Document:

EXHIBIT 10.1

AT-THE-MARKET ISSUANCE SALES
AGREEMENT, DATED OCTOBER 8, 2012, BY AND

 BETWEEN GERON CORPORATION AND MLV &
CO. LLC. 

Common Stock
(par value $0.001 per
share)

	 	October 8,
      2012
	
      MLV & Co. LLC
1251 Avenue of the Americas
41st Floor 

New
      York, NY 10020
	

Ladies and Gentlemen:

     Geron Corporation, a Delaware
corporation (the “Company”), confirms its agreement (this “Agreement”) with MLV & Co. LLC
(“MLV”), as
follows: 

     1.
Issuance and Sale of Shares. The Company agrees
that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell through MLV,
shares (the “Placement Shares”) of the Company’s common stock, par value $0.001 per share
(the “Common Stock”), up to an aggregate offering price of $50,000,000; provided, however, that in no event shall the Company issue or sell through MLV such number
of Placement Shares that (a) would cause the Company to not satisfy the
eligibility requirements for use of Form S-3 (including, if applicable,
Instruction I.B.6. thereof), (b) exceeds the number of shares of Common Stock
registered on the effective Registration Statement (as defined below) pursuant
to which the offering is being made or (c) exceeds the number of authorized but
unissued shares of the Common Stock (the lesser of (a), (b) and (c), the
“Maximum Amount”). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this
Section 1 on the number of Placement Shares issued and sold under this Agreement
shall be the sole responsibility of the Company and that MLV shall have no
obligation in connection with such compliance. The issuance and sale of
Placement Shares through MLV will be effected pursuant to the Registration
Statement (as defined below) filed by the Company and declared effective by the
Securities and Exchange Commission (the “Commission”), although nothing in this
Agreement shall be construed as requiring the Company to use the Registration
Statement to issue any Placement Shares. 

     The Company has filed, in accordance
with the provisions of the Securities Act of 1933, as amended (the
“Securities Act”), and the rules and regulations thereunder (the “Securities Act Regulations”), with the Commission a registration statement on Form S-3 (File No.
333-182537), including a base prospectus, relating to certain securities, and
which incorporates by reference, to the extent provided for under Form S-3,
documents that the Company has filed or will file in accordance with the
provisions of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations thereunder. On or after the date
hereof, the Company will file a pre-effective amendment to such registration
statement substantially in the form presented to MLV, following which such
registration statement will include a prospectus relating to the Placement
Shares to be issued from time to time by the Company. Following the date that such registration statement is declared effective by
the Commission, the Company will furnish to MLV, for use by MLV, copies of the
prospectus included as part of such registration statement relating to the
Placement Shares. Except where the context otherwise requires, such registration
statement, including all documents filed as part thereof or incorporated by
reference therein, and including any information contained in a Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b)
under the Securities Act Regulations or deemed to be a part of such registration
statement pursuant to Rule 430B of the Securities Act Regulations, is herein
called the “Registration
Statement.” The prospectus relating to the
Placement Shares, including all documents incorporated therein by reference,
included in the Registration Statement, as it may be supplemented from time to
time, in the form in which such prospectus or any prospectus supplement have
most recently been filed by the Company with the Commission pursuant to Rule
424(b) under the Securities Act Regulations is herein called the
“Prospectus.”

1

     Any reference herein to the
Registration Statement, the Prospectus or any amendment or supplement thereto
shall be deemed to refer to and include the documents incorporated by reference
therein, and any reference herein to the terms “amend,” “amendment” or
“supplement” with respect to the Registration Statement or the Prospectus shall
be deemed to refer to and include the filing after the execution hereof of any
document with the Commission deemed to be incorporated by reference therein (the
“Incorporated Documents”). 

     For purposes of this Agreement, all
references to the Registration Statement, the Prospectus or to any amendment or
supplement thereto shall be deemed to include the most recent copy filed with
the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval
System, or if applicable, the Interactive Data Electronic Application system
when used by the Commission (collectively, “EDGAR”). 

     2.
Placements.
Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a “Placement”), it will notify MLV by
email notice (or other method mutually agreed to in writing by the parties) of
the proposed terms of such Placement, which shall include at a minimum the
number of Placement Shares to be issued, the time period during which sales are
requested to be made, any limitation on the number of Placement Shares that may
be sold in any one day and any minimum price below which sales may not be made
(a “Placement Notice”), the form of which is attached hereto as Schedule 1. The Placement
Notice shall originate from any of the individuals from the Company set forth on
Schedule 3
(with a copy to each of the other individuals from the Company listed on such
schedule), and shall be addressed to each of the individuals from MLV set forth
on Schedule 3, as such Schedule 3 may be amended from time to time. The Placement Notice shall
be effective unless and until (i) MLV declines to accept the terms contained
therein for any reason, in its sole discretion by email notice to the Company
within one Business Day (as defined below) from the time the Placement Notice is
received, (ii) the entire amount of the Placement Shares thereunder have been
sold, (iii) the Company suspends or terminates the Placement Notice or (iv) this
Agreement has been terminated under the provisions of Section 13. The amount of
any discount, commission or other compensation to be paid by the Company to MLV
in connection with the sale of the Placement Shares shall be calculated in
accordance with the terms set forth in Schedule 2. It is expressly
acknowledged and agreed that neither the Company nor MLV will have any
obligation whatsoever with respect to a Placement or any Placement Shares unless
and until the Company delivers a Placement Notice to MLV and MLV does not
decline such Placement Notice pursuant to the terms set forth above, and then
only upon the terms specified therein and herein. In the event of a conflict
between the terms of this Agreement and the terms of a Placement Notice, the
terms of the Placement Notice will control.

2

     3.
Sale of Placement Shares by
MLV.

          (a) Subject to the terms and
conditions of this Agreement, for the period specified in the Placement Notice,
MLV will use its commercially reasonable efforts consistent with its normal
trading and sales practices and applicable state and federal laws, rules and
regulations and the rules of the NASDAQ Global Select Market (the “Exchange”),
to sell the Placement Shares up to the amount specified, and otherwise in
accordance with the terms of such Placement Notice. MLV will provide written
confirmation to the Company no later than the opening of the Trading Day (as
defined below) immediately following the Trading Day on which it has made sales
of Placement Shares hereunder setting forth the number of Placement Shares sold
on such day, the compensation payable by the Company to MLV pursuant to Section
2 with respect to such sales, and the Net Proceeds (as defined below) payable by
MLV to the Company, with an itemization of the deductions made by MLV (as set
forth in Section 5(b)) from the gross proceeds that it receives from such sales.
Subject to the terms of the Placement Notice, MLV shall sell Placement Shares
only by methods deemed to be an “at the market” offering as defined in Rule 415
of the Securities Act Regulations, including without limitation sales made
directly on the Exchange, on any other existing trading market for the Common
Stock or to or through a market maker. Subject to the terms of a Placement
Notice and only with the Company’s prior written consent, MLV may also sell
Placement Shares by any other method permitted by law, including but not limited
to in privately negotiated transactions. “Trading Day” means any day on which
shares of Common Stock are purchased and sold on the Exchange. 

          (b) During the term of this
Agreement, neither MLV nor any of its affiliates or subsidiaries shall engage in
(i) any short sale of any security of the Company, (ii) any sale of any security
of the Company that MLV does not own or any sale which is consummated by the
delivery of a security of the Company borrowed by, or for the account of, MLV or
(iii) any market-making, bidding, stabilization or other trading activity with
respect to the Common Stock or related derivative securities if such activity
would be prohibited under Regulation M or other anti-manipulation rules under
the Securities Act. Neither MLV nor any of its affiliates or subsidiaries shall
engage in any proprietary trading or trading for MLV’s (or its affiliates’ or
subsidiaries’) own account. 

     4.
Suspension of Sales. The Company or MLV may, upon notice to the other party in
writing (including by email correspondence to each of the individuals of the
other party set forth on Schedule
3, if receipt of such correspondence is
actually acknowledged by any of the individuals to whom the notice is sent,
other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the
other party set forth on Schedule
3), suspend any sale of Placement Shares;
provided,
however,
that such suspension shall not affect or impair any party’s obligations with
respect to any Placement Shares sold hereunder prior to the receipt of such
notice. Each of the parties agrees that no such notice under this Section 4
shall be effective against any other party unless it is made to one of the
individuals named on Schedule 3 hereto, as such Schedule may be amended from
time to time. 

3

     5.
Sale and Delivery to MLV;
Settlement. 

          (a) Sale of Placement
Shares. On the basis of the
representations and warranties herein contained and subject to the terms and
conditions herein set forth, unless MLV declines to accept the terms of a
Placement Notice, and unless the sale of the Placement Shares described therein
has been declined, suspended, or otherwise terminated in accordance with the
terms of this Agreement, MLV, for the period specified in the Placement Notice,
will use its commercially reasonable efforts consistent with its normal trading
and sales practices to sell such Placement Shares up to the amount specified in,
and otherwise in accordance with, the terms of such Placement Notice. The
Company acknowledges and agrees that (i) there can be no assurance that MLV will
be successful in selling Placement Shares, (ii) MLV will incur no liability or
obligation to the Company or any other person or entity if it does not sell
Placement Shares for any reason other than a failure by MLV to use its
commercially reasonable efforts consistent with its normal trading and sales
practices and applicable law and regulations to sell such Placement Shares as
required under this Agreement and (iii) MLV shall be under no obligation to
purchase Placement Shares on a principal basis pursuant to this Agreement,
except as otherwise agreed by MLV and the Company.

          (b) Settlement of Placement
Shares. Unless otherwise specified
in the applicable Placement Notice, settlement for sales of Placement Shares
will occur on the third (3rd) Trading Day (or such earlier day as is
industry practice for regular-way trading) following the date on which such
sales are made (each, a “Settlement
Date”). The amount of proceeds to be
delivered to the Company on a Settlement Date against receipt of the Placement
Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by MLV,
after deduction for (i) MLV’s commission, discount or other compensation for
such sales payable by the Company pursuant to Section 2 hereof, and (ii) any
transaction fees imposed by any governmental or self-regulatory organization in
respect of such sales. 

          (c) Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its
transfer agent to, electronically transfer the Placement Shares being sold by
crediting MLV’s or its designee’s account (provided MLV shall have given the
Company written notice of such designee a reasonable period of time prior to the
Settlement Date) at The Depository Trust Company through its Deposit and
Withdrawal at Custodian System (“DWAC”) or by such other means of
delivery as may be mutually agreed upon by the parties hereto which in all cases
shall be freely tradable, transferable, registered shares in good deliverable
form. On each Settlement Date, MLV will deliver the related Net Proceeds to an
account designated by the Company on, or prior to, the Settlement Date in funds
made available on the same day. MLV will be responsible for providing DWAC
instructions or instructions for delivery by other means with regard to the
transfer of Placement Shares being sold. If the Company, or its transfer agent
(if applicable), defaults in its obligation to deliver Placement Shares on a
Settlement Date through no fault of MLV, the Company agrees that in addition to
and in no way limiting the rights and obligations set forth in Section 11(a)
hereto, it will (i) hold MLV harmless against any loss, claim, damage, or
expense (including reasonable legal fees and expenses), as incurred, arising out
of or in connection with such default by the Company or its transfer agent (if
applicable) and (ii) pay to MLV (without duplication) any commission, discount,
or other compensation to which it would otherwise have been entitled absent such
default. 

          (d) Limitations on Offering
Size. Under
no circumstances shall the Company cause or request the offer or sale of any
Placement Shares if, after giving effect to the sale of such Placement Shares,
the aggregate gross sales proceeds of Placement Shares sold pursuant to this
Agreement would exceed the lesser of (A) together with all sales of Placement
Shares under this Agreement, the Maximum Amount, (B) the amount available for
offer and sale under the Registration Statement or (C) the amount authorized
from time to time to be issued and sold under this Agreement by the Company’s
board of directors, a duly authorized committee thereof or a duly authorized
officer, and notified to MLV in writing. Under no circumstances shall the
Company cause or request the offer or sale of any Placement Shares pursuant to
this Agreement at a price lower than any minimum price authorized from time to
time by the Company’s board of directors, a duly authorized committee thereof or
a duly authorized officer, and notified to MLV in writing.

4

     4.
Representations and Warranties of the
Company. Except as disclosed in the
Registration Statement or the Prospectus
(including the Incorporated Documents), the Company represents and warrants to,
and agrees with MLV that as of the date of this Agreement and as of each
Applicable Time (as defined below), unless such representation, warranty or
agreement specifies a different time: 

          (a) Registration Statement and
Prospectus. The Company and, assuming no act
or omission on the part of MLV that would make such statement untrue, the
transactions contemplated by this Agreement meet the requirements for and comply
with the conditions for the use of Form S-3 under the Securities Act. The
Registration Statement has been filed with the Commission and will be declared
effective under the Securities Act prior to the issuance of any Placement
Notices by the Company. The Prospectus will name MLV as the agent in the section
entitled “Plan of Distribution.” The Company has not received, and has no notice
of, any order of the Commission preventing or suspending the use of the
Registration Statement, or threatening or instituting proceedings for that
purpose. The Registration Statement and the offer and sale of Placement Shares
as contemplated hereby meet or will meet the requirements of Rule 415 under the
Securities Act and comply in all material respects with said Rule. Any statutes,
regulations, contracts or other documents that are required to be described in
the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement have been or will be so described or filed. Copies of the
Registration Statement, the Prospectus, and any such amendments or supplements
and all documents incorporated by reference therein that were filed with the
Commission on or prior to the date of this Agreement have been delivered, or are
available through EDGAR, to MLV and its counsel. The Company has not distributed
and, prior to the later to occur of each Settlement Date and completion of the
distribution of the Placement Shares, will not distribute any offering material
in connection with the offering or sale of the Placement Shares other than the
Registration Statement and the Prospectus and any Issuer Free Writing Prospectus
(as defined below) to which MLV has consented, such consent not to be
unreasonably withheld, conditioned or delayed. The Common Stock is currently
quoted on the Exchange under the trading symbol “GERN”. The Company has not, in
the 12 months preceding the date hereof, received notice from the Exchange to
the effect that the Company is not in compliance with the listing or maintenance
requirements, and the Company does not believe, other than with respect to the
Exchange’s bid price requirement, that it will not in the foreseeable future
continue to be in compliance in all material respects with all such listing and
maintenance requirements. 

          (b) No Misstatement or
Omission. The Registration Statement, when it
became or becomes effective, and the Prospectus, and any amendment or supplement
thereto, on the date of such Prospectus or amendment or supplement, conformed
and will conform in all material respects with the requirements of the
Securities Act. At each Settlement Date, the Registration Statement and the
Prospectus, as of such date, will conform in all material respects with the
requirements of the Securities Act. The Registration Statement, when it became
or becomes effective, did not, and will not, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Prospectus and any
amendment and supplement thereto, on the date thereof and at each Applicable
Time (defined below), did not or will not include an untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. The documents incorporated by reference in the Prospectus did not,
and any further documents filed and incorporated by reference therein will not,
when filed with the Commission, contain an untrue statement of a material fact
or omit to state a material fact required to be stated in such document or
necessary to make the statements in such document, in light of the circumstances
under which they were made, not misleading. The foregoing shall not apply to
statements in, or omissions from, any such document made in reliance upon, and
in conformity with, information furnished to the Company by MLV specifically for
use in the preparation thereof.

5

          (c)
Conformity with Securities Act and Exchange
Act. The Registration Statement, the
Prospectus, or any amendment or supplement thereto, and the documents
incorporated by reference in the Registration Statement, the Prospectus or any
amendment or supplement thereto, when such documents were or are filed with the
Commission under the Securities Act or the Exchange Act or became or become
effective under the Securities Act, as the case may be, conformed or will
conform in all material respects with the requirements of the Securities Act and
the Exchange Act, as applicable. 

          (d)
Financial Information. The consolidated financial statements of the Company included
or incorporated by reference in the Registration Statement and the Prospectus,
together with the related notes and schedules, present fairly, in all material
respects, the consolidated financial position of the Company as of the dates
indicated and the consolidated results of operations, cash flows and changes in
stockholders’ equity of the Company for the periods specified (subject, in the
case of unaudited statements, to normal year-end audit adjustments) and have
been prepared in compliance with the requirements of the Securities Act and
Exchange Act, as applicable, and in conformity with GAAP (as defined below)
applied on a consistent basis (except for such adjustments to accounting
standards and practices as are noted therein and except in the case of unaudited
financial statements to the extent they may exclude footnotes or may be
condensed or summary statements) during the periods involved; the other
financial and statistical data with respect to the Company contained or
incorporated by reference in the Registration Statement and the Prospectus are
accurately and fairly presented and prepared on a basis consistent with the
financial statements and books and records of the Company; there are no
financial statements (historical or pro forma) that are required to be included
or incorporated by reference in the Registration Statement or the Prospectus
that are not included or incorporated by reference as required; the Company does
not have any material liabilities or obligations, direct or contingent
(including any off-balance sheet obligations), not described in the Registration
Statement (including the exhibits thereto and Incorporated Documents) and the
Prospectus which are required to be described in the Registration Statement or
the Prospectus (including exhibits thereto and Incorporated Documents); and all
disclosures contained or incorporated by reference in the Registration Statement
and the Prospectus regarding “non-GAAP financial measures” (as such term is
defined by the rules and regulations of the Commission) comply in all material
respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K
under the Securities Act, to the extent applicable.

6

          (e) Conformity with EDGAR
Filing. The Prospectus delivered to MLV for
use in connection with the sale of the Placement Shares pursuant to this
Agreement will be identical to the versions of the Prospectus created to be
transmitted to the Commission for filing via EDGAR, except to the extent
permitted by Regulation S-T. 

          (f) Organization. The Company is, and will
be, duly organized, validly existing as a corporation and in good standing under
the laws of its jurisdiction of organization. The Company is, and will be, duly
licensed or qualified as a foreign corporation for transaction of business and
in good standing under the laws of each other jurisdiction in which its
ownership or lease of property or the conduct of its business requires such
license or qualification, and has all corporate power and authority necessary to
own or hold its properties and to conduct its business as described in the
Registration Statement and the Prospectus (including the Incorporated
Documents), except where the failure to be so qualified or in good standing or
have such power or authority would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the assets,
business, operations, earnings, properties, condition (financial or otherwise),
prospects, stockholders’ equity (as set forth on the Company’s most recent
balance sheet included in the Incorporated Documents) or results of operations
of the Company taken as a whole (a “Material
Adverse Effect”). 

          (g) Subsidiaries. The Company has no subsidiaries (as such term
is defined in Rule 1-02 of Regulation S-X promulgated by the
Commission).

          (h) No Violation or Default. The Company is not (i) in violation of its
charter or by-laws or similar organizational documents; (ii) in default, and no
event has occurred that, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant or
condition contained in any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument to which the Company is a party or by which the
Company is bound or to which any of the property or assets of the Company is
subject; or (iii) in violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of each of clauses (i), (ii) and (iii) above, for
any such violation or default that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Except as described in
the Prospectus or the Incorporated Documents, to the Company’s knowledge, no
other party under any material contract or other agreement to which it is a
party is in default in any respect thereunder where such default would
reasonably be expected to have a Material Adverse Effect. 

          (i) No Material Adverse Change.
Subsequent to the respective dates as of which information is given in the
Registration Statement and the Prospectus (including the Incorporated
Documents), and other than the Company’s execution of this Agreement and the
sale of any Placement Shares hereunder, there has not been (i) any Material
Adverse Effect, (ii) any transaction which is material to the Company taken as a
whole, (iii) any obligation or liability, direct or contingent (including any
off-balance sheet obligations), incurred by the Company, which is material to
the Company taken as a whole, (iv) any material change in the capital stock
(other than (A) as described in a proxy statement filed on Schedule 14A or a
Registration Statement on Form S-4 and otherwise publicly announced or (B)
changes in the number of outstanding shares of Common Stock due to the issuance
of shares upon the exercise or conversion of securities exercisable for, or
convertible into, shares of Common Stock, or the vesting of equity awards) or
outstanding long-term indebtedness of the Company or (v) any dividend or
distribution of any kind declared, paid or made on the capital stock of the
Company, other than in each case above (A) in the ordinary course of business,
(B) as otherwise disclosed in the Registration Statement or Prospectus
(including the Incorporated Documents) or (C) where such matter, item, change or
development would not make the statements in the Registration Statement or the
Prospectus contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.

7

          (j) Capitalization. The issued and outstanding shares of capital
stock of the Company have been validly issued, are fully paid and non-assessable
and, other than as disclosed in or contemplated by the Registration Statement or
the Prospectus, are not subject to any preemptive rights, rights of first
refusal or similar rights. The Company has an authorized, issued and outstanding
capitalization as set forth in the Registration Statement and the Prospectus as
of the dates referred to therein (other than the grant of additional options or
other equity awards under the Company’s existing equity compensation plans, or
changes in the number of outstanding shares of Common Stock due to the issuance
of shares upon the exercise, vesting or conversion of securities exercisable
for, or convertible into, shares of Common Stock outstanding on the date hereof
or described in the Registration Statement and the Prospectus (including the
Incorporated Documents) or as a result of the issuance of Placement Shares) and
such authorized capital stock conforms in all material respects to the
description thereof set forth in the Registration Statement and the Prospectus
(including the Incorporated Documents). The description of the Common Stock in
the Registration Statement and the Prospectus is complete and accurate in all
material respects. Other than as set forth or described in the Registration
Statement and the Prospectus (including the Incorporated Documents), as of the
dates referred to therein, the Company did not have outstanding any options to
purchase, or any rights or warrants to subscribe for, or any securities or
obligations convertible into, or exchangeable for, or any contracts or
commitments to issue or sell, any shares of capital stock or other securities.

          (k) Authorization;
Enforceability. The Company has full legal
right, power and authority to enter into this Agreement and perform the
transactions contemplated hereby. This Agreement has been duly authorized,
executed and delivered by the Company and is a legal, valid and binding
agreement of the Company enforceable against the Company in accordance with its
terms, except to the extent that (i) enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general equitable principles and (ii) the
indemnification and contribution provisions of Section 11 hereof may be limited
by federal or state securities laws and public policy considerations in respect
thereof. 

8

          (l) Authorization of Placement
Shares. The Placement Shares, when issued and
delivered pursuant to the terms approved by the board of directors of the
Company or a duly authorized committee thereof, or a duly authorized officer,
against payment therefor as provided herein, will be duly and validly authorized
and issued and fully paid and nonassessable, free and clear of any pledge, lien,
encumbrance, security interest or other claim (other than any pledge, lien,
encumbrance, security interest or other claim arising from an act or omission of
MLV or a purchaser), including any statutory or contractual preemptive rights,
resale rights, rights of first refusal or other similar rights, and will be
registered pursuant to Section 12 of the Exchange Act. The Placement Shares,
when issued, will conform in all material respects to the description thereof
set forth in or incorporated into the Prospectus. 

          (m) No Consents
Required. No consent, approval,
authorization, order, registration or qualification of or with any court or
arbitrator or any governmental or regulatory authority is required for the
execution, delivery and performance by the Company of this Agreement, and the
issuance and sale by the Company of the Placement Shares as contemplated hereby,
except for the registration of the Placement Shares under the Securities Act and
such consents, approvals, authorizations, orders and registrations or
qualifications as may be required under applicable state securities laws or by
the by-laws and rules of the Financial Industry Regulatory Authority
(“FINRA”)
or the Exchange in connection with the sale of the Placement Shares by MLV.

          (n) No Preferential Rights. (i) No person, as such term is defined in
Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a
“Person”),
has the right, contractual or otherwise, to cause the Company to issue or sell
to such Person any shares of Common Stock or shares of any other capital stock
or other securities of the Company (other than upon the exercise of options or
warrants to purchase Common Stock or upon the exercise or vesting of options or
other equity awards that may be granted from time to time under the Company’s
equity compensation plans), (ii) no Person has any preemptive rights, rights of
first refusal, or any other rights (whether pursuant to a “poison pill”
provision or otherwise) to purchase any shares of Common Stock or shares of any
other capital stock or other securities of the Company from the Company which
have not been duly waived with respect to the offering contemplated hereby,
(iii) except as may be disclosed to MLV in writing, no Person has the right to
act as an underwriter or sales agent in connection with the offer and sale of
the Common Stock, and (iv) no Person has the right, contractual or otherwise, to
require the Company to register under the Securities Act any shares of Common
Stock or shares of any other capital stock or other securities of the Company,
or to include any such shares or other securities in the Registration Statement
or the offering contemplated thereby, whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Placement Shares
as contemplated thereby or otherwise. 

          (o) Independent Public
Accountants. Ernst & Young LLP, whose
report on the consolidated financial statements of the Company is filed with the
Commission as part of the Company’s most recent Annual Report on Form 10-K filed
with the Commission and incorporated into the Registration Statement, is and,
during the periods covered by its reports, was an independent public accounting
firm within the meaning of the Securities Act and the Public Company Accounting
Oversight Board (United States). To the Company’s knowledge, Ernst & Young
LLP is not in violation of the auditor independence requirements of the
Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect to
the Company. 

9

          (p) Enforceability of
Agreements. To the Company’s knowledge, all
agreements between the Company and third parties expressly referenced in the
Prospectus, other than such agreements that have expired by their terms or whose
termination is disclosed in documents filed by the Company on EDGAR, are legal,
valid and binding obligations of the Company enforceable in accordance with
their respective terms, except to the extent that (i) enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and by general equitable principles and
(ii) the indemnification provisions of certain agreements may be limited by
federal or state securities laws or public policy considerations in respect
thereof, except for any unenforceability that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect. 

          (q) No
Litigation. There are no legal, governmental
or regulatory actions, suits or proceedings pending, nor, to the Company’s
knowledge, any legal, governmental or regulatory investigations, to which the
Company is a party or to which any property of the Company is the subject that,
individually or in the aggregate, if determined adversely to the Company, would
reasonably be expected to have a Material Adverse Effect or materially and
adversely affect the ability of the Company to perform its obligations under
this Agreement; to the Company’s knowledge, no such actions, suits or
proceedings are threatened or contemplated by any governmental or regulatory
authority or threatened by others that, individually or in the aggregate, if
determined adversely to the Company, would reasonably be expected to have a
Material Adverse Effect; and (i) there are no current or pending legal,
governmental or regulatory actions, suits or proceedings or, to the Company’s
knowledge, investigations that are required under the Securities Act to be
described in the Prospectus that are not described in the Prospectus including
any Incorporated Document; and (ii) there are no contracts or other documents
that are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed. 

          (r) Licenses and
Permits. The Company possesses or has
obtained, all licenses, certificates, consents, orders, approvals, permits and
other authorizations issued by, and has made all declarations and filings with,
the appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of its properties or
the conduct of its business as described in the Registration Statement and the
Prospectus (the “Permits”), except where the failure to possess, obtain or make the
same would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. The Company has not received written notice of any
proceeding relating to revocation or modification of any such Permit nor has any
reason to believe that such Permit will not be renewed in the ordinary course,
except where the failure to obtain any such renewal would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

          (s) Market
Capitalization. As of the close of trading on the Exchange on  the Trading Day
immediately prior to the date of this Agreement, the aggregate  market value of the outstanding voting and non-voting common
equity (as defined  in Securities Act Rule 405) of the Company held by persons other than affiliates  of the Company (defined
pursuant to Securities Act Rule 144) (the  “Non-Affiliate
Shares”), was approximately $170 million (calculated by multiplying (x)
the  price at which the common equity of the Company was last sold on the Exchange on  the Trading Day immediately prior to
the date of this Agreement by (y) the  number of Non-Affiliate Shares). 

10

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

          (u) Certain Market Activities. Neither the Company, nor, to the Company’s
knowledge, any of its directors, officers or controlling persons has taken,
directly or indirectly, any action designed, or that has constituted or might
reasonably be expected to cause or result in, under the Exchange Act or
otherwise, the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Placement Shares. 

          (v) Broker/Dealer
Relationships. The Company (i) is not
required to register as a “broker” or “dealer” in accordance with the provisions
of the Exchange Act or (ii) does not directly or indirectly through one or more
intermediaries, control or is a “person associated with a member” or “associated
person of a member” (within the meaning set forth in the FINRA Manual).

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

          (x) Taxes. The Company has filed all federal, state, local and foreign
tax returns which have been required to be filed and paid all taxes shown
thereon through the date hereof, to the extent that such taxes have become due
and are not being contested in good faith, except where the failure to do so
would not reasonably be expected to have a Material Adverse Effect. No tax
deficiency has been determined adversely to the Company which has had, or would
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. The Company has no knowledge of any federal, state or other
governmental tax deficiency, penalty or assessment which has been asserted or
threatened against it which would have a Material Adverse Effect. 

          (y) Title to Real and Personal
Property. The Company has good and marketable
title in fee simple to all items of real property and good and valid title to
all personal property (excluding Intellectual Property) described in the
Registration Statement or Prospectus as being owned by it that are material to
the business of the Company, in each case free and clear of all liens,
encumbrances and claims, except those that (i) do not materially interfere with
the use made of such property by the Company or (ii) would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.
Any real property described in the Registration Statement or Prospectus as being
leased by the Company is held by them under valid, existing and enforceable
leases, except those that (A) do not materially interfere with the use made or
proposed to be made of such property by the Company or (B) would not be
reasonably expected, individually or in the aggregate, to have a Material
Adverse Effect. 

11

          (z) Intellectual Property. To its knowledge, the Company owns or
possesses adequate rights to use all patents, patent applications, trademarks
(both registered and unregistered), service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses and know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures) (collectively, the
“Intellectual Property”), necessary for the conduct of its business as conducted as
of the date hereof, except to the extent that the failure to own or possess
adequate rights to use such Intellectual Property would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect; except
as disclosed in writing to MLV, the Company has not received any written notice
of any claim of infringement or conflict which asserted Intellectual Property
rights of others, which infringement or conflict, if the subject of an
unfavorable decision, would result in a Material Adverse Effect; there are no
pending, or to the Company’s knowledge, threatened judicial proceedings or
interference proceedings against the Company challenging the Company’s rights in
or to or the validity of the scope of any of the Company’s owned patents, patent
applications or proprietary information, except for any such proceedings that
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. To the Company’s knowledge, no other entity or
individual has any right or claim in any of the Company’s owned patents, patent
applications or any patent to be issued therefrom by virtue of any contract,
license or other agreement entered into between such entity or individual and
the Company or by any non-contractual obligation of the Company, other than by
written licenses granted by the Company and other than such rights or claims
that would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. The Company has not received any written notice of
any claim challenging the rights of the Company in or to any Intellectual
Property owned, licensed or optioned by the Company which claim, if the subject
of an unfavorable decision, would result in a Material Adverse Effect.

          (aa) Environmental Laws. The Company (i) is in compliance with any and
all applicable federal, state, local and foreign laws, rules, regulations,
decisions and orders relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants (collectively, “Environmental
Laws”); (ii) has received and is in
compliance with all permits, licenses or other approvals required of it under
applicable Environmental Laws to conduct its business as described in the
Registration Statement and the Prospectus; and (iii) has not received notice of
any actual or potential liability for the investigation or remediation of any
disposal or release of hazardous or toxic substances or wastes, pollutants or
contaminants, except, in the case of any of clauses (i), (ii) or (iii) above,
for any such failure to comply or failure to receive required permits, licenses,
other approvals or liability as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 

          (bb) Disclosure
Controls. The Company maintains a system of
internal accounting controls designed to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific
authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability; (iii) access to
assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences. The Company is not aware of any material weaknesses
in its internal control over financial reporting (other than as set forth in the
Prospectus). Since the date of the latest audited financial statements of the
Company included in the Prospectus, there has been no change in the Company’s
internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, the Company’s internal control over
financial reporting (other than as set forth in the Prospectus). The Company has
established disclosure controls and procedures (as defined in Exchange Act Rules
13a-15 and 15d-15) for the Company and designed such disclosure controls and
procedures to ensure that material information relating to the Company is made
known to the certifying officers by others within those entities, particularly
during the period in which the Company’s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, as the case may be, is being prepared. The Company’s
certifying officers have evaluated the effectiveness of the Company’s controls
and procedures as of a date within 90 days prior to the filing date of the Form
10-K for the fiscal year most recently ended (such date, the “Evaluation Date”). The
Company presented in its Form 10-K for the fiscal year most recently ended the
conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date.
Since the Evaluation Date, there have been no significant changes in the
Company’s internal controls (as such term is defined in Item 307(b) of
Regulation S-K under the Securities Act) or, to the Company’s knowledge, in
other factors that could significantly adversely affect the Company’s internal
controls. To the knowledge of the Company, the Company’s “internal controls over
financial reporting” and “disclosure controls and procedures” are effective.

12

          (cc) Sarbanes-Oxley. There is and has been
no failure on the part of the Company or, to the knowledge of the Company, any
of the Company’s directors or officers, in their capacities as such, to comply
with any applicable provisions of the Sarbanes-Oxley Act and the rules and
regulations promulgated thereunder. Each of the principal executive officer and
the principal financial officer of the Company (or each former principal
executive officer of the Company and each former principal financial officer of
the Company as applicable) has made all certifications required by Sections 302
and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms,
statements and other documents required to be filed by it or furnished by it to
the Commission. For purposes of the preceding sentence, “principal executive
officer” and “principal financial officer” shall have the meanings given to such
terms in the Sarbanes-Oxley Act. 

          (dd) Finder’s Fees. The Company has
not incurred any liability for any finder’s fees, brokerage commissions or
similar payments in connection with the transactions herein contemplated, except
as may otherwise exist with respect to MLV pursuant to this Agreement.

          (ee) Labor Disputes. No labor disturbance by or dispute with
employees of the Company exists or, to the knowledge of the Company, is
threatened which would reasonably be expected to result in a Material Adverse
Effect 

          (ff) Investment Company Act. The Company is not, nor, after giving effect
to the offering and sale of the Placement Shares, will be an “investment
company” or an entity “controlled” by an “investment company,” as such terms are
defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”).

          (gg) Operations. The operations of the Company are and have been conducted at
all times in compliance with applicable financial record keeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions to which the Company
is subject, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any
governmental agency having jurisdiction over the Company (collectively, the
“Money Laundering Laws”), except as would not reasonably be expected to result in a
Material Adverse Effect; and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the
Company with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company, threatened. 

13

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

          (ii) Underwriter Agreements. The Company is not a party to any agreement
with an agent or underwriter for any other “at-the-market” or continuous equity
transaction, provided, however, that nothing in this Agreement shall prohibit
the Company from entering into a committed equity financing facility or similar
transaction. 

          (jj) ERISA. Except as disclosed in the Registration Statement or the
Prospectus, to the knowledge of the Company, (i) each material employee benefit
plan, within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), that is maintained,
administered or contributed to by the Company for employees or former employees
of the Company has been maintained in material compliance with its terms and the
requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Internal Revenue Code of 1986, as
amended (the “Code”); (ii) no prohibited transaction, within the meaning of Section 406 of
ERISA or Section 4975 of the Code, has occurred with respect to any such plan
excluding transactions effected pursuant to a statutory or administrative
exemption; and (iii) for each such plan, if any, that is subject to the funding
rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated
funding deficiency” as defined in Section 412 of the Code has been incurred,
whether or not waived, and the fair market value of the assets of each such plan
(excluding for these purposes accrued but unpaid contributions) equals or
exceeds the present value of all benefits accrued under such plan determined
using reasonable actuarial assumptions, other than, in the case of (i), (ii) and
(iii) above, as would not reasonably be expected to have a Material Adverse
Effect. 

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

14

          (ll) Margin
Rules. Neither the issuance, sale and
delivery of the Placement Shares nor the application of the proceeds thereof by
the Company as described in the Registration Statement and the Prospectus will
violate Regulation T, U or X of the Board of Governors of the Federal Reserve
System or any other regulation of such Board of Governors. 

          (mm) Insurance. The Company carries, or is covered by, insurance in such
amounts and covering such risks as the Company reasonably believes are adequate
for the use of its properties and as is customary for companies of similar size
engaged in similar businesses in similar industries. 

          (nn) No Improper Practices. (i) Neither the Company nor, to the Company’s
knowledge, any of its executive officers has, in the past five years, made any
unlawful contributions to any candidate for any political office (or failed
fully to disclose any contribution in violation of law) or made any contribution
or other payment to any official of, or candidate for, any federal, state,
municipal, or foreign office or other person charged with similar public or
quasi-public duty in violation of any law or of the character required to be
disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists
between or among the Company or, to the Company’s knowledge, any affiliate of
the Company, on the one hand, and the directors, officers and stockholders of
the Company, on the other hand, that is required by the Securities Act to be
described in the Registration Statement and the Prospectus that is not so
described; (iii) no relationship, direct or indirect, exists between or among
the Company or any affiliate of the Company, on the one hand, and the directors,
officers, stockholders or directors of the Company, on the other hand, that is
required by the rules of FINRA to be described in the Registration Statement and
the Prospectus that is not so described; (iv) there are no material outstanding
loans or advances or material guarantees of indebtedness by the Company to or
for the benefit of any of its officers or directors or any of the members of the
families of any of them; (v) the Company has not offered, or caused any
placement agent to offer, Common Stock to any person with the intent to
influence unlawfully (A) a customer or supplier of the Company to alter the
customer’s or supplier’s level or type of business with the Company or (B) a
trade journalist or publication to write or publish favorable information about
the Company or any of its products or services; and (vi) neither the Company
nor, to the Company’s knowledge, any employee or agent of the Company has made
any payment of funds of the Company or received or retained any funds in
violation of any law, rule or regulation (including, without limitation, the
Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of
funds is of a character required to be disclosed in the Registration Statement
or the Prospectus. 

          (oo) Status Under the Securities
Act. The Company was not and is not an
ineligible issuer as defined in Rule 405 under the Securities Act at the times
specified in Rules 164 and 433 under the Securities Act in connection with the
offering of the Placement Shares. 

          (pp) No Misstatement or Omission
in an Issuer Free Writing Prospectus. Each
Issuer Free Writing Prospectus, as of its issue date and as of each Applicable
Time (as defined in Section 24 below), did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus, including any
incorporated document deemed to be a part thereof that has not been superseded
or modified. The foregoing sentence does not apply to statements in or omissions
from any Issuer Free Writing Prospectus based upon and in conformity with
written information furnished to the Company by MLV specifically for use
therein.

15

          (qq) No Conflicts. Neither the execution of this Agreement by
the Company, nor the issuance, offering or sale of the Placement Shares, nor the
consummation by the Company of any of the transactions contemplated herein and
therein, nor the compliance by the Company with the terms and provisions hereof
and thereof will conflict with, or will result in a breach of, any of the terms
and provisions of, or has constituted or will constitute a default under, or has
resulted in or will result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company pursuant to the terms of
any contract or other agreement to which the Company is a party or to which any
of the property or assets of the Company is subject, except (i) such conflicts,
breaches or defaults as may have been waived and (ii) such conflicts, breaches,
defaults, liens, charges or encumbrances that would not reasonably be expected
to have a Material Adverse Effect; nor will such action result (x) in any
violation of the provisions of the certificate of incorporation or bylaws of the
Company, or (y) in any material violation of the provisions of any statute or
any order, rule or regulation applicable to the Company or of any court or of
any federal, state or other regulatory authority or other government body having
jurisdiction over the Company, except where such violation would not reasonably
be expected to have a Material Adverse Effect. 

          (rr) Clinical
Studies. The clinical, pre-clinical and other
studies and tests conducted by or, to the knowledge of the Company, on behalf of
the Company were, and, if still pending, are being, conducted in accordance in
all material respects with all applicable statutes, laws, rules and regulations
(including, without limitation, those administered by the United States Food and
Drug Administration (the “FDA”) or by any foreign, federal, state or local governmental or
regulatory authority performing functions similar to those performed by the
FDA), except where the failure do so would not have a Material Adverse Effect.
The Company has not received any written notices or other written correspondence
from the FDA or any other foreign, federal, state or local governmental or
regulatory authority performing functions similar to those performed by the FDA
requiring the Company to terminate or suspend any ongoing clinical or
pre-clinical studies or tests.

          (ss) Compliance Program. The Company has established and administers a
compliance program, in accordance with the standard operating procedures (SOPs)
identified by the Company in writing to MLV, applicable to the Company, to
assist the Company and the directors, officers and employees of the Company in
complying with applicable regulatory guidelines (including, without limitation,
those administered by the FDA and any other foreign, federal, state or local
governmental or regulatory authority performing function similar to those
performed by the FDA); except where such noncompliance would not reasonably be
expected to have a Material Adverse Effect. 

          (tt) OFAC. (i) Neither the Company nor, to the Company’s knowledge, any
director, officer, employee, agent, affiliate or representative of the Company,
is a government, individual, or entity (in this paragraph (tt), “Person”) that is, or is
owned or controlled by a Person that is: 

16

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

     (B) located, organized or resident
in a country or territory that is the subject of Sanctions (including, without
limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria).

          (ii)
The Company represents and covenants that the Company will not, directly or
indirectly, knowingly use the proceeds of the offering, or knowingly lend,
contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person: 

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

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

          (iii)
The Company represents and covenants that, except as detailed in the Prospectus,
for the past five years, the Company has not knowingly engaged in, is not now
knowingly engaged in, and will not knowingly engage in, any dealings or
transactions with any Person, or in any country or territory, that at the time
of the dealing or transaction is or was the subject of Sanctions. 

          (uu) Stock Transfer Taxes. On each Settlement Date, all stock transfer
or other taxes (other than income taxes) which are required to be paid in
connection with the sale and transfer of the Placement Shares to be sold
hereunder will be, or will have been, fully paid or provided for by the Company
and all laws imposing such taxes will be or will have been fully complied with
in all material respects. 

     Any certificate signed by an officer
of the Company and delivered to MLV or to counsel for MLV pursuant to or in
connection with this Agreement shall be deemed to be a representation and
warranty by the Company, as applicable, to MLV as to the matters set forth
therein.

     7.
Covenants of the Company. The Company covenants and agrees with MLV that: 

          (a) Registration Statement
Amendments. After the date of this Agreement
and during any period in which a prospectus relating to any Placement Shares is
required to be delivered by MLV under the Securities Act (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under
the Securities Act) (the “Prospectus
Delivery Period”), (i) the Company will notify
MLV promptly of the time when any subsequent amendment to the Registration
Statement, other than documents incorporated by reference, has been filed with
the Commission and/or has become effective or any subsequent supplement to the
Prospectus (other than documents incorporated by reference therein) has been
filed and of any request by the Commission for any amendment or supplement to
the Registration Statement or Prospectus or for additional information, (ii) the
Company will not file any amendment or supplement to the Registration Statement
or Prospectus (except for documents incorporated by reference therein) unless a
copy thereof has been submitted to MLV at least two Business Days before the
filing and MLV has not reasonably and in good faith objected thereto within two
Business Days of receiving such copy (provided, however, that (A) the failure of
MLV to make such objection shall not relieve the Company of any obligation or
liability hereunder, or affect MLV’s right to rely on the representations and
warranties made by the Company in this Agreement, (B) the Company has no
obligation to provide MLV any advance copy of such filing or to provide MLV an
opportunity to object to such filing if such filing does not name MLV or does
not relate to the transactions contemplated by this Agreement, and (C) the only
remedy MLV shall have with respect to the failure by the Company to provide MLV
with such copy or the filing of such amendment or supplement despite MLV’s
objection shall be to cease making sales under this Agreement) and the Company
will furnish to MLV at the time of filing thereof a copy of any document that
upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and
(iii) the Company will cause each amendment or supplement to the Prospectus to
be filed with the Commission as required pursuant to the applicable paragraph of
Rule 424(b) of the Securities Act or, in the case of any document to be
incorporated therein by reference, to be filed with the Commission as required
pursuant to the Exchange Act, within the time period prescribed (the
determination to file or not file any amendment or supplement with the
Commission under this Section 7(a), based on the Company’s reasonable opinion or
reasonable objections, shall be made exclusively by the Company).

17

          (b) Notice of Commission Stop
Orders. The Company will advise MLV, promptly
after it receives notice or obtains knowledge thereof, of the issuance or
threatened issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement, of the suspension of the
qualification of the Placement Shares for offering or sale in any jurisdiction,
or of the initiation or threatening of any proceeding for any such purpose; and
it will promptly use its commercially reasonable efforts to prevent the issuance
of any stop order or to obtain its withdrawal if such a stop order should be
issued. The Company will advise MLV promptly after it receives any request by
the Commission for any amendments to the Registration Statement or any amendment
or supplements to the Prospectus or any Issuer Free Writing Prospectus or for
additional information related to the offering of the Placement Shares or for
additional information related to the Registration Statement, the Prospectus or
any Issuer Free Writing Prospectus. 

          (c) Delivery of Prospectus;
Subsequent Changes. During the Prospectus
Delivery Period, the Company will use commercially reasonable efforts to comply
in all material respects with all requirements imposed upon it by the Securities
Act, as from time to time in force, and to file on or before their respective
due dates all reports and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If
the Company has omitted any information from the Registration Statement pursuant
to Rule 430A under the Securities Act, it will use its best efforts to comply
with the provisions of and make all requisite filings with the Commission
pursuant to said Rule 430A and to notify MLV promptly of all such filings. If
during the Prospectus Delivery Period any event occurs as a result of which the
Prospectus as then amended or supplemented would include an untrue statement of
a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances then existing, not
misleading, or if during such Prospectus Delivery Period it is necessary to
amend or supplement the Registration Statement or Prospectus to comply with the
Securities Act, the Company will promptly notify MLV to suspend the offering of
Placement Shares during such period and the Company will promptly amend or
supplement the Registration Statement or Prospectus (at the expense of the
Company) so as to correct such statement or omission or effect such compliance;
provided, however, that the Company may delay any such amendment or supplement
if, in the judgment of the Company, it is in the best interests of the Company
to do so.

18

          (d) Listing of Placement
Shares. During the Prospectus Delivery
Period, the Company will use its commercially reasonable efforts to cause the
Placement Shares to be listed on the Exchange and to qualify the Placement
Shares for sale under the securities laws of such jurisdictions as MLV
reasonably designates and to continue such qualifications in effect so long as
required for the distribution of the Placement Shares; provided, however, that
the Company shall not be required in connection therewith to qualify as a
foreign corporation or dealer in securities or file a general consent to service
of process in any jurisdiction. 

          (e) Delivery of Registration
Statement and Prospectus. The Company will
furnish to MLV and its counsel (at the expense of the Company) copies of the
Registration Statement, the Prospectus (including all documents incorporated by
reference therein) and all amendments and supplements to the Registration
Statement or Prospectus that are filed with the Commission during the Prospectus
Delivery Period (including all documents filed with the Commission during such
period that are deemed to be incorporated by reference therein), in each case as
soon as reasonably practicable and in such quantities as MLV may from time to
time reasonably request and, at MLV’s request, will also furnish copies of the
Prospectus to each exchange or market on which sales of the Placement Shares may
be made; provided, however, that the Company shall not be required to furnish any document (other
than the Prospectus) to MLV to the extent such document is available on
EDGAR.

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

          (g) Use of Proceeds. The Company will use the Net Proceeds as
described in the Prospectus in the section entitled “Use of Proceeds.”

          (h) Notice of Other
Sales. Without the prior written consent of
MLV, the Company will not, directly or indirectly, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Stock
(other than the Placement Shares offered pursuant to this Agreement) or
securities convertible into or exchangeable for Common Stock, warrants or any
rights to purchase or acquire, Common Stock during the period beginning on the
fifth (5th) Trading Day immediately prior to the date on which any Placement
Notice is delivered to MLV hereunder and ending on the fifth (5th) Trading Day
immediately following the final Settlement Date with respect to Placement Shares
sold pursuant to such Placement Notice (or, if the Placement Notice has been
terminated or suspended prior to the sale of all Placement Shares covered by a
Placement Notice, the date of such suspension or termination); and, at any time
during which a Placement Notice is pending and for five (5) Trading Days after
the last sale of Placement Shares under such Placement Notice, will not directly
or indirectly in any other “at the market” or continuous equity transaction
offer to sell, sell, contract to sell, grant any option to sell or otherwise
dispose of any shares of Common Stock (other than the Placement Shares offered
pursuant to this Agreement) or securities convertible into or exchangeable for
Common Stock, warrants or any rights to purchase or acquire, Common Stock prior
to the termination of this Agreement with respect to Placement Shares sold
pursuant to such Placement Notice; provided, however, that such restrictions will
not be required in connection with the Company’s issuance or sale of (i) Common
Stock, options to purchase Common Stock or equity awards or Common Stock
issuable upon the exercise of options or vesting of equity awards, pursuant to
any employee or director equity compensation or benefits plan, stock ownership
plan or dividend reinvestment plan (but not Common Stock subject to a waiver to
exceed plan limits in its dividend reinvestment plan) of the Company whether now
in effect or hereafter implemented; (ii) Common Stock issuable upon conversion
of securities or the exercise or vesting of warrants, options or other rights in
effect or outstanding, and disclosed in filings by the Company available on
EDGAR or otherwise in writing to MLV and (iii) Common Stock, or securities
convertible into or exercisable for Common Stock, offered and sold in a
privately negotiated transaction to vendors, customers, investors, strategic
partners or potential strategic partners and otherwise conducted in a manner so
as not to be integrated with the offering of Common Stock hereby. 

19

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

          (j) Due Diligence
Cooperation. The Company will cooperate with
any reasonable due diligence review conducted by MLV or its representatives in
connection with the transactions contemplated hereby, including, without
limitation, providing information and making available documents and senior
corporate officers, during regular business hours and at the Company’s principal
offices or such other location mutually agreeable by the parties, as MLV may
reasonably request. 

          (k) Required Filings Relating
to Placement of Placement Shares. To the
extent that the filing of a prospectus supplement with the Commission with
respect to a placement of Placement Shares becomes required under Rule 424(b)
under the Securities Act, the Company agrees that on such dates as the
Securities Act shall require, the Company will (i) file a prospectus supplement
with the Commission under the applicable paragraph of Rule 424(b) under the
Securities Act (the date of each and every such filing under Rule 424(b), a
“Filing Date”), which prospectus supplement will set forth, within the relevant
period, the amount of Placement Shares sold through MLV, the Net Proceeds to the
Company and the compensation payable by the Company to MLV with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus
supplement to each exchange or market on which such sales were effected as may
be required by the rules or regulations of such exchange or market. 

20

          (l) Representation Dates;
Certificate. Each time during the term of
this Agreement that the Company:

(i) post-effectively amends the
Registration Statement or supplements the Prospectus, in either case such that
the audited financial information contained therein is materially amended, but
not by means of incorporation of documents by reference into the Registration
Statement or the Prospectus relating to the Placement Shares; 

(ii) files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A
containing restated financial statements or a material amendment to the
previously filed Form 10-K); 

(iii) files its
quarterly reports on Form 10-Q under the Exchange Act; or

(iv) files a current report on Form 8-K containing amended audited financial
information (other than information “furnished” pursuant to Items 2.02 or 7.01
of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating
to the reclassification of certain properties as discontinued operations in
accordance with Statement of Financial Accounting Standards No. 144) under the
Exchange Act; 

(Each date of filing of one or
more of the documents referred to in clauses (i) through (iv) shall be a
“Representation Date”) 

the Company shall furnish MLV (but in the
case of clause (iv) above only if MLV reasonably determines that the information
contained in such Form 8-K is material) with a certificate, in the form attached
hereto as Exhibit 7(l). The requirement to provide a certificate under this
Section 7(l) shall be automatically waived for any Representation Date occurring
at a time at which no Placement Notice is pending, which waiver shall continue
until the date the Company delivers a Placement Notice hereunder (which for such
calendar quarter shall be considered a Representation Date); provided, however, that such waiver
shall not apply for any Representation Date on which the Company files its
annual report on Form 10-K. Notwithstanding the foregoing, if the Company
subsequently decides to sell Placement Shares following a Representation Date
when the Company relied on such waiver and did not provide MLV with a
certificate under this Section 7(l), then before the Company delivers the
Placement Notice or MLV sells any Placement Shares, the Company shall provide
MLV with a certificate, in the form attached hereto as Exhibit 7(l), dated the
date of the Placement Notice. In addition to the requirement to provide
certificates under this Section 7(l) with respect to Representation Dates, on or
prior to the date of the first Placement Notice given hereunder, the Company
shall furnish MLV with a certificate under this Section 7(l).

          (m) Legal Opinion. On or prior to the date of the first
Placement Notice given hereunder, the Company shall cause to be furnished to MLV
a written opinion and letter of Cooley LLP (“Company Counsel”), or such other
counsel reasonably satisfactory to MLV, covering opinions and statements
substantially in the forms attached hereto as Exhibits 7(m)(1) and 7(m)(2).
Thereafter within five (5) Trading Days of each Representation Date with respect
to which the Company is obligated to deliver a certificate in the form attached
hereto as Exhibit 7(l) for which no waiver is applicable, the Company shall
cause to be furnished to MLV a letter of Company Counsel, or other counsel
reasonably satisfactory to MLV, covering statements substantially in the form
attached hereto as Exhibits 7(m)(2), modified, as necessary, to relate to the
Registration Statement and the Prospectus as then amended or supplemented;
provided,
however,
the Company shall be required to furnish to MLV no more than one letter
hereunder per calendar quarter and the Company shall not be required to furnish
any such letter if the Company does not intend to deliver a Placement Notice in
such calendar quarter until such time as the Company delivers its next Placement
Notice; provided, further, that in lieu of such letters for subsequent periodic filings under the
Exchange Act, counsel may furnish MLV with a letter (a “Reliance Letter”) to the effect that
MLV may rely on a prior letter delivered under this Section 7(m) to the same
extent as if it were dated the date of such letter (except that statements in
such prior letter shall be deemed to relate to the Registration Statement and
the Prospectus as amended or supplemented as of the date of the Reliance
Letter). 

21

          (n)
Comfort Letter. On or prior to the date the first Placement Notice is given hereunder and
thereafter within five (5) Trading Days after each Representation Date referred
to in Section 7(l)(ii), the Company shall cause its independent accountants to
furnish MLV letters (the “Comfort
Letters”), dated the date the Comfort Letter
is delivered, which shall meet the requirements set forth in this Section 7(n);
provided, that if requested by MLV, the Company shall cause a Comfort Letter to
be furnished to MLV prior to the tenth (10th) Trading Day after the date of
occurrence of any material transaction or event (including the restatement of
the Company’s financial statements) requiring the filing of a current report on
Form 8-K containing material financial information and the date the first
Placement Notice is given hereunder following such a material transaction or
event, whichever is later. The Comfort Letter from the Company’s independent
accountants shall be in a form and substance reasonably satisfactory to MLV, (i)
confirming that they are an independent public accounting firm within the
meaning of the Securities Act and the PCAOB, (ii) stating, as of such date, the
conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants’ “comfort letters” to
underwriters in connection with registered public offerings (the first such
letter, the “Initial Comfort
Letter”) and (iii) updating the Initial
Comfort Letter with any information that would have been included in the Initial
Comfort Letter had it been given on such date and modified as necessary to
relate to the Registration Statement and the Prospectus, as amended and
supplemented to the date of such letter. 

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

          (p)
Investment Company Act. The Company will conduct its affairs in such a manner so as to
reasonably ensure that it will not be or become, at any time prior to the
termination of this Agreement, an “investment company,” as such term is defined
in the Investment Company Act. 

          (q)
No Offer to Sell. Other than an Issuer Free Writing Prospectus approved in advance by the
Company and MLV in its capacity as agent hereunder, neither MLV nor the Company
(including its agents and representatives, other than MLV in their capacity as
such) will make, use, prepare, authorize, approve or refer to any written
communication (as defined in Rule 405 under the Securities Act), required to be
filed with the Commission, that constitutes an offer to sell or solicitation of
an offer to buy Placement Shares hereunder. 

22

          (r)
Sarbanes-Oxley Act. The Company will maintain and keep accurate books and records reflecting
its assets and maintain internal accounting controls in a manner designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles and including those policies and procedures that (i)
pertain to the maintenance of records that in reasonable detail accurately and
fairly reflect the transactions and dispositions of the assets of the Company,
(ii) provide reasonable assurance that transactions are recorded as necessary to
permit the preparation of the Company’s consolidated financial statements in
accordance with generally accepted accounting principles, (iii) that receipts
and expenditures of the Company are being made only in accordance with
management’s and the Company’s directors’ authorization, and (iv) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Company’s assets that could have a
material effect on its financial statements. The Company will maintain such
controls and other procedures, including, without limitation, those required by
Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations
thereunder that are designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms, including, without limitation, controls and
procedures designed to ensure that information required to be disclosed by the
Company in the reports that it files or submits under the Exchange Act is
accumulated and communicated to the Company’s management, including its
principal executive officer and principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure and to ensure that material information relating to the
Company is made known to them by others within those entities, particularly
during the period in which such periodic reports are being prepared. 

     8. Representations and
Covenants of MLV. MLV represents and warrants
that it is duly registered as a broker-dealer under FINRA, the Exchange Act and
the applicable statutes and regulations of each state in which the Placement
Shares will be offered and sold, except such states in which MLV is exempt from
registration or such registration is not otherwise required. MLV shall continue,
for the term of this Agreement, to be duly registered as a broker-dealer under
FINRA, the Exchange Act and the applicable statutes and regulations of each
state in which the Placement Shares will be offered and sold, except such states
in which MLV is exempt from registration or such registration is not otherwise
required, during the term of this Agreement. MLV will comply with all applicable
laws and regulations (including, without limitation, Regulation M) in connection
with performing its obligations under this Agreement. 

    
9. Payment of Expenses.

         
(a) The Company will pay all expenses incident to the performance of its
obligations under this Agreement, including (i) the preparation, filing,
including any fees required by the Commission, and printing of the Registration
Statement (including financial statements and exhibits) as originally filed and
of each amendment and supplement thereto and each Issuer Free Writing
Prospectus, in such number as MLV shall reasonably deem necessary, (ii) the
printing and delivery to MLV of this Agreement and such other documents as may
be required in connection with the offering, purchase, sale, issuance or
delivery of the Placement Shares, (iii) the preparation, issuance and delivery
of the certificates, if any, for the Placement Shares to MLV, including any
stock or other transfer taxes and any capital duties, stamp duties or other
duties or taxes payable upon the sale, issuance or delivery of the Placement
Shares to MLV, (iv) the fees and disbursements of the counsel, accountants and
other advisors to the Company, (v) the reasonable fees and disbursements of
counsel to MLV incurred in connection with the transactions contemplated by this
Agreement, up to a maximum amount of $20,000, (vi) the fees and expenses of the
transfer agent and registrar for the Common Stock, (vii) the filing fees
incident to any review by FINRA of the terms of the sale of the Placement
Shares, and (viii) the fees and expenses incurred in connection with the listing
of the Placement Shares on the Exchange. 

23

     10. Conditions to MLV’s
Obligations. The obligations of MLV hereunder
with respect to a Placement will be subject to the continuing accuracy and
completeness of the representations and warranties made by the Company herein,
to the due performance by the Company of its obligations hereunder, to the
completion by MLV of a due diligence review satisfactory to it in its reasonable
judgment, and to the continuing satisfaction (or waiver by MLV in its sole
discretion) of the following additional conditions: 

         
(a) Registration Statement Effective. The
Registration Statement shall have become effective and shall be available for
the sale of all Placement Shares contemplated to be issued by any Placement
Notice. 

         
(b) No Material Notices. None of the
following events shall have occurred and be continuing: (i) receipt by the
Company of any request for additional information from the Commission or any
other federal or state governmental authority during the period of effectiveness
of the Registration Statement, the response to which would require any
post-effective amendments or supplements to the Registration Statement or the
Prospectus; (ii) the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose;
(iii) receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Placement
Shares for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; or (iv) any event that makes any material statement
made in the Registration Statement or the Prospectus or any material document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in the Registration
Statement, the Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any materially untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading and, that in the case of
the Prospectus, it will not contain any materially untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 

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

         
(d) Material Changes. Except as
contemplated in the Prospectus, or disclosed in the Company’s reports filed with
the Commission, there shall not have been any material adverse change, on a
consolidated basis, in the authorized capital stock of the Company or any
Material Adverse Effect, or any development in the business or affairs of the
Company that could reasonably be expected to cause a Material Adverse Effect.

24

         
(e) Legal Opinion and Letters. MLV shall
have received the opinion and letters, as applicable, of Company Counsel
required to be delivered pursuant Section 7(m) on or before the date on which
such delivery of such opinion and letters, as applicable, are required pursuant
to Section 7(m). 

         
(f) Comfort Letter. MLV shall have
received the Comfort Letter required to be delivered pursuant Section 7(n) on or
before the date on which such delivery of such letter is required pursuant to
Section 7(n). 

         
(g) Representation Certificate. MLV shall
have received the certificate required to be delivered pursuant to Section 7(l)
on or before the date on which delivery of such certificate is required pursuant
to Section 7(l). 

         
(h) No Suspension. Trading in the Common
Stock shall not have been suspended on the Exchange and the Common Stock shall
not have been delisted from the Exchange. 

         
(i) Securities Act Filings Made. All
filings with the Commission required by Rule 424 under the Securities Act to
have been filed prior to the issuance of any Placement Notice hereunder shall
have been made within the applicable time period prescribed for such filing by
Rule 424. 

         
(j) Approval for Listing. The Placement
Shares shall either have been approved for listing on the Exchange, subject only
to notice of issuance, or the Company shall have filed an application for
listing of the Placement Shares on the Exchange at, or prior to, the issuance of
any Placement Notice. 

         
(k) No Termination Event. There shall not
have occurred any event that would permit MLV to terminate this Agreement
pursuant to Section 13(a). 

    
11. Indemnification and Contribution.

         
(a) Company Indemnification. The Company
agrees to indemnify and hold harmless MLV, its partners, members, directors,
officers, employees and agents and each person, if any, who controls MLV within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act as follows: 

              
(i) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, joint or several, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement (or any amendment thereto), 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 in any related
Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto), or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

25

              
(ii) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, joint or several, 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 11(d) below) any such
settlement is effected with the written consent of the Company, which consent
shall not unreasonably be delayed or withheld; and 

              
(iii) against any and all expense whatsoever, as incurred (including the
reasonable fees and disbursements of counsel), 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 solely in reliance upon
and in conformity with written information furnished to the Company by MLV
expressly for use in the Registration Statement (or any amendment thereto) or in
any related Issuer Free Writing Prospectus or the Prospectus (or any amendment
or supplement thereto).

         
(b) MLV Indemnification. MLV agrees to
indemnify and hold harmless the Company and its directors and each officer of
the Company who signed the Registration Statement, and each person, if any, who
(i) controls the Company within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act or (ii) is controlled by or is under common
control with the Company against any and all loss, liability, claim, damage and
expense described in the indemnity contained in Section 11(a), as incurred, but
only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendments
thereto) or any Issuer Free Writing Prospectus or the Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with
information furnished to the Company in writing by MLV expressly for use
therein. 

26

         
(c) Procedure. Any party that proposes to
assert the right to be indemnified under this Section 11 will, promptly after
receipt of notice of commencement of any action against such party in respect of
which a claim is to be made against an indemnifying party or parties under this
Section 11, notify each such indemnifying party of the commencement of such
action, enclosing a copy of all papers served, but the omission so to notify
such indemnifying party will not relieve the indemnifying party from (i) any
liability that it might have to any indemnified party otherwise than under this
Section 11 and (ii) any liability that it may have to any indemnified party
under the foregoing provision of this Section 11 unless, and only to the extent
that, such omission results in the forfeiture or material impairment of
substantive rights or defenses by the indemnifying party. If any such action is
brought against any indemnified party and it notifies the indemnifying party of
its commencement, the indemnifying party will be entitled to participate in and,
to the extent that it elects by delivering written notice to the indemnified
party promptly after receiving notice of the commencement of the action from the
indemnified party, jointly with any other indemnifying party similarly notified,
to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the
indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other
expenses except as provided below and except for the reasonable costs of
investigation subsequently incurred by the indemnified party in connection with
the defense. The indemnified party will have the right to employ its own counsel
in any such action, but the fees, expenses and other charges of such counsel
will be at the expense of such indemnified party unless (1) the employment of
counsel by the indemnified party has been authorized in writing by the
indemnifying party, (2) the indemnified party has reasonably concluded (based on
written advice of counsel) that there may be legal defenses available to it or
other indemnified parties that are different from or in addition to those
available to the indemnifying party, (3) a conflict or potential conflict exists
(based on written advice of counsel to the indemnified party) between the
indemnified party and the indemnifying party (in which case the indemnifying
party will not have the right to direct the defense of such action on behalf of
the indemnified party) or (4) the indemnifying party has not in fact employed
counsel to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time for all such indemnified party or
parties. All such fees, disbursements and other charges will be reimbursed by
the indemnifying party promptly after the indemnifying party receives a written
invoice relating to fees, disbursements and other charges in reasonable detail.
An indemnifying party will not, in any event, be liable for any settlement of
any action or claim effected without its written consent. No indemnifying party
shall, without the prior written consent of each indemnified party, settle or
compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding relating to the matters contemplated by this Section
11 (whether or not any indemnified party is a party thereto), unless such
settlement, compromise or consent (1) includes an unconditional release of each
indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (2) 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. 

27

         
(d) Contribution. In order to provide for
just and equitable contribution in circumstances in which the indemnification
provided for in the foregoing paragraphs of this Section 11 is applicable in
accordance with its terms but for any reason is held to be unavailable from the
Company or MLV, the Company and MLV will contribute to the total losses, claims,
liabilities, expenses and damages (including any investigative, legal and other
expenses reasonably incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claim asserted, but after
deducting any contribution received by the Company from persons other than MLV,
such as persons who control the Company within the meaning of the Securities
Act, officers of the Company who signed the Registration Statement and directors
of the Company, who also may be liable for contribution) to which the Company
and MLV may be subject in such proportion as shall be appropriate to reflect the
relative benefits received by the Company on the one hand and MLV on the other
hand. The relative benefits received by the Company on the one hand and MLV on
the other hand shall be deemed to be in the same proportion as the total net
proceeds from the sale of the Placement Shares (before deducting expenses)
received by the Company bear to the total compensation received by MLV (before
deducting expenses) from the sale of Placement Shares on behalf of the Company.
If, but only if, the allocation provided by the foregoing sentence is not
permitted by applicable law, the allocation of contribution shall be made in
such proportion as is appropriate to reflect not only the relative
benefits referred to in the foregoing sentence but also the relative fault of
the Company, on the one hand, and MLV, on the other hand, with respect to the
statements or omission that resulted in such loss, claim, liability, expense or
damage, or action in respect thereof, as well as any other relevant equitable
considerations with respect to such offering. Such relative fault shall be
determined by reference to, among other things, whether the 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 MLV, the intent
of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and
MLV agree that it would not be just and equitable if contributions pursuant to
this Section 11(d) were to be determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action
in respect thereof, referred to above in this Section 11(d) shall be deemed to
include, for the purpose of this Section 11(d), any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim to the extent consistent with Section
11(c) hereof. Notwithstanding the foregoing provisions of this Section 11(d),
MLV shall not be required to contribute any amount in excess of the commissions
received by it under this Agreement and no person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 11(d), any person who
controls a party to this Agreement within the meaning of the Securities Act, and
any officers, directors, partners, employees or agents of MLV, will have the
same rights to contribution as that party, and each officer and director of the
Company who signed the Registration Statement will have the same rights to
contribution as the Company, subject in each case to the provisions hereof. Any
party entitled to contribution, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim for contribution
may be made under this Section 11(d), will notify any such party or parties from
whom contribution may be sought, but the omission to so notify will not relieve
that party or parties from whom contribution may be sought from any other
obligation it or they may have under this Section 11(d) except to the extent
that the failure to so notify such other party materially prejudiced the
substantive rights or defenses of the party from whom contribution is sought.
Except for a settlement entered into pursuant to the last sentence of Section
11(c) hereof, no party will be liable for contribution with respect to any
action or claim settled without its written consent if such consent is required
pursuant to Section 11(c) hereof. 

     12. Representations and
Agreements to Survive Delivery. The indemnity
and contribution agreements contained in Section 11 of this Agreement and all
representations and warranties of the Company and MLV herein or in certificates
delivered pursuant hereto shall survive, as of their respective dates,
regardless of (i) any investigation made by or on behalf of MLV, any controlling
persons, or the Company (or any of their respective officers, directors or
controlling persons), (ii) delivery and acceptance of the Placement Shares and
payment therefor or (iii) any termination of this Agreement. 

28

    
13. Termination.

         
(a) MLV may terminate this Agreement, by notice to the Company, as
hereinafter specified at any time (1) if there has been, since the time of
execution of this Agreement or since the date as of which information is given
in the Prospectus, any Material Adverse Effect, or any development that is
reasonably likely to have a Material Adverse Effect or in the sole
judgment of MLV makes it impractical or inadvisable to market the Placement
Shares or to enforce contracts for the sale of the Placement Shares, (2) 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 sole judgment of MLV, impracticable or inadvisable to
market the Placement Shares or to enforce contracts for the sale of the
Placement Shares, (3) if trading in the Common Stock has been suspended or
limited by the Commission or the Exchange, or if trading generally on the
Exchange has been suspended or limited, or minimum prices for trading have been
fixed on the Exchange, (4) if any suspension of trading of any securities of the
Company on any exchange or in the over-the-counter market shall have occurred
and be continuing for at least ten (10) consecutive Trading Days, (5) if a major
disruption of securities settlements or clearance services in the United States
shall have occurred and be continuing, or (6) if a banking moratorium has been
declared by either U.S. Federal or New York authorities. Any such termination
shall be without liability of any party to any other party except that the
provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and
Contribution), Section 12 (Representations and Agreements to Survive Delivery),
Section 18 (Governing Law and Time; Waiver of Jury Trial) and Section 19
(Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination. If MLV elects to terminate this Agreement as
provided in this Section 13(a), MLV shall provide the required notice as
specified in Section 14 (Notices). 

          (b) The Company shall have the right, by giving ten (10) days
notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination
shall be without liability of any party to any other party except that the
provisions of Section 9, Section 11, Section 12, Section 18 and Section 19
hereof shall remain in full force and effect notwithstanding such
termination.

         
(c) MLV shall have the right, by giving ten (10) days notice as hereinafter
specified to terminate this Agreement in its sole discretion at any time after
the date of this Agreement. Any such termination shall be without liability of
any party to any other party except that the provisions of Section 9, Section
11, Section 12, Section 18 and Section 19 hereof shall remain in full force and
effect notwithstanding such termination.

         
(d) Unless earlier terminated pursuant to this Section 13, this Agreement
shall automatically terminate upon the earlier to occur of (i) the third
(3rd) year anniversary of the date hereof and (ii) the issuance and
sale of all of the Placement Shares through MLV on the terms and subject to the
conditions set forth herein except that the provisions of Section 9, Section 11,
Section 12, Section 18 and Section 19 hereof shall remain in full force and
effect notwithstanding such termination.

         
(e) This Agreement shall remain in full force and effect unless terminated
pursuant to Sections 13(a), (b), (c), or (d) above or otherwise by mutual
agreement of the parties; provided, however, that any such termination by mutual
agreement shall in all cases be deemed to provide that Section 9, Section 11,
Section 12, Section 18 and Section 19 shall remain in full force and effect.
Upon termination of this Agreement, the Company shall not have any liability to
MLV for any discount, commission or other compensation with respect to any
Placement Shares not otherwise sold by MLV under this Agreement. 

29

         
(f) Any termination of this Agreement shall be effective on the date
specified in such notice of termination; provided, however, that such
termination shall not be effective until the close of business on the date of
receipt of such notice by MLV or the Company, as the case may be. If such
termination shall occur prior to the Settlement Date for any sale of Placement
Shares, such Placement Shares shall settle in accordance with the provisions of
this Agreement. 

    
14. Notices. All notices or other
communications required or permitted to be given by any party to any other party
pursuant to the terms of this Agreement shall be in writing, unless otherwise
specified, and if sent to MLV, shall be delivered to:

	          	MLV
      & Co. LLC
		1251
      Avenue of the Americas, 41st Floor
		New
      York, NY 10020
	 	Attention:	General
      Counsel
		Telephone:      	(212) 542-5870
		Facsimile:	(212) 317-1515

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

	          	LeClairRyan, A Professional Corporation
		885
      Third Avenue, 16th Floor
	 	New
      York, NY 10022
		Attention:	James T.
      Seery
		Telephone:      	(973)
      491-3315
		Facsimile:	(973)
      491-3415

and if to the Company, shall be delivered
to: 

	          	Geron
      Corporation
		149
      Commonwealth Drive
	 	Menlo
      Park, CA 94025
		Attention:	General
      Counsel
		Telephone:      	(650)
      566-7276
		Facsimile:	(650)
      473-7701

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

	          	Cooley
      LLP
		3175
      Hanover Street
	 	Palo
      Alto, CA 94304
		Attention:	Chadwick
      Mills
		Telephone:      	(650)
      843-5654
		Facsimile:	(650)
      849-7400

     Each party to
this Agreement may change such address for notices by sending to the parties to
this Agreement written notice of a new address for such purpose. Each such
notice or other communication shall be deemed given (i) when delivered
personally or by verifiable facsimile transmission (with an original to follow)
on or before 4:30 p.m., New York City time, on a
Business Day or, if such day is not a Business Day, on the next succeeding
Business Day, (ii) on the next Business Day after timely delivery to a
nationally-recognized overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return
receipt requested, postage prepaid). For purposes of this Agreement,
“Business Day” shall mean any day on which the Exchange and commercial banks in the
City of New York are open for business. 

30

     An electronic
communication (“Electronic
Notice”) shall be deemed written notice for
purposes of this Section 14 if sent to the electronic mail address specified by
the receiving party under separate cover. Electronic Notice shall be deemed
received at the time the party sending Electronic Notice receives confirmation
of receipt by the receiving party. Any party receiving Electronic Notice may
request and shall be entitled to receive the notice on paper, in a nonelectronic
form (“Nonelectronic Notice”) which shall be sent to the requesting party within ten
(10) days of receipt of the written request for Nonelectronic Notice.

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

    
16. Adjustments for Stock Splits. The
parties acknowledge and agree that all share-related numbers contained in this
Agreement shall be adjusted to take into account any share consolidation, stock
split, stock dividend, corporate domestication or similar event effected with
respect to the Placement Shares. 

    
17. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and
Placement Notices issued pursuant hereto), together with that certain side
letter agreement between the Company and MLV dated the date hereof and that
certain Confidential Disclosure Agreement, dated May 30, 2012, by and between
the Company and MLV (the “CDA”), constitute the entire agreement of the parties with
respect to the subject matter hereof and supersedes all other prior and
contemporaneous agreements and undertakings, both written and oral, among the
parties hereto with regard to the subject matter hereof. Moreover, the Company
and MLV agree that all exchanges of information hereunder shall be governed by
the terms of the CDA, which CDA the parties agree is and shall hereby be amended
to remain in full force and effect at all times during the term of this
Agreement. Neither this Agreement nor any term hereof may be amended except
pursuant to a written instrument executed by the Company and MLV. In the event
that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable as
written by a court of competent jurisdiction, then such provision shall be given
full force and effect to the fullest possible extent that it is valid, legal and
enforceable, and the remainder of the terms and provisions herein shall be
construed as if such invalid, illegal or unenforceable term or provision was not
contained herein, but only to the extent that giving effect to such provision
and the remainder of the terms and provisions hereof shall be in accordance with
the intent of the parties as reflected in this Agreement. 

31

    
18. GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY
TIME. THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 

    
19. CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY
OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY
IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH
COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM
OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY
HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS
BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF
(CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE
ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH
SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT
TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. 

    
20. Use of Information. MLV may not use
any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to advise any party
with respect to transactions not expressly approved by the Company. 

    
21. Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery
of an executed Agreement by one party to the other may be made by facsimile
transmission. 

    
22. Effect of Headings. The section and
Exhibit headings herein are for convenience only and shall not affect the
construction hereof. 

32

    
23. Permitted Free Writing Prospectuses.
The Company represents, warrants and agrees that, unless it obtains the prior
consent of MLV (such consent not to be unreasonably withheld, conditioned or
delayed), and MLV represents, warrants and agrees that, unless it obtains the
prior consent of the Company (such consent not to be unreasonably withheld,
conditioned or delayed), it has not made and will not make any offer relating to
the Placement Shares that would constitute an Issuer Free Writing Prospectus, or
that would otherwise constitute a “free writing prospectus,” as defined in Rule
405, required to be filed with the Commission. Any such free writing prospectus
consented to by MLV or by the Company, as the case may be, is hereinafter
referred to as a “Permitted Free Writing Prospectus.” The Company represents and
warrants that it has treated and agrees that it will treat each Permitted Free
Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule
433, and has complied and will comply with the requirements of Rule 433
applicable to any Permitted Free Writing Prospectus, including timely filing
with the Commission where required, legending and record keeping. For the
purposes of clarity, the parties hereto agree that all free writing
prospectuses, if any, listed in Exhibit 23 hereto are Permitted Free Writing
Prospectuses. 

    
24. Absence of Fiduciary Relationship. The
Company acknowledges and agrees that: 

         
(a) MLV is acting solely as agent in connection with the public offering of
the Placement Shares and in connection with each transaction contemplated by
this Agreement and the process leading to such transactions, and no fiduciary or
advisory relationship between the Company or any of its respective affiliates,
stockholders (or other equity holders), creditors or employees or any other
party, on the one hand, and MLV, on the other hand, has been or will be created
in respect of any of the transactions contemplated by this Agreement,
irrespective of whether or not MLV has advised or is advising the Company on
other matters, and MLV has no obligation to the Company with respect to the
transactions contemplated by this Agreement except the obligations expressly set
forth in this Agreement;

         
(b) it
is capable of evaluating and understanding, and understands and accepts, the
terms, risks and conditions of the transactions contemplated by this Agreement;

         
(c) MLV has not provided any legal, accounting, regulatory or tax advice with
respect to the transactions contemplated by this Agreement and it has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate; 

         
(d) it
is aware that MLV and its affiliates are engaged in a broad range of
transactions which may involve interests that differ from those of the Company
and MLV has no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship or
otherwise; and 

         
(e) it
waives, to the fullest extent permitted by law, any claims it may have against
MLV for breach of fiduciary duty or alleged breach of fiduciary duty in
connection with the sale of Placement Shares under this Agreement and agrees
that MLV shall not have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any
person asserting a fiduciary duty claim on its behalf or in right of it or the
Company, employees or creditors of Company, other than in respect of MLV’s
obligations under this Agreement and to keep information provided by the Company
to MLV and MLV's counsel confidential to the extent not otherwise
publicly-available. 

33

    
25. Definitions. As used in this
Agreement, the following terms have the respective meanings set forth below:

    
“Applicable Time” means (i) each Representation Date and (ii) the time of each
sale of any Placement Shares pursuant to this Agreement. 

    
“Issuer Free Writing
Prospectus” means any “issuer free writing
prospectus,” as defined in Rule 433, relating to the Placement Shares that (1)
is required to be filed with the Commission by the Company, (2) is 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 (3) is exempt from
filing pursuant to Rule 433(d)(5)(i) because it contains a description of the
Placement Shares 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) under the Securities Act Regulations.

    
“Rule 172,” “Rule 405,” “Rule 415,” “Rule 424,” “Rule 424(b),” “Rule
430B,” and “Rule 433” refer to such rules under
the Securities Act Regulations. 

    
All references in this Agreement to financial statements and schedules
and other information that is “contained,” “included” or “stated” in the
Registration Statement or the Prospectus (and all other references of like
import) shall be deemed to mean and include all such financial statements and
schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be. 

    
All references in this Agreement to the Registration Statement, 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 EDGAR; all
references in this Agreement to any Issuer Free Writing Prospectus (other than
any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not
required to be filed with the Commission) shall be deemed to include the copy
thereof filed with the Commission pursuant to EDGAR; and all references in this
Agreement to “supplements” to the Prospectus shall include, without limitation,
any supplements, “wrappers” or similar materials prepared in connection with any
offering, sale or private placement of any Placement Shares by MLV outside of
the United States. 

[Remainder of page intentionally left
blank] 

34

    
If the foregoing correctly sets forth the understanding between the
Company and MLV, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between the
Company and MLV. 

	Very truly yours,	
		 	
	GERON CORPORATION	
		 	
		 	
	By:       	/s/ Graham
      Cooper	
		Name: Graham
      Cooper	 
		Title: EVP,
      Finance, and Chief Financial Officer	
		 	
		 	
	ACCEPTED as of the date first-above
    written:	
		 	
	MLV & CO. LLC	 
		 	
	By:	/s/ Dean M. Colucci	
		Name: Dean M. Colucci	
		Title: President and Chief Operating Officer	

SCHEDULE 1 

_________________________________

FORM OF PLACEMENT
NOTICE

_________________________________ 

	From:	Geron
      Corporation
	 	
	To:	MLV & Co.
      LLC
	 	
	Attention:       	Patrice
      McNicoll
	 	
	Subject:	At-The-Market
      Issuance--Placement Notice

Gentlemen: 

     Pursuant to the
terms and subject to the conditions contained in the At-The-Market Issuance
Sales Agreement between Geron Corporation, a Delaware corporation (the
“Company”),
and MLV & Co. LLC (“MLV”), dated October 8, 2012, the Company hereby requests that
MLV sell up to ____________ of the Company’s Common Stock, par value $0.001 per
share, at a minimum market price of $_______ per share, during the time period
beginning [month, day, time] and ending [month, day, time]. [The Company may
include such other sales parameters as it deems appropriate.] 

SCHEDULE 2 

__________________________ 

Compensation

__________________________ 

The Company shall pay to MLV in cash, upon
each sale of Placement Shares pursuant to this Agreement, an amount up to 3.0%
of the gross proceeds from each sale of Placement Shares. 

SCHEDULE 3 

__________________________ 

Notice
Parties

__________________________

The Company 

John A. Scarlett 

Graham K. Cooper 

MLV

Randy Billhardt 

Dean Colucci 

Ryan Loforte 

Patrice McNicoll 

EXHIBIT
7(l) 

Form of Representation Date
Certificate 

     This Officers
Certificate (this “Certificate”) is executed and delivered in connection with Section 7(l)
of the At-The-Market Issuance Sales Agreement (the “Agreement”), dated October 8, 2012,
and entered into between Geron Corporation (the “Company”) and MLV & Co. LLC. All
capitalized terms used but not defined herein shall have the meanings given to
such terms in the Agreement. 

    
The undersigned, a duly appointed and authorized officer of the Company,
having made reasonable inquiries to establish the accuracy of the statements
below and having been authorized by the Company to execute this certificate on
behalf of the Company, hereby certifies, on behalf of the Company and not in the
undersigned’s individual capacity, as follows: 

    
1. As of the date of this Certificate, (i) the Registration Statement
does not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the
statements therein not misleading and (ii) neither the Registration Statement
nor the Prospectus contains any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were
made, not misleading and (iii) no event has occurred as a result of which it is
necessary to amend or supplement the Prospectus in order to make the statements
therein not untrue or misleading for (i) and (ii) to be true. 

    
2. Each of the representations and warranties of the Company contained in
the Agreement was true and correct in all material respects, when originally
made, and, except for those representations and warranties that speak solely as
of a specific date, are true and correct in all material respects as of the date
of this Certificate. 

    
3. Except as waived by MLV in writing, each of the covenants required to
be performed by the Company in the Agreement on or prior to the date of the
Agreement, this Representation Date, and each such other date prior to the date
hereof as set forth in the Agreement, has been duly, timely and fully performed
in all material respects and each condition required to be complied with by the
Company on or prior to the date of the Agreement, this Representation Date, and
each such other date prior to the date hereof as set forth in the Agreement has
been duly, timely and fully complied with in all material respects. 

    
4. No stop order suspending the effectiveness of the Registration
Statement or of any part thereof has been issued, and, to the Company’s
knowledge, no proceedings for that purpose have been instituted or are pending
or threatened by any securities or other governmental authority (including,
without limitation, the Commission). 

    
5. No order suspending the effectiveness of the Registration Statement or
the qualification or registration of the Placement Shares under the securities
or Blue Sky laws of any jurisdiction are in effect and no proceeding for
such purpose is pending before, or threatened, to the Company's knowledge or in
writing by, any securities or other governmental authority (including, without
limitation, the Commission). 

    
The undersigned has executed this Officer’s Certificate on behalf of the
Company as of the date first written above. 

	GERON CORPORATION	
	 	 	
	By:		
	Name:   		 
	Title:		

EXHIBIT
7(m)(1) 

Form of Legal Opinion 

     On the basis of
the foregoing, in reliance thereon and with the foregoing qualifications,
Company Counsel is of the opinion that: 

	 	1.		The Company has been
      duly incorporated and is a validly existing corporation in good standing
      under the laws of the State of Delaware.
	 	 
	     	2.	     	The Company has the
      requisite corporate power to own, lease and operate its property, to
      conduct its business as described in the Registration Statement and to
      execute and deliver the Agreement and to perform its obligations
      thereunder.
	 	 
	 	3.		The Company is duly
      qualified to do business as a foreign corporation and is in good standing
      under the laws of the State of California.
	 	 
	 	4.		All corporate action
      on the part of the Company necessary for the authorization, execution and
      delivery of the Agreement by the Company, the authorization, sale,
      issuance and delivery of the Placement Shares and the performance by the
      Company of its obligations under the Agreement has been
taken.
	 	 
	 	5.		The Agreement has been
      duly and validly authorized, executed and delivered by the
    Company.
	 	 
	 	6.		The Placement Shares
      have been duly authorized and, when issued and paid for pursuant to the
      terms of the Agreement, will be validly issued, fully paid and
      nonassessable. The holders of outstanding shares of capital stock of the
      Company are not entitled to preemptive rights or, to our knowledge, rights
      of first refusal or other similar rights to subscribe for the Placement
      Shares (other than rights which have been waived in writing or otherwise
      satisfied) under the Company’s Restated Certificate of Incorporation, as
      amended (the “Charter”) or Amended and
      Restated Bylaws (the “Bylaws”), the DGCL or any
      Material Contract.
	 	 
	 	7.		The issuance and sale
      of the Placement Shares pursuant to the Agreement will not result in (i) a
      material breach of or default under of any Material Contract, (ii) a
      violation of the Charter or the Bylaws or (iii) to Company Counsel’s
      knowledge, a violation of any statute, law, rule, or regulation which, in
      Company Counsel’s experience is typically applicable to transactions of
      the nature contemplated by the Agreement and is applicable to the Company,
      or any order, writ, judgment, injunction, decree, or award that has been
      entered against the Company and of which Company Counsel is aware, in each
      case the breach or violation of which would materially and adversely
      affect the Company.
	 	 
	 	8.		To Company Counsel’s
      knowledge, there is (a) no action, suit or proceeding by or before any
      court or other governmental agency, authority or body or any arbitrator
      pending or overtly threatened against the Company by a third party of a
      character required to be disclosed in the Registration Statement, or the
      Prospectus that is not disclosed therein as required by the Securities Act
      and the rules thereunder and (b) no indenture, contract, lease, mortgage,
      deed of trust, note agreement, loan or other agreement or instrument of a
      character required to be filed as an exhibit to the Registration
      Statement, or the Incorporated Documents, which is not filed as required
      by the Securities Act and the rules
thereunder.

	     	9.	     	No consent, approval,
      authorization or filing with or order of any U.S. Federal or California
      court or governmental agency or body having jurisdiction over the Company
      is required for the consummation by the Company of the transactions
      contemplated by the Agreement, except such as have been obtained under the
      Securities Act and except such as may be required under the securities or
      blue sky laws of any jurisdiction in connection with the purchase and
      distribution of the Placement Shares by you in the manner contemplated in
      the Agreement or under the bylaws, rules and regulations of
    FINRA.
	 	 
	 	10.		The Company is not,
      and, after giving effect to the offering and sale of the Placement Shares
      and the application of the proceeds thereof as described in the
      Prospectus, will not be required to register as an “investment company”
      under the Investment Company Act.
	 	 
	 	11.		The Registration
      Statement has become effective under the Securities Act and no stop order
      suspending the effectiveness of the Registration Statement has been issued
      and no proceedings for that purpose have been instituted or overtly
      threatened. Any required filing of the Prospectus pursuant to Rule 424(b)
      under the Securities Act has been made in the manner and within the time
      period required by Rule 424(b).
	 	 
	 	12.		The Registration
      Statement as of ______ ____, 2012 and the Prospectus as of the date of the
      Prospectus (other than the financial statements and notes thereto or other
      financial or statistical data derived therefrom, as to which Company
      Counsel expresses no opinion) each appeared on its face to comply as to
      form in all material respects with the applicable requirements of the
      Securities Act and the rules thereunder. For purposes of this paragraph,
      Company Counsel has assumed that the statements made in the Registration
      Statement and the Prospectus are correct and
complete.

EXHIBIT
7(m)(2) 

Form of Legal Letter 

     The primary purpose of Company Counsel’s
professional engagement was not to establish or confirm factual matters or
financial or quantitative information. Therefore, Company Counsel has not
independently verified, and accordingly is not confirming and assumes no
responsibility for, the accuracy, completeness or fairness of the statements
contained in the Registration Statement or Prospectus. However, in the course of
acting as Company Counsel in connection with the preparation by the Company of
the Registration Statement and the Prospectus, Company Counsel reviewed the
Registration Statement and Prospectus, and participated in discussions and
conferences with officers and other representatives of the Company, with its
independent registered public accounting firm, as well as with your
representatives and counsel, during which conferences and conversations the
contents of the Registration Statement and the Prospectus and related matters
were discussed. Company Counsel also reviewed and relied upon certain corporate
records and documents, letters from counsel for the Company and accountants, and
oral and written statements of officers and other representatives of the Company
and others as to the existence and consequence of certain factual and other
matters. Based on Company Counsel’s participation, review and reliance as
described above, Company Counsel advises you that no facts came to Company’s
Counsel attention that caused it to believe that: 

     (i) the
Registration Statement (except as to (A) the financial statements and schedules,
related notes and other financial data and statistical data derived therefrom,
(B) any intellectual property related matters and (C) any matters related to
regulatory law, as to which, in each case, Company Counsel expresses no
comment), at the date and time that the Registration Statement became effective
on ______ ____, 2012, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; or 

    
(ii) the Prospectus (except as to (A) the financial statements and
schedules, related notes and other financial data and statistical data derived
therefrom, (B) any intellectual property related matters and (C) any matters
related to regulatory law, as to which, in each case, Company Counsel expresses
no comment) as of its date or dates as amended or supplemented, as applicable,
and as of the date hereof, contained or contains any untrue statement of a
material fact or omitted or omits to state a material fact necessary, in order
to make the statements therein, in light of the circumstances under which they
were made, not misleading. 

Exhibit 23 

Permitted Free Writing Prospectus

None.WMX
Group Holdings, Inc.

2012
Equity Incentive Plan

 

1. General.

 

(a) The Plan
is adopted as the Company’s 2012 Equity Incentive Plan (the “Original Plan”). All Stock Awards
granted shall be governed by the terms contained herein.

 

(b) Eligible
Stock Award Recipients. The persons eligible to receive Stock Awards are Employees, Directors and Consultants.

 

(c) Available
Stock Awards. The Plan provides for the grant of the following Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory
Stock Options, (iii) Restricted Stock Awards, and (iv) Restricted Stock Unit Awards.

 

(d) Purpose.
The Company, by means of the Plan, seeks to secure and retain the services of the group of persons eligible to receive Stock
Awards as set forth in Section 1(b), to provide incentives for such persons to exert maximum efforts for the success of the Company
and any Affiliate, and to provide a means by which such eligible recipients may be given an opportunity to benefit from increases
in value of the Common Stock through the granting of Stock Awards.

 

(e) Effective
and Expiration Dates. The Plan shall be effective June 11, 2012 (the “Effective Date”), subject to approval by
the stockholders of the Corporation to the extend necessary to satisfy the requirements of the Code, any stock exchange upon which
the Common Stock may be listed, or other applicable federal or state law. The Plan shall expire on June 11, 2022, unless suspended
or discontinued by earlier action of the Board of Directors.

 

2. Definitions.
As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

 

(a) “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405 of the Securities Act. The Board shall have the authority to determine the time or times at which
“parent” or “majority-owned subsidiary” status is determined within the foregoing definition.

 

(b) “Board”
means the Board of Directors of the Company.

 

(c) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company (through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction
not involving the receipt of consideration by the Company). Notwithstanding the foregoing, the conversion of any convertible securities
of the Company shall not be treated as a transaction “without the receipt of consideration” by the Company.

 

(d) “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s
securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company
through the issuance of equity securities or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of an acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the acquisition had not occurred,
increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold,
then a Change in Control shall be deemed to occur;

    	 

    	 

    
 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the shareholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the
combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than
fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

(iii) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are Owned by shareholders of the Company in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

(iv) individuals
who, on the date this Plan is adopted by the Board, are members of the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

Notwithstanding the foregoing definition
or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any
analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the
foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition of
Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.

 

(e) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f) “Committee”
means a committee of two (2) or more Directors to whom authority has been delegated by the Board in accordance with Section 3(c).

 

(g) “Common
Stock” means the common stock of the Company.

 

(h) “Company”
means WMX Group Holdings, Inc., a Florida corporation.

 

(i) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated
for such services. However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be
considered a “Consultant” for purposes of the Plan.

 

(j) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Director, or Consultant or a change in the Entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall
not terminate a Participant’s Continuous Service; provided, however, if the Entity for which a Participant is rendering
service ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous
Service shall be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change
in status from an employee of the Company to a consultant of an Affiliate or to a Director shall not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved
by that party, including sick leave, military leave or any other personal leave. Notwithstanding the foregoing, a leave of absence
shall be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s
leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as
otherwise required by law.

    	2

    	 

    
 

(k) “Corporate
Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i) the
consummation of a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of
the consolidated assets of the Company and its Subsidiaries;

 

(ii) the
consummation of a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii) the
consummation of a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) the
consummation of a merger, consolidation or similar transaction following which the Company is the surviving corporation but the
shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged
by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(l) “Director”
means a member of the Board.

 

(m) “Disability”
means the inability of a Participant to engage in any substantially gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period
of not less than twelve (12) months, and shall be determined by the Board on the basis of such medical evidence as the Board deems
warranted under the circumstances.

 

(n) “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s shareholders, or (ii) the date this Plan is adopted by the Board.

 

(o) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(p) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(q) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(r) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d)
of the Exchange Act), except that “Exchange Act Person” shall not include (i) the Company or any Subsidiary of the
Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or
“group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date of the Plan
as set forth in Section 12, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities.

    	3

    	 

    
(s) “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section
409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(t) “Incentive
Stock Option” means an Option that qualifies as an “incentive stock option” within the meaning of Section
422 of the Code and the regulations promulgated thereunder.

 

(u) “Nonstatutory
Stock Option” means an Option that does not qualify as an Incentive Stock Option.

 

(v) “Officer”
means any person designated by the Company as an officer.

 

(w) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(x) “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(y) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(z) “Own,”
“Owned,” “Owner,” “Ownership” A person or Entity
shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(aa) “Participant”
means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Stock Award.

 

(bb) “Plan”
means this WMX Group Holdings, Inc. 2012 Equity Incentive Plan.

 

(cc) “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section
7(a).

 

(dd) “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award. Each Restricted Stock Award Agreement shall be subject to the terms and conditions
of the Plan.

 

(ee) “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 7(b).

 

(ff) “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit
Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement shall
be subject to the terms and conditions of the Plan.

 

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

 

(hh) “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, or a Restricted Stock Unit Award.

 

(ii) “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan.

 

(jj) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock
having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company
or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits
or capital contribution) of more than fifty percent (50%) .

    	4

    	 

    

 

(kk) “Ten
Percent Shareholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

3. Administration.

 

(a) Administration
by Board. The Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee,
as provided in Section 3(c).

 

(b) Powers of
Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To determine
from time to time (A) which of the persons eligible under the Plan shall be granted Stock Awards; (B) when and how each Stock Award
shall be granted; (C) what type or combination of types of Stock Award shall be granted; (D) the provisions of each Stock Award
granted (which need not be identical), including the time or times when a person shall be permitted to receive cash or Common Stock
pursuant to a Stock Award; (E) the number of shares of Common Stock with respect to which a Stock Award shall be granted to each
such person; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii) To
construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the
Plan or in any Stock Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan or Stock
Award fully effective.

 

(iii) To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv) To
accelerate the time at which a Stock Award may first be exercised or the time during which a Stock Award or any part thereof will
vest in accordance with the Plan, notwithstanding the provisions in the Stock Award stating the time at which it may first be exercised
or the time during which it will vest.

 

(v) To suspend
or terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under any Stock
Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi) To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, relating to Incentive Stock
Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to bring the Plan or Stock Awards
granted under the Plan into compliance therewith, subject to the limitations, if any, of applicable law. However, except as provided
in Section 10(a) relating to Capitalization Adjustments, to the extent required by applicable law, shareholder approval shall be
required for any amendment of the Plan that either (i) materially increases the number of shares of Common Stock available for
issuance under the Plan, (ii) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (iii)
materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common
Stock may be issued or purchased under the Plan, (iv) materially extends the term of the Plan, or (v) expands the types of Stock
Awards available for issuance under the Plan. Except as provided above, rights under any Stock Award granted before amendment of
the Plan shall not be impaired by any amendment of the Plan unless (i) the Company requests the consent of the affected Participant,
and (ii) such Participant consents in writing.

 

(vii) To
submit any amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of Section 422 of the Code regarding Incentive Stock Options.

    	5

    	 

    
 

(viii) To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including,
but not limited to, amendments to provide terms more favorable than previously provided in the Stock Award Agreement, subject to
any specified limits in the Plan that are not subject to Board discretion; provided however, that, the rights under any
Stock Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the affected Participant,
and (ii) such Participant consents in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if
any, and without the affected Participant’s consent, the Board may amend the terms of any one or more Stock Awards if necessary
to maintain the qualified status of the Stock Award as an Incentive Stock Option or to bring the Stock Award into compliance with
Section 409A of the Code and the related guidance thereunder.

 

(ix) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x) To adopt
such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants
who are foreign nationals or employed outside the United States.

 

(xi) To
effect, at any time and from time to time, with the consent of any adversely affected Optionholder, (1) the reduction of the exercise
price of any outstanding Option under the Plan, (2) the cancellation of any outstanding Option under the Plan and the grant in
substitution therefor of (A) a new Option under the Plan or another equity plan of the Company covering the same or a different
number of shares of Common Stock, (B) a Restricted Stock Award, (C) a Restricted Stock Unit, (D) cash and/or (E) other valuable
consideration (as determined by the Board, in its sole discretion), or (3) any other action that is treated as a repricing under
generally accepted accounting principles; provided, however, that no such reduction or cancellation may be effected if it
is determined, in the Company’s sole discretion, that such reduction or cancellation would result in any such outstanding
Option becoming subject to the requirements of Section 409A of the Code.

 

(c) Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee
of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board
shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions
of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the
Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(d) Effect of
Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall not be
subject to review by any person and shall be final, binding and conclusive on all persons.

 

4. Shares
Subject to the Plan.

 

(a) Share Reserve.
Subject to Section 10(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock of the Company
that may be issued pursuant to Stock Awards after the Effective Date shall not exceed fifty-five million (55,000,000) shares. For
clarity, the limitation in this Section 4(a) is a limitation of the number of shares of Common Stock that may be issued pursuant
to the Plan. Accordingly, this Section 4(a) does not limit the granting of Stock Awards except as provided in Section 8(a).

 

(b) Reversion
of Shares to the Share Reserve. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to the Company
because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares which
are forfeited shall revert to and again become available for issuance under the Plan. Also, any shares reacquired by the Company
pursuant to Section 9(g) or as consideration for the exercise of an Option shall again become available for issuance under the
Plan. Furthermore, if a Stock Award (i) expires or otherwise terminates without having been exercised in full or (ii) is settled
in cash (i.e., the holder of the Stock Award receives cash rather than stock), such expiration, termination or settlement
shall not reduce (or otherwise offset) the number of shares of Common Stock that may be issued pursuant to the Plan. Notwithstanding
the provisions of this Section 4(b), any such shares shall not be subsequently issued pursuant to the exercise of Incentive Stock
Options.

    	6

    	 

    
 

(c) Incentive
Stock Option Limit. Notwithstanding anything to the contrary in this Section 4(c), subject to the provisions of Section 10(a)
relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the
exercise of Incentive Stock Options shall sixteen million five hundred thousand (16,500,000) shares of Common Stock.

 

(d) Source of
Shares. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market.

 

5. Eligibility.

 

(a) Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code). Stock Awards
other than Incentive Stock Options may be granted to Employees, Directors and Consultants.

 

(b) Ten Percent
Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the exercise price of such Option
is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant and the Option is
not exercisable after the expiration of five (5) years from the date of grant.

 

(c) Consultants.
A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or the sale of
the Company’s securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule 701”)
because of the nature of the services that the Consultant is providing to the Company, because the Consultant is not a natural
person, or because of any other provision of Rule 701, unless the Company determines that such grant need not comply with the requirements
of Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other
relevant jurisdictions.

 

6. Option
Provisions.

 

Each Option shall
be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates shall be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option
is not specifically designated as an Incentive Stock Option, then the Option shall be a Nonstatutory Stock Option. The provisions
of separate Options need not be identical; provided, however, that each Option Agreement shall include (through incorporation
of provisions hereof by reference in the Option Agreement or otherwise) the substance of each of the following provisions:

 

(a) Term. Subject
to the provisions of Section 5(b) regarding Ten Percent Shareholders, no Option shall be exercisable after the expiration of ten
(10) years from the date of its grant or such shorter period specified in the Option Agreement.

 

(b) Exercise
Price. Subject to the provisions of Section 5(b) regarding Incentive Stock Options granted to Ten Percent Shareholders, the
exercise price of each Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject
to the Option on the date the Option is granted. Notwithstanding the foregoing, an Option may be granted with an exercise price
lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option if such Option is granted
pursuant to an assumption or substitution for another option in a manner consistent with the provisions of Section 424(a) of the
Code (whether or not such options are Incentive Stock Options).

    	7

    	 

    
 

(c) Consideration.
The purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by
applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below.
The Board shall have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict
the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method
of payment. The permitted methods of payment are as follows:

 

(i) by cash,
check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) by
a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued
upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price;
provided, however, that the Company shall accept a cash or other payment from the Participant to the extent of any remaining
balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided,
further, that shares of Common Stock will no longer be outstanding under an Option and will not be exercisable thereafter to
the extent that (A) shares are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered
to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations;

 

(v) according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest shall compound at least
annually and shall be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company
and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option
as a liability for financial accounting purposes; or

 

(vi) in
any other form of legal consideration that may be acceptable to the Board.

 

(d) Transferability
of Options. The Board may, in its sole discretion, impose such limitations on the transferability of Options as the Board shall
determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability
of Options shall apply:

 

(i) Restrictions
on Transfer. An Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable
during the lifetime of the Optionholder only by the Optionholder; provided, however, that the Board may, in its sole discretion,
permit transfer of the Option to such extent as permitted by Rule 701 of the Securities Act at the time of the grant of the Option
and in a manner consistent with applicable tax and securities laws upon the Optionholder’s request.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, an Option may be transferred pursuant to a domestic relations order, provided,
however, that an Incentive Stock Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

 

(iii) Beneficiary
Designation. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form provided
by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall
thereafter be the beneficiary of an Option with the right to exercise the Option and receive the Common Stock or other consideration
resulting from the Option exercise.

 

(e) Vesting of
Options Generally. The total number of shares of Common Stock subject to an Option may vest and therefore become exercisable
in periodic installments that may or may not be equal. The Option may be subject to such other terms and conditions on the time
or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as
the Board may deem appropriate. The vesting provisions of individual Options may vary. The provisions of this Section 6(e) are
subject to any Option provisions governing the minimum number of shares of Common Stock as to which an Option may be exercised.

    	8

    	 

    
 

(f) Termination
of Continuous Service. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder
and the Company, in the event that an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise
such Option as of the date of termination of Continuous Service) but only within such period of time ending on the earlier of (i)
the date three (3) months following the termination of the Optionholder’s Continuous Service (or such longer or shorter period
specified in the Option Agreement, which period shall not be less than thirty (30) days), or (ii) the expiration of the term of
the Option as set forth in the Option Agreement. If, after termination of Continuous Service, the Optionholder does not exercise
his or her Option within the time specified herein or in the Option Agreement (as applicable), the Option shall terminate.

 

(g) Extension
of Termination Date. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder
and the Company, if the exercise of the Option following the termination of the Optionholder’s Continuous Service (other
than upon the Optionholder’s death or Disability) would be prohibited at any time solely because the issuance of shares of
Common Stock would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier
of (i) the expiration of a period of three (3) months after the termination of the Optionholder’s Continuous Service during
which the exercise of the Option would not be in violation of such registration requirements, or (ii) the expiration of the term
of the Option as set forth in the Option Agreement.

 

(h) Disability
of Optionholder. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder
and the Company, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s
Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the
date twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified in the Option
Agreement, which period shall not be less than six (6) months), or (ii) the expiration of the term of the Option as set forth in
the Option Agreement. If, after termination of Continuous Service, the Optionholder does not exercise his or her Option within
the time specified herein or in the Option Agreement (as applicable), the Option shall terminate.

 

(i) Death of
Optionholder. Except as otherwise provided in the applicable Option Agreement or other agreement between the Optionholder and
the Company, in the event that (i) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s
death, or (ii) the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of the
Optionholder’s Continuous Service for a reason other than death, then the Option may be exercised (to the extent the Optionholder
was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the
right to exercise the Option by bequest or inheritance or by a person designated as the beneficiary of the Option upon the Optionholder’s
death, but only within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such
longer or shorter period specified in the Option Agreement, which period shall not be less than six (6) months), or (ii) the expiration
of the term of such Option as set forth in the Option Agreement. If, after the Optionholder’s death, the Option is not exercised
within the time specified herein or in the Option Agreement (as applicable), the Option shall terminate. If the Optionholder designates
a third party beneficiary of the Option in accordance with Section 6(d)(iii), then upon the death of the Optionholder such designated
beneficiary shall have the sole right to exercise the Option and receive the Common Stock or other consideration resulting from
the Option exercise.

 

(j) Non-Exempt
Employees. No Option granted to an Employee that is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938,
as amended, shall be first exercisable for any shares of Common Stock until at least six months following the date of grant of
the Option. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with
the exercise or vesting of an Option will be exempt from his or her regular rate of pay.

    	9

    	 

    
 

(k) Early Exercise.
The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option
prior to the full vesting of the Option.

 

7. Provisions of
Stock Awards other than Options.

 

(a) Restricted
Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate. At the Board’s election, shares of Common Stock may be (1) held in book entry form subject
to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (2) evidenced by a
certificate, which certificate shall be held in such form and manner as determined by the Board. The terms and conditions of Restricted
Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements
need not be identical; provided, however, that each Restricted Stock Award Agreement shall include (through incorporation
of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) past services actually rendered to the Company or an Affiliate,
or (B) any other form of legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable
law.

 

(ii) Vesting.
Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance
with a vesting schedule to be determined by the Board.

 

(iii) Termination
of Participant’s Continuous Service. In the event a Participant’s Continuous Service terminates, the Company may
receive via a forfeiture condition, any or all of the shares of Common Stock held by the Participant which have not vested as of
the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv) Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement shall be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board shall determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(b) Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and shall contain such terms and conditions
as the Board shall deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to
time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical, provided, however,
that each Restricted Stock Unit Award Agreement shall include (through incorporation of the provisions hereof by reference
in the Agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the
Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid
(if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of
legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable law.

 

(ii) Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

     

     

    

 

(iv) Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v) Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award,
as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such
dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such
manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such
dividend equivalents will be subject to all the terms and conditions of the underlying Restricted Stock Unit Award Agreement to
which they relate.

 

(vi) Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(vii) Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted
under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such
Restricted Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be
determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award.
For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to be issued in a year
following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 

8. Covenants
of the Company.

 

(a) Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common
Stock reasonably required to satisfy such Stock Awards.

 

(b) Securities
Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock
Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the
Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the
Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary
for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to
issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained.

 

(c) No Obligation
to Notify. The Company shall have no duty or obligation to any holder of a Stock Award to advise such holder as to the time
or manner of exercising such Stock Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised.
The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.

 

9. Miscellaneous.

 

(a) Use of Proceeds
from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards shall constitute general
funds of the Company.

 

(b) Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the
Participant.

    	10

    	 

    
 

(c) Shareholder
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares
of Common Stock subject to such Stock Award unless and until such Participant has satisfied all requirements for exercise of the
Stock Award pursuant to its terms and the Participant shall not be deemed to be a shareholder of record until the issuance of the
Common Stock pursuant to such exercise has been entered into the books and records of the Company.

 

(d) No Employment
or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder or in connection
with any Stock Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an
Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect the right of the Company or an Affiliate
to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director
pursuant to the any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated,
as the case may be.

 

(e) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions
thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options,
notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(f) Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account and not
with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, shall be inoperative if (1) the issuance of the shares upon the exercise or acquisition of
Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities
Act, or (2) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not
be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company,
place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with
applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(g) Withholding
Obligations. To the extent provided by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy
any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means (in addition to
the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such
means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common
Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no shares
of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lower amount
as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding
payment from any amounts otherwise payable to the Participant; (iv) withholding cash from a Stock Award settled in cash; or (v)
by such other method as may be set forth in the Stock Award Agreement.

 

(h) Electronic
Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document delivered
electronically or posted on the Company’s intranet.

 

(i) Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock
or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may
establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in
accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while
a Participant is still an employee. The Board is authorized to make deferrals of Stock Awards and determine when, and in what annual
percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of employment
or retirement, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with
applicable law.

    	11

    	 

    
 

(j) Compliance
with Section 409A. To the extent that the Board determines that any Stock Award granted hereunder is subject to Section 409A
of the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions necessary to avoid
the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements shall
be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance
issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended after the
Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Board
determines that any Stock Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including
such Department of Treasury guidance as may be issued after the Effective Date), the Board may adopt such amendments to the Plan
and the applicable Stock Award Agreement or adopt other policies and procedures (including amendments, policies and procedures
with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (1) exempt the Stock
Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock
Award, or (2) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance.

 

(k) Compliance
with Exemption Provided by Rule 12h-1(f). If: (i) the aggregate of the number of Optionholders and the number of holders of
all other outstanding compensatory employee stock options to purchase shares of Common Stock equals or exceeds five hundred (500),
and (ii) the assets of the Company at the end of the Company’s most recently completed fiscal year exceeds $10 million, then
the following restrictions shall apply during any period during which the Company does not have a class of its securities registered
under Section 12 of the Exchange Act and is not required to file reports under Section 15(d) of the Exchange Act: (A) the Options
and, prior to exercise, the shares of Common Stock acquired upon exercise of the Options may not be transferred until the Company
is no longer relying on the exemption provided by Rule 12h-1(f) promulgated under the Exchange Act (“Rule 12h-1(f)”),
except: (1) as permitted by Rule 701(c) promulgated under the Securities Act, (2) to a guardian upon the disability of the Optionholder,
or (3) to an executor upon the death of the Optionholder (collectively, the “Permitted Transferees”);
provided, however, the following transfers are permitted: (i) transfers by the Optionholder to the Company, and (ii) transfers
in connection with a change of control or other acquisition involving the Company, if following such transaction, the Options no
longer remain outstanding and the Company is no longer relying on the exemption provided by Rule 12h-1(f); provided further,
that any Permitted Transferees may not further transfer the Options; (B) except as otherwise provided in (A) above, the Options
and shares of Common Stock acquired upon exercise of the Options are restricted as to any pledge, hypothecation, or other transfer,
including any short position, any “put equivalent position” as defined by Rule 16a-1(h) promulgated under the Exchange
Act, or any “call equivalent position” as defined by Rule 16a-1(b) promulgated under the Exchange Act by the Optionholder
prior to exercise of an Option until the Company is no longer relying on the exemption provided by Rule 12h-1(f); and (C) at any
time that the Company is relying on the exemption provided by Rule 12h-1(f), the Company shall deliver to Optionholders (whether
by physical or electronic delivery or written notice of the availability of the information on an internet site) the information
required by Rule 701(e)(3), (4), and (5) promulgated under the Securities Act every six (6) months, including financial statements
that are not more than one hundred eighty (180) days old; provided, however, that the Company may condition the delivery
of such information upon the Optionholder’s agreement to maintain its confidentiality.

 

10. Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall proportionately and appropriately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to Section 4(a), (ii) the class(es) and maximum number
of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 4(c), and (iii) the class(es)
and number of securities and price per share of stock subject to outstanding Stock Awards. The Board shall make such adjustments,
and its determination shall be final, binding and conclusive.

    	12

    	 

    
 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of
the Company, all outstanding Stock Awards shall terminate immediately prior to the completion of such dissolution or liquidation,
provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable
and/or no longer subject to forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution
or liquidation is completed but contingent on its completion.

 

(c) Corporate
Transaction. The following provisions shall apply to Stock Awards in the event of a Corporate Transaction unless otherwise
provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the
holder of the Stock Award or unless otherwise expressly provided by the Board at the time of grant of a Stock Award.

 

(i) Stock Awards
May Be Assumed. Except as otherwise stated in the Stock Award Agreement, in the event of a Corporate Transaction, any surviving
corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue
any or all Stock Awards outstanding under the Plan or may substitute similar stock awards for Stock Awards outstanding under the
Plan (including but not limited to, awards to acquire the same consideration paid to the shareholders of the Company pursuant to
the Corporate Transaction), and any reacquisition rights held by the Company in respect of Common Stock issued pursuant to Stock
Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection
with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue
only a portion of a Stock Award or substitute a similar stock award for only a portion of a Stock Award. The terms of any assumption,
continuation or substitution shall be set by the Board in accordance with the provisions of Section 3.

 

(ii) Stock Awards
Held by Current Participants. Except as otherwise stated in the Stock Award Agreement, in the event of a Corporate Transaction
in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding
Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect to Stock Awards that have
not been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior
to the effective time of the Corporate Transaction (referred to as the “Current Participants”), the vesting
of such Stock Awards (and, if applicable, the time at which such Stock Awards may be exercised) shall (contingent upon the effectiveness
of the Corporate Transaction) be accelerated in full to a date prior to the effective time of such Corporate Transaction as the
Board shall determine (or, if the Board shall not determine such a date, to the date that is five (5) days prior to the effective
time of the Corporate Transaction), and such Stock Awards shall terminate if not exercised (if applicable) at or prior to the effective
time of the Corporate Transaction, and any reacquisition rights held by the Company with respect to such Stock Awards shall lapse
(contingent upon the effectiveness of the Corporate Transaction).

 

(iii) Stock
Awards Held by Persons other than Current Participants. Except as otherwise stated in the Stock Award Agreement, in the event
of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume
or continue such outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect
to Stock Awards that have not been assumed, continued or substituted and that are held by persons other than Current Participants,
the vesting of such Stock Awards (and, if applicable, the time at which such Stock Award may be exercised) shall not be accelerated
and such Stock Awards shall terminate if not exercised (if applicable) prior to the effective time of the Corporate Transaction;
provided, however, that any reacquisition rights held by the Company with respect to such Stock Awards shall not terminate
and may continue to be exercised notwithstanding the Corporate Transaction.

 

(iv) Payment
for Stock Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event a Stock Award will terminate if not exercised
prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such
Stock Award may not exercise such Stock Award but will receive a payment, in such form as may be determined by the Board, equal
in value to the excess, if any, of (A) the value of the property the holder of the Stock Award would have received upon the exercise
of the Stock Award, over (B) any exercise price payable by such holder in connection with such exercise.

    	13

    	 

    
 

(d) Change in
Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control
as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between
the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration shall occur.

 

11. Termination
or Suspension of the Plan.

 

(a) Plan Term.
The Board may suspend or terminate the Plan at any time. Unless sooner terminated by the Board pursuant to Section 3, the Plan
shall automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted
by the Board, or (ii) the date the Plan is approved by the shareholders of the Company. No Stock Awards may be granted under the
Plan while the Plan is suspended or after it is terminated.

 

(b) No Impairment
of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award granted while
the Plan is in effect except with the written consent of the affected Participant.

 

12. Effective
Date of Plan.

 

The Plan shall become
effective on the Effective Date.

 

13. Choice
of Law.

 

The law of the State
of Florida shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to
that state’s conflict of laws rules.

     

     

    

 

WMX GOUP HOLDINGS, INC.

STOCK OPTION GRANT NOTICE

2012 EQUITY INCENTIVE PLAN

 

WMX Group Holdings, Inc. (the
“Company”), pursuant to its 2012 Equity Incentive Plan (the “Plan”), hereby
grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option
is subject to all of the terms and conditions as set forth herein and in the Stock Option Agreement, the Plan, and the Notice of
Exercise, all of which are attached hereto and incorporated herein in their entirety.

 

Optionholder:

Date of Grant:

Vesting Commencement Date:

Number of Shares Subject to Option:

Exercise Price (Per Share):

Total Exercise Price:

Expiration Date:

 

	Type of Grant:	 	o Incentive Stock Option1	 	o Nonstatutory Stock Option
	Exercise Schedule:	 	o Same as Vesting Schedule	 	o Early Exercise Permitted
	Vesting Schedule:	 	To be determined by the Board of Directors.
	Payment:	 	 	 	 
	 	 	By one or a combination of the following items (described in the Stock Option Agreement):
	 	 	o By cash or check
	 	 	o Pursuant to a Regulation T Program if the Shares are publicly traded
	 	 	o By delivery of already-owned shares if the Shares are publicly traded

 

Additional Terms/Acknowledgements:
The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the Stock Option Agreement
and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option Agreement, and
the Plan set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the Company
and supersede all prior oral and written agreements on that subject with the exception of (i) options previously granted and delivered
to Optionholder under the Plan, and (ii) the following agreements only:

 

	 	 	Other Agreements:	 	 

 

	WMX Group Holdings, Inc.	 	Optionholder:
	 	 	 	 	 	 
	
         

        By:
	____________________	 	
         

        By:
	____________________	 
	 	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 
	Date:	 	 	Date:	 	 

 

	 	 	Attachments: Stock Option Agreement, 2012 Equity Incentive Plan and Notice of Exercise
	 	 	 
	1	 	If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.

    	14

    	 

    

WMX GOUP HOLDINGS, INC.

2012 EQUITY INCENTIVE PLAN

 

Stock
Option Agreement

(Incentive
or Nonstatutory Stock Option)

 

Pursuant to your
Stock Option Grant Notice (“Grant Notice”) and this Stock Option Agreement, WMX
Group Holdings, Inc. (the “Company”) has granted you an option under its 2012 Equity Incentive
Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Stock Option Agreement
but defined in the Plan shall have the same definitions as in the Plan.

 

The details of your
option are as follows:

 

1. Vesting.
Subject to the limitations contained herein, your option will vest as provided in your Grant Notice, provided that vesting will
cease upon the termination of your Continuous Service.

 

2. Number
of Shares and Exercise Price. The number of shares of Common Stock subject to your option and your exercise price per
share referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments.

 

3. Exercise
Restriction for Non-Exempt Employees. In the event that you are an Employee eligible for overtime compensation under
the Fair Labor Standards Act of 1938, as amended (i.e., a “Non-Exempt Employee”), you may not
exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date of Grant specified
in your Grant Notice, notwithstanding any other provision of your option.

 

4. Exercise
prior to Vesting (“Early Exercise”). If permitted in your Grant Notice (i.e., the “Exercise
Schedule” indicates “Early Exercise Permitted”) and subject to the provisions of your option, you may elect at
any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all
or part of your option, including the nonvested portion of your option; provided, however, that:

 

(a) a partial
exercise of your option shall be deemed to cover first vested shares of Common Stock and then the earliest vesting installment
of unvested shares of Common Stock;

 

(b) any
shares of Common Stock so purchased from installments that have not vested as of the date of exercise shall be subject to the purchase
option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement;

 

(c) you
shall enter into the Company’s form of Early Exercise Stock Purchase Agreement with a vesting schedule that will result in
the same vesting as if no early exercise had occurred; and

 

(d) if your
option is an Incentive Stock Option, then, to the extent that the aggregate Fair Market Value (determined at the time of grant)
of the shares of Common Stock with respect to which your option plus all other Incentive Stock Options you hold are exercisable
for the first time by you during any calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand
dollars ($100,000), your option(s) or portions thereof that exceed such limit (according to the order in which they were granted)
shall be treated as Nonstatutory Stock Options.

 

5. Method
of Payment. Payment of the exercise price is due in full upon exercise of all or any part of your option. You may elect
to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant Notice, which
may include one or more of the following:

 

(a) Provided
that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal, pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock,
results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds.

    	15

    	 

    
 

(b) Provided
that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal, by delivery
to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear
of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. Notwithstanding
the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent such tender would violate
the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock.

 

(c) Pursuant
to the following deferred payment alternative:

 

(i) Not
less than one hundred percent (100%) of the aggregate exercise price, plus accrued interest, shall be due not later than four (4)
years from date of exercise or, at the Company’s election, upon termination of your Continuous Service.

 

(ii) Interest
shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid the treatment as
interest, under any applicable provisions of the Code, of any portion of any amounts other than amounts stated to be interest under
the deferred payment arrangement.

 

(iii) Payment
of the Common Stock’s “par value,” as defined in the Florida Statutes, shall be made in cash and not by deferred
payment.

 

(iv) In
order to elect the deferred payment alternative, you must, as a part of your written notice of exercise, give notice of the election
of this payment alternative and, in order to secure the payment of the deferred exercise price to the Company hereunder, if the
Company so requests, you must tender to the Company a promissory note and a security agreement covering the purchased shares of
Common Stock, both in form and substance satisfactory to the Company, or such other or additional documentation as the Company
may request.

 

6. Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

7. Securities
Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless the
shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common Stock
are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements
of the Securities Act. The exercise of your option also must comply with other applicable laws and regulations governing your option,
and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such
laws and regulations.

 

8. Term.
You may not exercise your option before the commencement or after the expiration of its term. The term of your option commences
on the Date of Grant and expires upon the earliest of the following:

 

(a) three
(3) months after the termination of your Continuous Service for any reason other than your Disability or death, provided that if
during any part of such three (3) month period your option is not exercisable solely because of the condition set forth in the
section above relating to “Securities Law Compliance,” your option shall not expire until the earlier of the Expiration
Date or until it shall have been exercisable for an aggregate period of three (3) months after the termination of your Continuous
Service;

 

(b) twelve
(12) months after the termination of your Continuous Service due to your Disability;

 

(c) eighteen
(18) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous
Service terminates;

 

(d) the
Expiration Date indicated in your Grant Notice; or

 

(e) the
day before the seventh (7th) anniversary of the Date of Grant.

    	16

    	 

    
 

If your option is
an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the
Code requires that at all times beginning on the date of grant of your option and ending on the day three (3) months before the
date of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death
or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit
but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services
to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option
more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 

9. Exercise.

 

(a) You
may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during
its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary
of the Company, or to such other person as the Company may designate, during regular business hours, together with such additional
documents as the Company may then require.

 

(b) By exercising
your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement
providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise
of your option, (2) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time
of exercise, or (3) the disposition of shares of Common Stock acquired upon such exercise.

 

(c) If your
option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within fifteen
(15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs
within two (2) years after the date of your option grant or within one (1) year after such shares of Common Stock are transferred
upon exercise of your option.

 

10. Change
in Control. In the event of a Change in Control (as defined in the Plan), the unvested portion of your option, if any,
shall vest in accordance with the vesting schedule described your Stock Option Grant Notice. If your employment terminates due
to an Involuntary Termination Without Cause or a Resignation for Good Reason (as defined below) within six (6) months, in either
case, following the effective date of a Change in Control, twenty-five percent (25%) of the portion of your option subject to vesting
that is unvested on the effective date of such termination will vest immediately upon such termination.

 

(a) “Involuntary
Termination Without Cause” means your dismissal or discharge by the Company for a reason other than for Cause. The termination
of your employment as a result of death or disability shall not be deemed to be an Involuntary Termination Without Cause. Cause
means that, in the determination of the Board, you:

 

(i) have been
convicted (including a guilty plea or no contest) of any felony or any crime involving dishonesty that is likely to inflict or
has inflicted demonstrable and material injury on the business of the Company;

 

(ii) have participated
in any fraud against the Company;

 

(iii) have
intentionally damaged any property of the Company thereby causing demonstrable and material injury to the business of the Company;
or

 

(iv) have willfully
and habitually neglected your duties to the Company.

 

(b) “Resignation
for Good Reason” means that you voluntarily terminate employment after any of the following are undertaken without your
express written consent:

 

(i) the assignment
to you of any duties or responsibilities that results in a significant diminution in your employment role in the Company as in
effect immediately prior to the effective date of the Change in Control; provided, however, that mere changes in your title
or reporting relationships alone shall not constitute a basis for Resignation for Good Reason;

    	17

    	 

    
 

(ii) a greater
than five percent (5%) aggregate reduction by the Company in your annual base salary, as in effect on the effective date of the
Change in Control or as increased thereafter; provided, however, that if there are across-the-board proportionate salary
reductions for all officers, management-level and other salaried employees due to the financial condition of the Company, a greater
than ten percent (10%) aggregate reduction by the Company in your annual base salary will be required;

 

(iii) any failure
by the Company to continue in effect any benefit plan or program, including fringe benefits, incentive plans and plans with respect
to the receipt of securities of the Company, in which you are participating immediately prior to the effective date of the Change
in Control (hereinafter referred to as “Benefit Plans”), or the taking of any action by the Company that would adversely
affect your participation in or reduce your benefits under the Benefit Plans; provided, however, that a basis for Resignation
for Good Reason shall not exist under this clause (c) following a Change in Control if the Company offers a range of benefit plans
and programs that, taken as a whole, is comparable to the Benefit Plans; or

 

(iv) a non-temporary
relocation of your business office to a location more than fifty (50) miles from the location at which you perform duties as of
the effective date of the Change in Control, except for required travel by you on the Company’s business to an extent substantially
consistent with your business travel obligations prior to the Change in Control.

 

11. Transferability.
Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life
only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company,
you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. In addition,
if permitted by the Company you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined
under Section 671 of the Code and applicable state law) while the option is held in the trust, provided that you and the trustee
enter into a transfer and other agreements required by the Company.

 

12. Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option shall be deemed
to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the
Company or an Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate,
their respective shareholders, Boards of Directors, Officers or Employees to continue any relationship that you might have as a
Director or Consultant for the Company or an Affiliate.

 

13. Withholding
Obligations.

 

(a) At the
time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by
means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

 

(b) Upon
your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions
or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise
of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of
exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to
avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any tax
withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to the
preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering
the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination is otherwise
deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined
as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you
arising in connection with such share withholding procedure shall be your sole responsibility.

    	18

    	 

    
 

(c) You
may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly,
you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation
to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein
unless such obligations are satisfied.

 

14. Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation
programs in a manner that minimizes your tax liabilities. You shall not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular,
you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the
Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant and there
is no other impermissible deferral of compensation associated with the option. Because the Common Stock is not traded on an established
securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm
retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation
as determined by the Board, and you shall not make any claim against the Company, or any of its Officers, Directors, Employees
or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the
“fair market value” as subsequently determined by the Internal Revenue Service.

 

15. Notices.
Any notices provided for in your option or the Plan shall be given in writing and shall be deemed effectively given upon receipt
or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage
prepaid, addressed to you at the last address you provided to the Company.

 

16. Governing
Plan Document. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the
Plan, the provisions of the Plan shall control.

     

     

    

Notice
of Exercise

 

	WMX GROUP HOLDINGS, INC.	 	 	 	 	 	 
	
        301 Yamato Road, Suite 1240

        Boca Raton Florida 33431
	 	 	 	Date of Exercise:	 	 

 

Ladies and Gentlemen:

 

This constitutes notice under my stock
option that I elect to purchase the number of shares for the price set forth below.

 

	 	 	Type of option (check one):	 	 	 	Incentive o	 	Nonstatutory o
	 	 	Stock option dated:	 	 	 	 	 	 
	 	 	Number of shares as to which option is exercised:	 	 	 	 	 	 
	 	 	Certificates to be issued in name of:	 	 	 	 	 	 
	 	 	Total exercise price:	 	 	 	$	 	 
	 	 	Cash payment delivered herewith:	 	 	 	$	 	 
	 	 	Value of ___________ shares of WMX Group Holdings, Inc. common stock delivered herewith2:	 	 	 	$	 	 

 

 

By this exercise,
I agree (i) to provide such additional documents as you may require pursuant to the terms of the 2012 Equity Incentive Plan, (ii)
to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the
exercise of this option, and (iii) if this exercise relates to an incentive stock option, to notify you in writing within fifteen
(15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of this option that occurs
within two (2) years after the date of grant of this option or within one (1) year after such shares of Common Stock are issued
upon exercise of this option.

 

I hereby make the
following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the
“Shares”), which are being acquired by me for my own account upon exercise of the Option as set forth
above:

 

	 	 	Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate.

 

I acknowledge that
the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act.
I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted
under the Securities Act and any applicable state securities laws.

 

I further acknowledge
that the restrictive conditions apply to affiliates of the Company under Rule 144.

 

I further acknowledge
that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate
legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Articles
of Incorporation, Bylaws and/or applicable securities laws.

 

	 	 	Very truly yours,
	 	 	 
	 	 	 
			

     

     

    

 

WMX GROUP HOLDINGS, INC.

STOCK GRANT NOTICE

2012 EQUITY INCENTIVE PLAN

 

WMX Group Holdings, Inc. (the
“Company”), pursuant to its 2012 Equity Incentive Plan (the “Plan”), hereby
grants to _______________________________(Grantee) ______________shares of the Company’s Common Stock as set forth below.
This grant is subject to all of the terms and conditions as set forth herein and in the Plan all of which are attached hereto and
incorporated herein in their entirety.

 

Grantholder:

Date of Grant:

Vesting Commencement Date and Details:

 

Number of Shares Subject to Grant:

 

	Type of Grant:	o	Restricted Stock Grant	 
	Vesting Schedule:	____________________

 

Additional Terms/Acknowledgements:
The undersigned Grantholder acknowledges receipt of, and understands and agrees to, this Grant Notice, and the Plan. Grantholder
further acknowledges that as of the Date of Grant, this Grant Notice, and the Plan set forth the entire understanding between Grantholder
and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject
with the exception of (i) options that may have been previously granted and delivered to Grantholder under the Plan, and (ii) the
following agreements only:

 

	 	 	Other Agreements:	 	 
	 	 	 	 	 

 

	WMX Group Holdings, Inc.	 	Grantholder:
	 	 	 	 	 	 
	
         

         

        By:
	____________________	 	
         

         

        By:
	____________________	 
	 	 	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 
	Date:	 	 	Date:	 	 

 

	 	 	Attachments: Stock Option Plan

 

     

     

    

WMX GROUP HOLDINGS, INC.

2012 EQUITY INCENTIVE PLAN

Stock Grant Agreement 

Pursuant to your
Stock Grant Notice (“Grant Notice”) and this Stock Grant Agreement, WMX
Group Holdings, Inc. (the “Company”) has granted you restricted stock under its 2012 Equity
Incentive Plan (the “Plan”) as indicated in your Grant Notice. Defined terms not explicitly defined in
this Stock Grant Agreement but defined in the Plan shall have the same definitions as in the Plan.

 

The details of your
option are as follows:

 

1. Vesting.
Subject to the limitations contained herein, your grant will vest as provided in your Grant Notice, provided that vesting will
cease upon the termination of your Continuous Service.

 

2. Number
of Shares. The number of shares of Common Stock subject to your grant referenced in your Grant Notice may be adjusted
from time to time for Capitalization Adjustments.

 

3. Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You shall not make any claim against the Company, or any
of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your grant on or your other compensation.
In particular, you acknowledge that this grant is exempt from Section 409A of the Code only if the exercise price per share specified
in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant
and there is no other impermissible deferral of compensation associated with the option. Because the Common Stock may not be traded
on an established securities market, the Fair Market Value may be determined by the Board, perhaps in consultation with an independent
valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree
with the valuation as determined by the Board, and you shall not make any claim against the Company, or any of its Officers, Directors,
Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less
than the “fair market value” as subsequently determined by the Internal Revenue Service.

 

4. Notices.
Any notices provided for in your grantor the Plan shall be given in writing and shall be deemed effectively given upon
receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the Company.

 

5. Governing
Plan Document. Your grant is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your grant, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those of
the Plan, the provisions of the Plan shall control.

 

6. Provisions
of Stock Awards other than Options.

 

(a) Restricted
Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of
Common Stock may be (1) held in book entry form subject to the Company’s instructions until any restrictions relating to
the Restricted Stock Award lapse; or (2) evidenced by a certificate, which certificate shall be held in such form and manner as
determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms
and conditions of separate Restricted Stock Award Agreements need not be identical; provided, however, that each Restricted
Stock Award Agreement shall include (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) past services actually rendered to the Company or an Affiliate,
or (B) any other form of legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable
law.

    	19

    	 

    
 

(ii) Termination
of Participant’s Continuous Service. In the event a Participant’s Continuous Service terminates, the Company may
receive via a forfeiture condition, any or all of the shares of Common Stock held by the Participant which have not vested as of
the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iii) Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement shall be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board shall determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(b) Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and shall contain such terms and conditions
as the Board shall deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to
time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical, provided, however,
that each Restricted Stock Unit Award Agreement shall include (through incorporation of the provisions hereof by reference
in the Agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the
Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid
(if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of
legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable law.

 

(ii) Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv) Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v) Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award,
as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such
dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such
manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such
dividend equivalents will be subject to all the terms and conditions of the underlying Restricted Stock Unit Award Agreement to
which they relate.

 

(vi) Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(vii) Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted
under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such
Restricted Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be
determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award.
For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to be issued in a year
following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

    	20

    	 

    
 

I acknowledge that
the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act.
I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted
under the Securities Act and any applicable state securities laws.

 

I further acknowledge
that further restrictive conditions apply to affiliates of the Company under Rule 144.

 

I further acknowledge
that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate
legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Articles
of Incorporation, Bylaws and/or applicable securities laws.

 

	 	 	Very truly yours,	 
	 	 	 	 
				
				

 

    	21

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