Document:

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Exhibit 10.2
TRANSITION AND CONSULTING AGREEMENT
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THIS TRANSITION AND CONSULTING AGREEMENT (this “Agreement”), made and entered into as of July 11, 2022 (the “Effective Date”), is by and between Lordstown Motors Corp., a Delaware corporation (“Company”), and Jane Ritson-Parsons (“JRP”). Certain capitalized terms shall have the meaning given to them in Section 7 below.
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WHEREAS, JRP and Company previously entered into an Employment Agreement, dated as of June 18, 2021 (the “Original Employment Agreement”);
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WHEREAS, JRP will cease to serve in an executive officer capacity for Company or any of its Subsidiaries as of July 11, 2022, and will be resigning as an employee of Company at the close of business on August 26, 2022 (the “Employment End Date”);
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WHEREAS, from August 27, 2022 until February 24, 2023, JRP will be retained by Company as a consultant to Company either directly or, at JRP’s election, indirectly through the Consulting Company, during which time JRP will provide services as may be requested from time to time by the Chairman or the Chief Executive Officer of Company;
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WHEREAS, as partial consideration for JRP’s agreement set forth in this Agreement, Company is willing to accelerate the vesting of certain equity interests in Company held by JRP, subject to certain conditions provided herein; and 
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WHEREAS, Company and JRP agree that this Agreement shall supersede all prior employment terms and conditions (including, without limitation, the Original Employment Agreement), whether or not in writing.
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NOW, THEREFORE, in consideration of the promises and of the covenants and agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties covenant and agree as follows:
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1.Employment Period; Consulting Period. Subject to the terms and conditions of this Agreement, Company agrees to continue to employ JRP during the period commencing on the Effective Date and ending at the close of business on the Employment End Date and JRP agrees to be employed by Company and provide services for and on behalf of Company during such period on a full-time basis subject to and in accordance with this Agreement. The period from the Effective Date until the close of business on the Employment End Date shall be referred to as the “Employment Period.” Following expiration of the Employment Period, Company agrees to retain JRP or the Consulting Company during the Consulting Period (as defined below), and JRP agrees to be retained by Company and provide services for and on behalf of Company during the Consulting Period, either directly or indirectly through the Consulting Company, subject to and in accordance with this Agreement.  JRP acknowledges that at all times during the Consulting Period she will be serving as an independent contractor and, except as provided in Section 3(d), she will not be entitled to any benefits provided to employees of Company.  The period commencing on August 27, 2022 and ending on February 24, 2023 shall be referred to as the “Consulting Period.”
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2.Duties. 
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(a)During the Employment Period. JRP agrees that, during the Employment Period, JRP will serve Company diligently and in good faith and will, subject to the exceptions below, devote her full business time, energies and talents to serving Company in a non-executive officer capacity, subject to and at the direction of Company’s Chairman (“Chairman”) and Chief Executive Officer (“CEO”).  It is anticipated that during the Employment Period JRP will (a) continue to manage corporate communications and have such other duties and responsibilities that are commensurate with transitioning her roles and responsibilities under the Original Agreement to individuals designated by the CEO and as may be reasonably assigned to JRP from time to time by the Chairman or the CEO; (b) perform in good faith all lawful duties assigned to JRP, subject to the reasonable direction of the Chairman or the CEO, including, without limitation, assistance as directed with transitioning her current responsibilities to other Company employees; and (c) act in accordance with written Company policies as may be in effect from time to time.  Notwithstanding the foregoing, during the Employment Period, JRP may devote reasonable time to activities other than those required under this Agreement, including acting in an advisory and/or consultancy position for other entities and engaging in activities of a charitable, educational, religious or similar nature (including professional associations); provided such activities do not inhibit, prohibit, interfere with or breach any of JRP’s duties under this Agreement or common law, or otherwise conflict in any material way with the Company Business.  
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(b)During the Consulting Period. JRP agrees that, during the Consulting Period, JRP will serve Company as an advisory consultant to Company (either directly or, at JRP’s election, indirectly through the Consulting Company) in the activities requested by the Chairman or the CEO.  JRP will perform such services under the general direction of Company’s officers.  During the Consulting Period, JRP agrees to perform all duties to the best of her ability and to devote a sufficient percentage of her working time to the performance of duties hereunder for Company; provided, that JRP will be required to provide to Company no more than 20% of the average level of bona fide services she performed during the Employment Period.  JRP will not access any of Company’s files (electronic or otherwise) or remove any Company files (electronic or otherwise) or information from Company’s premises unless specifically authorized by an officer of Company.  It is anticipated that during the Consulting Period JRP will perform in good faith all lawful consulting functions assigned to JRP by the Chairman or the CEO. JRP shall not be under the control of Company as to the time, place, manner or means by which the consulting services are provided.  During the Consulting Period, JRP shall not have the status or any rights of being an employee of Company and shall not participate in or receive any employee benefits pursuant to plans, group insurance, programs or arrangement (including, but not limited to, those providing for salary, vacation, bonus or incentive compensation, retirement, disability, medical and dental) that Company provides or makes available to its employees, other than pursuant to COBRA.  JRP shall provide Company with a properly completed IRS W-9 within one (1) week after the commencement of the Consulting Period.  Company shall issue an IRS Form 1099 for its payments to JRP pursuant to Section 3(b).  Because JRP is an independent contractor during the Consulting Period, JRP is solely responsible for all taxes, withholdings, and other similar statutory obligations for herself and agrees that she shall satisfy all such obligations.  
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3.Compensation and Benefits.
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(a) During the Employment Period. Subject to the terms and conditions of this Agreement, during the Employment Period, Company shall pay JRP, and JRP agrees to accept from Company, as compensation in full for her services to be performed as an employee during the Employment Period hereunder and for the faithful performance and observance of all of her obligations to Company hereunder, the following annual salary and other compensation during the Employment Period:
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(i) Base Salary. Company shall pay to JRP a base salary in an amount equivalent to $400,000 per annum (the “Annual Base Salary”), payable in equal periodic installments less all customary payroll deductions (with such annual salary for any part of a month to be paid on a pro-rated basis), in accordance with customary policies and normal payroll practices of Company.
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(ii) Benefits. During the Employment Period, JRP and JRP’s dependents, as the case may be, shall be eligible to participate in all Employee plans and programs as in effect from time to time thereof generally available to other Employees of Company and subject to the terms and conditions thereof, including a 401(k) Plan, medical and dental, and disability benefits. Notwithstanding the foregoing, Company shall be permitted to amend, add to or eliminate the benefit plans at any time and at Company’s sole discretion.
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(iii) Expense Reimbursement. JRP shall be reimbursed by Company, on terms and conditions that are substantially similar to those that apply to other similarly situated Company employees, for reasonable out-of-pocket expenses for entertainment, travel, meals, lodging and similar items which are actually incurred by JRP in connection with the Company Business, provided that JRP complies with the policies, practices and procedures of Company for incurring expenses and submitting expense reports, receipts, or similar documentation of any such expenses.
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(b)During the Consulting Period.  Subject to the terms and conditions of this Agreement, during the Consulting Period, Company shall pay JRP or the Consulting Company a monthly fee equal to $33,333.33 for each month during the Consulting Period, which amount will be prorated for any partial month period.  The aggregate fee shall be payable in two installments with: (i) the first installment being a payment in advance for the period commencing on August 27, 2022 and ending on November 4, 2022, which is due on August 29, 2022; and (ii) the second installment being a payment in arrears for the period commencing on November 5, 2022 and ending on the last day of the Consulting Period, which is due on February 27, 2023 (subject to applicable withholding, if applicable).  In addition, during the Consulting Period, JRP shall be reimbursed by Company for reasonable out-of-pocket expenses for travel, meals, lodging and similar items which are actually incurred by JRP in connection with the Company Business, provided that such expenses are approved by the CEO.
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(c)Additional Consideration. In addition to the amounts set forth in Sections 3(a) and (b) above, 233,333 of JRP’s unvested and outstanding restricted stock units that were previously granted to JRP by Company (the “Surviving RSUs”) shall not terminate on the 

Employment End Date and shall instead remain in effect (with the remaining unvested and outstanding restricted stock units terminating as of the Employment End Date) and provided the Customer Ship Date occurs on or before December 31, 2022, the Surviving RSUs will become vested on the later of (i) the Customer Ship Date and (ii) the date when the Release (as defined herein) has become effective and irrevocable by its terms.  If the Customer Ship Date does not occur on or before December 31, 2022, the Surviving RSUs shall terminate on December 31, 2022.  Notwithstanding the preceding provisions of this Section 3(c), Company may terminate the Consulting Period and JRP shall forfeit all rights to vesting of the Surviving RSUs pursuant to this Section 3(c) unless she signs and delivers a general release and separation agreement, in form and substance reasonably acceptable to Company (the “Release”) during the first week of the Consulting Period and the Release becomes effective and irrevocable by its terms. 
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(d)If (i) Company terminates JRP’s employment other than for Cause (including a termination on the scheduled Employment End Date), (ii) JRP timely elects coverage under COBRA and (iii) the Release has become effective and irrevocable by its terms, Company shall continue to provide to JRP and her dependents Company’s health-related employee insurance coverage for JRP and her dependents only as in effect immediately prior to JRP’s termination of employment by Company other than for Cause for a period of twelve (12) months following the termination date.  The Company shall bear the first $15,000 of expense for such coverage and JRP shall bear any remaining expense for such coverage. The date of the “qualifying event” for Employee and any dependents shall be the termination date.
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(e)409A. Notwithstanding anything in this Agreement to the contrary, payments to be made upon a termination of employment under this Agreement will be made upon a “separation from service” within the meaning of Section 409A of the Code.
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(f)Indemnification. Company shall indemnify, defend and hold harmless JRP from and against all costs and expenses, losses, liabilities, damages, demands, claims, suits, actions, judgments or causes of action, assessments, settlements, including, without limitation, interest, penalties, attorneys’ fees, any and all expenses incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation (“Damages”), asserted against, resulting to, imposed on or incurred or suffered by JRP as a result of her provision of services to Company during the Consulting Period, except to the extent that the Damages arise from JRP’s bad faith, gross negligence or intentional misconduct.
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		4.	Term and Termination.

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(a)Term. The term of JRP’s employment under this Agreement shall commence on the Effective Date and continue until the close of business on the Employment End Date (although Company may, in its discretion, terminate JRP’s employment prior to August 26, 2022). 
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(b)Termination. This Agreement may be terminated on the following terms and conditions:
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(i)by JRP for any reason, effective 30 days following written notice from JRP to Company or any earlier date as may be determined by Company in its sole 

discretion; or
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(ii)by Company for Cause, effective upon written notice from Company to JRP, following the expiration, without cure, of any applicable cure period.
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(c)Death/Disability. This Agreement shall terminate immediately and automatically by reason of JRP’s death or Disability. In the event JRP’s employment with Company terminates prior to the Employment End Date, for any reason whatsoever, including death or Disability, JRP shall be entitled to the benefits described in Section 4(d).
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(d)Termination from all Positions; Rights and Payments Upon Termination. In connection with JRP’s termination of employment from Company, regardless of the reason, (1) JRP agrees that, effective as of July 11, 2022, JRP shall resign and be terminated from all positions JRP holds as a director or officer of Company or any Subsidiary or Affiliate thereof and shall execute any necessary documentation to properly effectuate such termination, (2) JRP agrees that, effective as of the Employment End Date, JRP shall resign and be terminated from all positions JRP holds as an employee of Company or any Subsidiary or Affiliate thereof and shall execute any necessary documentation to properly effectuate such termination, and (3) JRP shall be entitled to the Minimum Payments, in addition to any payments or benefits to which JRP may be entitled under the express terms of any employee benefit plan or as required by law. Any payments to be made to JRP pursuant to this Section 4 shall be made in accordance with Company’s customary policies and normal payroll practices.
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(e)Obligations Upon Termination of this Agreement during the Consulting Period.  Subject to JRP’s compliance with the obligations of Section 5, Company shall be obligated to pay, within thirty (30) days of the effective date of termination of this Agreement for any reason during the Consulting Period all amounts owing to JRP for consulting services completed prior to the date of termination.  Notwithstanding anything in the Agreement, the rights and obligations of Sections 5, 6, 9, 10 and 11 shall survive termination of this Agreement.
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(f)No Additional Claims.  By entering into this Agreement, Executive knowingly and voluntarily waives, terminates and releases any and all claims for severance or any other payment related to her employment that was provided in the Original Agreement or otherwise and she acknowledges that this Agreement supersedes the Original Agreement.
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		5.	Restrictive Covenants.

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(a)Confidential Information. JRP recognizes and acknowledges that she has received and will continue to receive certain confidential and proprietary information and trade secrets of Company, its Affiliates and Subsidiaries, that is not generally known to the public, including (i) internal business information (including, information relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs, training practices and programs, salaries, bonuses, incentive plans and other compensation and benefits information and accounting and business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information about, Company, its Affiliates and Subsidiaries and their respective confidential information; (iii) industry research compiled by, or on behalf of Company and its Affiliates and Subsidiaries, including, without limitation, identities of potential target companies, management teams, and transaction sources identified by, or on 

behalf of, Company and its Affiliates and Subsidiaries; (iv) compilations of data and analyses, processes, methods, track and performance records, data and data bases relating thereto; and (v) computer software documentation, data and data bases and updates of any of the foregoing; (collectively, “Confidential Information”). JRP will not, during or after the term of this Agreement, whether through an Affiliate or otherwise, take commercial or proprietary advantage of or profit from any Confidential Information or disclose Confidential Information to any Person for any reason or purpose whatsoever, except (i) to authorized representatives and employees of Company or its Affiliates and Subsidiaries and as otherwise may be proper in the course of performing JRP’s obligations under this Agreement or (ii) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that, unless otherwise prohibited by law, rule or regulation, JRP shall provide to the Board of Directors prompt notice of any such disclosure. For purposes of this Section 5(a), Confidential Information does not include any information that is or becomes generally known to the other participants in the industry in which Company and its Subsidiaries operate other than as a result of any breach of nondisclosure by any Person. The limitations in this Section 5(a) are in addition to, and not in lieu of, any other restrictions that JRP may be bound by (whether by contract or otherwise), including Company’s Proprietary Information and Inventions Agreement.
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Notwithstanding anything to the contrary in this Agreement or otherwise, nothing shall limit JRP’s rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. JRP is hereby notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to JRP’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order.
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(b)Documents and Property. All records, files, documents and other materials or copies thereof relating to the Company Business, which JRP has prepared, received or used and those that she shall prepare, receive, or use shall be and remain the sole property of Company, shall not be used by JRP in any manner that would be adverse to Company’s interests, and, other than in connection with the performance by JRP of her obligations hereunder, shall not be removed from the premises of Company or any Subsidiary without Company’s prior written consent, and shall be promptly returned to Company upon termination of this Agreement for any reason whatsoever or the conclusion of the Consulting Period (whichever is later), together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions of any kind made from or about the records, files, documents or other materials.
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(c)Non-Competition/Non-Solicitation. During the Employment Period  and for a two (2) year period following the Employment End Date (the “Restricted Period”), JRP will not, directly or indirectly, individually or as a shareholder, director, manager, member, officer, employee, agent, consultant or advisor of any Person: 

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(i)acquire or hold any economic or financial interest in, act as a partner, member, shareholder, consultant, employee or representative of, render services to, or otherwise operate, engage in or hold an interest in any Person that engages in, or engages in the management or operation of any Person that engages in any business that competes with the Company Business;
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(ii) solicit orders from or seek or propose to do business with any customer or supplier of the business relating to the Company Business; or (iii) influence or attempt to influence any customer, supplier, employee, contractor, representative or advisor of the Company Business to curtail, terminate or refrain from maintaining its, her or her relationship with Company or any of its Subsidiaries.
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(d)Non-Disparagement. During and after the term of this Agreement, neither Company nor JRP will make any adverse or derogatory statements, remarks or comments, oral or written, directly or indirectly, to any individual or entity about or with reference to or with respect to JRP or Company, or any of its employees, officers, managers, members, directors or agents. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).
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(e)Remedies for Breach of Covenants. JRP acknowledges and expressly agrees that the covenants contained in this Section 5 are reasonable with respect to their duration, geographical area and scope. JRP further acknowledges that, in light of her position with Company and access to Confidential Information during the Employment Period, the restrictions contained in this Section 5 are reasonable and necessary for the protection of the legitimate business interests of Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to Company and such interests, and that such restrictions were a material inducement to Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, Company, in addition to and not in limitation of, any other rights, remedies or damages available to Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief, to prevent or restrain any such violation by JRP and any and all Persons directly or indirectly acting for or with her, as the case may be.
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6.Inventions and Innovations. JRP acknowledges and agrees that she is separately bound by the Proprietary Information and Invention Agreement with Company. In addition, and notwithstanding anything to the contrary in the Proprietary Information and Invention Agreement, JRP acknowledges and agrees that all right, title and interest in and to any past, present and future inventions, business applications, know-how, customer lists, trade secrets, innovations, methods, designs, ideas, improvements, copyrights, patents, domain names, trademarks, trade dress and other intellectual property which JRP personally develops or creates in whole or in part at any time and at any place during her employment with Company or during the Consulting Period, and which is, directly or indirectly, related to or usable in connection with, the business activities of Company (all items set forth above are hereafter collectively referred to as the “Inventions and Innovations”), shall be and remain forever the sole and exclusive property of Company, and JRP thus automatically assigns and agrees to assign any such right, title and interest in her possession, or that she acquires, 

to Company. In this regard, JRP acknowledges and agrees that any Inventions and Innovations embodying copyrightable subject matter are “works made for hire,” and JRP automatically assigns and agrees to assign all right, title and interest to Company in the same if such Inventions and Innovations are not “works made for hire.” JRP agrees to promptly reveal all information relating to the Inventions and Innovations to Company and cooperate with Company to execute such documents as may be necessary to establish ownership and protection in Company’s name for the Inventions and Innovations. Notwithstanding the foregoing, Inventions and Innovations shall not include any publicly available information or any information that was developed by JRP on her own time with her own tools and/or materials and without the resources of Company or any Subsidiary thereof.
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7.Definitions. As used throughout this Agreement, all of the terms defined in this Section 7 shall have the meanings given below.
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“Affiliate” shall mean each individual, company, corporation, partnership, limited liability company, joint venture or other business entity, which is, directly or indirectly, controlled by, controls, or is under common control with, Company, where “control” means (i) the ownership of a majority of the voting securities or other voting interests or other equity interests of any company, corporation, partnership, limited liability company, joint venture or other business entity, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such company, corporation, partnership, limited liability company, joint venture or other business entity.
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“Agreement” shall have the meaning set forth in the preamble. “Annual Base Salary” shall have the meaning set forth in Section 3(a). “Board of Directors” shall mean Company’s board of directors.
“Cause” shall mean the Board of Directors’ determination in good faith that
JRP has:
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(i)failed, disregarded or refused to substantially perform her obligations to Company as required by this Agreement and the Board of Directors (other than any such failure resulting from her Disability or JRP’s termination of this Agreement for any reason);
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(ii)breached a fiduciary responsibility to Company in any material respect;
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(iii)committed an act of fraud, embezzlement or other misappropriation of funds;
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(iv)breached any confidentiality or proprietary information agreement in any material respect between JRP and Company;
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(v)acted with gross negligence or willful misconduct when undertaking JRP’s obligations;
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(vi)breached this Agreement;

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(vii) been excessively and unreasonably unavailable to perform JRP’s obligations under this Agreement for any reason (other than as a result of JRP’s Disability); or
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(viii)been indicted for, convicted of, or plead guilty or nolo contendere to, (A) a felony, (B) a misdemeanor (other than traffic or motor vehicle violations), or (C) any other act, omission or event that, in any such case, has caused or is likely to cause economic harm to Company or any of its Subsidiaries or the image, reputation and/or goodwill of Company or its Subsidiaries or that Company in good faith believes is reasonably likely to cause material harm to the image, reputation and/or goodwill of Company or its Subsidiaries, their respective products, services and/or trade/service marks;
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Notwithstanding the foregoing, prior to Company’s termination of this Agreement for Cause under clauses (i) or (vi) above, Company shall give JRP written notice specifying in reasonable detail the existence of any condition and JRP shall have 7 days from the date of JRP’s receipt of such notice in which to cure the condition giving rise to Cause.
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“CEO” shall have the meaning set forth in Section 2. 
“Chairman” shall have the meaning set forth in Section 2.
“COBRA” shall mean the Consolidated Budget Reconciliation Act of 1985, as amended.
“Code” shall mean the Internal Revenue Code of 1986, as amended. “Company” shall have the meaning set forth in the preamble.
“Company Business” shall mean the business in which Company is engaged including, but not limited to, developing, designing and manufacturing battery-electric vehicles under 10,001 GVW, and related products and services.
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“Confidential Information” shall have the meaning set forth in Section 5(a). 
“Consulting Company” shall mean The JRP Company, LLC, a Rhode Island limited liability company.
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“Consulting Period” shall have the meaning set forth in Section 1.
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“Customer Ship Date” shall mean the date when the Endurance is in a production state, taking into account all safety and other legal requirements and certifications, that allows it to be shipped to customers.
“Damages” shall have the meaning set forth in Section 3(f).
“Disability” shall mean that JRP is unable to effectively perform her obligations under this Agreement by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for not less than 90 consecutive days or 

125 non-consecutive days, in either case during any 12-month period, and in any case as determined in good faith by an independent doctor selected in good faith by the Board of Directors and mutually acceptable to JRP.
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“Effective Date” shall have the meaning set forth in the preamble. 
“Employment End Date” shall mean July 31, 2022. 
“Employment Period” shall have the meaning set forth in Section 1.
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“Inventions and Innovations” shall have the meaning set forth in Section 6. “JRP” shall have the meaning set forth in the preamble.
“Minimum Payments” shall mean, as applicable, the following amounts:
(i)JRP’s earned but unpaid Annual Base Salary for the period ending on the Employment End Date, with such payments to be made in accordance with Section 3(a); and
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(ii)JRP’s unreimbursed business expenses and all other items earned and owed to JRP through and including, the Employment End Date.
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“Original Employment Agreement” shall have the meaning set forth in the preamble.
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“Person” shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited liability company, entity or governmental entity (whether federal, state, county, city or otherwise and including any instrumentality, division, agency or department thereof).
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“Release” shall have the meaning set forth in Section 3(c).
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“Restricted Period” shall have the meaning set forth in Section 5(c). 
“Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company, association or business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a partnership, limited liability company, association or other business entity, either (A) a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof or (B) that Person is a general partner, managing member, manager or managing director of such partnership, limited liability company, or other business entity. For purposes hereof and unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of Company.
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“Surviving RSUs” shall have the meaning set forth in Section 3(c).
8.Notices. Notices and all other communications under this Agreement shall be in writing and shall be deemed given if (i) delivered personally, (ii) delivered by a recognized overnight courier service, or (iii) mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Company to: Lordstown Motors Corp.
2300 Hallock Young Road, S.W. Lordstown, OH 44481 Attention: General Counsel
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If to JRP, to:
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Jane Ritson-Parsons 
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with a copy to:
Rachelle R. Green, Esq.
Cervenka Green & Ducharme, LLC 235 Promenade Street, Suite 475
Providence, RI 02908 (rgreen@cgdesq.com)
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or to such other address as either party may furnish to the other in writing, except that notices of changes of address shall be effective only upon receipt.
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9.Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Ohio applicable to agreements made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.
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10.FORUM SELECTION. ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN TRUMBULL COUNTY, OHIO. JRP HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED WITHIN TRUMBULL COUNTY, OHIO. JRP HEREBY WAIVES ANY RIGHT SHE MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST JRP BY COMPANY IN ACCORDANCE WITH THIS SECTION.
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11.WAIVER OF JURY TRIAL. JRP AND COMPANY HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY OR 

ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THE PARTIES HERETO EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION TRIED BY A COURT SHALL BE TRIED WITHOUT A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.
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12.Entire Agreement; Severability. This Agreement, together with the Proprietary Information and Inventions Agreement and the Company Plans, constitute the entire agreement between JRP and Company concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements and arrangements with respect thereto, whether written or oral, including the Original Employment Agreement. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect. The various covenants and provisions of this Agreement are intended to be severable and to constitute independent and distinct binding obligations. Without limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent, such covenant shall be enforced to the maximum extent permitted by law, and JRP hereby agrees that such scope may be judicially modified accordingly.
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13.Withholding of Taxes. Company may withhold from any amounts or other benefits payable under this Agreement all federal, state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling.
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14.No Assignment. JRP’s rights to receive payments or benefits under this Agreement shall not be assignable or transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by will, by the laws of descent or distribution or to a revocable living trust of JRP. In the event of any attempted assignment or transfer contrary to this Section 14, Company shall have no liability to pay any amount so attempted to be assigned or transferred. This Agreement shall inure to the benefit of and be enforceable by JRP’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
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15.Successors. This Agreement shall be binding upon and inure to the benefit of Company, its successors and assigns (including any company into or with which Company may merge or consolidate).
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16.Survival. The provisions of Sections 4, 5, 6, 7, 9, 10, 11, 12, 13, and 14 shall survive the termination of this Agreement.
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17.Amendment; Waivers. This Agreement may not be amended or modified except by written agreement signed by JRP and Company. No waiver of any provision or condition of this Agreement by any party shall be valid unless set forth in a writing signed by such party. No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future event, act, breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written or otherwise) of any right or remedy hereunder.

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18.Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Agreement, and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Agreement. Accordingly, it is agreed that no rule of construction shall apply against any party or in favor of any party. This Agreement shall be construed as if the parties jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.
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19.No Conflicting Agreement. JRP hereby represents and warrants to Company that she is not subject to any existing non- competition or other restrictive agreements, clauses or arrangements, written or oral, that in any way prohibit or constrain in any material respect her acceptance of and/or performance of duties pursuant to this Agreement, or that in any manner circumscribe the scope of activities or other business that she is entitled to pursue and consummate on behalf of Company.
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20.Construction; Miscellaneous. Whenever used in this Agreement, the singular shall include the plural and vice versa (where applicable), the use of the masculine, feminine or neuter gender shall be deemed to include the other genders (unless the context otherwise requires), the words “hereof,” “herein,” “hereto,” “hereby,” “hereunder,” and other words of similar import refer to this Agreement as a whole (including exhibits), the words “include,” “includes” and “including” means “include, without limitation,” “includes, without limitation” and “including, without limitation,” respectively. The headings used in this Agreement are for convenience only, shall not be deemed to constitute a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction or enforcement of the provisions of this Agreement. This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures of less than all parties, and all of which together shall constitute a single agreement. All remedies of any party hereunder are cumulative and not alternative, and are in addition to any other remedies available at law, in equity or otherwise.
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[Signature page follows.]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

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COMPANY:
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LORDSTOWN MOTORS CORP.
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By:  /s/ Edward T. Hightower Name:  Edward T. Hightower Title:  President
​
JRP:  /s/ Jane Ritson-Parsons
Jane Ritson-ParsonsExhibit 10.1

 

OPEN
MARKET SALE AGREEMENTSM

 

July 12, 2022

 

JEFFERIES LLC 

520 Madison Avenue 

New York, New York 10022

 

B. RILEY SECURITIES, INC. 

299 Park Avenue, 7th Floor 

New York, New York 10171

 

BARCLAYS CAPITAL INC. 

745 7th Avenue 

New York, New York 10019

 

BMO CAPITAL MARKETS CORP. 

151 West 42nd Street, 32nd
Floor 

New York, New York 10036

 

BOFA SECURITIES, INC. 

One Bryant Park 

New York, New York 10036

 

CANACCORD GENUITY LLC 

99 High Street, 12th Floor 

Boston, Massachusetts 02110

 

CITIGROUP GLOBAL MARKETS INC. 

388 Greenwich Street 

New York, New York 10013

 

J.P. MORGAN SECURITIES LLC 

383 Madison Avenue 

New York, New York 10179

 

LOOP CAPITAL MARKETS LLC 

11 West Jackson Boulevard, Suite 1901 

Chicago, Illinois 60604 USA

 

Ladies and Gentlemen:

 

FuelCell
Energy, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein,
to issue and sell from time to time through Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets
Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets
LLC, as sales agents and/or principals (each individually, an “Agent” and collectively, the “Agents”),
up to 95,000,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Shares”), on
the terms set forth in this agreement (this “Agreement”).

 

 

SM
“Open Market Sale Agreement” is a service mark of Jefferies LLC

 

    

     

    

 

Section 1. DEFINITIONS

 

(a)            Certain
Definitions. For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have the following respective
meanings:

 

“Affiliate”
of a Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such first- mentioned Person. The term “control” (including the terms “controlling,” “controlled
by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agency Period”
means the period commencing on the date of this Agreement and expiring on the earlier to occur of (x) the date on which the Agents
shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated by the Company,
by all of the Agents or by all parties hereto pursuant to Section 7.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

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

 

“Floor Price”
means the minimum price set by the Company in the Issuance Notice below which the Designated Agent shall not sell Shares during the applicable
period set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance
Notice by delivering written notice of such change to the Designated Agent.

 

“Issuance Amount”
means the aggregate Sales Price of the Shares to be sold by the Designated Agent pursuant to any Issuance Notice.

 

“Issuance Notice”
means a written notice delivered to the Designated Agent by the Company in accordance with this Agreement in the form attached hereto
as Exhibit A that is executed by its Chief Executive Officer, President or Chief Financial Officer.

 

“Issuance Notice
Date” means any Trading Day during the Agency Period that an Issuance Notice is delivered pursuant to Section 3(b)(i).

 

“Issuance Price”
means the Sales Price less the Selling Commission.

 

    

     

    

 

“Maximum Program
Amount” means that number of Common Shares that is the lesser of (a) the number or dollar amount of Common Shares registered
under the effective Registration Statement (as defined below) pursuant to which the offering is being made, (b) the number of authorized
but unissued Common Shares (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities of the Company
or otherwise reserved from the Company’s authorized capital stock), (c) the number or dollar amount of Common Shares permitted
to be sold under Form S-3ASR (including General Instruction I.B.6 thereof, if applicable), or (d) the number or dollar amount
of Common Shares for which the Company has filed a Prospectus (as defined below).

 

“Person”
means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or other entity of any kind.

 

“Principal Market”
means the Nasdaq Global Market or such other national securities exchange on which the Common Shares, including any Shares, are then listed.

 

“Sales Price”
means the actual sale execution price of each Share placed by the Agents pursuant to this Agreement.

 

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

 

“Selling Commission”
means two percent (2%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise agreed between the Company and
the Agents with respect to any Shares sold pursuant to this Agreement.

 

“Settlement Date”
means the second business day following each Trading Day during the period set forth in the Issuance Notice on which Shares are sold pursuant
to this Agreement, when the Company shall deliver to the Designated Agent the amount of Shares sold on such Trading Day and the Designated
Agent shall deliver to the Company the Issuance Price received on such sales.

 

“Shares”
means the Company’s Common Shares issued or issuable pursuant to this Agreement.

 

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

 

    

     

    

 

Section 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to, and agrees with, the Agents that as of (1) the date of this Agreement, (2) each Issuance Notice Date, (3) each
Settlement Date, (4) each Triggering Event Date (as defined below) with respect to which the Company is obligated to deliver a certificate
pursuant to Section 4(o) for which no waiver is applicable and (5) each Time of Sale (as defined below) (each of
the times referenced above is referred to herein as a “Representation Date”), except as may be disclosed in the Prospectus
(including any documents either now or in the future incorporated by reference therein and any supplements thereto) on or before a Representation
Date:

 

(a)            Registration
Statement. The Company has prepared and filed with the Commission a shelf registration statement on Form S-3ASR (File No. 333-251054)
that contains a base prospectus (the “Base Prospectus”). Such registration statement registers the issuance and sale
by the Company of the Shares under the Securities Act. The Company may file one or more additional registration statements from time to
time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect to the Shares. Except
where the context otherwise requires, such registration statement(s), including any information deemed to be a part thereof pursuant to
Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and all documents incorporated
or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3ASR under the Securities Act as from time to time
amended or supplemented, is herein referred to as the “Registration Statement,” and the base prospectus constituting
a part of such registration statement(s), together with any prospectus supplement filed with the Commission pursuant to Rule 424(b) under
the Securities Act relating to a particular issuance of the Shares, including all documents incorporated or deemed to be incorporated
therein by reference pursuant to Item 12 of Form S-3ASR under the Securities Act, in each case, as from time to time amended or supplemented,
is referred to herein as the “Prospectus,” except that if any revised prospectus is provided to the Agents by the Company
for use in connection with the offering of the Shares that is not required to be filed by the Company pursuant to Rule 424(b) under
the Securities Act, the term “Prospectus” shall refer to such revised prospectus from and after the time it is first
provided to the Agents for such use. The Registration Statement at the time it originally became effective is herein called the “Original
Registration Statement.” As used in this Agreement, the terms “amendment” or “supplement” when applied
to the Registration Statement or the Prospectus shall be deemed to include the filing by the Company with the Commission of any document
under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference.

 

All
references in this Agreement to financial statements and schedules and other information which is “contained,” “included”
or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in
or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case
may be, as of any specified date; and all references in this Agreement to amendments or supplements to the Registration Statement or the
Prospectus shall be deemed to mean and include, without limitation, the filing of any document under the Exchange Act which is or is deemed
to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement
or the Prospectus, as the case may be, as of any specified date. The Company’s obligations under this Agreement to furnish,
provide, deliver or make available (and all other references of like import) copies of any report or statement shall be deemed satisfied
if the same is filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”)
(except that, upon the Agents’ request, the Company shall provide a printed copy of the Registration Statement and of any amendment
or supplement thereto with conformed signatures in PDF format).

 

At the time the Registration
Statement originally became effective and at the time the Company’s most recent annual report on Form 10-K was filed with the
Commission, if later, the Company met the then-applicable requirements for use of Form S-3ASR under the Securities Act. During the
Agency Period, each time the Company files an annual report on Form 10-K the Company will meet the then-applicable requirements for
use of Form S-3ASR under the Securities Act.

 

    

     

    

 

(b)            Compliance
with Registration Requirements. The Original Registration Statement and any Rule 462(b) Registration Statement have been
declared effective by the Commission or have automatically become effective under the Securities Act. The Company has complied to the
Commission’s satisfaction with all requests of the Commission for additional or supplemental information with respect thereto. No
stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect
and no proceedings pursuant to Section 8A of the Securities Act or otherwise for such purpose have been instituted or are pending
or, to the knowledge of the Company, are contemplated or threatened by the Commission.

 

The Prospectus when filed
complied in all material respects with the Securities Act and, if filed with the Commission through EDGAR (except as may be permitted
by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agents for use in connection with
the issuance and sale of the Shares. Each of the Registration Statement, any Rule 462(b) Registration Statement and any post-effective
amendment thereto, at the time it became effective and at each Representation Date, complied and will comply in all material respects
with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. As of the date of this Agreement, the Prospectus and
any Free Writing Prospectus (as defined below) considered together (collectively, the “Time of Sale Information”) did
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date and
at each Representation Date, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary
in order 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 three immediately preceding sentences do not apply to statements in or omissions from the Registration
Statement, any Rule 462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments
or supplements thereto, made in reliance upon and in conformity with information relating to the Agents furnished to the Company in writing
by the Agents expressly for use therein, it being understood and agreed that the only such information furnished by the Agents to the
Company consists of the information described in Section 6 below. There are no contracts or other documents required to be
described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required.
The Registration Statement and the offer and sale of the Shares as contemplated hereby meet the requirements of Rule 415 under the
Securities Act and comply in all material respects with said rule.

 

(c)            Ineligible
Issuer Status. The Company is not an “ineligible issuer” in connection with the offering of the Shares pursuant to Rules 164,
405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under
the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act. Each Free
Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that
was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements
of Rule 433 under the Securities Act including timely filing with the Commission or retention where required and legending, and each
such Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the issuance and sale of the
Shares did not, does not and will not include any information that conflicted, conflicts with or will conflict with the information contained
in the Registration Statement or the Prospectus, including any document incorporated by reference therein. Except for the Free Writing
Prospectuses, if any, and electronic road shows, if any, furnished to the Agents before first use, the Company has not prepared, used
or referred to, and will not, without the Agents’ prior consent, prepare, use or refer to, any Free Writing Prospectus.

 

    

     

    

 

(d)            Incorporated
Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus,
at the time they were filed with the Commission, complied in all material respects with the requirements of the Exchange Act, as applicable,
and, when read together with the other information in the Prospectus, do not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.

 

(e)            Exchange
Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were or hereafter
are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied and will comply in all material
respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the time
the Registration Statement and any amendments thereto become effective and at each Time of Sale (as defined below), as the case may be,
will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(f)             Statistical
and Market-Related Data. All statistical, demographic and market-related data included in the Registration Statement or the Prospectus
are based on or derived from sources that the Company believes to be reliable and accurate.

 

(g)            Disclosure
Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting. The Company has established and
maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are designed
to ensure that material information relating to the Company, including its consolidated subsidiaries, and required to be disclosed by
the Company in the reports that it files or submits under the Exchange Act is communicated to the Company’s principal executive
officer and its principal financial officer by others within those entities, as appropriate to allow timely decisions regarding required
disclosure; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent
fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established. Since
the end of the Company’s most recent audited fiscal year, except with respect to the misstatement in the Company’s Consolidated
Balance Sheet as of January 31, 2022 related to the tax equity financing transaction for the LIPA Yaphank project, there have been
no significant deficiencies or material weaknesses in the Company’s internal control over financial reporting (whether or not remediated)
and 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 is not aware of any change in its internal
control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting.

 

    

     

    

 

(h)            This
Agreement. This Agreement has been duly authorized, executed and delivered by the Company.

 

(i)             Authorization
of the Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered
by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and the issuance
and sale of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase
the Shares.

 

(j)             No
Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have any equity
or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except
for such rights as have been duly waived.

 

(k)            No
Material Adverse Change. Except as otherwise disclosed in the Registration Statement and the Prospectus, since the date of the most
recent financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus: (i) there
has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in (A) the
condition, financial or otherwise, or in the earnings, business, properties, operations, operating results, assets, liabilities or prospects,
whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity
or (B) the ability of the Company to consummate the transactions contemplated by this Agreement or perform its obligations hereunder
(any such change being referred to herein as a “Material Adverse Change”); (ii) the Company and its subsidiaries,
considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, whether or not covered
by insurance, that is material, individually or in the aggregate, to the Company and its subsidiaries, considered as one entity, and have
not entered into any material transactions not in the ordinary course of business; and (iii) there has not been any material decrease
in the capital stock or any material increase in any short-term or long-term indebtedness of the Company or its subsidiaries and there
has been no dividend or distribution of any kind declared, paid or made by the Company except for dividends declared and paid on the Company’s
5% Series B Cumulative Convertible Perpetual Preferred Stock or, except for dividends paid to the Company or other subsidiaries,
by any of the Company’s subsidiaries on any class of capital stock, or any repurchase or redemption by the Company or any of its
subsidiaries of any class of capital stock.

 

(l)             Independent
Accountants. KPMG LLP, who has certified certain financial statements (which term as used in this Agreement includes the related notes
thereto) of the Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its
subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board
(United States) and as required by the Securities Act.

 

    

     

    

 

(m)           Financial
Statements. The financial statements incorporated by reference in the Registration Statement and the Prospectus, together with the
related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries
as of the dates indicated and the results of their operations, changes in stockholders’ equity and cash flows for the periods specified.
Such financial statements and supporting schedules have been prepared in conformity with generally accepted accounting principles in the
United States (“GAAP”) as in effect as of the time of filing applied on a consistent basis throughout the periods involved,
except for (i) any adjustments as may be expressly stated in the related notes thereto and (ii) in the case of unaudited statements,
to the extent they may exclude footnotes or may be condensed or summary statements. The interactive data in eXtensible Business Reporting
Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material
respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. No other financial
statements or supporting schedules are required to be included in the Registration Statement or the Prospectus. The financial data set
forth in each of the Registration Statement and the Prospectus under the caption “Selected Financial Data” fairly present
the information set forth therein on a basis consistent with that of the audited financial statements contained in the Registration Statement
and the Prospectus. All disclosures contained in the Registration Statement and the Prospectus that constitute non-GAAP financial measures
(as defined by the rules and regulations under the Securities Act and the Exchange Act) comply with Regulation G under the Exchange
Act and Item 10 of Regulation S-K under the Securities Act, as applicable. To the Company’s knowledge, no person who has been suspended
or barred from being associated with a registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300
promulgated by the Public Company Accounting Oversight Board (“PCAOB”), has participated in or otherwise aided the
preparation of, or audited, the financial statements, supporting schedules or other financial data filed with the Commission as a part
of the Registration Statement and the Prospectus.

 

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

 

(o)            Incorporation
and Good Standing of the Company. The Company has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own, lease and operate its properties
and to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations
under this Agreement. The Company is duly qualified as a foreign corporation to transact business and is in good standing in the State
of Connecticut and each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property
or the conduct of business, except where the failure to be so qualified or in good standing, individually or in the aggregate, would not
result in a Material Adverse Change.

 

    

     

    

 

(p)            Subsidiaries.
Each “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X) of the Company (each a “Subsidiary”
and, collectively, the “Subsidiaries”) has been duly incorporated or organized, as the case may be, and is validly
existing as a corporation, partnership or limited liability company, as applicable, in good standing under the laws of the jurisdiction
of its incorporation or organization and has the power and authority (corporate or other) to own, lease and operate its properties and
to conduct its business as described in the Registration Statement and the Prospectus. Each of the Company’s Subsidiaries is duly
qualified as a foreign corporation, partnership or limited liability company, as applicable, to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to be so qualified or in good standing would not result in a Material Adverse Change. All of the
issued and outstanding capital stock or other equity or ownership interests of each of the Company’s Subsidiaries have been duly
authorized and validly issued, are fully paid and nonassessable and are owned by the Company, directly or through Subsidiaries, and, except
as otherwise disclosed in the Registration Statement and the Prospectus, is free and clear of any security interest, mortgage, pledge,
lien, encumbrance or adverse claim. None of the outstanding capital stock or equity interest in any Subsidiary was issued in violation
of preemptive or similar rights of any security holder of such Subsidiary. The constitutive or organizational documents of each of the
Subsidiaries comply in all material respects with the requirements of applicable laws of its jurisdiction of incorporation or organization
and are in full force and effect. The Company does not own or control, directly or indirectly, any corporation, association or other entity
other than (a) the entities listed in Exhibit 21 to the Company’s Annual Report on Form 10-K for the fiscal year
ended October 31, 2021 and (b) certain other subsidiaries not listed on such Exhibit 21 which, considered in the aggregate
as a single entity, do not constitute a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X.

 

(q)            Capitalization
and Other Capital Stock Matters. The authorized, issued and outstanding capital stock of the
Company is as set forth in the Prospectus (other than (i) subsequent grants of equity awards under the stock option or equity incentive
plans described in the Registration Statement and the Prospectus, (ii) subsequent changes in the number of outstanding Common Shares
due to the issuance of Common Shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Shares
described in the Registration Statement and the Prospectus, (iii) as a result of the issuance of Shares hereunder, (iv) as a
result of the issuance of Common Shares under the employee stock purchase plan described in the Registration Statement and the Prospectus,
or (v) any repurchases of capital stock of the Company). The Common Shares (including the Shares) conform in all material respects
to the description thereof contained in the Prospectus. All of the issued and outstanding Common Shares have been duly authorized and
validly issued, are fully paid and nonassessable and, except with respect to the Common Shares issued in the Company’s “at
the market” program in place from August 2005 to April 2017, have been issued in compliance with all federal and state
securities laws. None of the outstanding Common Shares was issued in violation of any preemptive rights, rights of first refusal or other
similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive
rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable
for, any capital stock of the Company or any of its subsidiaries other than those described in the Registration Statement and the Prospectus.
The descriptions of the Company’s stock option, stock bonus and other stock plans or arrangements, and the options or other rights
granted thereunder, set forth in the Registration Statement and the Prospectus accurately and fairly present in all material respects
the information required to be shown with respect to such plans, arrangements, options and rights.

 

    

     

    

 

(r)             Stock
Exchange Listing. The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and are listed
on the Principal Market, and the Company has taken no action intended to result in, or likely to have the effect of, terminating the registration
of the Common Shares under the Exchange Act or delisting the Common Shares from the Principal Market, nor has the Company received any
written notification that the Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s
knowledge, it is in compliance, in all material respects, with all applicable listing requirements of the Principal Market.

 

(s)            Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required. Neither the Company nor any of its subsidiaries is in violation
of its charter or by-laws, partnership agreement or operating agreement or similar organizational documents, as applicable, or is in default
(or, with the giving of notice or lapse of time, would be in default) (“Default”) under any indenture, loan, credit
agreement, note, lease, license agreement, contract, franchise or other instrument (including, without limitation, any pledge agreement,
security agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which
the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or to which any of their respective properties
or assets are subject (each, an “Existing Instrument”), except for such Defaults that, individually or in the aggregate,
would not be reasonably expected to result in a Material Adverse Change. The Company’s execution, delivery and performance of this
Agreement, consummation of the transactions contemplated hereby and by the Registration Statement and the Prospectus and the issuance
and sale of the Shares (including the use of proceeds from the sale of the Shares as described in the Prospectus under the caption “Use
of Proceeds”) (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions
of the charter or by-laws, partnership agreement or operating agreement or similar organizational documents, as applicable, of the Company
or any subsidiary, (ii) will not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined
below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or
any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, and (iii) will not result
in any violation of any law, administrative regulation or administrative or court decree applicable to the Company or any of its subsidiaries,
except in the cases of clauses (ii) and (iii) above, where such conflicts, breaches, Defaults, violations, or other occurrences,
individually or in the aggregate, would not be reasonably expected to result in a Material Adverse Change. No consent, approval, authorization
or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for
the Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and
by the Registration Statement and the Prospectus, except such (i) as have been obtained or made by the Company and are in full force
and effect under the Securities Act, (ii) such filings as have been made (and as of the date of this Agreement are still under review)
under, or are not yet required to be made under, the rules and regulations of The Nasdaq Stock Market, and (iii) such as may
be required under applicable state securities or blue sky laws or by FINRA (as defined below). As used herein, a “Debt Repayment
Triggering Event” means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder
of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

 

    

     

    

 

(t)             No
Material Actions or Proceedings. Except as otherwise disclosed in the Prospectus, there is no (i) action, suit, proceeding, inquiry
or investigation brought by or before any legal or governmental entity now pending or, to the knowledge of the Company, threatened, against
or adversely affecting the Company or any of its subsidiaries, or (ii) labor dispute with the employees of the Company or any of
its subsidiaries, or with the employees of any principal supplier, manufacturer, customer or contractor of the Company, which exists or,
to the knowledge of the Company, is threatened or imminent, in each case which, individually or in the aggregate, would reasonably be
expected to result in a Material Adverse Change.

 

(u)            Intellectual
Property Rights. Except as otherwise disclosed in the Registration Statement or the Prospectus, the Company and its subsidiaries own,
or have obtained valid and enforceable licenses for, the inventions, patent applications, patents, trademarks, trade names, service names,
copyrights, trade secrets and other intellectual property described in the Registration Statement and the Prospectus as being owned or
licensed by them or which are necessary for the conduct of their respective businesses as currently conducted or as currently proposed
to be conducted (collectively, “Intellectual Property”), except to the extent the failure to own or possess adequate
rights to such Intellectual Property, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Change. Neither the Company nor any of its subsidiaries has received any written notice that the conduct of their respective businesses
infringes, misappropriates or otherwise conflicts in any material respect with any such rights of others. The Intellectual Property of
the Company has not been adjudged by a court of competent jurisdiction to be invalid or unenforceable, in whole or in part, and the Company
is unaware of any facts which would form a reasonable basis for any such adjudication. To the Company's knowledge: (i) there are
no third parties who have rights to any Intellectual Property, except for customary reversionary rights of third-party licensors with
respect to Intellectual Property that is disclosed in the Registration Statement and the Prospectus as licensed to the Company or one
or more of its subsidiaries, and (ii) except as set forth in the Registration Statement and the Prospectus, there is no infringement
by third parties of any Intellectual Property. There is no pending or, to the Company’s knowledge, threatened action, suit, proceeding
or claim by others: (A) challenging the Company’s rights in or to any Intellectual Property, and the Company is unaware of
any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B) challenging the validity, enforceability
or scope of any Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such action,
suit, proceeding or claim; or (C) asserting that the Company or any of its subsidiaries infringes or otherwise violates, or would,
upon the commercialization of any product or service described in the Registration Statement or the Prospectus as under development, infringe
or violate, any patent, trademark, trade name, service name, copyright, trade secret or other proprietary rights of others, and the Company
is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim, except, in each case, where
such action, suit, proceeding or claim would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Change. The Company and its subsidiaries have complied with the terms of each agreement pursuant to which Intellectual Property has been
licensed to the Company or any subsidiary, and all such agreements are in full force and effect, except where the failure to comply would
not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. To the Company’s knowledge,
there are no material defects in any of the patents or patent applications included in the Intellectual Property. The Company and its
subsidiaries have taken all reasonable steps to protect, maintain and safeguard their Intellectual Property, including the execution of
appropriate nondisclosure, confidentiality and invention assignment agreements with their employees, and, to the Company’s knowledge,
no employee of the Company is in or has been in violation of any term of any employment contract, patent disclosure agreement, invention
assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement, or any restrictive covenant to or
with a former employer where the basis of such violation relates to such employee’s employment with the Company. The product candidates
described in the Registration Statement and the Prospectus as under development by the Company or any subsidiary fall within the scope
of the claims of one or more patents owned by, or exclusively licensed to, the Company or any subsidiary.

 

    

     

    

 

(v)            All
Necessary Permits, etc. Except as otherwise disclosed in the Prospectus, (i) the Company and each subsidiary possess such
valid and current certificates, authorizations or permits required by state, federal or foreign regulatory agencies or bodies to conduct
their respective businesses as currently conducted and as described in the Registration Statement or the Prospectus (“Permits”),
and (ii) neither the Company nor any of its subsidiaries is in violation of, or in default under, any of the Permits or has received
written notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization
or permit, except where the failure to have such certificates, authorizations or permits or such violation, default, revocation, modification
or non-compliance, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Change.

 

(w)            Title
to Properties. Except as otherwise disclosed in the Prospectus, the Company and its subsidiaries have good and marketable title to
all of the real and personal property and other assets reflected as owned in the most recent financial statements of the Company incorporated
by reference in the Registration Statement and the Prospectus (other than property and/or assets held by the Company pursuant to sale-leaseback
transactions), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse claims and other
defects, except those that (i) do not materially interfere with the use made and proposed to be made of such property and assets
by the Company and its subsidiaries or (ii) would not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change. The real property, improvements, equipment and personal property held under lease by the Company or any
of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere
with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company or such subsidiary.

 

(x)            Tax
Law Compliance. The Company and its subsidiaries have filed all necessary federal, state and foreign income and franchise tax returns
or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any
related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
proceedings, except where such failure would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Change. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 2(m) above
in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or
any of its subsidiaries has not been finally determined.

 

    

     

    

 

(y)            Company
Not an “Investment Company.” The Company is not, and will not be, either after receipt of payment for the Shares or after
the application of the proceeds therefrom as described under “Use of Proceeds” in the Prospectus, required to register as
an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

(z)            Insurance.
The Company and its subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and its subsidiaries
reasonably believe are adequate for the conduct of their business, provided by recognized, financially sound and reputable institutions.
Neither the Company nor any of its subsidiaries has received written notice that it will not be able (i) to renew its existing insurance
coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or
appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse
Change.

 

(aa)          No
Price Stabilization or Manipulation; Compliance with Regulation M. Neither the Company nor any of its subsidiaries has taken, directly
or indirectly, any action designed to or that might cause or result in stabilization or manipulation of the price of the Common Shares
or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”))
with respect to the Common Shares, whether to facilitate the sale or resale of the Shares or otherwise, or has taken any action which
would directly or indirectly violate Regulation M.

 

(bb)          Related
Party Transactions. There are no business relationships or related-party transactions involving the Company or any of its subsidiaries
or any other person required to be described in the Registration Statement or the Prospectus which have not been described as required.

 

(cc)          FINRA
Matters. All of the information provided to the Agents or to counsel for the Agents by the Company, its counsel, its officers and
directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the
offering of the Shares is true, complete, correct and compliant with Financial Industry Regulatory Authority, Inc.’s (“FINRA”)
rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is
true, complete and correct. The Company qualifies as an “experienced issuer” as such term is used in FINRA Rule 5110(h)(1)(C).

 

(dd)          No
Unlawful Contributions or Other Payments. Except as otherwise disclosed in the Prospectus, neither the Company nor any of its subsidiaries
nor, to the Company’s knowledge, any employee or agent of the Company or any subsidiary, has made any contribution or other payment
to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character required to be
disclosed in the Registration Statement and the Prospectus.

 

    

     

    

 

(ee)          Compliance
with Environmental Laws. Except as described in the Prospectus or except as would not, either individually or in the aggregate, reasonably
be expected to result in a Material Adverse Change: (i) neither the Company nor any of its subsidiaries is in violation of any federal,
state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative
interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection
of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata)
or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, “Hazardous Materials”)
or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
 “Environmental Laws”), (ii) the Company and its subsidiaries have all permits, authorizations and approvals required
under any applicable Environmental Laws and are each in compliance, in all material respects, with their requirements, (iii) there
are no pending, or to the Company’s knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand
letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against
the Company or any of its subsidiaries and (iv) the Company has not received written notice of any pending or potential order for
clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws.

 

(ff)            ERISA
Compliance. Except as otherwise disclosed in the Prospectus or as would not, either individually or in the aggregate, reasonably be
expected to result in a Material Adverse Change, any “employee benefit plan” (as defined under the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, “ERISA”))
established or maintained by the Company, its subsidiaries or their “ERISA Affiliates” (as defined below) (each a “Company
Benefit Plan”) are in compliance in all material respects with ERISA. “ERISA Affiliate” means, with respect
to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m) or
(o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the “Code”)
of which the Company or such subsidiary is a member. No “reportable event” (as defined under ERISA) has occurred or is reasonably
expected to occur with respect to any Company Benefit Plan that is subject to Title IV of ERISA. No Company Benefit Plan that is subject
to Title IV of ERISA, if such plan were terminated, would have any “amount of unfunded benefit liabilities” (as defined under
ERISA) that would reasonably be expected to result in a Material Adverse Change. Except as would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change, neither the Company, its subsidiaries nor any of their ERISA Affiliates
has incurred or reasonably expects to incur any liability with respect to any Company Benefit Plan under (i) Title IV of ERISA
with respect to termination of, or withdrawal from, such plan or (ii) Sections 412, 4971, or 4975 of the Code. Each Company
Benefit Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether
by action or failure to act, which would cause the loss of such qualification.

 

    

     

    

 

(gg)          Brokers.
Except as otherwise disclosed in the Prospectus, there is no broker, finder or other party that is entitled to receive from the Company
any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement.

 

(hh)          No
Outstanding Loans or Other Extensions of Credit. The Company does not have any outstanding extension of credit, in the form of a personal
loan, to or for any director or executive officer (or equivalent thereof) of the Company, except for such extensions of credit as are
expressly permitted by Section 13(k) of the Exchange Act.

 

(ii)            Compliance
with Laws. The Company and its subsidiaries have been and are in compliance with all applicable laws, rules and regulations,
except where failure to be so in compliance would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Change.

 

(jj)            Dividend
Restrictions. Except as disclosed in the Prospectus or except with respect to subsidiaries subject to customary project finance dividend
restrictions and foreign subsidiaries, no subsidiary of the Company is prohibited or restricted, directly or indirectly, from paying dividends
to the Company, or from making any other distribution with respect to such subsidiary’s equity securities or from repaying to the
Company or any other subsidiary of the Company any amounts that may from time to time become due under any loans or advances to such subsidiary
from the Company or any other subsidiary or from transferring any property or assets to the Company or to any other subsidiary.

 

(kk)          Anti-Corruption
and Anti-Bribery Laws. Neither the Company nor any of its subsidiaries nor, to the knowledge
of the Company, any director, officer, or employee of the Company or any of its subsidiaries or any agent, Affiliate or other person acting
on behalf of the Company or any of its subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its
subsidiaries: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating
to political activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization of any direct or indirect
unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled
entity or public international organization, or any political party, party official, or candidate for political office; (iii) violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), or
any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized, requested, or taken an act in furtherance
of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit. The Company and its subsidiaries
and, to the knowledge of the Company, the Company’s Affiliates have conducted their respective businesses in compliance with the
FCPA and all applicable anti-bribery and anti-corruption laws and have instituted and maintain policies and procedures designed to ensure
continued compliance therewith.

 

(ll)            Money
Laundering Laws. The operations of the Company and its subsidiaries are, and have 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 applicable jurisdictions, the rules and regulations thereunder and any related or similar applicable
rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened.

 

    

     

    

 

(mm)        Sanctions.
Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any of its directors, officers, employees, agents,
Affiliates or other persons acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the
U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom,
or other relevant sanctions authority (collectively, “Sanctions”); nor is the Company or any of its subsidiaries located,
organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, the Crimea
Region of Ukraine, the so-called Donetsk People’s Republic, the so-called  Luhansk People’s Republic, Cuba, Iran,
North Korea,  and Syria; and the Company will not directly or indirectly, use the proceeds of this offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, or any joint venture partner or other person or entity (i) for the purpose
of financing the activities of or business with any person, or in any country or territory, that at the time of such financing, is the
subject or the target of Sanctions, or (ii) in any other manner that will result in a violation by any person (including any person
participating in the transaction whether as agent, underwriter, advisor, investor or otherwise) of applicable Sanctions. For the past
five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions
with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any sanctioned
country (including Cuba, Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine).

 

(nn)          Sarbanes-Oxley.
The Company is in compliance, in all material respects, with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated thereunder.

 

(oo)          Duties,
Transfer Taxes, Etc. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes
are payable by the Agents in the United States or any political subdivision or taxing authority thereof or therein in connection with
the execution, delivery or performance of this Agreement by the Company or the sale and delivery by the Company of the Shares.

 

    

     

    

 

(pp)          Cybersecurity.
The Company and its subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software,
websites, applications, and databases (collectively, “IT Systems”) are adequate for, and operate and perform in all
material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted,
and, to the Company’s knowledge, are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants, except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change.
The Company and its subsidiaries have implemented and maintained commercially reasonable physical, technical and administrative controls,
policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and data, including “Personal Data,” used in connection with their businesses. “Personal
Data” means (i) a natural person’s name, street address, telephone number, e-mail address, photograph, social security
number or tax identification number, driver’s license number, passport number, credit card number, bank information, or customer
or account number; (ii) any information which would qualify as “personally identifying information” under the Federal
Trade Commission Act, as amended; (iii) “personal data” as defined by GDPR (as defined below); (iv) any information
which would qualify as “protected health information” under the Health Insurance Portability and Accountability Act of 1996,
as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”); and (v) any
other piece of information that allows the identification of such natural person, or his or her family, or permits the collection or analysis
of any data related to an identified person’s health or sexual orientation. To the Company’s knowledge, there have been no
breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost
or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The
Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and
regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change.

 

(qq)          Compliance
with Data Privacy Laws. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Change, (i) the Company and its subsidiaries are in material compliance with all applicable state and federal data privacy and security
laws and regulations, including without limitation HIPAA, and (ii) the Company and its subsidiaries have taken commercially reasonable
actions to prepare to comply with, and since May 25, 2018, have been and currently are in compliance with, the European Union General
Data Protection Regulation (“GDPR”) (EU 2016/679) (collectively, the “Privacy Laws”). To ensure
compliance with the Privacy Laws, the Company and its subsidiaries have in place, comply with, and take appropriate steps reasonably designed
to ensure compliance in all material respects with their policies and procedures relating to data privacy and security and the collection,
storage, use, disclosure, handling, and analysis of Personal Data (the “Policies”). The Company and its subsidiaries
have made all disclosures to users or customers required by applicable Privacy Laws and regulatory rules or requirements, and none
of such disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate or in violation of any applicable
laws and regulatory rules or requirements in any material respect. The Company further certifies that neither it nor any subsidiary:
(i) has received written notice of any actual or potential liability under or relating to, or actual or potential violation of, any
of the Privacy Laws or has knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii) is
currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Privacy
Law; or (iii) is a party to any order, decree, or agreement that imposes any obligation or liability under any Privacy Law.

 

    

     

    

 

(rr)            Other
Sales Agreements. The Company is not a party to any agreement with an agent or underwriter for any other “at the market”
or continuous equity transaction, except for the Open Market Sale Agreement, dated June 11, 2021, between the Company and Jefferies
LLC and Barclays Capital Inc., which the Company, Jefferies LLC and Barclays Capital Inc. hereby mutually agree to terminate as of the
date hereof.

 

(ss)          Actively-Traded
Securities. The Common Shares are “actively-traded securities” excepted from the requirements of Rule 101 of Regulation
M under the Exchange Act by Rule 101(c)(1) thereunder.

 

Any certificate signed by
any officer of the Company or any of its subsidiaries and delivered to the Agents or their counsel in connection with an issuance of Shares
shall be deemed a representation and warranty by the Company to the Agents as to the matters covered thereby on the date of such certificate.

 

The Company acknowledges that
the Agents and, for purposes of the opinions to be delivered pursuant to Section 4(o) hereof, counsel to the Company
and counsel to the Agents, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

 

Section 3. ISSUANCE AND SALE OF COMMON SHARES

 

(a)            Sale
of Securities. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions
herein set forth, the Company and the Agents agree that the Company may from time to time seek to sell up to the Maximum Program Amount
of Shares through the Agents, acting as sales agents, or directly to the Agents, acting as principals, as follows, based on and in accordance
with such Issuance Notices as the Company may deliver, during the Agency Period.

 

(b)            Mechanics
of Issuances.

 

(i)             Issuance Notice.
Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on which the conditions set
forth in Section 5(a) and Section 5(b) shall have been satisfied, the Company may exercise its right
to request an issuance of Shares by delivering to an Agent (the “Designated Agent”) an Issuance Notice; provided,
however, that (A) in no event may the Company deliver an Issuance Notice to the extent that the sum of (x) the requested
Issuance Amount divided by the Floor Price, plus (y) the aggregate number of all Shares issued under all previous Issuance Notices
effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the
period set forth for any previous Issuance Notice shall have expired or been terminated. An Issuance Notice shall be considered delivered
on the Trading Day on which it is received by e-mail to the persons designated by the Designated Agent in Schedule A hereto and
confirmed by the Company by telephone (including a voicemail message to the persons so identified), with the understanding that, with
adequate prior written notice, the Designated Agent may modify the list of such persons from time to time.

 

    

     

    

 

(ii)            Designated
Agent’s Efforts. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice,
the Designated Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the
Shares with respect to which the Designated Agent has agreed to act as sales agent, subject to, and in accordance with the information
specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated
in accordance with the terms of this Agreement. For the avoidance of doubt, the Company and the Designated Agent may modify an Issuance
Notice at any time provided they both agree in writing to any such modification.

 

(iii)           Method
of Offer and Sale. The Shares may be offered and sold (A) in privately negotiated transactions with the consent of the Company;
(B) as block transactions; or (C) by any other method permitted by law deemed to be an “at the market offering”
as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on the Principal Market or sales made into
any other existing trading market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree to
the method of offer and sale specified in the preceding sentence, and (except as specified in clauses (A) and (B) above) the
method of placement of any Shares by the Designated Agent shall be at the Designated Agent’s discretion.

 

(iv)           Confirmation
to the Company. If acting as sales agent hereunder, the Designated Agent will provide written confirmation to the Company no later
than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of
Shares sold on such Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in respect thereof.

 

(v)            Settlement.
Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions of
Section 5, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer
the Shares being sold by crediting the Designated Agent or such Designated Agent’s designee’s account at The Depository Trust
Company through its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by
the Company and the Designated Agent and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable, registered
shares in good deliverable form, the Designated Agent will deliver, by wire transfer of immediately available funds, the related Issuance
Price in same day funds delivered to an account designated by the Company prior to the Settlement Date. The Company may sell Shares to
the Designated Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a “Time
of Sale”).

 

(vi)           Suspension
or Termination of Sales. Consistent with standard market settlement practices, the Company or the Designated Agent may, upon notice
to the other in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and the period set forth
in an Issuance Notice shall immediately terminate; provided, however, that (A) such suspension and termination shall not affect
or impair either party’s obligations with respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B) if
the Company suspends or terminates any sale of Shares after the Designated Agent confirms such sale to the Company, the Company shall
still be obligated to comply with Section 3(b)(v) with respect to such Shares; and (C) if the Company defaults in
its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold the Designated Agent harmless against any
loss, claim, damage or expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred,
arising out of or in connection with such default by the Company. The parties hereto acknowledge and agree that, in performing its obligations
under this Agreement, the Designated Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered
Shares to settle sales as required by subsection (v) above, and may use the Shares to settle or close out such borrowings. The Company
agrees that no such notice shall be effective against the Designated Agent unless it is made to the persons identified in writing by the
Designated Agent pursuant to Section 3(b)(i).

 

    

     

    

 

(vii)          No
Guarantee of Placement, Etc. The Company acknowledges and agrees that (A) there can be no assurance that the Designated Agent
will be successful in placing Shares; (B) the Designated Agent will incur no liability or obligation to the Company or any other
Person if it does not sell Shares; and (C) the Designated Agent shall be under no obligation to purchase Shares on a principal basis
pursuant to this Agreement, except as otherwise specifically agreed by the Designated Agent and the Company.

 

(viii)         Material
Non-Public Information. Notwithstanding any other provision of this Agreement, the Company and the Agents agree that the Company shall
not deliver any Issuance Notice to the Agents, and no Agent shall be obligated to place any Shares, during any period in which the Company
is in possession of material non-public information.

 

(ix)            Sales
Through Agents. With respect to the offering and sale of Shares pursuant to this Agreement, the Company agrees that any offer to sell
Shares, any solicitation of an offer to buy Shares, and any sales of Shares shall only be effected by or through a single Agent on any
single given day, and the Company shall in no event request that more than one Agent offer to sell Shares pursuant to this Agreement on
the same day.

 

(x)             Earnings
Announcements. Notwithstanding any other provision of this Agreement, the Company shall not offer or sell, or instruct the Designated
Agent to offer or sell, any Shares through the Designated Agent as sales agent (and shall cancel any instructions for any such offer or
sale of any Shares prior to the commencement of the periods referenced below), and the Designated Agent shall not be obligated to make
any such offer or sale of Shares, except as provided below, at any time from and including the date on which the Company issues a press
release containing, or otherwise publicly announces, its earnings, revenues or other operating results for a fiscal period or periods
(each, an “Earnings Announcement”) through and including the time that is twenty-four hours after the time that the
Company files a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K (a “Filing Time”) that includes
consolidated financial statements as of and for the same fiscal period or periods, as the case may be, covered by such Earnings Announcement.
Notwithstanding the foregoing, if the Company wishes to offer or sell Shares through the Designated Agent at any time during the period
from and including the date of an Earnings Announcement through and including the corresponding Filing Time, the Company shall first (i) prepare
and deliver to the Designated Agent (with a copy to counsel for the Designated Agent) a Current Report on Form 8-K that includes
substantially the same financial and related information (together with management's discussion and analysis thereof) that was included
in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers’ quotations) (each,
an “Earnings 8-K”), in form and substance reasonably satisfactory to the Designated Agent and the Company, and, prior
to its filing, obtain the written consent of the Designated Agent to such filing (which consent shall not be unreasonably withheld, conditioned
or delayed), (ii) provide the Designated Agent with the officers’ certificates, secretary’s certificates, opinions of
counsel and accountants’ letter required hereunder in connection with the filing of a Quarterly Report on Form 10-Q, unless
such deliveries are waived under the terms of this Agreement or by the Designated Agent, (iii) afford the Designated Agent the opportunity
to conduct a due diligence review in accordance with Section 4(m) hereof prior to filing such Earnings 8-K and (iv) file
such Earnings 8-K with the Commission. For purposes of clarity, the parties hereto agree that the delivery of any officers’ certificates,
secretary’s certificates, opinions of counsel or accountants’ letter pursuant to Sections 4(o), 4(p), 4(q),
4(r) and 4(s) hereof shall not relieve the Company from any of its obligations under this Agreement with respect
to any Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be.

 

    

     

    

 

(c)            Fees.
As compensation for services rendered, the Company shall pay to the Designated Agent, on the applicable Settlement Date, the Selling Commission
for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to Section 3(b)(vi))
by the Designated Agent deducting the Selling Commission from the applicable Issuance Amount.

 

(d)            Expenses.
The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and in
connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and
delivery of the Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent
of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares;
(iv) all fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors;
(v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration
Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Prospectus, any Free Writing
Prospectus (as defined below) prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements
thereto, and this Agreement; (vi) all filing fees, attorneys’ fees and expenses incurred by the Company or the Agents in connection
with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Shares for offer
and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by the Agents, preparing
and printing a “Blue Sky Survey” or memorandum and a “Canadian wrapper, and any supplements thereto, advising
the Agents of such qualifications, registrations, determinations and exemptions; (vii) the reasonable fees and disbursements of the
Agents’ counsel, including the reasonable fees and expenses of counsel for the Agents in connection with, FINRA review, if
any, and approval of the Agents’ participation in the offering and distribution of the Shares; (viii) the filing fees incident
to FINRA review, if any; (ix) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the
preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees
and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel
and lodging expenses of the representatives, employees and officers of the Company and of the Agents and any such consultants with the
prior approval of the Company, and the cost of any aircraft chartered in connection with the road show with the prior approval of the
Company; and (x) the fees and expenses associated with listing the Shares on the Principal Market. The fees and disbursements of
Agents’ counsel pursuant to subsections (vi) and (vii) above shall not exceed (A) $50,000, in the aggregate, in connection
with the execution of this Agreement and (B) $15,000, in the aggregate, in connection with each Triggering Event Date (as defined
below) on which the Company is required to provide a certificate pursuant to Section 5(o).

 

    

     

    

 

Section 4. ADDITIONAL COVENANTS

 

The Company covenants and
agrees with the Agents as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:

 

(a)            Exchange
Act Compliance. During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all reports and
documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required
by the Exchange Act; and (ii) either (A) include in its quarterly reports on Form 10-Q and its annual reports on Form 10-K,
a summary detailing, for the relevant reporting period, (1) the number of Shares, if any, sold through the Agents pursuant to this
Agreement and (2) the net proceeds, if any, received by the Company from such sales or (B) prepare a prospectus supplement containing,
or include in such other filing permitted by the Securities Act or Exchange Act (each an “Interim Prospectus Supplement”),
such summary information and, at least once a quarter and subject to this Section 4, file such Interim Prospectus Supplement
pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B
under the Securities Act).

 

(b)            Securities
Act Compliance. After the date of this Agreement, the Company shall promptly advise the Agents in writing (i) of the receipt
of any comments of, or requests for additional or supplemental information from, the Commission relating to the Registration Statement
or the Prospectus; (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement, any Rule 462(b) Registration
Statement, any amendment or supplement to the Prospectus, or any Free Writing Prospectus; (iii) of the time and date that any post-effective
amendment to the Registration Statement or any Rule 462(b) Registration Statement becomes effective; (iv) of any pending
proceeding under Section 8A of the Securities Act with respect to the offering of the Shares; and (v) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto, any Rule 462(b) Registration
Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus
or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from any securities
exchange upon which they are 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, the Company will use its commercially reasonable
efforts to obtain the lifting of such order as soon as reasonably practicable. Additionally, the Company agrees that it shall comply with
the provisions of Rule 424(b) and Rule 433, as applicable, under the Securities Act and will use its reasonable efforts
to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were received in a timely manner by
the Commission.

 

    

     

    

 

(c)            Amendments
and Supplements to the Prospectus and Other Securities Act Matters. If any event shall occur or condition exist as a result of which
it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus
is delivered to a purchaser, not misleading, or if in the opinion of the Agents or counsel for the Agents it is otherwise necessary to
amend or supplement the Prospectus to comply with applicable law, including the Securities Act, the Company agrees (subject to Section 4(d) and
Section 4(f)) to promptly prepare, file with the Commission and furnish at its own expense to the Agents, amendments or supplements
to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when
the Prospectus is delivered to a purchaser, not misleading or so that the Prospectus, as amended or supplemented, will comply with applicable
law including the Securities Act. Neither the Agents’ consent to, or delivery of, any such amendment or supplement shall constitute
a waiver of any of the Company’s obligations under Section 4(d) and Section 4(f). Notwithstanding the
foregoing, the Company shall not be required to file such amendment or supplement if there is no pending Issuance Notice and the Company
believes that it is in its best interest not to file such amendment or supplement; provided, however, that if the Company subsequently
chooses to deliver an Issuance Notice to the Agents, the Company agrees to file such amendment or supplement prior to the delivery of
such Issuance Notice.

 

(d)            Agents’
Review of Proposed Amendments and Supplements. Prior to amending or supplementing the Registration Statement (including any registration
statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding any amendment or supplement through
incorporation of any report filed under the Exchange Act), the Company shall furnish to the Agents for review, a reasonable amount of
time prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall
not file or use any such proposed amendment or supplement without the Agents’ prior consent, such consent not to be unreasonably
withheld, conditioned or delayed, and to file with the Commission within the applicable period specified in Rule 424(b) under
the Securities Act any prospectus required to be filed pursuant to such Rule.

 

(e)            Use
of Free Writing Prospectus. Neither the Company nor the Agents have prepared, used, referred to or distributed, or will prepare, use,
refer to or distribute, without the other party’s prior written consent, any “written communication” that constitutes
a “free writing prospectus” as such terms are defined in Rule 405 under the Securities Act with respect to the offering
contemplated by this Agreement (any such free writing prospectus being referred to herein as a “Free Writing Prospectus”).

 

    

     

    

 

(f)             Free
Writing Prospectuses. The Company shall furnish to the Agents for review, a reasonable amount of time prior to the proposed time of
filing or use thereof, a copy of each proposed Free Writing Prospectus or any amendment or supplement thereto to be prepared by or on
behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed Free Writing Prospectus
or any amendment or supplement thereto without the Agents’ consent, such consent not to be unreasonably withheld, conditioned or
delayed. The Company shall furnish to the Agents, without charge, as many copies of any Free Writing Prospectus prepared by or on behalf
of, or used by the Company, as the Agents may reasonably request. If at any time when a prospectus is required by the Securities Act (including,
without limitation, pursuant to Rule 153, Rule 172 and Rule 173(d)) to be delivered in connection with sales of the Shares
(but in any event if at any time through and including the date of this Agreement) there occurred or occurs an event or development as
a result of which any Free Writing Prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or would
conflict with the information contained in the Registration Statement or included or would include 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 shall promptly amend or supplement such Free Writing Prospectus to eliminate
or correct such conflict or so that the statements in such Free Writing Prospectus as so amended or supplemented will not include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
prevailing at such subsequent time, not misleading, as the case may be; provided, however, that prior to amending or supplementing
any such Free Writing Prospectus, the Company shall furnish to the Agents for review, a reasonable amount of time prior to the proposed
time of filing or use thereof, a copy of such proposed amended or supplemented Free Writing Prospectus and the Company shall not file,
use or refer to any such amended or supplemented Free Writing Prospectus without the Agents’ consent, such consent not to be unreasonably
withheld, conditioned or delayed.

 

(g)            Filing
of Agents’ Free Writing Prospectuses. The Company shall not take any action that would result in the Agents or the Company being
required to file with the Commission pursuant to Rule 433(d) under the Securities Act a Free Writing Prospectus prepared by
or on behalf of the Agents that the Agents otherwise would not have been required to file thereunder.

 

(h)            Copies
of Registration Statement and Prospectus. After the date of this Agreement through the last time that a prospectus is required by
the Securities Act (including, without limitation, pursuant to Rule 153, Rule 172 and Rule 173(d)) to be delivered in connection
with sales of the Shares, the Company agrees to furnish the Agents with copies (which may be electronic copies) of the Registration Statement
and each amendment thereto, and with copies (which may be electronic copies) of the Prospectus and each amendment or supplement thereto
in the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act,
both in such quantities as the Agents may reasonably request from time to time; and, if the delivery of a prospectus is required under
the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date
for any period set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at such time any event has
occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made when such Prospectus is delivered, not misleading, or, if for any other reason it is necessary during such same period to amend or
supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply
with the Securities Act or the Exchange Act, to notify the Agents and to request that the Agents suspend offers to sell Shares (and, if
so notified, the Agents shall cease such offers as soon as practicable); and if the Company decides to amend or supplement the Registration
Statement or the Prospectus as then amended or supplemented, to advise the Agents promptly by telephone (with confirmation in writing)
and to prepare and cause to be filed promptly with the Commission an amendment or supplement to the Registration Statement or the Prospectus
as then amended or supplemented that will correct such statement or omission or effect such compliance (it being acknowledged that the
Company may delay the filing of any amendment or supplement, if, in the reasonable judgment of the Company, it is in the best interest
of the Company); provided, however, that if during such same period the Agents are required to deliver a prospectus in respect of transactions
in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement.

 

    

     

    

 

(i)             Blue
Sky Compliance. The Company shall cooperate with the Agents and counsel for the Agents to qualify or register the Shares for sale
under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those
jurisdictions designated by the Agents, shall comply with such laws and shall continue such qualifications, registrations and exemptions
in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign corporation
or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified
or where it would be subject to taxation as a foreign corporation. The Company will advise the Agents promptly of the suspension of the
qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any
initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification,
registration or exemption, the Company shall use its commercially reasonable efforts to obtain the withdrawal thereof as soon as reasonably
practicable.

 

(j)             Earnings
Statement. As soon as practicable, the Company will make generally available to its security holders and to the Agents an earnings
statement (which need not be audited) covering a period of at least twelve months which shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 under the Securities Act, provided that the Company will be deemed to have furnished such statements
to its security holders and the Agents to the extent they are filed on EDGAR or any successor system.

 

(k)            Listing;
Reservation of Shares. (a)  The Company will apply for and then maintain the listing of the Shares on the Principal Market; and
(b) the Company will reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company
to satisfy its obligations under this Agreement.

 

(l)             Transfer
Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.

 

(m)           Due
Diligence. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted
by the Agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior corporate officers, during normal business hours and at the Company’s principal offices, as the Agents
may reasonably request from time to time.

 

    

     

    

 

(n)            Representations
and Warranties. The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a Settlement Date
shall be deemed to be (i) an affirmation to the Designated Agent that the representations and warranties of the Company contained
in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement Date, as the case
may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated
by reference therein and any supplements thereto); and (ii) an undertaking that the Company will advise the Designated Agent if any
of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance
Notice, as though made at and as of each such date (except that such representations and warranties shall be deemed to relate to the Registration
Statement and the Prospectus as amended and supplemented relating to such Shares).

 

(o)            Deliverables
at Triggering Event Dates; Certificates. The Company agrees that on or prior to the date of the first Issuance Notice and, during
the term of this Agreement after the date of the first Issuance Notice, upon:

 

(A)            the
filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement
relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to Section 4(a)(ii)(B)),
by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into the Registration
Statement or Prospectus;

 

(B)            the
filing with the Commission of an annual report on Form 10-K or a quarterly report on Form 10-Q (including any Form 10-K/A
or Form 10-Q/A containing amended financial information or a material amendment to the previously filed annual report on Form 10-K
or quarterly report on Form 10-Q), in each case, of the Company; or

 

(C)            the
filing with the Commission of a current report on Form 8-K of the Company containing amended financial information (other than information
 “furnished” pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K
relating to reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144) that is material to the offering of securities of the Company in the Agents’ reasonable discretion;

 

(any such event, a “Triggering Event
Date”), the Company shall furnish the Agents (but in the case of clause (C) above only if the Agents reasonably determine
that the information contained in such current report on Form 8-K of the Company is material) with a certificate as of the Triggering
Event Date, in the form and substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided
to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented,
(A) confirming that the representations and warranties of the Company contained in this Agreement are true and correct, (B) that
the Company has performed all of its obligations hereunder to be performed on or prior to the date of such certificate and as to the matters
set forth in Section 5(a)(iii) hereof, and (C) containing any other certification that the Agents shall reasonably
request. The requirement to provide a certificate under this Section 4(o) shall be waived for any Triggering Event Date
occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to
occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered
a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the foregoing, if the Company subsequently decides
to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agents with a certificate under
this Section 4(o), then before the Company delivers the instructions for the sale of Shares or the Designated Agent sells
any Shares pursuant to such instructions, the Company shall provide the Designated Agent with a certificate in conformity with this Section 4(o) dated
as of the date that the instructions for the sale of Shares are issued.

 

    

     

    

 

(p)            Company
Counsel Legal Opinion. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect
to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable
and excluding the date of this Agreement, the Company shall cause Foley & Lardner LLP, counsel to the Company, to furnish to
the Agents a negative assurances letter and a written legal opinion, each dated the date of delivery, in form and substance reasonably
satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented. In lieu of such opinions for
subsequent periodic filings, in the discretion of the Agents, the Company may furnish a reliance letter from such counsel to the Agents,
permitting the Agents to rely on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering
Event Date (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as
amended or supplemented as of such Triggering Event Date).

 

(q)            Agents
Counsel Legal Opinion. The Agents shall have received from Duane Morris LLP, counsel for the Agents, such opinion or opinions, on
or before the date on which the delivery of the Company counsel legal opinion is required pursuant to Section 4(p), with respect
to such matters as the Agents may reasonably require, and the Company shall have furnished to such counsel such documents as they reasonably
request for enabling them to pass upon such matters.

 

(r)             Comfort
Letter. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the
Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding
the date of this Agreement, the Company shall cause KPMG LLP, the independent registered public accounting firm who has audited the financial
statements included or incorporated by reference in the Registration Statement, to furnish the Agents a comfort letter, dated the date
of delivery, in form and substance reasonably satisfactory to the Agents and their counsel, substantially similar to the form previously
provided to the Agents and their counsel; provided, however, that any such comfort letter will only be required on the Triggering Event
Date specified to the extent that it contains financial statements filed with the Commission under the Exchange Act and incorporated or
deemed to be incorporated by reference into a Prospectus. If requested by the Agents, the Company shall also cause a comfort letter to
be furnished to the Agents within ten (10) Trading Days of the date of occurrence of any material transaction or event requiring
the filing of a current report on Form 8-K containing material amended financial information of the Company, including the restatement
of the Company’s financial statements. The Company shall be required to furnish no more than one comfort letter hereunder per calendar
quarter.

 

    

     

    

 

(s)            Secretary’s
Certificate. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which
the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable, the Company
shall furnish the Agents a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery
(i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the Board of Directors of the
Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including,
without limitation, the issuance of the Shares pursuant to this Agreement), which authorization shall be in full force and effect on and
as of the date of such certificate, (ii) certifying and attesting to the office, incumbency, due authority and specimen signatures
of each Person who executed this Agreement for or on behalf of the Company, and (iii) containing any other certification that the
Agents shall reasonably request.

 

(t)             Agents’
Own Account; Clients’ Account. The Company consents to the Agents trading, in compliance with applicable law, in the Common
Shares for the Agents’ own account and for the account of its clients at the same time as sales of the Shares occur pursuant to
this Agreement.

 

(u)            Investment
Limitation. The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in such
a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act.

 

(v)            Market
Activities. The Company will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause
or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale
or resale of the Shares or otherwise, and the Company will, and shall cause each of its Affiliates to, comply with all applicable provisions
of Regulation M. If any party to this Agreement has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of
Regulation M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the other parties and sales
of the Shares under this Agreement and any acceptance of an Issuance Notice shall be suspended until those or other exemptive provisions
have been satisfied in the judgment of each party. On or prior to the delivery of a prospectus that is required (whether physically or
through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the offering or sale of the Shares,
the Company shall calculate the average daily trading volume (as defined under “ADTV” by Rule 100 of Regulation M under
the Exchange Act) of the Common Shares based on market data provided by Bloomberg L.P. or such other sources as agreed upon by the Company
and the Agents.

 

    

     

    

 

(w)            Notice
of Other Sale. Without the written consent of the Agents, the Company will not, directly or indirectly, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common
Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, during the period beginning on the
third Trading Day immediately prior to the date on which any Issuance Notice is delivered to a Designated Agent hereunder and ending on
the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant to such Issuance Notice, provided
that if the sale of Shares pursuant to an Issuance Notice is suspended or an Issuance Notice is suspended or terminated, then such period
will end on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant such Issuance Notice
prior to such suspension or termination; and will not directly or indirectly enter into any other “at the market” or continuous
equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than
the Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights
to purchase or acquire Common Shares prior to the termination of this Agreement; provided, however, that such restrictions will not be
required in connection with the Company’s (i) issuance or sale of Common Shares (including restricted stock), options to purchase
Common Shares, restricted stock units, performance stock units, phantom equity awards or Common Shares issuable upon the exercise of options
or the vesting or exercise of other equity awards pursuant to any employee or director share option, incentive or benefit plan, share
purchase or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under the rules of the Nasdaq
Stock Market or other compensation plan of the Company or its subsidiaries, (ii) issuance or sale of Common Shares issuable upon
exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards, (iii) modification
of any outstanding options, warrants or other rights to purchase or acquire Common Shares, (iv) issuance of Common Shares issuable
upon the exercise of participation rights disclosed in the Prospectus (including any documents incorporated by reference therein), (v) issuance
or sale of Common Shares, or securities convertible into or exercisable for Common Shares, offered and sold in a privately negotiated
transaction to vendors, customers, strategic partners or potential strategic partners or other investors conducted in a manner so as not
to be integrated with the offering of Common Shares hereby, provided that the aggregate number of Common Shares issued under this subsection
(v) pursuant to any such arrangement shall not exceed five percent (5%) of the number of Common Shares outstanding immediately prior
to giving effect to such issuance; and (vi) issuance or sale of Common Shares in connection with any acquisition, strategic investment
or other similar transaction (including any joint venture, strategic alliance or partnership) provided that the aggregate number of Common
Shares issued under this subsection (vi) pursuant to any such arrangement shall not exceed five percent (5%) of the number of Common
Shares outstanding immediately prior to giving effect to such issuance.

 

Section 5. CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO
SETTLEMENT

 

(a)            Conditions
Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Designated Agent to Sell Shares. The
right of the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance
Notice, and the obligation of the Designated Agent to use its commercially reasonable efforts to place Shares during the applicable period
set forth in the Issuance Notice is subject to the satisfaction, on each Trading Day during the applicable period set forth in the Issuance
Notice, of each of the following conditions:

 

		(i)	Accuracy of the Company’s Representations and Warranties; Performance by the Company. The
Company shall have delivered the certificate required to be delivered pursuant to Section 4(o) on or before the date
on which delivery of such certificate is required pursuant to Section 4(o). The Company shall have performed, satisfied and
complied, in all material respects, with all covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by the Company at or prior to such date, including, but not limited to, the covenants contained in Section 4(p),
Section 4(r) and Section 4(s).

 

    

     

    

 

		(ii)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby that prohibits or directly and materially adversely affects any of
the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or
materially adversely affecting any of the transactions contemplated by this Agreement.

 

		(iii)	Material Adverse Changes. Except as disclosed in the Prospectus and the Time of Sale Information,
(A) in the judgment of the Agents there shall not have occurred any Material Adverse Change; and (B) there shall not have occurred
any downgrading, and no written notice shall have been given of any intended or potential downgrading or of any review for a possible
change that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its
subsidiaries by any “nationally recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62)
of the Exchange Act.

 

		(iv)	No Suspension of Trading in or Delisting of Common Shares; Other Events. The trading of the Common
Shares (including without limitation the Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the
Common Shares (including without limitation the Shares) shall have been approved for listing or quotation on and shall not have been delisted
from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets. There shall not have occurred (and be continuing
in the case of occurrences under clauses (A) and (B) below) any of the following: (A) trading or quotation in any
of the Company’s securities shall have been suspended or limited by the Commission or by the Principal Market or trading in securities
generally on the Principal Market shall have been suspended or limited, or minimum or maximum prices shall have been generally established
on any of such stock exchanges by the Commission or FINRA; (B) a general banking moratorium shall have been declared by any federal
or New York authorities; or (C) there shall have occurred any outbreak or escalation of national or international hostilities or
any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development
involving a prospective substantial change in United States’ or international political, financial or economic conditions, as in
the judgment of the Agents is material and adverse and makes it impracticable to market the Shares in the manner and on the terms described
in the Prospectus or to enforce contracts for the sale of securities.

 

(b)            Documents
Required to be Delivered on each Issuance Notice Date. Each Agent’s obligation to use its commercially reasonable efforts to
place Shares hereunder shall additionally be conditioned upon the delivery to the Agents on or before the Issuance Notice Date of a certificate
in form and substance reasonably satisfactory to the Agents, executed by the President and Chief Executive Officer or Chief Financial
Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as of the
date of such certificate (which certificate shall not be required if the foregoing representations shall be set forth in the Issuance
Notice).

 

    

     

    

 

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

 

Section 6. INDEMNIFICATION AND CONTRIBUTION

 

(a)            Indemnification
of the Agents. The Company agrees to indemnify and hold harmless each Agent, its respective officers, employees and affiliates and
each person, if any, who controls such Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage,
liability or expense, as incurred, to which such Agent or such officer, employee, affiliate or controlling person may become subject,
under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign
jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any litigation), insofar
as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment
thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading;
or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company
has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or
any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, and to reimburse each Agent and each
such officer, employee, affiliate and controlling person for any and all documented expenses (including the reasonable and documented
out-of-pocket fees and disbursements of counsel chosen by such Agent) as such expenses are reasonably incurred by such Agent or such officer,
employee, affiliate or controlling person in connection with investigating, defending, settling, compromising or paying any such loss,
claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim,
damage, liability, expense or action to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged
untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company
by the Agents expressly for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus (or any amendment or
supplement thereto), it being understood and agreed that the only such information furnished by the Agents to the Company consists of
the first sentence of the ninth paragraph under the caption “Plan of Distribution” in the Prospectus. The indemnity agreement
set forth in this Section 6(a)  shall be in addition to any liabilities that the Company may otherwise have.

 

    

     

    

 

(b)            Indemnification
of the Company and its Directors and Officers. Each Agent, severally but not jointly, agrees to indemnify and hold harmless the Company,
each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the
Company or any such director, officer or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal
or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at
common law or otherwise (including in settlement of any litigation), which arises out of or is based upon (i) any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment thereto, including any information
deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material
fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged
untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; but, for each of (i) and (ii) above, only to the extent arising out of or based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished
to the Company by the Agents expressly for use in the Registration Statement or the Prospectus (or any amendment or supplement thereto),
it being understood and agreed that the only such information furnished by the Agents to the Company consists of the information set forth
in the first sentence of the ninth paragraph under the caption “Plan of Distribution” in the Prospectus, and to reimburse
the Company and each such director, officer and controlling person for any and all documented expenses (including the reasonable and documented
out-of-pocket fees and disbursements of counsel chosen by the Company) as such expenses are reasonably incurred by the Company or such
officer, director or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action. The indemnity agreement set forth in this Section 6(b) shall be in addition to
any liabilities that the Agents or the Company may otherwise have.

 

(c)            Notifications
and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 6 of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party
under this Section 6, notify the indemnifying party in writing of the commencement thereof, but the omission to so notify
the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise
than under the indemnity agreement contained in this Section 6 or to the extent it is not prejudiced as a proximate result
of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek
indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect,
jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from such indemnified party, to assume the defense thereof with one firm of counsel reasonably satisfactory to such
indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded based on the advice of counsel that a conflict may arise between the positions
of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified
party or parties shall have the right to select one firm of separate counsel to assume such legal defenses and to otherwise participate
in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such
indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by the indemnified
party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 6 for any legal or
other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation
unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it
being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate counsel
(together with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with any
local counsel) for the indemnified parties shall be selected by the indemnified party (in the case of counsel for the indemnified parties
referred to in Section 6(a) and Section 6(b) above), (ii) the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after
notice of commencement of the action or (iii) the indemnifying party has authorized in writing the employment of counsel for the
indemnified party at the expense of the indemnifying party, in each of which cases the fees and expenses of counsel shall be at the expense
of the indemnifying party and shall be paid as they are incurred.

 

    

     

    

 

(d)            Settlements.
The indemnifying party under this Section 6 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. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by Section 6(c) hereof, the indemnifying party agrees that it shall
be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than
30 days after receipt by such indemnifying party of the aforesaid request; and (ii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such settlement. 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 or could have been a party and indemnity was or could have been
sought hereunder by such indemnified party, unless such settlement, compromise or consent (i) includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding and (ii) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of such indemnified party.

 

    

     

    

 

(e)            Contribution.
If the indemnification provided for in this Section 6 is for any reason held to be unavailable to or otherwise insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any
losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and the Agents, on the other hand, from the offering of the Shares pursuant to this
Agreement; 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 Agents, on the other hand, in connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the
Company, on the one hand, and the Agents, on the other hand, in connection with the offering of the Shares pursuant to this Agreement
shall be deemed to be in the same respective proportions as the total gross proceeds from the offering of the Shares (before deducting
expenses) received by the Company bear to the total Selling Commissions received by the Agents. The relative fault of the Company, on
the one hand, and the Agents, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company,
on the one hand, or the Agents, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in Section 6(c), any reasonable legal or other fees or expenses reasonably incurred by such party
in connection with investigating or defending any action or claim. The provisions set forth in Section 6(c) with respect
to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 6(e); provided,
however, that no additional notice shall be required with respect to any action for which notice has been given under Section 6(c) for
purposes of indemnification.

 

The Company and the Agents
agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(e).

 

Notwithstanding the provisions
of this Section 6(e), the Agents shall not be required to contribute any amount in excess of the Selling Commissions received
by the Agents in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 6(e), each officer, affiliate and employee of the Agents and each person,
if any, who controls such Agent within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution
as the Agents, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if
any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as the Company. The Agents’ respective obligations to contribute pursuant to this Section 6(e) are several in proportion
to the respective number of Shares they have sold hereunder, and not joint.

 

    

     

    

 

Section 7. TERMINATION & SURVIVAL

 

(a)            Term.
Subject to the provisions of this Section 7, the term of this Agreement shall continue from the date of this Agreement until
the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this Section 7.

 

(b)            Termination;
Survival Following Termination.

 

		(i)	Any party may terminate this Agreement prior to the end of the Agency Period, by giving written notice
as required by this Agreement, upon ten (10) Trading Days’ notice to the other party; provided that, (A) if the Company
terminates this Agreement after a Designated Agent confirms to the Company any sale of Shares, the Company shall remain obligated to comply
with Section 3(b)(v) with respect to such Shares, (B) Section 2, Section 6, Section 7
and Section 8 shall survive termination of this Agreement and (C) for the avoidance of doubt, the termination of or by
one Agent (the “Terminating Agent”) of its rights and obligations under this Agreement pursuant to this Section 7(b)(i) shall
not affect the rights and obligations of the other Agents under this Agreement and shall not terminate this Agreement between the Company
and the other Agents. If termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall nevertheless settle
in accordance with the terms of this Agreement.

 

		(ii)	In addition to the survival provision of Section 7(b)(i),
the respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers and of the Agents
set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf
of the Agents or the Company or any of its or their partners, officers or directors, affiliates or any controlling person, as the case
may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares sold hereunder and
any termination of this Agreement.

 

Section 8. MISCELLANEOUS

 

(a)            Press
Releases and Disclosure. The Company may issue a press release describing the material terms of the transactions contemplated hereby
as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 8-K, with
this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby, and the Company
shall consult with the Agents prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts,
acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties hereto. No party hereto
shall issue thereafter any press release or like public statement (including, without limitation, any disclosure in reports filed with
the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby without the prior
written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to
make disclosure to comply with the requirements of applicable law or stock exchange rules, including, for the avoidance of doubt, disclosure
regarding periodic sales under this Agreement as required to be included in the Company’s periodic reports pursuant to the rules of
the Exchange Act. If any such press release or like public statement is so required, the party making such disclosure shall consult with
the other party prior to making such disclosure, and the parties shall use all commercially reasonable efforts, acting in good faith,
to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto.

 

    

     

    

 

(b)            No
Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (i) the transactions contemplated by this Agreement,
including the determination of any fees, are arm’s-length commercial transactions between the Company and the Agents, (ii) when
acting as a principal under this Agreement, each Agent is and has been acting solely as a principal and is not the agent or fiduciary
of the Company, or its stockholders, creditors, employees or any other party, (iii) no Agent has assumed or will assume an advisory
or fiduciary responsibility in favor of the Company with respect to the transactions contemplated hereby or the process leading thereto
(irrespective of whether any Agent has advised or is currently advising the Company on other matters) and no Agent has any obligation
to the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement, (iv) each
Agent and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company,
and (v) no Agent has provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby
and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

(c)            Research
Analyst Independence. The Company acknowledges that each Agent’s research analysts and research departments are required to
and should be independent from their respective investment banking divisions and are subject to certain regulations and internal policies,
and as such the Agents’ research analysts may hold views and make statements or investment recommendations and/or publish research
reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions. The Company
understands that each Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may
effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities
of the companies that may be the subject of the transactions contemplated by this Agreement.

 

(d)            Notices.
All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto
as follows:

 

If
to the Agents:

 

Jefferies LLC

520 Madison Avenue

New York, NY 10022

Facsimile: (646) 619-4437

Attention: General Counsel

 

and

 

B. Riley Securities, Inc. 

299 Park Avenue, 7th Floor 

New York, New York 10171 

Telephone: (212) 457-9947 

Email: atmdesk@brileyfin.com 

Attention: General Counsel

 

    

     

    

 

		and	

 

Barclays Capital Inc. 

745 Seventh Avenue 

New York, NY 10019 

Facsimile: (646) 834-8133 

Attention: Syndicate Registration

 

and

 

BMO Capital Markets Corp. 

151 West 42nd Street, 32nd
Floor 

New York, New York 10036 

Attention: Jim Gallagher, Managing Director 

Telephone: (212) 702-1740 

Email: Jim.Gallagher@bmo.com 

Attention: Brad Pavelka, Managing Director 

Telephone: (347) 491-1880 

Email: Brad.Pevelka@bmo.com

 

		and	

 

BofA Securities, Inc. 

One Bryant Park 

New York, New York 10036 

Email: dg.ecm_execution_services@bofa.com 

Attention: Syndicate Department 

with a copy to: dg.ecm_legal@bofa.com 

Email: ECM Legal

 

and

 

Canaccord Genuity LLC 

99 High Street, 12th Floor 

Boston, Massachusetts 02110 

Attention: General Counsel 

and

 

Citigroup Global Markets Inc. 

388 Greenwich Street 

New York, New York 10013 

Facsimile: (646) 291-1469 

Attention: General Counsel

 

    

     

    

 

and

 

J.P. Morgan Securities LLC 

383 Madison Avenue 

New York, New York 10179 

Attention: Sanjeet Dewal and Brett Chalmers 

Email: sanjeet.s.dewal@jpmorgan.com / brett.chalmers@jpmorgan.com

 

and

 

Loop Capital Markets LLC 

11 West Jackson Boulevard, Suite 1901 

Chicago, Illinois 60604 USA 

Facsimile: (312) 922-7137 

Attention: Equity Capital Markets

 

with a copy (which shall not constitute
notice) to:

 

Duane Morris LLP 

1540 Broadway 

New York, NY 10036 

Attention: James T. Seery 

Email: jtseery@duanemorris.com

 

If to the Company:

 

FuelCell Energy, Inc. 

3 Great Pasture Road 

Danbury, Connecticut 06810

Attention: Michael Bishop

Telephone: (203) 825-6049 

Email: mbishop@fce.com

 

with a copy (which shall not constitute
notice) to:

 

Foley & Lardner LLP 

111 Huntington Avenue, Suite 2500 

Boston, Massachusetts 02199-7610

Attention: Paul D. Broude

Telephone: (617) 342-4027 

Email: PBroude@foley.com

 

Any party hereto may change the address for receipt
of communications by giving written notice to the others in accordance with this Section 8(d).

 

(e)            Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, affiliates, officers
and directors and controlling persons referred to in Section 6, and in each case their respective successors, and no other
person will have any right or obligation hereunder. The term “successors” shall not include any purchaser of the Shares as
such from the Agents merely by reason of such purchase.

 

    

     

    

 

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

 

(g)            Governing
Law Provisions. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such
state. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be
instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City of New York or the courts
of the State of New York in each case located in the Borough of Manhattan in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the
enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or
proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective
service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive
any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been
brought in an inconvenient forum.

 

(h)            Waiver
of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising under
or related to this Agreement.

 

(i)             Recognition
of the U.S. Special Resolution Regimes. (i) In the event that any Agent that is a Covered Entity becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer from such Agent of this Agreement, and any interest and obligation in or under this
Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (ii) In the
event that any Agent that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws
of the United States or a state of the United States.

 

As used in this Section 8(i):

 

“BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

    

     

    

 

“Covered Entity”
means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

 

“Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

(j)             Compliance
with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)), the Agents are required to obtain, verify and record information that identifies their respective clients, including the Company,
which information may include the name and address of their respective clients, as well as other information that will allow the Agents
to properly identify their respective clients.

 

(k)            General
Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral
and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may
be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document
format (PDF) file. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein
(express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings
herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

 

[Signature Page Immediately Follows]

 

    

     

    

 

If the foregoing is in accordance
with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument,
along with all counterparts hereof, shall become a binding agreement in accordance with its terms

 

 

	 	Very truly yours,
	 	 
	 	FUELCELL ENERGY, INC.
	 	 
	 	By:	/s/ Michael S. Bishop 
	 	 	Name: Michael S. Bishop
	 	 	Title: Executive Vice President and Chief Financial Officer

 

    

     

    

 

The foregoing Agreement is hereby confirmed and
accepted by the Agents in New York, New York as of the date first above written.

 

 

	JEFFERIES LLC	 
	 	 
	By: 	/s/ Michael Magarro	 
	 	Name: Michael Magarro	 
	 	Title: Managing Director	 

 

    

     

    

 

	B. RILEY SECURITIES, INC.	 
	 	 
	By: 	/s/ Patrice McNicoll	 
	 	Name: Patrice McNicoll	 
	 	Title: Co-Head of Investment Banking	 

 

    

     

    

 

	BARCLAYS CAPITAL INC.	 
	 	 
	By:	 /s/ Rory Elliott	 
	 	Name: Rory Elliott	 
	 	Title: Managing Director	 

 

    

     

    

 

	BMO CAPITAL MARKETS CORP.	 
	 	 
	By: 	/s/ Brad Pavelka	 
	 	Name: Brad Pavelka	 
	 	Title: Managing Director	 

 

    

     

    

 

	BOFA SECURITIES, INC.	 
	 	 
	By:	/s/ Derek Heckendorn	 
	 	Name: Derek Heckendorn 	 
	 	Title: Managing Director	 

 

    

     

    

 

	CANACCORD GENUITY LLC	 
	 	 
	By:	/s/ Dan Coyne 	 
	 	Name: Dan Coyne	 
	 	Title: Managing Director and Co-Head of U.S. Investment Banking	 

 

    

     

    

 

	CITIGROUP GLOBAL MARKETS INC.	 
	 	 
	By:	/s/ Arash Nazhad 	 
	 	Name: Arash Nazhad	 
	 	Title: Managing Director	 

 

    

     

    

 

	J.P. MORGAN SECURITIES LLC	 
	 	 
	By: 	/s/ Stephanie Little	 
	 	Name: Stephanie Little	 
	 	Title: Executive Director	 

 

    

     

    

 

	LOOP CAPITAL MARKETS LLC	 
	 	 
	By:	/s/ Cecil Brown 	 
	 	Name: Cecil Brown  	 
	 	Title: Senior Vice President	 

 

    

     

    

 

EXHIBIT A

 

ISSUANCE NOTICE

 

[Date]

 

[Jefferies LLC 

520 Madison Avenue 

New York, New York 10022]

 

[B. Riley Securities, Inc. 

299 Park Avenue, 7th Floor 

New York, New York 10171]

 

[Barclays Capital Inc. 

745 7th Avenue 

New York, New York 10019]

 

[BMO Capital Markets Corp. 

151 West 42nd Street, 32nd
Floor 

New York, New York 10036]

 

[BofA Securities, Inc. 

One Bryant Park 

New York, New York 10036]

 

[Canaccord Genuity LLC 

99 High Street, 12th Floor 

Boston, Massachusetts 02110]

 

[Citigroup Global Markets Inc. 

388 Greenwich Street 

New York, New York 10013]

 

[J.P. Morgan Securities LLC 

383 Madison Avenue 

New York, New York 10179]

 

[Loop Capital Markets LLC 

11 West Jackson Boulevard, Suite 1901 

Chicago, Illinois 60604 USA]

 

(the “Designated Agent”)

 

[Each Issuance Notice may only be issued to
one Designated Agent.]

 

Attn: [__________]

 

    A-1

     

    

 

Reference is made to the Open Market Sale Agreement
between FuelCell Energy, Inc. (the “Company”) and Jefferies LLC, B. Riley Securities, Inc., Barclays Capital
Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities
LLC and Loop Capital Markets LLC (each individually, an “Agent” and collectively, the “Agents”)
dated as of July 12, 2022. The Company confirms that all conditions to the delivery of this Issuance Notice are satisfied as of the
date hereof.

 

Date of Delivery of Issuance Notice (determined pursuant to Section 3(b)(i)):
_______________________

 

Issuance Amount (equal to the total Sales Price for such Shares):
$_______________________

 

	Number of days in selling period:	 	 
	 	 	 
	First date of selling period:	 	 
	 	 	 
	Last date of selling period:	 	 

 

Settlement Date(s) if other than standard T+2 settlement: _______________________

 

Floor Price Limitation: $ ____ per share

 

	Comments:	

 

	 	 
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

    A-2

     

    

 

Schedule A

 

Notice Parties

 

The Company

 

Michael Bishop

 

Daniel Case

 

Joshua Dolger

 

Jefferies LLC

 

Mike Magarro

 

B. Riley Securities, Inc.

 

Matthew Feinberg

 

Patrice McNicoll

 

Scott Ammaturo

 

with a copy to atmdesk@brileyfin.com

 

Barclays Capital Inc.

 

Nicholas Cunningham

 

Scott Kinloch

 

Brian Ulmer

 

BMO Capital Markets Corp.

 

Jim Gallagher, Managing Director

 

Brad Pavelka, Managing Director

 

BofA Securities, Inc.

 

Christine Roemer

 

Lillian Guo

 

Justin McNamee

 

     

     

    

 

Canaccord Genuity LLC

 

Jen Pardi

 

Mike Wright

 

Citigroup Global Markets Inc.

 

Dylan Tornay

 

Robert Leonard

 

Trevor Ohman

 

Matthew Morris

 

Michael Dober

 

James Ferrier Laborde

 

J.P. Morgan Securities LLC

 

Sanjeet Dewal

 

Brett Chalmers

 

Preston Ryman

 

Jemil Salih

 

Ara Movsesian

 

Loop Capital Markets LLC

 

Equity Capital Markets

 

    A-2

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