and procedures are effective.

 

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

 

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

 

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(x) Trading
Market. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is approved for listing on the Nasdaq Capital
Market (the “Nasdaq”). There is no action pending by the Company or, to the Company’s knowledge, the Nasdaq to
delist the Common Stock from the Nasdaq, nor has the Company received any notification that the Nasdaq is contemplating terminating such
listing. The Company has filed an application to include the Shares and Underwriter Warrant Shares on the Nasdaq when issued and when
issued, the Shares and Warrant Shares will be listed on the Nasdaq. The Company has taken all actions it deems reasonably necessary or
advisable to take on or prior to the date of this Agreement to assure that it will be in compliance in all material respects with all
applicable corporate governance requirements set forth in the rules of the Nasdaq that are then in effect.

 

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

 

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

 

(xiii) Form
S-3 Eligibility. The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company
is eligible to use Form S-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market
value of securities being sold pursuant to this offering and during the twelve calendar (12) months prior to this offering, as set forth
in General Instruction I.B.6 of Form S-3.

 

3. Representations
and Warranties Regarding the Company. 

 

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

 

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

 

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

 

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

 

(iv) No
Violations of Governing Documents. The Company is not in violation, breach or default under its certificate of incorporation, by-laws
or other equivalent organizational or governing documents.

 

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

 

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

 

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

 

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(viii) Material
Change. Since the respective dates as of which information is given (including information incorporated by reference) in the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus, (a) the Company has not incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not
declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there has not been any change
in the capital stock of the Company (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares
upon the exercise of outstanding options or warrants, upon the conversion of outstanding shares of preferred stock or other convertible
securities or the issuance of restricted stock awards or restricted stock units under the Company’s existing stock awards plan,
or any new grants thereof in the ordinary course of business), (d) there has not been any material change in the Company’s long-term
or short-term debt, and (e) there has not been the occurrence of any Material Adverse Effect.

 

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

 

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

 

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

 

(xii) Intellectual
Property. The Company owns or possesses or has valid right to use all patents, patent applications, trademarks, service marks, trade
names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (“Intellectual
Property”) necessary for the conduct of the business of the Company as currently carried on and as described in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus. To the knowledge of the Company, no action or use by the Company
involves or gives rise to any infringement of, or license or similar fees for, any Intellectual Property of others, except where such
action, use, license or fee is not reasonably likely to result in a Material Adverse Effect. The Company has not received any notice alleging
any such infringement or fee. To the Company’s knowledge, none of the technology employed by the Company has been obtained or is
being used by the Company in violation of any contractual obligation binding on the Company or, to the Company’s knowledge, any
of the officers, directors or employees of the Company, or, to the Company’s knowledge, otherwise in violation of the rights of
any persons, except in each case for such violations as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

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

 

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

 

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

 

(xvi) SOX
Compliance. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002
and all rules and regulations promulgated thereunder or implementing the provisions thereof.

 

(xvii) Money
Laundering Laws. The operations of the Company is and has been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”); and no action, suit or proceeding
by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company, threatened. “Governmental Entity” shall be defined as any arbitrator, court, governmental body, regulatory
body, administrative agency or other authority, body or agency (whether foreign or domestic) having jurisdiction over the Company or any
of its properties, assets or operations.

 

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

 

    11 

     

    

 

(xix) OFAC.
Neither the Company nor any director or officer of the Company, nor, to the knowledge of the Company, any employee, representative, agent
or affiliate of the Company or any other person acting on behalf of the Company is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly
or indirectly use the proceeds of the offering of the Shares contemplated hereby, or lend, contribute or otherwise make available such
proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered
by OFAC.

 

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

 

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

 

(xxii) No
Undisclosed Contracts. There is no Contract or document required by the Securities Act or by the Rules and Regulations to be described
in the Registration Statement, the Time of Sale Disclosure Package or in the Final Prospectus or to be filed as an exhibit to the Registration
Statements which is not so described or filed therein as required; and all descriptions of any such Contracts or documents contained in
the Registration Statement, the Time of Sale Disclosure Package and in the Final Prospectus are accurate and complete descriptions of
such documents in all material respects. No such Contract has been suspended or terminated for convenience or default by the Company party
thereto or any of the other parties thereto, and the Company has not received notice, and the Company has no knowledge, of any such pending
or threatened suspension or termination.

 

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

 

    12 

     

    

 

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

 

(xxv) No
Registration Rights. No person or entity has the right to require registration of Common Shares or other securities of the Company
within 90 days of the date hereof because of the filing or effectiveness of the Registration Statement or otherwise, except for persons
and entities who have expressly waived such right in writing or who have been given timely and proper written notice and have failed to
exercise such right within the time or times required under the terms and conditions of such right. There are no persons with registration
rights or similar rights to have any securities registered by the Company under the Securities Act.

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

 

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

 

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

 

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

 

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

 

4. Purchase,
Sale and Delivery of Shares.

 

(a) On
the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth,
the Company agrees to issue and sell the Firm Shares to the several Underwriters, and the several Underwriters agree, severally and not
jointly, to purchase the Firm Shares set forth opposite the names of the Underwriters in Schedule I hereto. The purchase
price to be paid by the Underwriters to the Company for the Firm Shares shall be $0.744 per share.

 

(b) The
Firm Shares will be delivered by the Company to the Representative, for the respective accounts of the several Underwriters, against payment
of the purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Roth Capital Partners,
LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, or such other location as may be mutually acceptable, at 6:00 a.m. Pacific
Time, on the second (or if the Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern
time, the third) full business day following the date hereof, or at such other time and date as the Representative and the Company determine
pursuant to Rule 15c6-1(a) under the Exchange Act, or, in the case of the Option Shares, at such date and time set forth in the Option
Notice. The time and date of delivery of the Firm Shares is referred to herein as the “Closing Date.” On the Closing
Date, the Company shall deliver the Firm Shares, which shall be registered in the name or names and shall be in such denominations as
the Representative may request on behalf of the Underwriters at least one (1) business day before the Closing Date, to the respective
accounts of the several Underwriters, which delivery shall be made through the facilities of the Depository Trust Company’s DWAC
system.

 

    14 

     

    

 

(c) The
Company hereby grants to the Underwriters the option to purchase some or all of the Option Shares and, upon the basis of the warranties
and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right, severally and not
jointly, to purchase at the purchase price set forth in Section 4(a) all or any portion of the Option Shares as may be necessary to cover
over-allotments made in connection with the transactions contemplated hereby. The purchase price to be paid by the Underwriters for the
Option Shares shall be $0.744 per share. This option may be exercised by the Underwriters
at any time and from time to time on or before the thirtieth (30th) day following the date hereof, by written notice to the
Company (the “Option Notice”). The Option Notice shall set forth the aggregate number of Option Shares as to which
the option is being exercised, and the date and time when the Option Shares are to be delivered (such date and time being herein referred
to as the “Option Closing Date”); provided, however, that the Option Closing Date shall not be earlier
than the Closing Date nor earlier than the first business day after the date on which the option shall have been exercised nor later than
the fifth business day after the date on which the option shall have been exercised unless the Company and the Representative otherwise
agree. If the Underwriters elect to purchase less than all of the Option Shares, the Company agrees to sell to each Underwriter the number
of Option Shares obtained by multiplying the number of Option Shares specified in such notice by a fraction, the numerator of which is
the number of Option Shares set forth opposite the name of the Underwriter in Schedule I hereto under the caption “Number of Option
Shares to be Sold” and the denominator of which is the total number of Option Shares.

 

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

 

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

 

    15 

     

    

 

(f) On
the Closing Date, the Company shall issue to the Underwriters (and/or their designees), warrants (the “Underwriter Warrants”),
in form and substance acceptable to the Representative, for the purchase of an aggregate of 62,500 shares of Common Stock, which shall
be registered in the name or names and shall be in such denominations as the Representative may request on behalf of the Underwriters
at least one (1) business day before the Closing Date.

 

5. Covenants.

 

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

 

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

 

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

 

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

 

    16 

     

    

 

(iv) (A)
During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and
hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and hereafter amended,
so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Time
of Sale Disclosure Package, the Registration Statement and the Final Prospectus. If during the Prospectus Delivery Period any event occurs
the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time
of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the
opinion of the Company or its counsel or the Representative or counsel to the Underwriters to amend the Registration Statement or supplement
the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package)
to comply with the Securities Act, or to file under the Exchange Act any document that would be deemed to be incorporated by reference
in the Final Prospectus in order to comply with the Securities Act or the Exchange Act, the Company will promptly notify the Representative,
allow the Representative the opportunity to provide reasonable comments on such amendment, prospectus supplement or document, and will
amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission
or effect such compliance.

 

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

 

(v) The
Company shall take or cause to be taken all necessary action to qualify the Securities for sale under the securities laws of such jurisdictions
as the Representative reasonably designates and to continue such qualifications in effect so long as required for the distribution of
the Securities, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or as a dealer
in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in any state or
to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.

 

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

 

    17 

     

    

 

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

 

(viii) The
Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to
be paid (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery to
the Underwriters of the Securities (including all fees and expenses of the registrar and transfer agent of the Shares and the registrar
and transfer agent of the Underwriter Warrants (if other than the Company), and the cost of preparing and printing stock certificates
and warrant certificates), (B) all expenses and fees (including, without limitation, fees and expenses of the Company’s counsel)
in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial statements
therein and all amendments, schedules, and exhibits thereto), the Securities, the Time of Sale Disclosure Package, any Prospectus, the
Final Prospectus, any Issuer Free Writing Prospectus and any amendment thereof or supplement thereto, (C) all reasonable filing fees and
reasonable fees and disbursements of the Underwriters’ counsel incurred in connection with the qualification of the Shares for offering
and sale by the Underwriters or by dealers under the securities or blue sky laws of the states and other jurisdictions that the Representative
shall designate, (D) the reasonable filing fees and reasonable fees and disbursements of counsel to the Underwriters incident to any required
review and approval by FINRA, of the terms of the sale of the Shares, (F) listing fees, if any, and (G) all other costs and expenses incident
to the performance of its obligations hereunder that are not otherwise specifically provided for herein. The Company will reimburse the
Representative for the Underwriters’ reasonable out-of-pocket expenses, including legal fees and disbursements, in connection with
the purchase and sale of the Securities contemplated hereby up to an aggregate of $75,000 (including amounts payable pursuant to clauses
(C) and (D) above). If this Agreement is terminated by the Representative in accordance with the provisions of Section 6, Section 9 or
Section 10, the Company will reimburse the Underwriters for all out-of-pocket disbursements (including, but not limited to, reasonable
fees and disbursements of counsel, travel expenses, postage, facsimile and telephone charges) incurred by the Underwriters in connection
with their investigation, preparing to market and marketing the Shares or in contemplation of performing their obligations hereunder.

 

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

 

    18 

     

    

 

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

 

(xi) The
Company represents and agrees that, unless it obtains the prior written consent of the Representative, and each Underwriter, severally,
and not jointly, represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not
make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus; provided that the prior written consent
of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses included in Schedule III.
Any such free writing prospectus consented to by the Company and the Representative is hereinafter referred to as a “Permitted
Free Writing Prospectus.” The Company represents that it has treated or agrees that it will treat each Permitted Free Writing
Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied or will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record-keeping.

 

(xii) [Reserved].

 

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

 

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

 

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

 

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

 

    19 

     

    

  

(xvii) The
Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the end
of the Prospectus Delivery Period.

 

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

 

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

 

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

 

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

 

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

 

(e) On
or after the date hereof (i) no downgrading shall have occurred in the rating accorded any of the Company’s securities by any “nationally
recognized statistical organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities
Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications,
its rating of any of the Company’s securities.

 

    20 

     

    

 

(f) On
the Closing Date and on each Option Closing Date, there shall have been furnished to the Representative, for the benefit of the Underwriters,
the opinion and negative assurance letters of Pryor Cashman LLP, counsel to the Company, each dated the Closing Date or the Option Closing
Date, as applicable, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative.

 

(g) On
the Closing Date and on each Option Closing Date, there shall have been furnished to the Representative, for the benefit of the Underwriters,
the opinion and negative assurance letter of Olivo IP Law Group, P.C., intellectual property counsel to the Company, dated the Closing
Date or the Option Closing Date, as applicable, and addressed to the Underwriters, in form and substance reasonably satisfactory to the
Representative.

 

(h) On
the Closing Date and on each Option Closing Date, there shall have been furnished to the Representative, for the benefit of the Underwriters,
the negative assurance letter of Sichenzia Ross Ference LLP, counsel to the Underwriters, dated the Closing Date or the Option Closing
Date, as applicable, and addressed to the Underwriters, in form and substance reasonably satisfactory to Representative.

 

(i) 
The Representative, for the benefit of the Underwriters, shall have received a letter of Marcum LLP on the date hereof and on the Closing
Date and on each Option Closing Date, addressed to the Underwriters, confirming that they are independent public accountants within the
meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under
Rule 2-01 of Regulation S-X of the Commission, and confirming, as of the date of each such letter (or, with respect to matters involving
changes or developments since the respective dates as of which specified financial information is given in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus, as of a date not prior to the date hereof or more than five days prior to
the date of such letter), the conclusions and findings of said firm with respect to the financial information and other matters required
by the Underwriters.

 

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

 

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

 

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

 

    21 

     

    

 

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

 

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

 

(l) The
Company shall have furnished to the Underwriters and their counsel such additional documents, certificates and evidence as the Representative
or its counsel may have reasonably requested.

 

If any condition specified
in this Section 6 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representative
by notice to the Company at any time at or prior to the Closing Date or on the Option Closing Date, as applicable, and such termination
shall be without liability of any party to any other party, except that Section 5(a)(viii), Section 7 and Section 10 shall survive any
such termination and remain in full force and effect.

 

7. Indemnification
and Contribution.

 

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

 

    22 

     

    

  

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

 

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

 

    23 

     

    

  

The indemnifying party under
this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any
loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action,
suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or would be sought hereunder
by such indemnified party, unless such settlement, compromise or consent (a) includes an unconditional release of such indemnified party
from all liability for claims that are the subject matter of such action, suit or proceeding and (b) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

(d) If
the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under subsection
(a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of
the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering and sale of the Shares
or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Underwriters
on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company
bear to the total underwriting discount received by the Underwriters, in each case as set forth in the table on the cover page of the
Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the
Underwriters and the parties’ relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this
subsection (d) were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim that
is the subject of this subsection (e). Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute
any amount in excess of the amount of the of the underwriting discount applicable to the Shares to be purchased by such Underwriter hereunder
actually received by such Underwriter. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’
respective obligations to contribute as provided in this Section 7 are several in proportion to their respective underwriting commitments
and not joint.

 

    24 

     

    

 

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

 

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

 

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

 

    25 

     

    

 

9. Termination
of this Agreement.

 

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

 

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

 

10. Substitution
of Underwriters. If any Underwriter or Underwriters shall default in its or their obligations to purchase Shares hereunder on
the Closing Date or any Option Closing Date and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed
but failed to purchase does not exceed ten percent (10%) of the total number of Shares to be purchased by all Underwriters on such Closing
Date or Option Closing Date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder,
to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date or Option
Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of Shares with respect to which such default
or defaults occur is more than ten percent (10%) of the total number of Shares to be purchased by all Underwriters on such Closing Date
or Option Closing Date and arrangements satisfactory to the remaining Underwriters and the Company for the purchase of such Shares by
other persons are not made within forty-eight (48) hours after such default, this Agreement shall terminate.

 

    26 

     

    

 

If the remaining Underwriters
or substituted Underwriters are required hereby or agree to take up all or part of the Shares of a defaulting Underwriter or Underwriters
on such Closing Date or Option Closing Date as provided in this Section 10, (i) the Company shall have the right to postpone such Closing
Date or Option Closing Date for a period of not more than five (5) full business days in order to permit the Company to effect whatever
changes in the Registration Statement, the Final Prospectus, or in any other documents or arrangements, which may thereby be made necessary,
and the Company agrees to promptly file any amendments to the Registration Statement or the Final Prospectus which may thereby be made
necessary, and (ii) the respective numbers of Shares to be purchased by the remaining Underwriters or substituted Underwriters shall be
taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting
Underwriter of its liability to the Company or any other Underwriter for damages occasioned by its default hereunder. Any termination
of this Agreement pursuant to this Section 10 shall be without liability on the part of any non-defaulting Underwriters or the Company,
except that the representations, warranties, covenants, indemnities, agreements and other statements set forth in Section 2 and 3, the
obligations with respect to expenses to be paid or reimbursed pursuant to Section 5 and the provisions of Section 5(a)(viii) and Section
7 and Sections 11 through 19, inclusive, shall not terminate and shall remain in full force and effect.

 

As used in this Agreement,
the term “Underwriter” shall be deemed to include any person substituted for a defaulting Underwriter under this Section 10.
Any action taken under this Section 10 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter
under this Agreement.

 

11. Notices.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Representative, shall be mailed,
delivered or telecopied to Roth Capital Partners, LLC, 800 San Clemente Drive, Suite 400, Newport Beach, CA 92660, telecopy number: (949)
720-7227, Attention: Managing Director; and if to the Company, shall be mailed, delivered or telecopied to it at 1110 NE Circle Blvd.,
Corvallis, OR 97330, email: doug@crownek.com, Attention: Chief Executive Officer; or in each case to such other address as the person
to be notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties
to this Agreement written notice of a new address for such purpose.

 

12. Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns and the controlling persons, officers and directors referred to in Section 7. Nothing in this Agreement
is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in
respect of this Agreement or any provision herein contained. The term “successors and assigns” as herein used shall not include
any purchaser, as such purchaser, of any of the Shares from any Underwriters.

 

    27 

     

    

 

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

 

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

 

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

 

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

 

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

 

18. Entire
Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with
this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. Notwithstanding anything
to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms and conditions of that certain
engagement letter between the Company and the Representative, dated May 3, 2022, including, without limitation Sections 4 and 5
with respect to future offerings, shall remain in full force and effect

 

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

 

[Signature Page Follows]

 

    28

     

    

  

Please sign and return to the
Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company and the several
Underwriters in accordance with its terms.

 

	 	Very truly yours,
	 	 	 
	 	Crown Electrokinetics Corp.
	 	 	 
	 	By:	
	 	Name:	              
	 	Title:	 

 

	Confirmed as of the date first above-mentioned by the Representative of the several Underwriters	 
	 	 	 
	ROTH CAPITAL PARTNERS, LLC	 
	 	 	 
	By:		 
	Name:	Aaron M. Gurewitz	 
	Title:	Head of Equity Capital Markets	 

 

[Signature page to Underwriting Agreement]

 

     

     

    

 

SCHEDULE I

 

	Name	 	Number of Firm Shares to be Purchased	 	 	Number of Option Shares to be Purchased	 
	Roth Capital Partners, LLC	 	 	1,250,000	 	 	 	187,500	 
	Total	 	 	1,250,000	 	 	 	187,500	 

 

     

     

    

 

SCHEDULE II

 

Final Term Sheet

 

	Issuer:	Crown Electrokinetics Corp. (the “Company”)
	Symbol:	CRKN
	Securities:	1,250,000 shares of common stock, par value $0.0001 per share (the “Common Stock”), of the Company.
	Over-allotment option:	Up to an additional 187,500 shares of Common Stock  
	Public offering price:	$0.80  per share of Common Stock 
	Underwriting discount:	$0.056 per share of Common Stock 
	Expected net proceeds:	Approximately $930,000 ($1,069,500 if the overallotment option is exercised in full) (after deducting the underwriting discount and estimated offering expenses payable by the Company).
	Trade date:	July 20, 2022
	Settlement date:	July 22, 2022
	Underwriters:	
    Roth Capital Partners, LLC

    

 

     

     

    

 

SCHEDULE III

 

Free Writing Prospectus

 

None.

 

     

     

    

 

SCHEDULE IV

 

List of officers and directors executing lock-up
agreements

 

Douglas Croxall

Tim Koch

Joel Krutz

Dr. DJ Nag

Edward Kovalik

Gary Hanna

Gizman AbbasExhibit
4.1

 

	
    NUMBER

    PTWOU-________
	 	 	 	UNITS
	 	 	 	 	 
	SEE REVERSE FOR

        CERTAIN DEFINITIONS
	 	Pono Capital Two, Inc.	 	 

 

 

CUSIP
73245B206

 

UNITS
CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND ONE WARRANT

 

THIS
CERTIFIES THAT_______________________________________________________________________________

is
the owner of_________________________________________________________________________________________Units.

 

Each
Unit (“Unit”) consists of one share of Class A common stock, with a par value $0.0001 per share (“Class A Common Stock”),
of Pono Capital Two, Inc., a Delaware corporation (the “Company”), and one redeemable warrant (“Warrant”). Each
redeemable Warrant entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per full share (subject
to adjustment), upon the later to occur of (i) the date upon which the Company completes a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business
Combination”) or (ii) one year from the effective date of the Company’s registration statement on Form S-1, as initially
filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 14, 2022, as amended. The shares of Class A Common
Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to the fifty-second (52nd)
day after the date of the prospectus relating to the Company’s initial public offering, unless EF Hutton, division of Benchmark
Investments, Inc. (“EF Hutton”) determines that an earlier date is acceptable, but in no event will the shares of Class A
Common Stock and Warrants be traded separately until the Company files with the SEC a current report on Form 8-K which includes an audited
balance sheet reflecting the receipt by the Company of the gross proceeds from its initial public offering including the proceeds received
by the Company from the exercise of the over-allotment option thereto, if the over-allotment option is exercised and issuing a press
release announcing when separate trading will begin. If the over-allotment option is exercised after the date of the prospectus,
we will file an amendment to the Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment
option. We will also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if the underwriters
has allowed separate trading of the shares of Class A Common Stock and Warrants prior to the 52nd day after the date of the prospectus.

 

The
terms of the Warrants are governed by a Warrant Agreement, dated as of [       ] 2022, between the Company and Continental Stock Transfer &
Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the
holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of Continental
Stock Transfer & Trust Company at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on
written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

Witness
the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

This
Unit Certificate shall be governed and construed in accordance with the internal laws of the State of New York, without regard to conflicts
of laws principles thereof.

 

	By		 	[Seal]
	 	 	 	 
	 	Chairman	 	Chief
    Financial Officer

 

    	 

    	 

    

 

Pono
Capital Two, Inc.

 

The
Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM –	as
    tenants in common	 	UNIF
    GIFT MIN ACT - 	_____	Custodian	______
	TEN
    ENT – 	as
    tenants by the entireties	 	 	(Cust)	 	(Minor)
	JT
    TEN – 	as
    joint tenants with right of survivorship and not as tenants in common	under
    Uniform Gifts to Minors
	 	 	 	 	Act
    	______________	 
	 	 	 	 	 	(State)	 

 

Additional
Abbreviations may also be used though not in the above list.

 

For
value received, ___________________________ hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE(S)

 

	 	 	 
	 	 	 

 

	 
	(PLEASE
  PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S))
	 
	 
	 
	___________________________________________________________________________________________Units

 

represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 _______________________________________________________________________________________Attorney

to
transfer the said Units on the books of the within named Company will full power of substitution in the premises.

 

Dated_______________

 

 

	 	 
		Notice:	The
                                            signature to this assignment must correspond with the name as written upon the face of the
                                            certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

  

	 	 
	THE
  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
  CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,PURSUANT TO S.E.C. RULE 17Ad-15).	

 

The
holder of this certificate shall be entitled to receive funds with respect to the underlying common stock from the trust fund only in
the event of the Company’s liquidation upon failure to consummate a business combination or if the holder seeks to convert his
or her respective common stock underlying the unit upon consummation of such business combination or in connection with certain amendments
to the Company’s Amended and Restated Certificate of Incorporation. In no other circumstances shall the holder have any right or
interest of any kind in or to the trust fund.

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