Document:

Exhibit 10.5

 

PRIVATE PLACEMENT WARRANT PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT
WARRANTS PURCHASE AGREEMENT, dated as of February 8, 2021 (as it may from time to time be amended, this “Agreement”),
is entered into by and between Evo Acquisition Corp., a Delaware corporation (the “Company”) and Evo Sponsor
LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS:

 

The Company intends to
consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of Class A common stock of the Company, par value $0.0001 per share (each, a “Share”), and
one-half of one redeemable warrant;

 

Each whole warrant entitles
the holder to purchase one Share at an exercise price of $11.50 per Share; and

 

The Purchaser has agreed
to purchase an aggregate of 3,924,000 warrants (or up to 4,250,100 warrants to the extent the underwriters’ over-allotment
option is exercised) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder
to purchase one Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.  Authorization,
Purchase and Sale; Terms of the Private Placement Warrants.

 

A. Authorization
of the Private Placement Warrants.  The Company has duly authorized the issuance and sale of the Private Placement Warrants
to the Purchaser.

 

B. Purchase
and Sale of the Private Placement Warrants.

 

(i)  Simultaneously
with the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the
Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall
purchase from the Company, an aggregate of 3,924,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate
purchase price of $3,924,000 (the “Purchase Price”). Purchaser shall pay the Purchase Price by wire transfer
of immediately available funds to the trust account (the “Trust Account”) maintained by Continental Stock Transfer
& Trust Company, acting as trustee (“Continental”), at least one (1) business day prior to the date of effectiveness
(the “Effective Date”) of the registration statement relating to the Public Offering (the “Registration
Statement”).  On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company,
at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered in
the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 

 

(ii) In the event that
the underwriters’ over-allotment option is exercised in full or in part, the Purchaser shall purchase up to an additional
326,100 Private Placement Warrants (the “Additional Private Placement Warrants”), in the same proportion as
the amount of the option that is so exercised, and simultaneously with such purchase of Additional Private Placement Warrants,
as payment in full for the Additional Private Placement Warrants being purchased hereunder, and at least one (1) business day prior
to the closing of such portion of the underwriters’ over-allotment option, Purchaser shall pay $1.00 per Additional Private
Placement Warrant, up to an aggregate amount of $326,100, by wire transfer of immediately available funds or by such other method
as may be reasonably acceptable to the Company, to the Trust Account. The closing of the purchase and sale of the Additional Private
Placement Warrants, if applicable, shall take place simultaneously with the closing of all or any portion of the underwriters’
over-allotment option (such closing date, together with the Initial Closing Date, the “Closing Dates” and each,
a “Closing Date”). The closing of the purchase and sale of the Additional Private Placement Warrants, if applicable,
shall take place at the offices of Ellenoff Grossman & Schole LLP, counsel for the Company, or such other place as may be agreed
upon by the parties hereto.

 

     

    

    

 

C. Terms
of the Private Placement Warrants.

 

(i)  Each Private
Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and Continental in connection
with the Public Offering (the “Warrant Agreement”). Such terms include the fact that the Private Placement Warrants
shall not be transferable, assignable or salable until 30 days after the completion of an initial business combination, subject
to certain exceptions set forth in the Warrant Agreement.

 

(ii)  On or prior
to the Effective Date, the Company and the Purchaser shall enter into a registration and shareholder rights agreement (the “Registration
and Shareholder Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser
relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants.

 

Section 2.  Representations
and Warranties of the Company.  As a material inducement to the Purchaser to enter into this Agreement and purchase the
Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall
survive the applicable Closing Date) that:

 

A. Incorporation
and Corporate Power.  The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.  The
Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement
and the Warrant Agreement.

 

B. Authorization;
No Breach.

 

(i)  The execution,
delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of the
applicable Closing Date.  This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance
with its terms.  Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement,
the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their
terms.

 

(ii)  The execution
and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private Placement
Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment, of and compliance with,
the respective terms hereof and thereof by the Company, do not and will not as of the applicable Closing Date (a) conflict
with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the
creation of any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration
to, or filing with, any court or administrative or governmental body or agency pursuant to the amended and restated certificate
of incorporation of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public
Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment
or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities
laws.

 

C. Title
to Securities.  Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Warrant Agreement, the
Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued as fully paid and nonassessable.
On the date of issuance of the Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants
shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, the Purchaser will have good title to the Private Placement Warrants and the Shares issuable upon exercise of such Private
Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions
hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities
laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

    2

    

    

 

D. Valid
Issuance. The total number of shares of all classes of capital stock which the Company has authority to issue is 110,000,000
shares of common stock (which consist of 100,000,000 shares of the Company’s Class A Common Stock and 10,000,000 shares of
the Company’s Class B common stock, par value $0.0001 per share (the “Class B Common Stock”)) and 1,000,000 shares
of the Company’s preferred stock, par value $0.0001, per share (the “Preferred Stock”). As of the date hereof,
the Company has issued and outstanding no shares of Class A Common Stock, 3,125,125 shares of Class B Common Stock (of which up
to 407,625 shares are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All of
the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable

 

E. Governmental
Consents.  No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority
is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by
the Company of any other transactions contemplated hereby.

 

Section 3.  Representations
and Warranties of the Purchaser.  As a material inducement to the Company to enter into this Agreement and issue and sell
the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive the applicable Closing Date) that:

 

A. Organization
and Requisite Authority.  The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B. Authorization;
No Breach.

 

(i)  This Agreement
constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)  The execution
and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does
not and shall not as of the applicable Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C. Investment
Representations.

 

(i)  The Purchaser
is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon such
exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only
and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)  The Purchaser
is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”).

 

(iii)  The Purchaser
understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to
determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)  The Purchaser
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act.

 

    3

    

    

 

(v)  The Purchaser
has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by the Purchaser.  The Purchaser has been afforded the opportunity
to ask questions of the executive officers and directors of the Company.  The Purchaser understands that its investment in
the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)  The Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)  The Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder.  The Private Placement Warrants will bear a legend
and appropriate “stop transfer” instructions (or an appropriate notation if the warrants are issued in book entry form)
relating to the foregoing. The Purchaser further understands that the Securities and Exchange Commission (the “SEC”)
has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial
business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank
check company.  Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale
transactions of the Securities until the one-year anniversary following consummation of an initial business combination despite
technical compliance with the requirements of such Rule.

 

(viii)  The Purchaser
has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments
in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time.  The Purchaser has adequate means of providing for its current financial needs
and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities.  The Purchaser can afford a complete loss of its investment in the Securities.

 

Section 4.  Conditions of
the Purchaser’s Obligations.  The obligations of the Purchaser to purchase and pay for the Private Placement Warrants
are subject to the fulfillment, on or before the applicable Closing Date, of each of the following conditions:

 

A. Representations
and Warranties.  The representations and warranties of the Company contained in Section 2 shall be true and correct
at and as of the applicable Closing Date as though then made.

 

B. Performance. 
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the applicable Closing Date.

 

C. No
Injunction.  No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant Agreement. 
The Company shall have entered into the Warrant Agreement.

 

    4

    

    

 

Section 5.  Conditions of
the Company’s Obligations.  The obligations of the Company to the Purchaser under this Agreement are subject to
the fulfillment, on or before the applicable Closing Date, of each of the following conditions:

 

A. Representations
and Warranties.  The representations and warranties of the Purchaser contained in Section 3 shall be true and correct
at and as of the applicable Closing Date as though then made.

 

B. Performance. 
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the applicable Closing Date.

 

C. No
Injunction.  No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant
Agreement.  The Company shall have entered into the Warrant Agreement.

 

Section 6.  Termination. 
This Agreement may be terminated at any time after December 31, 2019 upon the election by either the Company or the Purchaser solely
as to itself upon written notice to the other party if the initial closing of the Public Offering does not occur prior to such
date.

 

Section 7.  Survival of Representations
and Warranties.  All of the representations and warranties contained herein shall survive the applicable Closing Date.

 

Section 8.  Definitions. 
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9.  Miscellaneous.

 

A. Successors
and Assigns.  Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not.  Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign
this Agreement without the prior written consent of the other party hereto, other than assignments by the Purchaser to affiliates
thereof.

 

B. Severability. 
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts. 
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D. Descriptive
Headings; Interpretation.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement.  The use of the word “including” in this Agreement shall be by way
of example rather than by limitation.

 

E. Governing
Law.  This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles
thereof.

 

F. Amendments. 
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

[Signature page follows] 

 

     

    

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	EVO ACQUISITION CORP.
	 	 
	 	By:	 /s/ Richard Chisholm
	 	 	Name: 	 Richard Chisholm
	 	 	Title:	 Chairman and Chief Executive Officer
	 	 
	 	PURCHASER:
	 	 
	 	EVO SPONSOR LLC
	 	 
	 	By:	/s/ Michael Lerch
	 	 	Name:	 Michael Lerch
	 	 	Title:	 Managing Member

 

[Signature page to Private Placement
Warrants Purchase Agreement]EX-10.1

 Exhibit 10.1 

Execution Version 
 The
ExOne Company 
 (a Delaware corporation) 

1,666,667 Shares of Common Stock 

UNDERWRITING AGREEMENT 

February 10, 2021 
 Canaccord Genuity LLC

 Stifel, Nicolaus & Company, Incorporated 

	  	 as Representatives of the several Underwriters 

c/o Canaccord Genuity LLC 
 99 High Street, 12th Floor 
 Boston, MA 02110 

c/o Stifel, Nicolaus & Company, Incorporated 
 787 7th Avenue, 12th Floor 
 New York, NY 10019 

Ladies and Gentlemen: 
 The ExOne Company, a
Delaware corporation (the “Company”), confirms its agreement with Canaccord Genuity LLC (“Canaccord”), Stifel, Nicolaus & Company, Incorporated (“Stifel”), and
each of the other underwriters named in Schedule A hereto (collectively, the “Underwriters,” which term shall also include any underwriter substituted as provided in Section 10 hereof), for
whom Canaccord and Stifel are acting as representatives (in such capacity, the “Representatives”) with respect to (i) the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the
respective numbers of shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”) set forth in Schedule A hereto and (ii) the grant by the Company to the Underwriters,
acting severally and not jointly, of the option described in Section 2(b) hereof to purchase all or any part of 205,907 additional shares of Common Stock, pursuant to this Underwriting Agreement (this
“Agreement”). The aforesaid 1,666,667 shares of Common Stock (the “Initial Securities”) to be purchased by the Underwriters and all or any part of the 205,907 shares of Common Stock subject to the
option described in Section 2(b) hereof (the “Option Securities”) are herein called, collectively, the “Securities.” 

The Company understands that the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem
advisable after this Agreement has been executed and delivered. 
 The Company has filed with the Securities and Exchange Commission (the
“Commission”) a shelf registration statement on Form S-3 (No. 333-223690) covering the public offering and sale of certain securities,
including the Securities, under the Securities Act of 1933, as amended (the “1933 Act”) and the rules and regulations promulgated thereunder (the “1933 Act Regulations”). As used herein
“Registration Statement,” means such registration statement as amended by any post-effective amendments thereto, including the exhibits and any schedules thereto, the documents incorporated or deemed to be incorporated by
reference therein pursuant to Item 12 of Form S-3 under the 1933 Act and the documents otherwise deemed to be a part thereof pursuant to Rule 430B under the 1933 Act

 
Regulations (the “Rule 430B Information”). Each preliminary prospectus used in connection with the offering of the Securities, including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act, are collectively referred to herein as a “preliminary
prospectus.” Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus relating to the Securities in accordance with the provisions of
Rule 424(b) (“Rule 424(b)”) of the 1933 Act Regulations. Any registration statement filed pursuant to Rule 462(b) of the 1933 Act Regulations is herein called the
“Rule 462(b) Registration Statement” and, after such filing, the term “Registration Statement” shall include the Rule 462(b) Registration
Statement. The final prospectus, in the form first furnished or made available to the Underwriters for use in connection with the offering of the Securities, including the documents incorporated or deemed to be incorporated by reference therein
pursuant to Item 12 of Form S-3 under the 1933 Act, are collectively referred to herein as the “Prospectus.” For purposes of this Agreement, all references to the Registration
Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system or
any successor system (“EDGAR”). 
 As used in this Agreement: 

“Applicable Time” means 8:00 a.m., New York City time, on February 10, 2021 or such other time as
agreed by the Company and the Representatives. 
 “General Disclosure Package” means any Issuer
General Use Free Writing Prospectuses issued at or prior to the Applicable Time, the most recent preliminary prospectus that is distributed to investors prior to the Applicable Time and the information included on Schedule B-1 hereto, all considered together. 
 “Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the 1933 Act Regulations (“Rule 433”), including without limitation any “free
writing prospectus” (as defined in Rule 405 of the 1933 Act Regulations (“Rule 405”)) relating to the Securities that is (i) required to be filed with the Commission by the
Company, (ii) a “road show that is a written communication” within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to
Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in
the form retained in the Company’s records pursuant to Rule 433(g). 
 “Issuer General Use Free Writing
Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a “bona fide electronic road show,” as defined in Rule 433), as evidenced by its
being specified in Schedule B-2 hereto. 
 “Issuer Limited Use Free
Writing Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus. 

All references in this Agreement to financial statements and schedules and other information which is “contained,”
“included” or “stated” (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include all such financial statements and schedules and other information
incorporated or deemed incorporated by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and delivery of this Agreement; and all references in this Agreement to
amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act 

  
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of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “1934 Act”), incorporated or deemed to be incorporated by reference in
the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, at or after the execution and delivery of this Agreement. 

SECTION 1. Representations and Warranties. 

(a) Representations and Warranties by the Company. The Company meets the requirements for use of
Form S-3 under the 1933 Act, and is eligible to use Form S-3, including the transaction requirements set forth in General Instruction 1.B.6 of such form (if and for
so long as applicable) . The Company represents and warrants to each Underwriter as of the date hereof, the Applicable Time, the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter, as
follows: 
 (i) Registration Statement and Prospectuses. Each of the Registration Statement and any amendment thereto
has been declared effective under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any
preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s knowledge, contemplated. The Company has complied with each request (if any) from the
Commission for additional information. 
 Each of the Registration Statement and any post-effective amendment thereto, at the
time it became effective, complied in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment or supplement thereto, at the time each was filed with the
Commission, complied in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus delivered by the Company to the Underwriters for use in connection with this offering and the Prospectus
was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. 

The documents incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus
and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the 1934 Act and the rules and regulations of the
Commission under the 1934 Act (the “1934 Act Regulations”). 
 (ii) Accurate Disclosure.
Neither the Registration Statement nor any amendment thereto, at its effective time, at the Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, neither (A) the General Disclosure Package nor (B) any individual Issuer Limited Use Free Writing
Prospectus, when considered together with the General Disclosure Package, included an untrue statement of a material fact or omitted 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. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing
Time or at any Date of Delivery, included, includes or will include an untrue statement of a material fact or omitted, omits or will 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 documents incorporated or deemed to be incorporated by reference in the 

  
 3 

 
Registration Statement, the General Disclosure Package and the Prospectus, at the time the Registration Statement became effective or when such documents incorporated by reference were filed with
the Commission, as the case may be, when read together with the other information in the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, did not and will not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

The representations and warranties in this Section 1(a)(ii) shall not apply to statements in or
omissions from the Registration Statement (or any amendment thereto), the General Disclosure Package, the Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written
information furnished to the Company by any Underwriter through the Representatives expressly for use therein. For purposes of this Agreement, the only information so furnished shall be the statements relating to the concession figures under the
heading “Underwriting-Commission and Expenses” and statements relating to stabilization under the heading “Underwriting-Price Stabilization, Short Positions and Penalty Bids” in each case contained in the Prospectus
(collectively, the “Underwriter Information”). 
 (iii) Issuer Free Writing Prospectuses. No
Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other prospectus deemed to be
a part thereof that has not been superseded or modified. 
 (iv) Company Not Ineligible Issuer. At the time of filing
the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the 1933 Act
Regulations) of the Securities and at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is
not necessary that the Company be considered an ineligible issuer. 
 (v) Ownership of Other Entities. Other than the
subsidiaries of the Company listed in Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, the Company, directly or indirectly, owns no more than 1%
of the capital stock or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity. 

(vi) Restrictions on Subsidiary Payments to the Company. No subsidiary of the Company is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of
such subsidiary’s property or assets to the Company or any other subsidiary of the Company, except as provided by applicable state law or described in or contemplated by the General Disclosure Package and the Prospectus. 

(vii) Financial Statements; Non-GAAP Financial Measures. The financial
statements of the Company, together with the related notes, set forth or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus comply in all material respects with the applicable requirements of
the 1933 Act and the 1934 Act and fairly present in all material respects the financial condition of the Company and its consolidated subsidiaries as of the dates indicated and the results of operations and changes in cash flows for the periods
therein specified in conformity with generally accepted accounting principles in the United States (“GAAP”) consistently applied throughout the periods involved; the supporting schedules included in or incorporated by
reference into the Registration Statement present fairly in all material respects the 

  
 4 

 
information required to be stated therein; all non-GAAP financial information included in the Registration Statement, the General Disclosure Package and
the Prospectus complies in all material respects with the requirements of Regulation G and Item 10 of Regulation S-K under the 1933 Act; and, except as disclosed in the General Disclosure Package and the
Prospectus, there are no material off-balance sheet arrangements (as defined in Regulation S-K under the 1933 Act, Item 303(a)(4)(ii)) or any other relationships with
unconsolidated entities or other persons, that may have a material current or, to the Company’s knowledge, material future effect on the Company’s financial condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenue or expenses. No other financial statements or schedules are required to be included in the Registration Statement, the General Disclosure Package or the Prospectus. To the Company’s knowledge,
Schneider Downs & Co., Inc., which has expressed its opinion with respect to the financial statements and schedules filed as a part of the Registration Statement and included in the Registration Statement, the General Disclosure Package and
the Prospectus, is (x) an independent public accounting firm within the meaning of the 1933 Act or the 1933 Act Regulations, (y) a registered public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002
(the “Sarbanes-Oxley Act”)) and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act. 

(viii) Absence of Certain Events. Except as contemplated in the General Disclosure Package and in the Prospectus,
subsequent to the respective dates as of which information is given in the General Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or
entered into any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and there has not been any change in the capital stock (other than a change in the number of
outstanding shares of Common Stock due to the issuance of shares upon the exercise, vesting or settlement of outstanding options, restricted stock, restricted stock units or conversion of convertible securities or due to the issuance, repurchase or
forfeiture of options or restricted stock units under the Company’s existing stock incentive plans in the ordinary course of business), or any material change in the short term or long term debt (other than as a result of the conversion of
convertible securities), or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock, of the Company or any of its subsidiaries not permitted herein, or any material adverse change in the general
affairs, condition (financial or otherwise), business, management, properties, operations, results of operations or prospects of the Company and its subsidiaries, taken as a whole (“Material Adverse Change”) or any
development which could reasonably be expected to result in any Material Adverse Change. 
 (ix) Organization and Good
Standing. Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation or other business organization, and is in good standing (where such concept exists) under the laws of its jurisdiction of
incorporation and in which the failure be in good standing (where such concept exists) would have a material adverse effect upon the business, management, properties, operations, condition (financial or otherwise), or results of operations of the
Company and its subsidiaries, taken as a whole (“Material Adverse Effect”). Each of the Company and its subsidiaries has full corporate or business organization power and authority, as applicable, to own its properties and
conduct its business as currently being carried on and as described in the Registration Statement, the General Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or business organization, as
applicable, in good standing (where such concept exists) in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have a
Material Adverse Effect. 

  
 5 

 (x) Disclosure of Legal Matters. There are no statutes, regulations,
contracts or documents that are required to be described in the Registration Statement, in the General Disclosure Package and in the Prospectus or required to be filed as exhibits to the Registration Statement by the 1933 Act or the 1933 Act
Regulations that have not been so described or filed. 
 (xi) Capitalization; the Securities; Registration Rights. All
of the issued and outstanding shares of capital stock of the Company, including the outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal
and state and foreign securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to
personal liability by reason of being such holders; the Securities which may be sold hereunder by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will have been validly
issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the Company, including the Common Stock and the Securities to be purchased
by the Underwriters pursuant to this Agreement, conforms to the description thereof in the Registration Statement, in the General Disclosure Package and in the Prospectus. Except as otherwise stated in the Registration Statement, in the General
Disclosure Package and in the Prospectus, (A) there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock pursuant to the Company’s charter,
by laws or any agreement or other instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound; and (B) neither the filing of the Registration Statement nor the offering or
sale of the Securities as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other securities of the Company. All of the issued and outstanding shares of capital stock of each
of the Company’s subsidiaries have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise described in the Registration Statement, in the General Disclosure Package and in the Prospectus, the
Company owns of record and beneficially, free and clear of any security interests, claims, liens, proxies, equities or other encumbrances, all of the issued and outstanding shares of such stock. The Company has an authorized and outstanding
capitalization as set forth in the Registration Statement, in the General Disclosure Package and in the Prospectus (as of the respective dates set forth therein). 

(xii) Stock Options. Except as described in the Registration Statement, in the General Disclosure Package and in
the Prospectus, there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company or any subsidiary of the Company any shares of the capital stock of the Company or any subsidiary of the
Company. The description of the Company’s stock option, stock bonus and other stock plans or arrangements (the “Company Stock Plans”), and the options or other rights granted thereunder (collectively, the
“Awards”), set forth in the General Disclosure Package and the Prospectus accurately and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements and Awards. Each
grant of an Award (A) was duly authorized no later than the date on which the grant of such Award was by its terms to be effective by all necessary corporate action, including, as applicable, approval by the board of directors of the Company
(or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party
thereto and (B) was made in accordance with the terms of the applicable Company Stock Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal securities laws. 

  
 6 

 (xiii) Authorization; No Conflicts; Authority. This Agreement has
been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state
securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery and
performance of this Agreement and the consummation of the transactions herein contemplated will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default 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 any indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the
Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) result in any violation of the
provisions of the Company’s charter or by-laws or (C) result in the violation of any law or statute or any judgment, order, rule, regulation or decree of any court or arbitrator or federal, state,
local or foreign governmental agency or regulatory authority having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets (each, a “Governmental Authority”), except in the case of
clauses (A) and (C) as would not result in a Material Adverse Effect. No consent, approval, authorization or order of, or registration or filing with any Governmental Authority is required for the execution, delivery and performance of this
Agreement or for the consummation of the transactions contemplated hereby, including the issuance or sale of the Securities by the Company, except such as may be required under the 1933 Act, the rules of the Financial Industry Regulatory Authority,
Inc. (“FINRA”), the rules of The Nasdaq Stock Market (the “Exchange Rules”) or state securities or blue sky laws; and the Company has full power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby, including the authorization, issuance and sale of the Securities as contemplated by this Agreement. 

(xiv) No Violations or Defaults. Neither the Company nor any of its subsidiaries is in violation of its respective
charter, by laws or other organizational documents, or in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in the performance of any obligation, agreement or
condition contained in any bond, debenture, note, indenture, loan agreement or any other contract, lease or other instrument to which it is subject or by which any of them may be bound, or to which any of the property or assets of the Company or any
of its subsidiaries is subject, except as would not have a Material Adverse Effect. 
 (xv) Labor Matters. No labor
problem or dispute with the employees of the Company or any of its subsidiaries exists or is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’
principal suppliers, contractors or customers, that would have a Material Adverse Effect. 
 (xvi) Absence of
Proceedings. Except as set forth in the General Disclosure Package and in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding (a) to which the Company or any
of its subsidiaries is a party or (b) to the knowledge of the Company, which has as the subject thereof any officer or director of the Company or any subsidiary, any employee benefit plan sponsored by the Company or any subsidiary or any
property or assets owned or leased by the Company or any subsidiary before or by any court or Governmental Authority, or any arbitrator, which, individually or in the aggregate, would result in any Material Adverse Change, or would materially and
adversely affect the ability of the Company to perform its obligations under this Agreement or which are otherwise material in the context of the sale of the Securities. There are no current or, to the knowledge of the Company, pending, legal,
governmental or regulatory actions, suits or proceedings (x) to which the 

  
 7 

 
Company or any of its subsidiaries is subject or (y) to the knowledge of the Company, which has as the subject thereof any officer or director of the Company or any subsidiary, any employee
plan sponsored by the Company or any subsidiary or any property or assets owned or leased by the Company or any subsidiary, that are required to be described in the Registration Statement, General Disclosure Package and Prospectus by the 1933 Act or
by the 1933 Act Regulations and that have not been so described. 
 (xvii) Compliance with Laws. The Company and each
of its subsidiaries holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self regulatory body
required for the conduct of its business and all material franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are valid and in full force and effect; and neither the Company nor any of its
subsidiaries has received notice of any revocation or modification of any material franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe that any such franchise, grant, authorization,
license, permit, easement, consent, certification or order will not be renewed in the ordinary course; and the Company and each of its subsidiaries is in compliance in all material respects with all applicable federal, state, local and foreign laws,
regulations, orders and decrees. 
 (xviii) Ownership of Assets. The Company and its subsidiaries have good and
marketable title to, or have valid rights to lease or otherwise use, all property (whether real or personal) described in the Registration Statement, in the General Disclosure Package and in the Prospectus as being owned, leased or used by them, in
each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration Statement, in the General Disclosure Package and in the Prospectus. The property held under lease by
the Company and its subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere with the conduct of the business of the Company or its subsidiaries.

 (xix) Intellectual Property. 
  

	 	(A)	 The Company and each of its subsidiaries owns or has the right to use pursuant to a valid and enforceable
written license or other legally enforceable right or can acquire on commercially reasonable terms, all Intellectual Property necessary for the conduct of the Company’s and its subsidiaries’ businesses as now conducted or as described in
the Registration Statement, the General Disclosure Package and the Prospectus to be conducted (the “Company IP”), except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. “Intellectual Property” means all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, know-how and other intellectual property. 

  

	 	(B)	 To the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of
any Company IP. There is no pending or, to the knowledge of the Company, threatened in writing, action, suit, proceeding or claim by others challenging the Company’s or its subsidiaries’ rights in or to any Company IP. The Intellectual
Property owned by the Company and its subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company and its subsidiaries, has not been adjudged invalid or

  
 8 

	 	
unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened in writing, action, suit, proceeding or claim by others challenging the validity or
scope of any Company IP. There is no pending or, to the knowledge of the Company, threatened in writing, action, suit, proceeding or claim by others that the Company or its subsidiaries infringe, misappropriate or otherwise violate any Intellectual
Property or other proprietary rights of others and neither the Company nor any of its subsidiaries has received any written notice of such claim. 

  

	 	(C)	 To the Company’s knowledge, no employee of the Company or any of its subsidiaries is in or has ever been
in material 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 or any of its subsidiaries or actions undertaken by the
employee while employed with the Company or any of its subsidiaries, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

	 	(D)	 All patent applications owned by the Company or its subsidiaries and filed with the U.S. Patent and Trademark
Office (the “PTO”) or any foreign or international patent authority that have resulted in patents or currently pending applications that describe inventions necessary to conduct the business of the Company or its subsidiaries
as now conducted or as described in the Registration Statement, the General Disclosure Package and the Prospectus to be conducted (collectively, the “Company Patent Applications”) have been or were duly and properly filed in
all material respects. 

  

	 	(E)	 The Company and its subsidiary have complied in all material respects with their duty of candor and disclosure
to the PTO for the Company Patent Applications. To the Company’s knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude the grant of a patent for the Company Patent
Applications. The Company has no knowledge of any facts which would preclude it or its applicable subsidiary from having clear title to the Company Patent Applications that have been identified by the Company as being exclusively owned by the
Company or one of its subsidiaries. 

 (xx) Environmental Laws. Except as disclosed in the General
Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries is in violation of any applicable statute, any applicable rule, regulation, decision or order of any Governmental Authority or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental
Laws”), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any
Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect; and the Company is not aware of any
pending investigation which might lead to such a claim. Neither the Company nor any of its subsidiaries anticipates incurring any material capital expenditures relating to compliance with Environmental Laws. 

  
 9 

 (xxi) Compliance with Occupational Laws. The Company and each of its
subsidiaries (A) is in compliance, in all material respects, with any and all applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities (including
pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace (“Occupational Laws”); (B) has received all material permits, licenses or other approvals required of
it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material respects, with all terms and conditions of any such permits, licenses or approvals. No action, proceeding,
revocation proceeding, writ, injunction or claim is pending or, to the Company’s knowledge, threatened against the Company or any of its subsidiaries relating to Occupational Laws, and the Company does not have knowledge of any facts,
circumstances or developments relating to its operations or cost accounting practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings. 

(xxii) Disclosure Controls. The Company has established and maintains disclosure controls and procedures (as defined in
Rules 13a-14 and 15d-14 under the 1934 Act) and such controls and procedures are effective in ensuring that material information relating to the Company, including its
subsidiaries, is made known to the principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement, in the General
Disclosure Package and in the Prospectus. 
 (xxiii) Internal Controls. The Company and its subsidiaries maintain a
system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration
Statement, in the General Disclosure Package and in the Prospectus, the Company’s internal control over financial reporting is effective and none of the Company, its board of directors and audit committee is aware of any “significant
deficiencies” or “material weaknesses” (each as defined by the Public Company Accounting Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves management or other
employees of the Company and its subsidiaries who have a significant role in the Company’s internal controls; and since the end of the latest audited fiscal year, there has been no change in the Company’s internal control over financial
reporting (whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company’s board of directors has, subject to the exceptions,
cure periods and the phase in periods specified in the Exchange Rules, validly appointed an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange Rules and the Company’s
board of directors and/or the audit committee has adopted a charter that satisfies the requirements of the Exchange Rules. 

(xxiv) Taxes. The Company and its subsidiaries have timely filed all United States federal, tax returns required to be
filed prior to the date hereof or has duly obtained extensions of time for the filing thereof, and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any
which the Company or any of its subsidiaries is contesting in good faith. The Company and its subsidiaries have timely filed all state, local and foreign income and franchise, tax returns required to be filed prior to the date

  
 10 

 
hereof or has duly obtained extensions of time for the filing thereof, except insofar as the failure to file such returns would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its subsidiaries is contesting in good
faith. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of the Company for which there is not an
adequate reserve reflected in the Company’s financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus. 

(xxv) Insurance. The Company and each of its subsidiaries carries, or is covered by, insurance from reputable insurers
in such amounts and covering such risks as is generally considered reasonably adequate for the conduct of its business and the value of its properties and the properties of its subsidiaries and as is customary for companies engaged in similar
businesses in similar industries; all policies of insurance and any fidelity or surety bonds insuring the Company or any of its subsidiaries or its business, assets, employees, officers and directors are in full force and effect; the Company and its
subsidiaries are in compliance with the terms of such policies and instruments in all material respects; there are no claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying
liability or defending under a reservation of rights clause; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse
Effect. 
 (xxvi) Investment Company Act. The Company is not and, after giving effect to the offering and sale of the
Securities, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 

(xxvii) No Integration. The Company has not sold or issued any securities that would be integrated with the offering of
the Common Stock contemplated by this Agreement pursuant to the 1933 Act, the rules and regulations thereunder or the interpretations thereof by the Commission. 

(xxviii) ERISA and Employee Benefits Matters. (A) To the knowledge of the Company, no “prohibited
transaction” as defined under Section 406 of ERISA (as defined below) or Section 4975 of the Code (as defined below) and not exempt under ERISA Section 408 and the regulations and published interpretations thereunder has occurred
with respect to any Employee Benefit Plan (as defined below). At no time has the Company or any ERISA Affiliate (as defined below) maintained, sponsored, participated in, contributed to or has or had any liability or obligation in respect of any
Employee Benefit Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any “multiemployer plan” as defined in Section 3(37) of ERISA or any multiple employer plan for which the
Company or any ERISA Affiliate has incurred or could incur liability under Section 4063 or 4064 of ERISA. No Employee Benefit Plan provides or promises, or at any time provided or promised, retiree health, life insurance, or other retiree
welfare benefits except as may be required by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law. Each Employee Benefit Plan is and has been operated in material compliance with its terms and all applicable
laws, including but not limited to ERISA and the Code and, to the knowledge of the Company, no event has occurred (including a “reportable event” as such term is defined in Section 4043 of ERISA) and no condition exists that would
subject the Company or any ERISA Affiliate to any material tax, fine, lien, penalty or liability imposed by ERISA, the Code or other applicable law. Each Employee Benefit Plan intended to be qualified

  
 11 

 
under Code Section 401(a) is so qualified and has a favorable determination or opinion letter from the IRS upon which it can rely, and any such determination or opinion letter remains in
effect and has not been revoked; to the knowledge of the Company, nothing has occurred since the date of any such determination or opinion letter that is reasonably likely to adversely affect such qualification; (B) with respect to each Foreign
Benefit Plan (as defined below), such Foreign Benefit Plan (1) if intended to qualify for special tax treatment, meets, in all material respects, the requirements for such treatment, and (2) if required to be funded, is funded to the
extent required by applicable law, and with respect to all other Foreign Benefit Plans, adequate reserves therefor have been established on the accounting statements of the applicable Company or subsidiary; (C) neither the Company nor any of
its subsidiaries has any obligations under any collective bargaining agreement with any union and no organization efforts are underway with respect to employees of the Company or any of its subsidiaries. As used in this Agreement,
“Code” means the Internal Revenue Code of 1986, as amended; “Employee Benefit Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA, including, without
limitation, all stock purchase, stock option, stock-based severance, employment, change-in-control, medical, disability, fringe benefit, bonus, incentive, deferred
compensation, employee loan and all other employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA, under which (1) any current or former employee, director or independent contractor of the
Company or its subsidiaries has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or any of its subsidiaries or (2) the Company or any of its subsidiaries has had or has any present
or future obligation or liability; “ERISA” means the Employee Retirement Income Security Act of 1974, as amended; “ERISA Affiliate” means any member of the Company’s controlled group as defined in
Code Section 414(b), (c), (m) or (o); and “Foreign Benefit Plan” means any Employee Benefit Plan established, maintained or contributed to outside of the United States of America or which covers any employee working or
residing outside of the United States. 
 (xxix) Anti-Bribery and Anti-Money Laundering Laws. Each of the Company, its
subsidiaries, its controlled affiliates and, to the Company’s knowledge, any of their respective officers, directors, supervisors, managers, agents, or employees, has not violated, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, its participation in the offering will not violate, and the Company and each of its subsidiaries has instituted and maintains policies and procedures designed to ensure continued compliance
with, each of the following laws: anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on
Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or
regulation of similar purposes and scope, or anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including,
without limitation, Title 18 U.S. Code Section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action
Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any executive order, directive, or regulation
pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder. 
 (xxx) OFAC. 

 

	 	(A)	 Neither the Company nor any of its subsidiaries, nor to the Company’s knowledge, any of their directors,
officers or employees, nor to the Company’s knowledge, any 

  
 12 

	 	
agent, affiliate or representative of the Company or its subsidiaries, is an individual or entity that is, or is owned or controlled by an individual or entity that is: 

 

	 	(1)	 the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of
Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor 

 

	 	(2)	 located, organized or resident in a country or territory that is the subject of Sanctions (including, without
limitation, the Crimea Region of the Ukraine, Cuba, Iran, North Korea, Sudan and Syria). 

  

	 	(B)	 Neither the Company nor any of its subsidiaries will, directly or indirectly, use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual or entity: 

  

	 	(1)	 to fund or facilitate any activities or business of or with any individual or entity or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions; or 

  

	 	(2)	 in any other manner that will result in a violation of Sanctions by any individual or entity (including any
individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise). 

  

	 	(C)	 For the past five years, neither the Company nor any of its subsidiaries has knowingly engaged in, and is not
now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

(xxxi) Lending Relationship. The Company (A) does not have any material lending or other relationship with any
bank or lending affiliate of any Underwriter and (B) does not intend to use any of the proceeds from the sale of the Securities to repay any outstanding debt owed to any affiliate of any Underwriter. 

(xxxii) Statistical Information. Any third-party statistical and market-related data included in the Registration
Statement, the General Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reasonably current and reliable and accurate in all material respects. 

(xxxiii) Accuracy of Descriptions. The statements set forth in the Registration Statement, the General Disclosure
Package and the Prospectus under the caption “Description of our Capital Stock,” insofar as they purport to constitute a summary of the terms of the Common Stock are accurate, complete and fair in all material respects, provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information. 

(xxxiv) Exchange Listing and 1934 Act Registration. The Common Stock is registered pursuant to Section 12(b) of the
1934 Act and is included or approved for listing on The Nasdaq Stock Market and the Company has not taken any action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act or delisting the
Common Stock from The Nasdaq Stock Market, and the Company has not received any notification that the 

  
 13 

 
Commission or The Nasdaq Stock Market is contemplating terminating such registration or listing. The Company has complied and is currently in compliance in all material respects with the
applicable requirements of The Nasdaq Stock Market for maintenance of inclusion of the Common Stock thereon. The Company has filed a supplemental listing application to include the Securities on The Nasdaq Stock Market. Except as previously
disclosed to counsel for the Underwriters or as set forth in the General Disclosure Package and the Prospectus, to the knowledge of the Company, no beneficial owners of the Company’s capital stock who, together with their associated persons and
affiliates, hold in the aggregate 10% or more of such capital stock, have any direct or indirect association or affiliate with a FINRA member. 

(xxxv) Maintenance of Rating. The Company does not have any securities rated by any “nationally recognized
statistical rating organization” (as defined for purposes of Section 3(a)(62) of the 1934 Act). 
 (xxxvi)
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, any preliminary
prospectus, the Prospectus and the General Disclosure Package which have not been described as required. The General Disclosure Package contains in all material respects the same description of the matters set forth in the preceding sentence
contained in the Prospectus. 
 (xxxvii) No Brokers or Finders. Other than as contemplated by this Agreement, the
Company has not incurred any liability for any finder’s or broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

(xxxviii) No Stabilization. The Company has not taken, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 
 (xxxix)
Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the 1933 Act and Section 21E of the 1934 Act) contained in the Registration Statement, the General Disclosure Package or the
Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 
 (xl)
Sarbanes-Oxley Act. The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder. 

(xli) Business Arrangements. Except as disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, neither the Company nor any of its subsidiaries has granted exclusive rights to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound by any agreement that affects
the exclusive right of the Company or such subsidiary to develop, manufacture, produce, assemble, distribute, license, market or sell its products and which would, individually or in the aggregate, reasonably be excepted to have a Material Adverse
Effect. 
 (xlii) Privacy and Data Protection. The Company and its subsidiaries have operated their business in a
manner compliant in all material respects with all privacy, data security and data protection laws and regulations applicable to the Company’s collection, use, transfer, protection, disposal, disclosure, handling, storage and analysis of
personal data except where any noncompliance would not reasonably be expected to, singly or in the aggregate, result in a Material 

  
 14 

 
Adverse Effect. The Company and its subsidiaries have been and are in compliance in all material respects with their respective published privacy policies and with their internal security
procedures designed to ensure the integrity and security of the data collected, handled or stored in connection with its business except where any noncompliance would not reasonably be expected to, singly or in the aggregate, result in a Material
Adverse Effect. The Company and its subsidiaries have taken reasonable steps to maintain the confidentiality of the personally identifiable information that they process in connection with their operation of the business (“Sensitive
Company Data”). To the knowledge of the Company, the tangible or digital information technology systems (including computers, screens, servers, workstations, routers, hubs, switches, networks, data communications lines, technical data
and hardware), software and telecommunications systems used or held for use by the Company and its subsidiaries (the “Company IT Assets”) are adequate and operational for, in accordance with their documentation and functional
specifications, the business of the Company and its subsidiaries as now operated and as currently proposed to be conducted as described in the Registration Statement, the General Disclosure Package and the Prospectus. The Company and its
subsidiaries have used reasonable efforts to establish, and have established, commercially reasonable disaster recovery and security plans, procedures and facilities for the business consistent with industry standards and practices in all material
respects, including, without limitation, for the Company IT Assets and data held or used by or for the Company and its subsidiaries. To the knowledge of the Company, neither the Company nor its subsidiaries has suffered or incurred any security
breaches, compromises or incidents with respect to any Company IT Asset or Sensitive Company Data, except where such breaches, compromises or incidents would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse
Effect;. For the past three years, to the knowledge of the Company, the Company and its subsidiaries have not been required to notify any individual of any information security breach, compromise or incident involving Sensitive Company Data. 

(b) Officer’s Certificates. Any certificate signed by any officer of the Company delivered to the Representatives or to
counsel for the Underwriters shall be deemed a representation and warranty by the Company (and not by such officer in his or her personal capacity) to each Underwriter as to the matters covered thereby. 

SECTION 2. Purchase of the Securities by the Underwriters. 

(a) Initial Securities. On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Company, at the price per share set forth in Schedule A
hereto, that number of Initial Securities set forth in Schedule A hereto opposite the name of such Underwriter, plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the
provisions of Section 10 hereof. 
 (b) Option Securities. In addition, on the basis of the
representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional 205,907 shares of Common
Stock at the price per share set forth in Schedule A hereto. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part at any time upon notice by the Representatives to the Company
setting forth the number of Option Securities as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and date of delivery (a “Date of
Delivery”) shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any
portion of the Option Securities, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the 

  
 15 

 
total number of Option Securities then being purchased which the number of Initial Securities set forth in Schedule A hereto opposite the name of such Underwriter bears to the total number
of Initial Securities, subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. 

(c) Payment. Payment of the purchase price for, and delivery of, the Initial Securities shall be made at the offices of Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third Avenue, New York, New York 10017, or at such other place as shall be agreed upon by the Representatives and the Company, at 9:00 A.M. (New York City time) on February 12, 2021
(unless postponed in accordance with the provisions of Section 10 hereof), or such other time not later than ten business days after such date as shall be agreed upon by the Representatives and the Company (such time and
date of payment and delivery being herein called “Closing Time”). Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. 

In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for, and
delivery of, such Option Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives and the Company, on each Date of Delivery as specified in the notice from the Representatives to
the Company. 
 Payment shall be made to the Company by wire transfer of immediately available funds to bank accounts designated by the
Company against delivery to the Representatives for the respective accounts of the Underwriters of the Securities to be purchased by them. It is understood that each Underwriter has authorized the Representatives, for its account, to accept delivery
of, receipt for, and make payment of the purchase price for, the Initial Securities and the Option Securities, if any, which it has agreed to purchase. Each of the Representatives, individually and not as representative of the Underwriters, may
(but shall not be obligated to) make payment of the purchase price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have not been received by the Closing Time or the relevant Date of
Delivery, as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder. 

(d) Denominations; Registration. The Initial Securities and the Option Securities, if any, shall be in such denominations and
registered in such names as the Representatives may request. 
 SECTION 3. Covenants of the Company. The Company covenants with
each Underwriter as follows: 
 (a) Compliance with Securities Regulations and Commission Requests. The Company, subject to
Section 3(b) hereof, will comply with the requirements of Rule 430B, and will notify the Representatives promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration
Statement shall have been filed or been declared effective or any amendment or supplement to the Prospectus, any Issuer Free Writing Prospectus shall have been filed or distributed, (ii) of the receipt of any comments from the Commission,
(iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus, including any document incorporated by reference therein, or for additional information, including, but not
limited to, any request for information concerning any oral or written communication with potential investors and undertaken in reliance on Section 5(d) of the 1933 Act, (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus, the Prospectus, or of the suspension of the qualification of the Securities
for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the 1933 Act concerning the Registration Statement,
(v) of the occurrence of any 

  
 16 

 
event or development at any time when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172 of the 1933 Act Regulations
(“Rule 172”), would be) required by the 1933 Act to be delivered in connection with sales of the Securities (the “Prospectus Delivery Period”) as a result of which the
Prospectus, the General Disclosure Package, any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances existing when the Prospectus, the General Disclosure Package, any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; and (vi) if the Company becomes the subject of a proceeding
under Section 8A of the 1933 Act in connection with the offering of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without
reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that
it was not, it will promptly file such prospectus. The Company will use commercially reasonable efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any
preliminary prospectus, the Prospectus or suspending any such qualification of the Securities and, if any such order is issued, will use commercially reasonable efforts to obtain as soon as possible the withdrawal thereof. 

(b) Continued Compliance with Securities Laws. The Company will comply with the 1933 Act and the 1933 Act Regulations during the
Prospectus Delivery Period so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement, the General Disclosure Package and the Prospectus. If at any time during the
Prospectus Delivery Period any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the
Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the General
Disclosure Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus, as the
case may be, in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly (A) give the Representatives notice of such event, (B) prepare any amendment or supplement as may be necessary to
correct such statement or omission or to make the Registration Statement, the General Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the
Representatives with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the
Representatives or counsel for the Underwriters shall reasonably object unless the Company reasonably believes that the failure to file or use such amendment or supplement would constitute a violation of law or subject it to liability. The Company
will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representatives notice of any filings made pursuant to the 1934 Act or 1934 Act Regulations
within 48 hours prior to the Applicable Time; the Company will give the Representatives notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Representatives with copies of any such
documents a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably object unless the Company reasonably
believes that the failure to file or use such amendment or supplement would constitute a violation of law or subject it to liability. 

  
 17 

 (c) Delivery of Registration Statements. The Company has furnished or will
deliver to the Representatives and to counsel for the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and
certificates of experts, and will also deliver to the Representatives, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the
Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. 
 (d) Delivery of Prospectuses. The Company has delivered to each Underwriter, without
charge, as many copies of each preliminary prospectus as the Representatives may reasonably request on behalf of the Underwriters, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Company will
furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of copies of the
Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. 

(e) Blue Sky Qualifications. The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, to
qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representatives may designate and to maintain such qualifications in effect so long as required to
complete the distribution of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any
jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

(f) Rule 158. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to
make generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act. 

(g) Use of Proceeds. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified
in the Registration Statement, the General Disclosure Package and the Prospectus under “Use of Proceeds.” 

(h) Listing. The Company shall have filed a Notification: Listing of Additional Shares with The Nasdaq Stock Market and received
no objection thereto. The Securities shall be qualified and approved for listing on The Nasdaq Stock Market, subject to official notice of issuance. The Company will use its commercially reasonable efforts to maintain the listing of the Common Stock
(including the Securities) on The Nasdaq Stock Market. 
 (i) Restriction on Sale of Securities. During a period of 60 days from
the date of the Prospectus (the “Lock-Up Period”), the Company will not, without the prior written consent of the Representatives, (i) directly or indirectly, offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for shares of Common Stock or file any registration statement under the 1933 Act with respect to any of the foregoing or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or
in part, directly or indirectly, the economic consequence of ownership of shares of 

  
 18 

 
Common Stock, whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of shares of Common Stock or such other securities,
in cash or otherwise. The foregoing sentence shall not apply to (A) the Securities to be sold hereunder, (B) issuances of shares of Common Stock upon the exercise, settlement or conversion of options, restricted stock, restricted stock
units or other convertible securities disclosed as outstanding in the Registration Statement, the General Disclosure Package and the Prospectus, (C) the grant or issuance of employee stock options, restricted stock, and restricted stock units
not exercisable during the Lock-Up Period and the grant, issuance, repurchase or forfeiture of options, restricted stock, or restricted stock units pursuant to the Company’s stock option, stock bonus and
other stock plans or arrangements, as in effect on the date hereof, in the ordinary course of business consistent with past practices, and (D) the filing by the Company of any registration statement on Form
S-8 or a successor form thereto relating to a Company equity incentive plan disclosed in the Registration Statement, the General Disclosure Package and the Prospectus. 

(j) Reporting Requirements. The Company, during the period when a Prospectus relating to the Securities is (or, but for the
exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act
Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Securities to the extent required under Rule 463 under the 1933 Act. 

(k) Issuer Free Writing Prospectuses. The Company agrees that, unless it obtains the prior written consent of the Representatives,
it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus,” or a portion thereof, required to be filed by the Company with
the Commission or retained by the Company under Rule 433; provided that the Representatives will be deemed to have consented to the Issuer Free Writing Prospectuses listed on Schedule B-2
hereto and any “road show that is a written communication” within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representatives. The Company represents that it has treated or agrees that it will treat each such
free writing prospectus consented to, or deemed consented to, by the Representatives as an “issuer free writing prospectus,” as defined in Rule 433. The Company represents that it has complied and will comply with the applicable
requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or
development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, any preliminary prospectus or the Prospectus 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 existing at that subsequent time, not misleading, the Company will promptly notify
the Representatives and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. 

SECTION 4. Payment of Expenses. 

(a) Expenses. The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this
Agreement, including (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and each amendment thereto, (ii) the preparation, printing and delivery to the
Underwriters of copies of each preliminary prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Underwriters to
investors, (iii) the preparation, issuance and delivery of the Securities pursuant to this Agreement, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the
Underwriters or the sale of the Securities by the Underwriters, (iv) the fees and 

  
 19 

 
disbursements of the Company’s counsel, accountants and other advisors, (v) the qualification of the Securities under securities laws in accordance with the provisions of
Section 3(e) hereof, including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of a blue sky survey and any supplement thereto,
(vi) the fees and expenses of any transfer agent or registrar for the Securities, (vii) the reasonable out-of-pocket costs and expenses of the Company relating
to investor presentations or any “road show” undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any
consultants engaged by the Company in connection with the road show presentations, travel and lodging expenses of the representatives and employees of the Company and any such consultants, (viii) the filing fees incident to, and the reasonable
fees and disbursements of counsel to the Underwriters in connection with, the review by, and clearance of the offering with, FINRA of the terms of the sale of the Securities, (ix) the fees and expenses incurred in connection with the listing of
the Securities on The Nasdaq Stock Market, (x) the costs and expenses (including, without limitation, any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for
sale of the Securities made by the Underwriters caused by a breach of the representation contained in the third sentence of Section 1(a)(ii) and (xi) all other reasonable out-of-pocket expenses incurred by the Underwriters in connection with the offering of the Securities, including travel, document production and distribution and database and research expenses and the
reasonable fees and disbursements of the Underwriters’ outside legal counsel documented in writing, provided however that such expenses, fees and disbursements, shall not exceed $100,000. It is understood and agreed that except as
otherwise provided in this Section 4(a), the Underwriters shall pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on their resale of any of the Securities,
travel and lodging costs and expenses of the Representatives related to the road show and any advertising expenses connected with any offers made. 

(b) Termination of Agreement. If this Agreement is terminated by the Representatives in accordance with the provisions of
Section 5, Section 9(a)(i), 9(a)(iii) or Section 11 hereof, the Company shall reimburse the Underwriters for their out-of-pocket expenses, including the fees and disbursements of counsel for the Underwriters. 

SECTION 5. Conditions of Underwriters’ Obligations. The obligations of the several Underwriters hereunder are subject to the
accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the Company delivered pursuant to the provisions hereof, to the performance by the Company of the covenants and other obligations
hereunder, and to the following further conditions: 
 (a) Effectiveness of Registration Statement; Rule 430B
Information. The Registration Statement, including any Rule 462(b) Registration Statement, has been declared effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are
pending or, to the Company’s knowledge, contemplated; and the Company has complied with each request (if any) from the Commission for additional information to the reasonable satisfaction of counsel to the Company and counsel to the
Underwriters. A prospectus containing the Rule 430B Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) without reliance on Rule 424(b)(8) or a post-effective
amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430B. 

  
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 (b) Opinion of Counsel for Company. At the Closing Time, the Representatives
shall have received the favorable opinion and negative assurance letter, dated as of the Closing Time and relating to the Initial Securities, of McGuire Woods LLP, counsel for the Company, in the form and substance reasonably satisfactory to the
Representatives. 
 (c) Opinion of Counsel for Underwriters. At the Closing Time, the Representatives shall have received the
favorable opinion, dated the Closing Time, of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., together with signed or reproduced copies of such letter for each of the other Underwriters, in form and substance reasonably satisfactory to the
Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. 

(d) Officers’ Certificate. At the Closing Time, there shall not have been, since the date hereof or since the respective
dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any Material Adverse Effect, and the Representatives shall have received a certificate of the Chief Executive Officer or the
President of the Company and of the chief financial or chief accounting officer of the Company, dated the Closing Time, to the effect that (i) there has been no such Material Adverse Effect, (ii) the representations and warranties of the
Company in this Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (iii) the Company has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied at or prior to the Closing Time, and (iv) no stop order suspending the effectiveness of the Registration Statement under the 1933 Act has been issued, no order preventing or suspending the use of any preliminary prospectus or the
Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to their knowledge, contemplated. 

(e) Accountant’s Comfort Letter. At the time of the execution of this Agreement, the Representatives shall have received from
Schneider Downs & Co., Inc. a letter, dated such date, in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such letter for each of the other Underwriters containing statements and
information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the General Disclosure
Package and the Prospectus. 
 (f) Bring-down Comfort Letter. At the Closing Time, the Representatives shall have received from
Schneider Downs & Co., Inc. a letter, dated as of the Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to Section 5(e) hereof, except that the specified date
referred to shall be a date not more than three business days prior to the Closing Time. 
 (g) No Objection. At the Closing
Time, FINRA shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Securities. 

(h) Lock-up Agreements. At the date of this Agreement, the Representatives shall have
received an agreement substantially in the form of Exhibit A hereto signed by the persons listed on Schedule C hereto. 

(i) Chief Financial Officer’s Certificate. The Representatives shall have received a certificate from the Chief Financial
Officer of the Company, on the date of this Agreement and at the Closing Time, in form and substance reasonably satisfactory to the Representatives. 

  
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 (j) Conditions to Purchase of Option Securities. In the event that the Underwriters
exercise their option provided in Section 2(b) hereof to purchase all or any portion of the Option Securities, the representations and warranties of the Company contained herein and the statements in any certificates
furnished by the Company hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date of Delivery, the Representatives shall have received: 

(i) Officers’ Certificate. A certificate, dated such Date of Delivery, of the Chief Executive Officer or the
President of the Company and of the chief financial or chief accounting officer of the Company confirming that the certificate delivered at the Closing Time pursuant to Section 5(e) hereof remains true and correct as
of such Date of Delivery. 
 (ii) Opinion of Counsel for Company. If requested by the Representatives, the
favorable opinion and negative assurance letter of McGuire Woods LLP, counsel for the Company, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion
required by Section 5(b) hereof. 
 (iii) Opinion of Counsel for Underwriters. If
requested by the Representatives, the favorable opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and
otherwise to the same effect as the opinion required by Section 5(c) hereof. 

(iv) Bring-down Comfort Letter. If requested by the Representatives, a letter from Schneider Downs & Co.,
Inc., in form and substance satisfactory to the Representatives and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to the Representatives pursuant to
Section 5(f) hereof, except that the “specified date” in the letter furnished pursuant to this paragraph shall be a date not more than three business days prior to such Date of Delivery. 

(v) Chief Financial Officer’s Certificate. The Representatives shall have received a certificate from the
Chief Financial Officer of the Company, dated such Date of Delivery, and otherwise to the same effect as the certificate required by Section 5(i) hereof. 

(j) Additional Documents. At the Closing Time and at each Date of Delivery (if any), the Representatives and counsel for the
Underwriters shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy
of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be
reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters. 
 (k) Termination of
Agreement. If any condition specified in this Section 5 shall not have been fulfilled when and as required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on a Date
of Delivery which is after the Closing Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may be terminated by the Representatives by notice to the Company at any time at or prior to the Closing Time or
such Date of Delivery, as the case may be, and such termination shall be without liability of any party to any other party except as provided in Section 4 hereof and except that Sections 1, 6, 7,
8, 15 and 16 shall survive any such termination and remain in full force and effect. 

  
 22 

 (l) Delivery of Prospectuses. The Company shall have complied with the
provisions of Section 3(d) hereof with respect to the furnishing of prospectuses on the business day next succeeding the date hereof. 

(m) Approval of Listing. At the Closing Time, the Securities shall have been approved for listing on The Nasdaq Stock Market,
subject only to official notice of issuance. 
 SECTION 6. Indemnification. 

(a) Indemnification of Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such
term is defined in Rule 501(b) under the 1933 Act (each, an “Affiliate”)), its selling agents and each person, if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act as follows: 
 (i) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information, 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 arising out of any untrue statement or alleged untrue statement of a material fact included (A) in any preliminary
prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or (B) in any materials or information provided to investors by, or with the prior written approval of,
the Company in connection with the marketing of the offering of the Securities (“Marketing Materials”), including any roadshow or investor presentations made to investors by the Company (whether in person or electronically),
or the omission or alleged omission in any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus or in any Marketing Materials 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; 
 (ii) against any and all loss,
liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 6(d) below) any such settlement is effected with the written
consent of the Company; 
 (iii) against any and all expense whatsoever, as incurred (including the fees and
disbursements of one counsel (in addition to any relevant local counsel) chosen by the Representative), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
(i) or (ii) above; 
 provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including the Rule 430B Information, any
preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information. 

  
 23 

 (b) Indemnification of Company, Directors and Officers. Each Underwriter,
severally and not jointly, agrees to indemnify and hold harmless the Company, its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 6(a) above, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including the Rule 430B Information, any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure
Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information. 

(c) Actions against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is
not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to Sections
6(a) above, counsel to the indemnified parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified parties shall be
selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any relevant local counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 6 or Section 7 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) Settlement without Consent if Failure to
Reimburse. If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 6(a)(ii) hereof effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request,
(ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement. 
 SECTION 7. Contribution. If the indemnification provided
for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the
Company, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities 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 

  
 24 

 
clause (i) above but also the relative fault of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions which resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 
 The relative benefits
received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the
cover of the Prospectus, bear to the aggregate public offering price of the Securities as set forth on the cover of the Prospectus. 
 The
relative fault of the Company, on the one hand, and the Underwriters, 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 or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 7. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

Notwithstanding the provisions of this Section 7, no Underwriter shall be required to contribute any amount in
excess of the underwriting commissions received by such Underwriter in connection with the Securities underwritten by it and distributed to the public. 

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this
Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each Underwriter’s Affiliates and selling agents shall have the
same rights to contribution as such Underwriter, 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 Section 15 of the 1933
Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company. The Underwriters’ respective obligations to contribute pursuant to this Section 7 are several in proportion to the
number of Initial Securities set forth opposite their respective names in Schedule A hereto and not joint. 
 SECTION 8.
Representations, Warranties and Agreements to Survive. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full
force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers and directors, or any person controlling the Company and
(ii) delivery of and payment for the Securities. 

  
 25 

 SECTION 9. Termination of Agreement. 

(a) Termination. The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to the
Closing Time (i) if there has been, in the judgment of the Representatives, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the General Disclosure
Package or the Prospectus, a Material Adverse Effect, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the
Representatives, impracticable or inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities of the Company has been suspended or materially limited
by the Commission or The Nasdaq Stock Market, or (iv) if trading generally on the New York Stock Exchange or on the NASDAQ Stock Market LLC has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or
maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or any other governmental authority, or (v) a material disruption has occurred in commercial banking or securities settlement or
clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe, or (vi) if a banking moratorium has been declared by either federal or New York authorities. 

(b) Liabilities. If this Agreement is terminated pursuant to this Section 9, such termination shall be
without liability of any party to any other party except as provided in Section 4 hereof, and provided further that Sections 1, 6, 7, 8, 9(b), 11, 15 and 16 shall
survive such termination and remain in full force and effect. 
 SECTION 10. Default by One or More of the Underwriters. If one
or more of the Underwriters shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives
shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters reasonably satisfactory to the Company, to purchase
all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such
24-hour period, then: 
 (i) if the number of Defaulted Securities does not exceed
10% of the number of Securities to be purchased on such date, each of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that
their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or 

(ii) if the number of Defaulted Securities equals or exceeds 10% of the number of Securities to be purchased on such date, this
Agreement or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company to sell, the Option Securities to be purchased and sold on such Date of Delivery shall terminate
without liability on the part of any non-defaulting Underwriter. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of the Company,
except that the Company will continue to be liable for the payment of expenses as set forth in Section 4 hereof and provided further that Sections 1, 6, 7, 8, 9(b), 11, 15
and 16 shall survive such termination and remain in full force and effect. 

  
 26 

 No action taken pursuant to this Section 10 shall relieve any
defaulting Underwriter from liability in respect of its default. 
 In the event of any such default which does not result in a termination
of this Agreement or, in the case of a Date of Delivery which is after the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option Securities, as the case may
be, either (i) the Representatives or (ii) the Company shall have the right to postpone the Closing Time or the relevant Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required changes in
the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements. 
 SECTION 11.
Default by the Company. If the Company shall fail at the Closing Time or a Date of Delivery, as the case may be, to sell the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any
liability on the part of any nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7, 8, 9(b), 11, 16 and 17 shall remain in full force and effect. No action
taken pursuant to this Section 11 shall relieve the Company from liability, if any, in respect of such default. 

SECTION 12. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
given if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representatives c/o Canaccord Genuity LLC, 99 High Street, 12th
Floor, Boston, Massachusetts 02110, Attention: Syndicate Department, and c/o Stifel, Nicolaus & Company, Incorporated, 787 7th Avenue,
12th Floor, New York, New York 10019; and notices to the Company shall be directed to it at The ExOne Company, 127 Industry Blvd., North Huntington, Pennsylvania 15642, Attention: General Counsel.

 In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)), the Underwriters 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 Underwriters to properly identify their respective clients. 
 SECTION 13.
Recognition of the U.S. Special Resolution Regimes. 
 (a) In the event that any Underwriter that is a Covered Entity becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter 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. 

(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter 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. 
 For purposes of this
Section 13, a “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). 

  
 27 

 “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. 

SECTION 14. No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (a) the purchase and sale of the
Securities pursuant to this Agreement, including the determination of the public offering price of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction
between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the offering of the Securities and the process leading thereto, each Underwriter is and has been acting solely as a principal and is
not the agent or fiduciary of the Company or its respective stockholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect to the
offering of the Securities or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering
of the Securities except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company,
and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Securities and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the
extent it deemed appropriate. 
 SECTION 15. Parties. This Agreement shall each inure to the benefit of and be binding upon the
Underwriters, the Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters, the Company and their respective
successors and the controlling persons and officers and directors referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters, the Company and their respective successors, and said controlling persons
and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such
purchase. In all dealings hereunder, the Representatives, acting jointly, shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of
any Underwriter made or given by the Representatives, acting jointly. 
 SECTION 16. Trial by Jury. The Company (on its behalf
and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 SECTION 17. GOVERNING LAW.
THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED 

  
 28 

 
BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS. 

SECTION 18. TIME. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY
REFER TO NEW YORK CITY TIME. 
 SECTION 19. 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. 

SECTION 20. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all such counterparts shall together constitute one and the same Agreement. 
 SECTION 21. Effect of Headings. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION 22. Entire
Agreement. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters with respect to the subject matter hereof. 

SECTION 23. Use of Information. The Underwriters may not provide any information gained in connection with this Agreement and the
transactions contemplated by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement unless expressly approved by the Company in writing. 

Remainder of the page intentionally left blank; signature
page follows. 

  
 29 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms. 

 

			
	 Very truly yours,

	
	 THE EXONE COMPANY

		
	 By:
	 	 /s/ Loretta L. Benec

		 	 Name: Loretta L. Benec

		 	
Title: VP, General Counsel & Corporate 
Secretary

  

			
	 CONFIRMED AND ACCEPTED, 
as of the date first above written:

	
	 CANACCORD GENUITY LLC

		
	 By:
	 	/s/ Jennifer Pardi
		 	 Name: Jennifer Pardi
 Title: Managing
Director

	
	 STIFEL, NICOLAUS & COMPANY, INCORPORATED

		
	 By:
	 	 /s/ Lewis Chia

		 	 Name: Lewis Chia

		 	 Title: Managing Director

 For themselves and as Representatives of the other Underwriters named in Schedule A hereto. 

[Signature Page to Underwriting Agreement] 

 Schedule A 

 

					
	 Name of Underwriter
	  	Number of
Initial Securities	 
	 Canaccord Genuity LLC
	  	 	714,284	 
	 Stifel, Nicolaus & Company, Incorporated
	  	 	714,284	 
	 B. Riley Securities
	  	 	158,733	 
	 A.G.P./Alliance Global Partners
	  	 	79,366	 
	 Total
	  	 	1,666,667	 

 Price per share: $51.1650 

 Schedule B-1 

PRICING TERMS 
 Issuer: The ExOne Company
(NASDAQ: XONE) (the “Company”) 
 Shares offered by the Company: 1,666,667 

Shares offered by the Company included in Underwriters’ option to purchase additional shares: 205,907 

Price to Public: $54.00 

 Schedule B-2 

FREE WRITING PROSPECTUSES 
 None.

 Schedule C 

LIST OF PERSONS AND ENTITIES SUBJECT TO LOCK-UP 

S. Kent Rockwell, Chairman of the Board of Directors 
 John F.
Hartner, Director & Chief Executive Officer 
 John Irvin, Director 

Gregory Pashke, Director 
 Lloyd Semple, Director 

William F. Strome, Director 
 Roger Thiltgen, Director 

Bonnie Wachtel, Director 
 Douglas D. Zemba, Chief Financial
Officer 
 Loretta L. Benec, Vice President, General Counsel & Corporate Secretary 

Rick Lucas, Chief Technology Officer and Vice President of New Markets 

 Exhibit A 

FORM OF LOCK-UP AGREEMENT 

Date:                
                 
 Canaccord Genuity LLC

 Stifel, Nicolaus & Company, Incorporated 
 As
Representatives of 
 the several Underwriters listed in 
 the
Underwriting Agreement 
 referred to below 
 c/o Canaccord
Genuity LLC 
 99 High Street, 12th Floor 

Boston, MA 02110 
 c/o Stifel, Nicolaus & Company,
Incorporated 
 787 7th Avenue, 12th Floor 

New York, NY 10019 
 Ladies and Gentlemen: 

As an inducement for Canaccord Genuity LLC (“Canaccord”) and Stifel, Nicolaus & Company, Incorporated
(“Stifel” and, together with Canaccord, the “Representatives”) to execute an underwriting agreement (the “Underwriting Agreement”), in their capacity as
representatives of the underwriters, providing for a public offering (the “Offering”) of common stock, par value $0.01 per share (the “Common Stock”), of The ExOne
Company, a Delaware corporation (the “Company”), the undersigned hereby agrees that without, in each case, the prior written consent of the Representatives during the period specified in the second
succeeding paragraph (the “Lock-Up Period”), the undersigned will not: (1) offer, pledge, announce the intention to sell, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into, exercisable or exchangeable for or that represent the right to receive Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by the undersigned in accordance
with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and securities which may be issued upon exercise of a stock option or warrant) (the “Undersigned’s
Securities”); (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Undersigned’s Securities, whether any such transaction described in clauses
(1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; or (3) publicly disclose the intention to do any of the foregoing. 

The undersigned agrees that the foregoing restrictions preclude the undersigned from engaging in any hedging or other transaction which is
designed to, or which reasonably could be expected to lead to or, result in a sale or disposition of the Undersigned’s Securities even if such securities would be disposed of by someone other than the undersigned. Such prohibited hedging or
other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including, without limitation, 

 
any put or call option) with respect to any of the Undersigned’s Securities or with respect to any security that includes, relates to or derives any significant part of its value from such
securities. 
 The Lock-Up Period will commence on the date of this agreement (the
“Lock-Up Agreement”) and continue and include the date sixty (60) days after the date of the final prospectus supplement used to sell the Common
Stock in the Offering pursuant to the Underwriting Agreement (the “Public Offering Date”). 
 Notwithstanding the
foregoing, the undersigned may transfer the Undersigned’s Securities (i) as a bona fide gift or gifts, (ii) to the immediate family members of the undersigned or to any trust for the direct or indirect benefit of the
undersigned or the immediate family of the undersigned, (iii) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (1) to another corporation, partnership, limited liability company,
trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned or (2) as distributions of shares of Common Stock or any security
convertible into or exercisable for Common Stock to limited partners, limited liability company members or stockholders of the undersigned, (iv) if the undersigned is a trust, transfers to the beneficiary or trustor of such trust or to the
estate of the beneficiary of such trust, (v) by testate succession or intestate succession, (vi) pursuant to the Underwriting Agreement, (vii) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar
transaction made to all holders of the Company’s capital stock involving a change of control of the Company, provided that, in the event that such tender offer, merger, consolidation or other similar transaction is not
completed, the Undersigned’s Securities shall remain subject to the provisions of this Lock-Up Agreement, (viii) by operation of law, including, but not limited to, pursuant to a qualified
domestic order or in connection with a divorce settlement, (ix) acquired in open market transactions on or after the Public Offering Date or (x) to the Company in connection with the repurchase of Common Stock in connection with the
termination of undersigned’s employment with the Company; provided that, in the case of clauses (i) through (v), that (x) such transfer shall not involve a disposition for value, (y) the transferee agrees in writing
with the Representatives to be bound by the terms of this Lock-Up Agreement and (z) no filing by any party under Section 16(a) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), shall be required or shall be made voluntarily in connection with such transfer (except for any required Form 5 filings, provided that such Form 5 filings clearly indicate in the
footnotes thereto an explanation of the type of transaction giving rise to the change in ownership); provided further that, in the case of clause (x) that if required, any public report or filing under Section 16 of the
Exchange Act will clearly indicate in the footnotes thereto that such disposition to the Company was solely to the Company pursuant to the circumstances described in clause (x). 

In addition, the foregoing restrictions shall not apply to (i) the exercise or settlement of stock options or warrants, restricted stock
units or other equity awards granted pursuant to the Company’s equity incentive plans; provided that such restrictions shall apply to any of the Undersigned’s Securities issued upon such exercise or settlement
thereof, (ii) transfers of the Undersigned’s Securities to the Company in connection with the “net” or “cashless” exercise or settlement of options, warrants, restricted stock units or other equity awards pursuant to
the Company’s equity incentive plans (and any transfer to the Company necessary to generate such amount of cash needed for the payment of taxes, including estimated taxes, due as a result of such vesting or exercise whether by means of a
“net settlement” or otherwise), provided that if required, any public report or filing under Section 16 of the Exchange Act will clearly indicate in the footnotes thereto that such disposition to the Company or
withholding by the Company was solely to the Company pursuant to the circumstances described in this clause (ii), (iii) sales of the Undersigned’s Securities pursuant to any contract, instruction or plan that satisfies all of the
requirements of Rule 10b5-1 under the Exchange Act (each a “Plan”), provided that such Plan was established prior to the execution of this Lock-Up Agreement by the undersigned, and (iv) the establishment of a new Plan, provided that no sales of the Undersigned’s Securities shall be made

 
pursuant to such new Plan prior to the expiration of the Lock-Up Period, and such new Plan may only be established if no public announcement of
the establishment or existence thereof and no filing with the SEC or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the undersigned, the Company or any other person, shall be required, and no
such announcement or filing is made voluntarily by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period. 

For purposes of this Lock-Up Agreement, (a) “immediate family” shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin and (b) “change of control” shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a
series of related transactions, to a person or group of affiliated persons (other than the Representatives pursuant to the Public Offering), of the Company’s voting securities if, after such transfer, such person or group of affiliated persons
would hold more than 50% of the outstanding voting securities of the Company (or the surviving entity). 
 In furtherance of the foregoing,
the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Common Stock if such transfer would constitute a violation or breach of
this Lock-Up Agreement. 
 The undersigned hereby represents and warrants that the
undersigned has full power and authority to enter into this Lock-Up Agreement and that upon request, the undersigned will execute any additional documents necessary to ensure the validity or
enforceability of this Lock-Up Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or
personal representatives of the undersigned. 
 The undersigned understands that the undersigned shall be released from all obligations
under this Lock-Up Agreement upon the earliest to occur, if any, of (i) the Company notifies the Representatives that it does not intend to proceed with the Offering, (ii) the Underwriting
Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder or
(iii) March 1, 2021, in the event the Underwriting Agreement is not executed by such date. 
 The undersigned understands that the
Representatives are entering into the Underwriting Agreement and proceeding with the Offering in reliance upon this Lock-Up Agreement. 

This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. 
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	Very truly yours,
	
	 
	Printed Name of Holder
	
	 
	Signature
	
	 
	
	Printed Name and Title of Person Signing
	(if signing as custodian, trustee or on behalf of an entity)

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