Document:

AT
THE MARKET OFFERING AGREEMENT

 

November
2, 2018

 

H.C.
Wainwright & Co., LLC

430
Park Avenue

New
York, NY 10022

 

Ladies
and Gentlemen:

 

U.S.
Gold Corp., a corporation organized under the laws of Nevada (the “Company”), confirms its agreement (this
“Agreement”) with H.C. Wainwright & Co., LLC (the “Manager”) as follows:

 

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

 

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

 

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

 

“Action”
shall have the meaning ascribed to such term in Section 3(q).

 

“Affiliate”
shall have the meaning ascribed to such term in Section 3(p).

 

“Applicable
Time” shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or any relevant
Terms Agreement.

 

“Base
Prospectus” shall mean the base prospectus contained in the Registration Statement at the Execution Time.

 

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

 

“Broker
Fee” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Business
Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in New York City.

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning ascribed to such term in Section 2.

 

    	 

    	 

    

 

“Common
Stock Equivalents” shall have the meaning ascribed to such term in Section 3(g).

 

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

 

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

 

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

 

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

 

“Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 

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

 

“Free
Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3(n).

 

“Incorporated
Documents” shall mean the documents or portions thereof filed with the Commission on or prior to the Effective Date
that are incorporated by reference in the Registration Statement or the Prospectus and any documents or portions thereof filed
with the Commission after the Effective Date that are deemed to be incorporated by reference in the Registration Statement or
the Prospectus.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3(v).

 

“Issuer
Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.

 

“Losses”
shall have the meaning ascribed to such term in Section 7(d).

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3(t).

 

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“Net
Proceeds” shall have the meaning ascribed to such term in Section 2(b)(v).

 

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

 

“Placement”
shall have the meaning ascribed to such term in Section 2(c).

 

“Proceeding”
shall have the meaning ascribed to such term in Section 3(b).

 

“Prospectus”
shall mean the Base Prospectus, as supplemented by the most recently filed Prospectus Supplement (if any).

 

“Prospectus
Supplement” shall mean each prospectus supplement relating to the Shares prepared and filed pursuant to Rule 424(b)
from time to time.

 

“Qualified
Persons” means the Qualified Person as set out in Canadian National Instrument 43-101, responsible for all scientific
and technical information contained in the Updated Technical Report and PEA, Copper King Project, Wyoming, USA, issued by Mine
Development Associates, dated December 5, 2017, and as updated or supplemented from time-to-time.

 

“Registration
Statement” shall mean the shelf registration statement (File Number 333-217860) on Form S-3, including (a) all exhibits
thereto and financial statements filed therewith and (b) each Prospectus contained therein and any prospectus supplement relating
to the Shares that is filed with the Commission pursuant to Rule 424(b) and deemed part of such registration statement pursuant
to Rule 430B, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective, shall
also mean such registration statement as amended by such post-effective amendment on each Effective Date on or after the date
..

 

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

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3(e).

 

“Rule
158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 173”,
“Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and
“Rule 433” refer to such rules under the Act.

 

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

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3(m).

 

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

 

“Subsidiary”
shall have the meaning ascribed to such term in Section 3(a).

 

“Terms
Agreement” shall have the meaning ascribed to such term in Section 2(a).

 

“Time
of Delivery” shall have the meaning ascribed to such term in Section 2(c).

 

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

 

“Trading
Market” means the Nasdaq Capital Market.

 

2.
Sale and Delivery of Shares. The Company proposes to issue and sell through or to the Manager, as sales agent and/or principal,
up to $1,000,000 of shares (the “Shares”) of the Company’s common stock, $0.001 par value (“Common
Stock”), from time to time during the term of this Agreement and on the terms set forth herein; provided, however,
that in no event shall the Company issue or sell through the Manager such number of Shares that (a) exceeds the number or
dollar amount of shares of Common Stock registered on the Registration Statement pursuant to which the offering is being made,
(b) exceeds the number of authorized but unissued shares of Common Stock or (c) would cause the Company or the offering of the
Shares to not satisfy the eligibility and transaction requirements for use of Form S-3, including, if applicable, General Instruction
I.B.6 of Form S-3 (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the contrary
contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 2 on the number and
aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that
Manager shall have no obligation in connection with such compliance.

 

(a)
Appointment of Manager as Selling Agent; Terms Agreement. For purposes of selling the Shares through the Manager, the Company
hereby appoints the Manager as exclusive agent of the Company for the purpose of selling the Shares of the Company pursuant to
this Agreement and the Manager agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to
the conditions stated herein. The Company agrees that, whenever it determines to sell the Shares directly to the Manager as principal,
it will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Annex I
hereto, relating to such sale in accordance with Section 2 of this Agreement.

 

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(b)
Agent Sales. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth,
the Company will issue and agrees to sell Shares from time to time through the Manager, acting as sales agent, and the Manager
agrees to use its commercially reasonable efforts to sell, as sales agent for the Company, on the following terms:

 

(i)
The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Manager on any day that (A)
is a Trading Day, (B) the Company has instructed the Manager by telephone (confirmed promptly by electronic mail) to make such
sales (“Sales Notice”) and (C) the Company has satisfied its obligations under Section 6 of this Agreement.
The Company will designate the maximum amount of the Shares to be sold by the Manager daily (subject to the limitations set forth
in Section 2(d)) and the minimum price per Share at which such Shares may be sold. Subject to the terms and conditions hereof,
the Manager shall use its commercially reasonable efforts to sell on a particular day all of the Shares designated for the sale
by the Company on such day. The gross sales price of the Shares sold under this Section 2(b) shall be the market price for shares
of the Company’s Common Stock on the Trading Market at the time of sale of such Shares.

 

(ii)
The Company acknowledges and agrees that (A) there can be no assurance that the Manager will be successful in selling the Shares,
(B) the Manager will incur no liability or obligation to the Company or any other person or entity if it does not sell the Shares
for any reason other than a failure by the Manager to use its commercially reasonable efforts consistent with its normal trading
and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Manager
shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically
agreed by the Manager and the Company pursuant to a Terms Agreement.

 

(iii)
The Company shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially reasonable
efforts to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company’s
Board of Directors (the “Board”), or a duly authorized committee thereof, or such duly authorized officers
of the Company, and notified to the Manager in writing. The Company or the Manager may, upon notice to the other party hereto
by telephone (confirmed promptly by electronic mail), suspend the offering of the Shares for any reason and at any time; provided,
however, that such suspension or termination shall not affect or impair the parties’ respective obligations with
respect to the Shares sold hereunder prior to the giving of such notice.

 

(iv)
The Manager may sell Shares by any method permitted by law deemed to be an “at the market offering” as defined in
Rule 415 under the Act, including without limitation sales made directly on the Trading Market, on any other existing trading
market for the Common Stock or to or through a market maker. The Manager may also sell Shares in privately negotiated transactions,
provided that the Manager receives the Company’s prior written approval for any sales in privately negotiated transactions
and if so provided in the “Plan of Distribution” section of the Prospectus Supplement.

 

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(v)
The compensation to the Manager for sales of the Shares under this Section 2(b) shall be a placement fee of 3% of the gross sales
price of the Shares sold pursuant to this Section 2(b) (“Broker Fee”). The foregoing rate of compensation shall
not apply when the Manager acts as principal, in which case the Company may sell Shares to the Manager as principal at a price
agreed upon at the relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after deduction of the Broker
Fee and deduction of any transaction fees imposed by any clearing firm, execution broker or governmental or self-regulatory organization
in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”).

 

(vi)
The Manager shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the close
of trading on the Trading Market each day in which the Shares are sold under this Section 2(b) setting forth the number of the
Shares sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the compensation payable
by the Company to the Manager with respect to such sales.

 

(vii)
Unless otherwise agreed between the Company and the Manager, settlement for sales of the Shares will occur on the second (2nd)
Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made
(each, a “Settlement Date”). On or before the Trading Day prior to each Settlement Date, the Company will,
or will cause its transfer agent to, electronically transfer the Shares being sold by crediting the Manager’s or its designee’s
account (provided the Manager shall have given the Company written notice of such designee at least one Trading Day prior to the
Settlement Date) at The Depository Trust Company (“DTC”) through its Deposit and Withdrawal at Custodian System
or by such other means of delivery as may be mutually agreed upon by the parties hereto which Shares in all cases shall be freely
tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Manager will deliver the related
Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees
that, if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Shares on a
Settlement Date, in addition to and in no way limiting the rights and obligations set forth in Section 7 hereto, the Company will
(i) hold the Manager harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented
legal fees and expenses), as incurred, arising out of or in connection with such default by the Company, and (ii) pay to the Manager
any commission, discount or other compensation to which the Manager would otherwise have been entitled absent such default.

 

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(viii)
At each Applicable Time, Settlement Date, Representation Date and Filing Date, the Company shall be deemed to have affirmed each
representation and warranty contained in this Agreement as if such representation and warranty were made as of such date, modified
as necessary to relate to the Registration Statement and the Prospectus as amended or supplemented as of such date. Any obligation
of the Manager to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the
continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations
hereunder and to the continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.

 

(c)
Term Sales. If the Company wishes to sell the Shares pursuant to this Agreement but other than as set forth in Section
2(b) of this Agreement (each, a “Placement”), the Company will notify the Manager of the proposed terms of
such Placement. If the Manager, acting as principal, wishes to accept such proposed terms (which it may decline to do for any
reason in its sole discretion) or, following discussions with the Company wishes to accept amended terms, the Manager and the
Company will enter into a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement
will not be binding on the Company or the Manager unless and until the Company and the Manager have each executed such Terms Agreement
accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms
of a Terms Agreement, the terms of such Terms Agreement will control. A Terms Agreement may also specify certain provisions relating
to the reoffering of such Shares by the Manager. The commitment of the Manager to purchase the Shares pursuant to any Terms Agreement
shall be deemed to have been made on the basis of the representations and warranties of the Company herein contained and shall
be subject to the terms and conditions herein set forth, in each case as such representations, warranties, terms and conditions
may be modified as set forth in such Terms Agreement. Each Terms Agreement shall specify the number of the Shares to be purchased
by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights of, and
default by, underwriters acting together with the Manager in the reoffering of the Shares, and the time and date (each such time
and date being referred to herein as a “Time of Delivery”) and place of delivery of and payment for such Shares.
Such Terms Agreement shall also specify any requirements for opinions of counsel, accountants’ letters and officers’
certificates pursuant to Section 6 of this Agreement and any other information or documents reasonably required by the Manager.

 

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(d)
Maximum Number of Shares. Under no circumstances shall the Company cause or request the offer or sale of any Shares if,
after giving effect to the sale of such Shares, the aggregate amount of Shares sold pursuant to this Agreement would exceed the
lesser of (A) the Maximum Amount, (B) the amount then remaining available for offer and sale under the currently effective Registration
Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board
of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Manager in writing.
Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement at a price
lower than the minimum price authorized from time to time by the Company’s board of directors, a duly authorized committee
thereof or a duly authorized executive officer, and notified to the Manager in writing.

 

(e)
Regulation M Notice. Unless the exception for “actively-traded securities”
set forth in Rule 101(c)(1) of Regulation M under the Exchange Act is applicable to the Shares, the Company shall give
the Manager at least one Business Day’s prior notice of its intent to sell any Shares in order to allow the Manager time
to comply with Regulation M.

 

3.
Representations and Warranties. The Company represents and warrants to, and agrees with, the Manager at the Execution Time
and on each such time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement,
as set forth below or in the Registration Statement, the Prospectus or the Incorporated Documents.

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries (individually, a “Subsidiary”)
of the Company are set forth on Exhibit 21.1 to
the Company’s most recent Annual Report on
Form 10-K filed with the Commission. The Company
owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary
free and clear of any “Liens” (which for purposes of this Agreement
shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction),
and all the issued and outstanding shares of capital stock of each Subsidiary are validly
issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

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(b)
Organization and Qualification. The Company and each of the Subsidiaries is an entity
duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry
on its business as currently conducted. Neither the Company nor any Subsidiary is in violation
or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct
business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, could not reasonably be expected to result in (i) a material adverse
effect on the legality, validity or enforceability of this Agreement, (ii)
a material adverse change in the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, from that set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement,
the Prospectus or the Incorporated Documents, or
(iii) a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under this Agreement
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no “Proceeding”
(which for purposes of this Agreement shall mean any action,
claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or threatened) has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke,
limit or curtail such power and authority or qualification.

 

(c)
Authorization and Enforcement. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby
have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company,
the Board or its stockholders in connection herewith other than in connection with the
Required Approvals. This Agreement has been duly executed and delivered by the Company
and constitutes the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)
No Conflicts. The execution, delivery and performance of this Agreement by the Company,
the issuance and sale of the Shares and the consummation by the Company
of the other transactions contemplated herein do not and will not (i) conflict with
or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii)
conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
result in the creation of any Lien upon any of the properties or assets of the Company or
any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company or Subsidiary debt or otherwise) or other understanding to which the Company
or any Subsidiary is a party or by which any property or asset of the Company or
any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Company or
a Subsidiary is bound or affected, except in the case of each of clauses (ii) and (iii),
such as could not reasonably be expected to result in a Material Adverse Effect.

 

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(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other “Person” (defined as an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any
kind, including the Trading Market) in connection with the execution, delivery and performance
by the Company of this Agreement, other than (i)
the filings required by this Agreement, (ii) the
filing with the Commission of the Prospectus Supplement,
(iii) the filing of application(s) to and approval by the Trading
Market for the listing of the Shares for trading thereon in the time and manner
required thereby, and (iv) such filings as are required to be made under applicable state
securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
(collectively, the “Required Approvals”).

 

(f)
Issuance of Shares. The Shares are duly authorized
and, when issued and paid for in accordance with this Agreement, will be duly and validly
issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company.
The Company has reserved from its duly authorized capital stock a sufficient number of
shares of Common Stock to be issued pursuant to
this Agreement. The offering and sale by the Company of
the Shares on the terms described in the Registration Statement,
has been registered under the Act and all of the Shares
are freely transferable and tradable by the purchasers thereof without restriction (other than any restrictions arising
solely from an act or omission by, or the nature of, such purchaser). The “Plan
of Distribution” section within the Prospectus contained in the Registration
Statement, as amended and supplemented by the Prospectus Supplement, permits the
issuance and sale of the Shares as contemplated by this Agreement.
Upon receipt of the Shares, the purchasers of such Shares
will have good and marketable title to such Shares and the Shares
will be freely tradable on the Trading Market.

 

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(g)
Capitalization. The capitalization of the Company is as set forth in the Registration
Statement, the Base Prospectus, the Prospectus Supplement
and the Prospectus. The Company has not issued
any capital stock since its most recently filed periodic report under the Exchange Act,
other than pursuant to the Company’s equity incentive plans, the issuance of shares
of Common Stock to employees pursuant to the Company’s
employee stock purchase plan and pursuant to the conversion or exercise of securities exercisable, exchangeable or convertible
into Common Stock (“Common Stock Equivalents”). No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by this Agreement. Except (i) pursuant
to the Company’s equity incentive plans and (ii)
pursuant to agreements or instruments filed as exhibits to Incorporated Documents,
there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person
any right to subscribe for or acquire, any shares of Common
Stock, or contracts, commitments, understandings or arrangements by which the Company or
any Subsidiary is or may become bound to issue additional shares of Common
Stock or Common Stock Equivalents. The issuance and sale of the Shares
will not obligate the Company to issue shares of
Common Stock or other securities to any Person and
will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under such securities. All of the outstanding shares of
capital stock of the Company are validly issued, fully paid and non-assessable, have been
issued in compliance with all federal and state securities laws, and none of such outstanding shares
was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. There are no
stockholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company’s stockholders.

 

(h)
Registration Statement. The Company meets
the requirements for use of Form S-3 under the Act and has prepared and filed with the
Commission the Registration Statement, including
a related Base Prospectus, for registration under the Act
of the offering and sale of the Shares. Such Registration Statement is effective
and available for the offer and sale of the Shares as of the date hereof. As filed, the
Base Prospectus contains all information required by the Act
and the rules and regulations thereunder, and, except to the extent the Manager shall
agree in writing to a modification, shall be in all substantive respects in the form furnished to the Manager
prior to the Execution Time or prior to any such time this representation is repeated
or deemed to be made. The Registration Statement, at the Execution
Time, each such time this representation is repeated or deemed to be made, and at all times during which a prospectus
is required by the Act to be delivered (whether physically or through compliance
with Rule 172, 173 or any similar rule) in connection with any offer or sale of the Shares,
meets the requirements set forth in Rule 415(a)(1)(x). The initial Effective
Date of the Registration Statement was not earlier than the date three years before
the Execution Time. The Company meets the transaction requirements with respect to the
aggregate market value of securities being sold pursuant to this offering and during the twelve (12) months prior to this offering,
as set forth in General Instruction I.B.6 of Form S-3.

 

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(i)
Accuracy of Incorporated Documents. The Incorporated
Documents, when they were filed with the Commission, conformed in all material respects
to the requirements of the Exchange Act and the rules and regulations thereunder, and none
of the Incorporated Documents, when they were filed with the Commission,
contained any untrue statement of a material fact or omitted to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made not misleading; and any further
documents so filed and incorporated by reference in the Registration Statement, the Base
Prospectus, the Prospectus Supplement or the Prospectus,
when such documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act and the rules and regulations thereunder, as applicable,
and will not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(j)
Ineligible Issuer. (i) At the earliest time after the filing of the Registration
Statement that the Company or another offering participant made a bona fide offer
(within the meaning of Rule 164(h)(2)) of the Shares and
(ii) as of the Execution Time and on each such time
this representation is repeated or deemed to be made (with such date being used as the determination date for purposes of this
clause (ii)), the Company was not and is not an
Ineligible Issuer (as defined in Rule 405), without taking account of any determination
by the Commission pursuant to Rule 405 that it is not necessary that the Company
be considered an Ineligible Issuer.

 

(k)
Free Writing Prospectus. The Company is eligible
to use Issuer Free Writing Prospectuses. Each Issuer Free
Writing Prospectus does not include any information the substance of which conflicts with the information contained in
the Registration Statement, including any Incorporated
Documents and any prospectus supplement deemed to be a part thereof that has not
been superseded or modified; and each Issuer Free Writing Prospectus does not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. 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 the Manager
specifically for use therein. Any Issuer Free Writing Prospectus that the Company
is required to file pursuant to Rule 433(d) has been, or will be, filed with the
Commission in accordance with the requirements of the Act
and the rules and regulations thereunder. Each Issuer Free Writing Prospectus that
the Company has filed, or is required to file, pursuant to Rule
433(d) or that was prepared by or behalf of or used by the Company complies or will
comply in all material respects with the requirements of the Act and the rules and regulations
thereunder. The Company will not, without the prior consent of the Manager,
prepare, use or refer to, any Issuer Free Writing Prospectuses.

 

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(l)
Proceedings Related to Registration Statement. The Registration
Statement is not the subject of a pending proceeding or examination under Section 8(d)
or 8(e) of the Act, and the Company is not
the subject of a pending proceeding under Section 8A of the Act in connection with the
offering of the Shares. The Company has not received
any notice that the Commission has issued or intends to issue a stop order with respect
to the Registration Statement or that the Commission otherwise
has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, or intends or has threatened in writing to do so.

 

(m)
SEC Reports. The Company has complied in
all material respects with requirements to file all reports, schedules, forms, statements and other documents required to be filed
by it under the Act and the Exchange Act, including
pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company
was required by law to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated
by reference therein, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension.

 

(n)
Financial Statements. The consolidated financial statements incorporated by reference in the Registration
Statement, the Prospectus or the Incorporated Documents
and any amendments thereof or supplements thereto comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing or as amended or corrected in a subsequent filing. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of the Company and its consolidated subsidiaries as of and for the
dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to normal, immaterial, year-end audit adjustments.

 

(o)
Accountants. The Company’s accountants
for the fiscal years ended April 30, 2017 and April 30, 2018, were Marcum LLP (“Marcum”),
and to the knowledge of the Company, Marcum are
a registered public accounting firm with the Public Company Accounting Oversight Board (“PCAOB”)
as required by the Act. On August 3, 2018, the Company
engaged KBL, LLP (“KBL”),
an independent registered public accounting firm which is registered with, and governed by the rules of, the PCAOB,
as its independent registered public accounting firm. The Company expects KBL
will express their opinion with respect to the financial statements to be included in the Company’s
next Annual Report on Form 10-K.

 

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(p)
Material Adverse Events. Since the date of the latest audited financial statements included within the SEC
Reports, except as specifically disclosed in a subsequent SEC Report filed prior
to the date hereof, (i) there has been no event, occurrence or development that has had
or that could reasonably be expected to result in a Material Adverse Effect, (ii)
the Company has not incurred any liabilities (contingent or otherwise) other than
(A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to GAAP
or required to be disclosed in filings made with the Commission, (iii)
the Company has not altered its method of accounting, (iv)
the Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares
of its capital stock and (v) the Company has
not issued any equity securities to any officer, director or “Affiliate” (defined as any Person
that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144 under the Act),
except pursuant to existing Company stock option plans. The Company
does not have pending before the Commission any request for confidential treatment
of information. No event, liability or development has occurred or exists with respect to the Company
or its Subsidiaries or their respective business, properties, operations or financial condition, that would be required
to be disclosed by the Company under applicable securities laws at the time this representation
is deemed made that has not been publicly disclosed at least 1 Trading Day prior to the
date that this representation is deemed made.

 

(q)
Litigation. There is no action, suit, inquiry, notice of violation, Proceeding
or investigation pending or, to the knowledge of the Company, threatened against
or affecting the Company, any Subsidiary or any of their respective properties before or
by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i)
adversely affects or challenges the legality, validity or enforceability of this Agreement
or the Shares or (ii) could, if there were
an unfavorable decision, reasonably be expected to result in a Material Adverse Effect.
Neither the Company nor any Subsidiary, nor, to the knowledge of the Company,
any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation
by the Commission involving the Company or any current
or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange
Act or the Act.

 

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(r)
Labor Relations. No material labor dispute exists or, to the knowledge of the Company,
is imminent with respect to any of the employees of the Company which could reasonably
be expected to result in a Material Adverse Effect. None of the Company’s
or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company,
and neither the Company nor any of its Subsidiaries is a party to a collective bargaining
agreement, and the Company and its Subsidiaries
believe that their relationships with their employees are good. No executive officer, to the knowledge of the Company,
is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement,
or any other similar contract or agreement except as could not, individually or in aggregate,
reasonably be expected to had a Material Adverse Effect. The Company
and its Subsidiaries are in compliance with all applicable U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

(s)
No Existing Defaults. Neither the Company nor any Subsidiary (i)
is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of
time or both, would result in a default by the Company or any Subsidiary under), nor has
the Company or any Subsidiary received notice of a claim that it is in default under or
that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived), (ii) is in violation of any order of any court, arbitrator or governmental
body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection,
occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not
reasonably be expected to result in a Material Adverse Effect.

 

(t)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective
businesses as currently conducted and as described in the Registration Statement, the Base
Prospectus, any Prospectus Supplement or the Prospectus,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any
notice of proceedings relating to the revocation or modification of any Material Permit.

 

(u)
Title to Assets. Except as disclosed in the Registration Statement, the Base
Prospectus, any Prospectus Supplement or Prospectus,
the Company and the Subsidiaries have good and marketable title in fee simple to all real
property owned by them that is material to the business of the Company and the Subsidiaries
and good and marketable title in all personal property owned by them that is material to the business of the Company
and the Subsidiaries, in each case free and clear of all Liens, except for Liens
as do not materially affect the value of such property and do not materially interfere with the use made and proposed to
be made of such property by the Company and the Subsidiaries
and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties.
Any real property and facilities held under lease by the Company and the Subsidiaries are
held by them under valid, subsisting and enforceable leases of which the Company and the
Subsidiaries are in compliance, except where such non-compliance would not reasonably be expected to have a Material
Adverse Effect.

 

    	15

    	 

    

 

(v)
Intellectual Property. The Company and the Subsidiaries have, or have rights to
use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions,
copyrights, licenses and other similar intellectual property rights necessary or material
for use in connection with their respective businesses as described in the Registration Statement,
the Base Prospectus, any Prospectus Supplement or
the Prospectus and which the failure to so have could reasonably be expected to have a
Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Neither the Company nor any Subsidiary has received, since the date of the latest audited
financial statements included within the SEC Reports, a notice (written or otherwise) that
the Intellectual Property Rights violate or infringe upon the rights of any Person,
except as would not have a Material Adverse Effect. To the knowledge of the Company,
all such Intellectual Property Rights are enforceable (other than patent and trademark
applications) and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their Intellectual Property
Rights, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

(w)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are prudent
and customary for companies of similar size as the Company in the businesses in which the
Company and the Subsidiaries are engaged, including, but not limited to, directors and
officers insurance coverage. To the knowledge of the Company, such insurance contracts
and policies are accurate and complete. Neither the Company nor any Subsidiary has any
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

(x)
Affiliate Transactions. Except as set forth in the Registration Statement, the Base
Prospectus, any Prospectus Supplement, the Prospectus
or the Incorporated Documents, none of the officers or directors of the Company
and, to the knowledge of the Company, none of the employees of the Company
is presently a party to any transaction with the Company or any Subsidiary (other
than for services as employees, officers and directors), including any contract, agreement or
other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from,
or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee
or partner, in each case in excess of $120,000, other than (i) for payment of salary or
consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf
of the Company and (iii) for other employee benefits,
including the Company’s equity incentive plan.

 

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(y)
Sarbanes Oxley Compliance. Except as disclosed in the Registration Statement, the
Base Prospectus, any Prospectus Supplement or the
Prospectus, the Company is in material compliance
with all provisions of the Sarbanes-Oxley Act of 2002 which are applicable to it as of
the Effective Date. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i)
transactions are executed in accordance with management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP
and to maintain asset accountability, (iii) access to assets is permitted only in
accordance with management’s general or specific authorization, 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 has established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company
in the reports 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. The Company’s certifying officers have evaluated the effectiveness of
the Company’s disclosure controls and procedures as of the end of the period covered
by the Company’s most recently filed periodic report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its
most recently filed periodic report under the Exchange Act 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 changes in the Company’s
internal control over financial reporting (as such term is defined in the Exchange Act)
that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

 

(z)
Finder’s Fees. Other than payments to be made to the Manager, no brokerage
or finder’s fees or commissions are or will be payable by the Company to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by this Agreement.
The Manager shall have no obligation with respect to any fees or with respect to any claims
made by or on behalf of other Persons for fees of a type contemplated in this Section that
may be due in connection with the transactions contemplated by this Agreement.

 

    	17

    	 

    

 

(aa)
No Other Sales Agency Agreement. The Company has not entered into any other sales
agency agreements or other similar arrangements with any agent or any other representative in respect of at the market offerings
of the Shares.

 

(bb)
Regulation M Compliance. The Company has not, and to its knowledge no one acting
on its behalf has, (i) taken, directly or indirectly, any action
designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of any of the Shares, (ii)
sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Shares
or (iii) paid or agreed to pay to any person any compensation for soliciting another
to purchase any other securities of the Company, other than, in the case of clauses (ii)
and (iii), compensation paid to the Manager in
connection with the placement of the Shares.

 

(cc)
Listing and Maintenance Requirements. The issuance and sale of the Shares as contemplated
in this Agreement does not contravene the rules and regulations of the Trading
Market. The Common Stock is registered pursuant to Section 12(b)
or 12(g) of the Exchange Act, and the Company has
taken no action designed to, or which to its knowledge is likely to have the effect of,
terminating the registration of the Common Stock under the Exchange
Act nor has the Company received any notification that the Commission
is contemplating terminating such registration. Except as disclosed in the Registration
Statement, the Base Prospectus, any Prospectus Supplement
or the Prospectus, the Company has not, in
the 12 months preceding the date hereof, received notice from any Trading Market on which
the Common Stock is or has been listed or quoted to the effect that the Company
is not in compliance with the listing or maintenance requirements of such Trading Market.

 

(dd)
Application of Takeover Protections. Except as set forth in the Registration Statement,
the Base Prospectus, any Prospectus Supplement or
the Prospectus, the Company and its Board
have taken all necessary action, if any, in order to render inapplicable any control
share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s Certificate of Incorporation
(or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the purchasers
of the Shares.

 

(ee)
Investment Company. The Company is not, and
is not an Affiliate of, and immediately after receipt of payment for the Shares,
will not be or be an Affiliate of, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.
The Company currently intends to conduct its business in a manner so that it will not become
subject to the Investment Company Act of 1940, as amended.

 

    	18

    	 

    

 

(ff)
Solvency. Based on the financial condition of the Company as of the Effective
Date, (i) the Company’s fair saleable
value of its assets exceeds the amount that will be required to be paid on or in respect of the Company’s
existing debts and other liabilities (including known contingent liabilities) as they mature, (ii)
the Company’s assets do not constitute unreasonably small capital to carry
on its business as now conducted and as proposed to be conducted in the next twelve months, including its capital needs taking
into account the particular capital requirements of the business conducted by the Company,
and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company
would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would
be sufficient to pay all amounts on or in respect of its debt when such amounts are required to be paid. Within one year of the
Effective Date, the Company does not intend to incur
debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on
or in respect of its debt). The SEC Reports set forth as of the dates thereof all outstanding
secured and unsecured Indebtedness of the Company or
any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes
of this Agreement, “Indebtedness”
shall mean (a) any liabilities for borrowed money or amounts owed in excess of $250,000
(other than accrued liabilities and trade accounts payable incurred in the ordinary course of business), (b)
all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the
same are or should be reflected in the Company’s balance sheet (or the notes thereto),
except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of business; and (c) the present value of any lease payments in excess of $250,000 due
under leases required to be capitalized in accordance with GAAP. Neither the Company
nor any Subsidiary is in default with respect to any Indebtedness.

 

(gg)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and each
Subsidiary has (i) made or filed all necessary United States federal, and state income
and all foreign income and franchise tax returns and have paid or accrued all taxes shown as due thereon, and the Company
has no knowledge of a tax deficiency which has been asserted or threatened against the Company
or, reports and declarations required by any jurisdiction to which it is subject, (ii)
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) set aside on its books provision reasonably
adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations
apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company or of any Subsidiary know of no basis for any such claim.

 

    	19

    	 

    

 

(hh)
Foreign Corrupt Practices. Neither the Company, nor to the knowledge of the Company,
any agent or other person acting on behalf of the Company, has (i)
directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related
to foreign or domestic political activity, (ii) made any unlawful payment to foreign or
domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds,
(iii) failed to disclose fully any contribution made by the Company
(or made by any person acting on its behalf of which the Company is aware) which
is in violation of law, or (iv) violated in any material respect any provision of the Foreign
Corrupt Practices Act of 1977, as amended.

 

(ii)
FINRA Member Shareholders. There are no affiliations with any FINRA member firm
among the Company’s officers, directors or, to the knowledge of the Company,
any five percent (5%) or greater stockholder of the Company, except as set forth in the
Registration Statement, the Base Prospectus, any
Prospectus Supplement or the Prospectus.

 

4.
Agreements. The Company agrees with the Manager that:

 

(a)
Right to Review Amendments and Supplements to Registration Statement and Prospectus. During any period when the delivery
of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant
to Rule 172, 173 or any similar rule) to be delivered under the Act in connection with the offering or the sale of Shares, the
Company will not file any amendment to the Registration Statement or supplement (including any Prospectus Supplement) to the Base
Prospectus unless the Company has furnished to the Manager a copy for its review prior to filing and will not file any such proposed
amendment or supplement to which the Manager reasonably objects (provided, however, that the Company will have no obligation to
provide the Manager any advance copy of such filing or to provide the Manager an opportunity to object to such filing if the filing
does not name the Manager and does not relate to the transaction herein provided). The Company has properly completed the Prospectus,
in a form approved by the Manager, and filed such Prospectus, as amended at the Execution Time, with the Commission pursuant to
the applicable paragraph of Rule 424(b) by the Execution Time and will cause any supplement to the Prospectus to be properly completed,
in a form approved by the Manager, and will file such supplement with the Commission pursuant to the applicable paragraph of Rule
424(b) within the time period prescribed thereby and will provide evidence reasonably satisfactory to the Manager of such timely
filing. The Company will promptly advise the Manager (i) when the Prospectus, and any supplement thereto, shall have been filed
(if required) with the Commission pursuant to Rule 424(b), (ii) when, during any period when the delivery of a prospectus (whether
physically or through compliance with Rule 172, 173 or any similar rule) is required under the Act in connection with the offering
or sale of the Shares, any amendment to the Registration Statement shall have been filed or become effective (other than any annual
report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act), (iii) of any request by the Commission or
its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any supplement to
the Prospectus or for any additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that
purpose and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares
for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its commercially
reasonable best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to
the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as soon as possible
the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment
to the Registration Statement or a new registration statement and using its commercially reasonable best efforts to have such
amendment or new registration statement declared effective as soon as practicable.

 

    	20

    	 

    

 

(b)
Subsequent Events. If, at any time on or after an Applicable Time but prior to the related Settlement Date, any event occurs
as a result of which the Registration Statement or Prospectus would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light of the circumstances under which they were made
or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Manager so that any use of the Registration
Statement or Prospectus may cease until such are amended or supplemented; (ii) amend or supplement the Registration Statement
or Prospectus to correct such statement or omission; and (iii) supply any amendment or supplement to the Manager in such quantities
as the Manager may reasonably request.

 

(c)
Notification of Subsequent Filings. During any period when the delivery of a prospectus relating to the Shares is required
(including in circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered
under the Act, any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances
under which they were made not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration
statement or supplement the Prospectus to comply with the Act or the Exchange Act or the respective rules thereunder, including
in connection with use or delivery of the Prospectus, the Company promptly will (i) notify the Manager of any such event, (ii)
subject to Section 4(a), prepare and file with the Commission an amendment or supplement or new registration statement which will
correct such statement or omission or effect such compliance, (iii) use its commercially reasonable best efforts to have any amendment
to the Registration Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption
in use of the Prospectus and (iv) supply any supplemented Prospectus to the Manager in such quantities as the Manager may reasonably
request.

 

    	21

    	 

    

 

(d)
Earnings Statements. As soon as practicable, the Company will make generally available to its security holders and to the
Manager an earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section 11(a)
of the Act and Rule 158. For the avoidance of doubt, the Company’s compliance with the reporting requirements of the Exchange
Act shall be deemed to satisfy the requirements of this Section 4(d).

 

(e)
Delivery of Registration Statement. Upon the request of the Manager, the Company will furnish to the Manager and counsel
for the Manager, without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery
of a prospectus by the Manager or dealer may be required by the Act (including in circumstances where such requirement may be
satisfied pursuant to Rule 172, 173 or any similar rule), as many copies of the Prospectus and each Issuer Free Writing Prospectus
and any supplement thereto as the Manager may reasonably request. The Company will pay the expenses of printing or other production
of all documents relating to the offering.

 

(f)
Qualification of Shares. The Company will arrange, if necessary, for the qualification of the Shares for sale under the
laws of such jurisdictions in the United States as the Manager may designate and will maintain such qualifications in effect so
long as required for the distribution of the Shares; provided that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process
in suits, other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so subject.

 

(g)
Free Writing Prospectus. The Company agrees that, unless it has or shall have obtained the prior written consent of the
Manager, and the Manager agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written
consent of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free
Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required
to be filed by the Company with the Commission or retained by the Company under Rule 433. Any such free writing prospectus consented
to by the Manager or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company
agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing
Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable
to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

 

    	22

    	 

    

 

(h)
Subsequent Equity Issuances. Neither the Company nor any Subsidiary will offer, sell, issue, contract to sell, contract
to issue or otherwise dispose of, directly or indirectly, any other shares of Common Stock or any Common Stock Equivalents (other
than the Shares) during the term of this Agreement without the prior written consent of the Manager (i) without giving the Manager
at least three Business Days’ prior written notice specifying the nature of the proposed transaction and the date of such
proposed transaction and (ii) unless the Manager suspends acting under this Agreement for such period of time requested by the
Company or as deemed appropriate by the Manager in light of the proposed transaction; provided, however, that, without
the prior written consent of the Manager, the Company may (i) issue and sell Common Stock pursuant to any employee equity plan,
stock ownership plan or dividend reinvestment plan of the Company in effect at the Execution Time, (ii) issue Common Stock upon
the conversion or exercise of Common Stock Equivalents outstanding at the Execution Time and (iii) issue Common Stock to employees,
directors, officers, consultants and advisors as compensation for employment or services in the ordinary course of business.

 

(i)
Market Manipulation. Until the termination of this Agreement, the Company will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation in violation of the Act, Exchange Act or the rules and regulations thereunder of the price of any
security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under
the Exchange Act.

 

(j)
Notification of Incorrect Certificate. The Company will, at any time during the term of this Agreement, as supplemented
from time to time, advise the Manager immediately after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant to Section
6 herein.

 

    	23

    	 

    

 

(k)
Certification of Accuracy of Disclosure. Upon commencement of the offering of the Shares under this Agreement (and upon
the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder
lasting more than 30 Trading Days), and each time that (i) the Registration Statement or Prospectus shall be amended or supplemented,
other than by means of Incorporated Documents, (ii) the Company files its Annual Report on Form 10-K under the Exchange Act, (iii)
the Company files its quarterly reports on Form 10-Q under the Exchange Act, (iv) the Company files a Current Report on Form 8-K
containing amended financial information (other than information that is furnished and not filed), if the Manager reasonably determines
that the information in such Form 8-K is material, or (v) the Shares are delivered to the Manager as principal at the Time of
Delivery pursuant to a Terms Agreement (such commencement or recommencement date and each such date referred to in (i), (ii),
(iii), (iv) and (v) above, a “Representation Date”), unless waived by the Manager, the Company shall furnish
or cause to be furnished to the Manager forthwith a certificate dated and delivered on the Representation Date, in form reasonably
satisfactory to the Manager to the effect that the statements contained in the certificate referred to in Section 6 of this Agreement
which were last furnished to the Manager are true and correct at the Representation Date, as though made at and as of such date
(except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented
to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section
6, modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the date of
delivery of such certificate. The requirement to furnish or cause to be furnished a certificate under this Section 4(k) shall
be waived for any Representation Date occurring on a date on which no instruction to the Manager to sell Shares pursuant to this
Agreement has been delivered by the Company or is pending. Notwithstanding the foregoing, if the Company subsequently decides
to sell Shares following any Representation Date when the Company relied on such waiver and did not provide the Manager a certificate
pursuant to this Section 4(k), then before the Company instructs the Manager to sell Shares pursuant to this Agreement, the Company
shall provide the Manager such certificate.

 

(l)
Bring Down Opinions; Negative Assurance. At each Representation Date, unless waived by the Manager, the Company shall furnish
or cause to be furnished forthwith to the Manager and to counsel to the Manager a written opinion of counsel to the Company (“Company
Counsel”) addressed to the Manager and dated and delivered on such Representation Date, in customary form and substance
and reasonably satisfactory to the Manager, including a customary negative assurance statement. In lieu of delivering such an
opinion for Representation Dates subsequent to the commencement of the offering of the Shares under this Agreement such counsel
may furnish the Manager with a letter to the effect that the Manager may rely on a prior opinion delivered under Section 6(b)
or this Section 4(l) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such subsequent Representation
Date). The requirement to furnish or cause to be furnished an opinion under this Section 4(l) shall be waived for any Representation
Date occurring on a date on which no instruction to the Manager to sell Shares pursuant to this Agreement has been delivered by
the Company or is pending. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following any Representation
Date when the Company relied on such waiver and did not provide the Manager an opinion pursuant to this Section 4(l), then
before the Company instructs the Manager to sell Shares pursuant to this Agreement, the Company shall provide the Manager such
opinion.

 

    	24

    	 

    

 

(m)
Auditor Bring Down “Comfort” Letter. At each Representation Date, unless waived by the Manager, the Company
shall cause (1) Marcum for the fiscal years ended April 30, 2017 and April 30, 2018, and KBL for the fiscal quarter ended July
31, 2018 (collectively, the “Accountants”), or other independent accountants satisfactory to the Manager forthwith
to furnish the Manager a letter, and (2) the Chief Financial Officer of the Company forthwith to furnish the Manager a certificate,
in each case dated on such Representation Date, in form satisfactory to the Manager, of the same tenor as the letters and certificate
referred to in Section 6 of this Agreement but modified to relate to the Registration Statement and the Prospectus, as amended
and supplemented to the date of such letters and certificate; provided, however, that the Company will not be required
to cause the Accountants to furnish such letters to the Manager in connection with the filing of a Current Report on Form 8-K
unless (i) such Current Report on Form 8-K is filed at any time during which a prospectus relating to the Shares is required to
be delivered under the Act and (ii) the Manager has requested such letter based upon the event or events reported in such Current
Report on Form 8-K. The requirement to furnish or cause to be furnished a “comfort” letter under this Section 4(m)
shall be waived for any Representation Date occurring on a date on which no instruction to the Manager to sell Shares pursuant
to this Agreement has been delivered by the Company or is pending. Notwithstanding the foregoing, if the Company subsequently
decides to sell Shares following any Representation Date when the Company relied on such waiver and did not provide the Manager
a “comfort” letter pursuant to this Section 4(m), then before the Company instructs the Manager to sell Shares pursuant
to this Agreement, the Company shall provide the Manager such “comfort” letter.

 

(n)
Due Diligence Session. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement
of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than
30 Trading Days), and at each Representation Date, the Company will conduct a due diligence session, in form and substance, reasonably
satisfactory to the Manager, which shall include representatives of management, the Accountants and the Qualified Persons. The
Company shall cooperate timely with any reasonable due diligence request from or review conducted by the Manager or its agents
from time to time in connection with the transactions contemplated by this Agreement, including, without limitation, providing
information and available documents and access to appropriate corporate officers and the Company’s agents during regular
business hours and at the Company’s principal offices, and timely furnishing or causing to be furnished such certificates,
letters and opinions from the Company, its officers and its agents, as the Manager may reasonably request. The Company shall reimburse
the Manager for Manager’s counsel’s time in each such due diligence update session, up to a maximum of $2,500 per
update, plus any incidental expense incurred by the Manager in connection therewith. The requirement to conduct a due diligence
session under this Section 4(n) shall be waived for any Representation Date occurring on a date on which no instruction to the
Manager to sell Shares pursuant to this Agreement has been delivered by the Company or is pending. Notwithstanding the foregoing,
if the Company subsequently decides to sell Shares following any Representation Date when the Company relied on such waiver and
did not conduct a due diligence session pursuant to this Section 4(n), then before the Company instructs the Manager to sell Shares
pursuant to this Agreement, the Company shall conduct a due diligence session in accordance with this Section 4(n).

 

    	25

    	 

    

 

(o)
Acknowledgment of Trading. The Company consents to the Manager trading in the Common Stock for the Manager’s own
account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant
to a Terms Agreement.

 

(p)
Disclosure of Shares Sold. The Company will disclose in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q,
as applicable, the number of Shares sold through the Manager under this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to sales of Shares pursuant to this Agreement during the relevant quarter; and, if required by
any subsequent change in Commission policy or request, more frequently by means of a Current Report on Form 8-K or a further Prospectus
Supplement.

 

(q)
Rescission Right. If to the knowledge of the Company, the conditions set forth in Section 6 shall not have been satisfied
as of the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company
as the result of an offer to purchase solicited by the Manager the right to refuse to purchase and pay for such Shares.

 

(r)
Bring Down of Representations and Warranties. Each acceptance by the Company of an offer to purchase the Shares hereunder,
and each execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that
the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the
date of such acceptance or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations
and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time
of Delivery relating to such sale, as the case may be, as though made at and as of such date (except that such representations
and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating
to such Shares).

 

(s)
Reservation of Shares. The Company shall ensure that there are at all times sufficient shares of Common Stock to provide
for the issuance, free of any preemptive rights, out of its authorized but unissued shares of Common Stock or shares of Common
Stock held in treasury, of the maximum aggregate number of Shares authorized for issuance by the Board pursuant to the terms of
this Agreement. The Company will use its commercially reasonable efforts to cause the Shares to be listed for trading on the Trading
Market and to maintain such listing.

 

(t)
Obligation Under Exchange Act. During any period when the delivery of a prospectus relating to the Shares is required (including
in circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under
the Act, the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the
time periods required by the Exchange Act and the rules and regulations thereunder.

 

    	26

    	 

    

 

(u)
DTC Facility. The Company shall cooperate with Manager and use its commercially reasonable best efforts to permit the Shares
to be eligible for clearance and settlement through the facilities of DTC.

 

(v)
Use of Proceeds. The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(w)
Filing of Prospectus Supplement. On or prior to the earlier of (i) the date on which the Company shall file a Quarterly
Report on Form 10-Q in respect of any fiscal quarter in which sales of Shares were made by the Manager pursuant to Section 2(b)
of this Agreement and (ii) the date on which the Company shall be obligated to file such document referred to in clause (i) in
respect of such quarter (each such date, and any date on which an amendment to any such document is filed, a “Filing
Date”), the Company will file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b),
which prospectus supplement will set forth, with regard to such quarter, the number of the Shares sold through the Manager as
agent pursuant to Section 2(b) of this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with
respect to such sales of the Shares pursuant to Section 2(b) of this Agreement and deliver such number of copies of each such
prospectus supplement to the Trading Market as are required by such exchange. In the event any sales are made pursuant to this
Agreement which are NOT made in “at the market” offerings as defined in Rule 415, including, without limitation, any
Placement pursuant to a Terms Agreement, the Company shall file a Prospectus Supplement describing the terms of such transaction,
the amount of Shares sold, the price thereof, the Manager’s compensation, and such other information as may be required
pursuant to Rule 424 and Rule 430B, as applicable, within the time required by Rule 424.

 

5.
Payment of Expenses. The Company agrees to pay the costs and expenses incident to the performance of its obligations under
this Agreement, whether or not the transactions contemplated hereby are consummated, including without limitation: (i) the preparation,
printing or reproduction and filing with the Commission of the Registration Statement (including financial statements and exhibits
thereto), the Prospectus and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii) the printing
(or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies
of the Registration Statement, the Prospectus, and each Issuer Free Writing Prospectus, and all amendments or supplements to any
of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Shares; (iii) the
preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes
in connection with the original issuance and sale of the Shares; (iv) the printing (or reproduction) and delivery of this Agreement,
any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering
of the Shares; (v) the registration of the Shares under the Exchange Act, if applicable, and the listing of the Shares on the
Trading Market; (vi) any registration or qualification of the Shares for offer and sale under the securities or blue sky laws
of the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating to such
registration and qualification); (vii) the transportation and other expenses incurred by or on behalf of Company representatives
in connection with presentations to prospective purchasers of the Shares; (viii) the fees and expenses of the Company’s
accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (ix) the filing fee under
FINRA Rule 5110; (x) the reasonable fees and expenses of the Manager’s counsel, not to exceed $50,000 (excluding any periodic
due diligence fees provided for under Section 4(n)), which shall be paid on the Execution Time; and (xi) all other costs and expenses
incident to the performance by the Company of its obligations hereunder.

 

    	27

    	 

    

 

6.
Conditions to the Obligations of the Manager. The obligations of the Manager under this Agreement and any Terms Agreement
shall be subject to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the
Execution Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) the performance
by the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a)
Filing of Prospectus Supplement. The Prospectus, and any supplement thereto, required by Rule 424 to be filed with the
Commission have been filed in the manner and within the time period required by Rule 424(b) with respect to any sale of Shares;
each Prospectus Supplement shall have been filed in the manner required by Rule 424(b) within the time period required hereunder
and under the Act; any other material required to be filed by the Company pursuant to Rule 433(d) under the Act, shall have been
filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; and no stop order suspending
the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings for
that purpose shall have been instituted or threatened.

 

(b)
Delivery of Opinion. The Company shall have caused the Company Counsel to furnish to the Manager its opinion and negative
assurance statement, dated as of the date hereof and addressed to the Manager in form and substance acceptable to the Manager.

 

(c)
Delivery of Officer’s Certificate. The Company shall have furnished or caused to be furnished to the Manager a certificate
of the Company signed by the Chief Executive Officer or the President and the principal financial or accounting officer of the
Company, dated as of the date hereof, to the effect that the signers of such certificate have carefully examined the Registration
Statement, the Prospectus, any Prospectus Supplement and any documents incorporated by reference therein and any supplements or
amendments thereto and this Agreement and that:

 

(i)
the representations and warranties of the Company in this Agreement are true and correct on and as of the date hereof and the
Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior
to the date hereof;

 

    	28

    	 

    

(ii)
no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and
no proceedings for that purpose have been instituted or, to the Company’s knowledge, threatened; and

 

(iii)
since the date of the most recent financial statements included in the Registration Statement, the Prospectus and the Incorporated
Documents, there has been no Material Adverse Effect on the condition (financial or otherwise), earnings, business or properties
of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Registration Statement and the Prospectus.

 

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

 

(e)
No Material Adverse Event. Since the respective dates as of which information is disclosed in the Registration Statement,
the Prospectus and the Incorporated Documents, except as otherwise stated therein, there shall not have been (i) any change or
decrease in previously reported results specified in the letter or letters referred to in paragraph (d) of this Section 6 or (ii)
any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings,
business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary
course of business, except as set forth in or contemplated in the Registration Statement, the Prospectus and the Incorporated
Documents (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii)
above, is, in the sole judgment of the Manager, so material and adverse as to make it impractical or inadvisable to proceed with
the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendment thereof), the
Incorporated Documents and the Prospectus (exclusive of any amendment or supplement thereto).

 

    	29

    	 

    

 

(f)
Payment of All Fees. The Company shall have paid the required Commission filing fees relating to the Shares within the
time period required by Rule 456(b)(1)(i) of the Act without regard to the proviso therein and otherwise in accordance with Rules
456(b) and 457(r) of the Act and, if applicable, shall have updated the “Calculation of Registration Fee” table in
accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of
a prospectus filed pursuant to Rule 424(b).

 

(g)
No FINRA Objections. FINRA shall not have raised any objection with respect to the fairness and reasonableness of the terms
and arrangements under this Agreement.

 

(h)
Shares Listed on Trading Market. The Shares shall have been listed and admitted and authorized for trading on the Trading
Market and satisfactory evidence of such actions shall have been provided to the Manager.

 

(i)
Other Assurances. Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to
the Manager such further information, certificates and documents as the Manager may reasonably request.

 

If
any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if
any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form
and substance to the Manager and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled
at, or at any time prior to, any Settlement Date or Time of Delivery, as applicable, by the Manager. Notice of such cancellation
shall be given to the Company in writing or by telephone or facsimile confirmed in writing.

 

The
documents required to be delivered by this Section 6 shall be delivered at the office of Ellenoff Grossman & Schole LLP, counsel
for the Manager, at 1345 Avenue of the Americas, New York, New York 10105, on each such date as provided in this Agreement.

 

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7.
Indemnification and Contribution.

 

(a)
Indemnification by Company. The Company agrees to indemnify and hold harmless the Manager, the directors, officers, employees
and agents of the Manager and each person who controls the Manager within the meaning of either the Act or the Exchange Act against
any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed
or in any amendment thereof, or in the Base Prospectus, any Prospectus Supplement, the Prospectus, any Issuer Free Writing Prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading or result from
or relate to any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement,
and agrees to reimburse each such indemnified party for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity
with written information furnished to the Company by the Manager specifically for inclusion therein. This indemnity agreement
will be in addition to any liability that the Company may otherwise have.

 

(b)
Indemnification by Manager. The Manager agrees to indemnify and hold harmless the Company, each of its directors, each
of its officers, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company to the Manager, but only with reference to written information relating to
the Manager furnished to the Company by the Manager specifically for inclusion in the documents referred to in the foregoing indemnity;
provided, however, that in no case shall the Manager be responsible for any amount in excess of the Broker Fee applicable
to the Shares and paid hereunder. This indemnity agreement will be in addition to any liability which the Manager may otherwise
have.

 

(c)
Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)
will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying
party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate
counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel
shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint
counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel
if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with
a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii)
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding.

 

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(d)
Contribution. In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 7 is unavailable to
or insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively “Losses”) to which the Company and the Manager may be subject in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Manager on the
other from the offering of the Shares; provided, however, that in no case shall the Manager be responsible for any
amount in excess of the Broker Fee applicable to the Shares and paid hereunder. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the Company and the Manager severally shall contribute in such proportion as
is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the
Manager on the other in connection with the statements or omissions which resulted in such Losses as well as any other relevant
equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by it, and benefits received by the Manager shall be deemed to be equal to the Broker Fee
applicable to the Shares and paid hereunder as determined by this Agreement. Relative fault shall be determined by reference to,
among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information provided by the Company on the one hand or the Manager on the other, the intent
of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission. The Company and the Manager agree that it would not be just and equitable if contribution were determined by pro
rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section 7, each person who controls the Manager within the meaning of either the Act or the Exchange Act
and each director, officer, employee and agent of the Manager shall have the same rights to contribution as the Manager, and each
person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company and each
director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms
and conditions of this paragraph (d).

 

8.
Right of First Refusal. If, during the term of this Agreement or following the term of this Agreement, the Company or any
of its subsidiaries decides to raise funds by means of an at-the-market offering of equity securities, the Manager (or any affiliate
designated by the Manager) shall have the right to act as exclusive sales agent for such at-the-market offering. If the Manager
or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain the same
provisions as this Agreement, including, without limitation, indemnification and customary fees for transactions of similar size
and nature. This Section 8 shall only apply to the subsequent bona-fide at-the-market offering of equity securities undertaken
by the Company.

 

9.
Termination.

 

(a)
The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon five (5) Business Days’
prior written notice. Any such termination shall be without liability of any party to any other party except that (i) with respect
to any pending sale, through the Manager for the Company, the obligations of the Company, including in respect of compensation
of the Manager, shall remain in full force and effect notwithstanding the termination and (ii) the provisions of Sections 5, 7,
8, 9, 10, 11, 13, 15 and 16 of this Agreement shall remain in full force and effect notwithstanding such termination.

 

(b)
The Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be
without liability of any party to any other party except that the provisions of Sections 5, 7, 9, 10, 11, 13, 15 and 16 of this
Agreement shall remain in full force and effect notwithstanding such termination.

 

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(c)
This Agreement shall remain in full force and effect until the earlier of: (i) July 31, 2019; (ii) the date on which the Company
notifies the Manager that no further Shares remain available to be issued or sold as provided in Section 2; (iii) such date that
this Agreement is terminated pursuant to Sections 9(a) or (b) above; or (iv) such date that this Agreement is otherwise terminated
by mutual agreement of the parties; provided that any such termination pursuant to clause (ii) or (iv) of this Section 9(c) shall
in all cases be deemed to provide that Sections 5, 7, 9, 10, 11, 13 and 15 shall remain in full force and effect.

 

(d)
Any termination of this Agreement shall be effective on the date specified in such notice of termination, provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the
case may be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Shares, such
sale shall settle in accordance with the provisions of Section 2(b) of this Agreement.

 

(e)
In the case of any purchase of Shares by the Manager pursuant to a Terms Agreement, the obligations of the Manager pursuant to
such Terms Agreement shall be subject to termination, in the absolute discretion of the Manager, by prompt oral notice given to
the Company prior to the Time of Delivery relating to such Shares, if any, and confirmed promptly by facsimile or electronic mail,
if since the time of execution of the Terms Agreement and prior to such delivery and payment, (i) trading in the Company’s
Common Stock shall have been suspended by the Commission or the Trading Market or trading in securities generally on the Trading
Market shall have been suspended or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium
shall have been declared either by Federal or New York State authorities or (iii) there shall have occurred any outbreak or escalation
of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which
on financial markets is such as to make it, in the sole judgment of the Manager, impractical or inadvisable to proceed with the
offering or delivery of the Shares as contemplated by the Prospectus (exclusive of any amendment or supplement thereto).

 

10.
Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other
statements of the Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by the Manager or the Company or any of the officers, directors, employees,
agents or controlling persons referred to in Section 7, and will survive delivery of and payment for the Shares.

 

11.
Notices. All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered,
emailed or facsimiled to the address of the Company or the Manager, as applicable, set forth on the signature page hereto.

 

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12.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers, directors, employees, agents and controlling persons referred to in Section 7, and no other person will have
any right or obligation hereunder.

 

13.
No Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Shares pursuant to this Agreement
is an arm’s-length commercial transaction between the Company, on the one hand, and the Manager and any affiliate through
which it may be acting, on the other, (b) the Manager is acting solely as sales agent and/or principal in connection with the
purchase and sale of the Company’s securities and not as a fiduciary of the Company and (c) the Company’s engagement
of the Manager in connection with the offering and the process leading up to the offering is as independent contractors and not
in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection
with the offering (irrespective of whether the Manager has advised or is currently advising the Company on related or other matters).
The Company agrees that it will not claim that the Manager has rendered advisory services of any nature or respect, or owe an
agency, fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

 

14.
Integration. This Agreement and any Terms Agreement supersede all prior agreements and understandings (whether written
or oral) between the Company and the Manager with respect to the subject matter hereof.

 

15.
Applicable Law; Forum; Costs. This Agreement and any Terms Agreement will be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed within the State of New York. Each of the Company
and the Manager: (i) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted
exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern District of
New York, (ii) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (iii)
irrevocably consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court
for the Southern District of New York in any such suit, action or proceeding. Each of the Company and the Manager further agrees
to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New
York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agrees
that service of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect
effective service of process upon the Company, in any such suit, action or proceeding, and service of process upon the Manager
mailed by certified mail to the Manager’s address shall be deemed in every respect effective service process upon the Manager,
in any such suit, action or proceeding. If either party shall commence an action or proceeding to enforce any provision of this
Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    	34

    	 

    

 

16.
Waiver of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions
contemplated hereby or thereby. 

 

17.
Counterparts. This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute
an original and all of which together shall constitute one and the same agreement, which may be delivered by facsimile or in .pdf
file via e-mail.

 

18.
Headings. The section headings used in this Agreement and any Terms Agreement are for convenience only and shall not affect
the construction hereof.

 

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

 

***************************

 

    	35

    	 

    

 

	Very truly yours,	 
	 	 	 
	u.s. gold corp.	 
	 	 	 
	By:
    	/s/ Edward
    Karr 	 
	Name: 	Edward Karr	 
	Title:	President
    & CEO	 
	 	 	 
	The foregoing Agreement is hereby confirmed and accepted as of the date first written above.	 

 

	H.C. WAINWRIGHT & CO., LLC	 
	 	 	 
	By:
    	/s/
    Edward D. Silvera  	 
	Name: 	Edward D. Silvera 	 
	Title: 	Chief Operating Officer 	 

 

Address
for Notice:

 

430
Park Avenue

New
York, New York 10022

Attention:
Chief Executive Officer

Email:
notices@hcwco.com

 

Signature
Page to At The Market Offering Agreement

 

    	 

    	 

    

 

Form
of Terms Agreement

 

ANNEX
I 

 

U.S.
GOLD CORP. TERMS AGREEMENT

 

Dear
Sirs:

 

U.S.
Gold Corp. (the “Company”) proposes, subject to the terms and conditions stated herein and in the At The Market
Offering Agreement, dated November 2, 2018 (the “At The Market Offering Agreement”), between the Company and
H.C. Wainwright & Co., LLC (“Manager”), to issue and sell to Manager the securities specified in the Schedule
I hereto (the “Purchased Shares”).

 

Each
of the provisions of the At The Market Offering Agreement not specifically related to the solicitation by Manager, as agent of
the Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part
of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the representations
and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time
of Delivery, except that each representation and warranty in Section 3 of the At The Market Offering Agreement which makes reference
to the Prospectus (as therein defined) shall be deemed to be a representation and warranty as of the date of the At The Market
Offering Agreement in relation to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement
and the Time of Delivery in relation to the Prospectus as amended and supplemented to relate to the Purchased Shares.

 

An
amendment to the Registration Statement (as defined in the At The Market Offering Agreement), or a supplement to the Prospectus,
as the case may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed
with the Securities and Exchange Commission.

 

Subject
to the terms and conditions set forth herein and in the At The Market Offering Agreement which are incorporated herein by reference,
the Company agrees to issue and sell to Manager and the latter agrees to purchase from the Company the number of shares of the
Purchased Shares at the time and place and at the purchase price set forth in the Schedule I hereto.

 

If
the foregoing is in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms
Agreement, including those provisions of the At The Market Offering Agreement incorporated herein by reference, shall constitute
a binding agreement between Manager and the Company.

 

    	 

    	 

    

 

	Very truly yours,	 
	 	 	 
	u.s. gold corp.	 
	 	 	 
	By:
    	/s/
    Edward Karr	 
	Name:	Edward Karr	 
	Title:	President
    & CEO	 
	 	 	 
	ACCEPTED as of the date first written above. 	 
	 	 	 
	H.C. WAINWRIGHT & CO., LLC	 
	 	 	 
	By:
    	/s/ Edward
    D. Silvera	 
	Name:  	Edward D. Silvera	 
	Title: 	Chief Operating Officer 	 

 

Signature
Page to Annex I to At The Market Offering AgreementEMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”), effective October ____, 2018 (“Effective Date”), is made between U.S.
Gold Corp., a Nevada corporation (“Employer” or the “Company”), and Edward Karr (“Employee”).
Employee and the Company are sometimes referred to herein as the “Parties.”

 

RECITALS

 

A.
Employer is in the business (the “Business”) of natural resources exploration and development.

 

B.
Employer desires to obtain the services of Employee as its President and Chief Executive Officer, in which capacity Employee has
access to Employer’s Confidential Information (as hereinafter defined), and to obtain assurance that Employee will protect
Employer’s Confidential Information and will not solicit Employer’s customers or its other employees during the term
of employment and for a reasonable period of time after termination of employment pursuant to this Agreement, and Employee is
willing to agree to these terms.

 

C.
Employee desires to be assured of the salary, bonus opportunity and other benefits in this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants in this Agreement, and other good and valuable consideration, the parties
agree as follows:

 

1.
Employment. The Company agrees to employ and Employee agrees to serve as the Company’s President and Chief Executive
Officer. The duties and responsibilities of Employee shall include the duties and responsibilities as the Board of Directors of
the Company (the “Board”) may from time to time assign to Employee. Employee shall devote such amount of working time
and efforts during the Company’s normal business hours to the business and affairs of the Company and its subsidiaries Employee
deems necessary to execute the diligent and faithful performance of the duties and responsibilities duly assigned to him pursuant
to this Agreement. Provided that none of the additional activities interferes with the performance of the duties and responsibilities
of Employee or are determined by the inconsistent with the position, standing, stature, reputation or best interests of the Company,
nothing in this Section 1, shall prohibit Employee from (a) serving as a consultant, director or member of a committee, paid or
unpaid, for entities that , in the good faith determination of the Board, do not compete or present the appearance of competition
with the Company or otherwise create, or could create, in the good faith determination of the Board, a conflict of interest or
appearance of a conflict of interest with the business of the Company; (b) delivering lectures, fulfilling speaking engagements,
and any writing or publication relating to his area of expertise (c) serving as a director or trustee of any governmental, charitable
or educational organization; or (d) engaging in additional activities in connection with personal investments and community affairs;
provided that such activities are not inconsistent with Employee’s duties under this Agreement.

 

    	 

     

    

 

2.
Term of Employment. The term of employment (“Term”) will not be for a definite period, but rather continue indefinitely
until terminated in accordance with the terms and conditions of this Agreement.

 

3.
Place of Employment. Employee’s services shall be performed at the Company’s offices or such other place as the
Employee is then located. The parties acknowledge, however, that Employee may be required to travel in connection with the performance
of his duties hereunder.

 

4.
Compensation. For the duration of Employee’s employment under this Agreement, the Employee will be entitled to compensation
which will be computed and paid pursuant to the following subparagraphs.

 

4.1
Base Salary. Employee shall initially be paid an aggregate annual base salary at the rate of $250,000 per year (the “Base
Salary”), payable in equal installments during each year in accordance with the payroll practices for the executives of
the Company. The Compensation Committee of the Board, or the Board if there is no Compensation Committee, shall review Employee’s
salary from time to time and may, in its sole discretion, increase but not decrease it. The Board of Directors has the final authority
to approve Base Salary adjustments.

 

4.2
Target Bonus. Employee will participate in Employer’s annual incentive bonus plan under which Employee may earn an annual
incentive bonus. The terms of the annual incentive bonus plan, including the criteria upon which Employee can earn the maximum
bonus, will be determined annually by Employer’s Board of Directors. For 2019, Employee may earn an annual incentive of
up to one hundred percent (100%) of Employee’s then Base Salary, payable in cash or stock at Employee’s discretion,
subject to applicable securities law and obligations of Employer. Employee may also participate in other bonus or incentive plans
adopted by Employer that are applicable to Employee’s position, as they may be changed from time to time, but nothing herein
shall require the adoption or maintenance of any such plan.

 

4.3
Long Term Incentives. Employee shall be eligible to participate in any long term incentive plans adopted by the Company from
time to time, and shall otherwise be eligible for annual long term incentive awards in the discretion of the Board.

 

    	 

     

    

 

4.4
Recoupment. In the event that the Board determines there has been a material restatement of financial results, the Board of
Directors will review all incentive payments that were made to Employee and other executive officers (collectively “Executive
Officer”) on the basis of having met or exceeded specific performance targets in grants or awards made after January 1,
2018 which occur during the three-year period prior to the restatement. If such payments would have been lower had they been calculated
based on such restated results, the Board will, to the extent permitted by governing law, seek to recoup for the benefit of our
company such payments to the Executive Officers, including Employee, who are found personally responsible for the material restatement,
as determined by the Board. For purposes of this policy, the term “executive officers” shall have the meaning given
such term in Rule 3b-7 under the Securities Exchange Act of 1934, as amended, and the term “incentive payments” means
bonuses and awards under applicable Company incentive compensation plans or, in the absence of such plans and with regard to Employee,
under this Agreement.

 

4.5
Clawback Rights. The Bonus (the “Clawback Benefits”) shall be subject to “Company Clawback Rights”
as follows: During the period that the Employee is employed by the Company and upon the termination of the Employee’s employment
and for a period of three (3) years thereafter, if there is a Restatement (as defined below) of any financial results from which
any Clawback Benefits to Employee shall have been determined, Employee agrees to repay any Clawback Benefits amounts which were
determined by reference to any Company financial results which were later restated (as defined below), to the extent the Clawback
Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the Restatement of the Company’s
financial information. All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted
by the Compensation Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting
from such restated results shall be immediately surrendered to the Company and if not so surrendered within ninety (90) days of
the revised calculation being provided to the Employee by the Compensation Committee following a publicly announced Restatement,
the Company shall have the right to take any and all action to effectuate such adjustment. The calculation of the Revised Clawback
Benefits amount shall be determined by the Compensation Committee in good faith and in accordance with applicable law, rules and
regulations. All determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding on
the Company and Employee. The Clawback Rights shall be subject to applicable law, rules and regulations. For purposes of this
Section 4, a restatement of financial results that requires a repayment of a portion of the Clawback Benefits amounts shall mean
“a restatement resulting from material non-compliance of the Company with any financial reporting requirement under the
federal securities laws and shall not include a restatement of financial results resulting from subsequent changes in accounting
pronouncements or requirements which were not in effect on the date the financial statements were originally prepared (“Restatement”)”.
The parties acknowledge it is their intention that the foregoing Clawback Rights as relates to Restatement conform in all respects
to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”)
and requires recovery of all “incentive-based” compensation, pursuant to the provisions of the Dodd Frank Act and
any and all rules and regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions of
this Agreement shall be deemed automatically amended from time to time to assure compliance with the Dodd Frank Act and such rules
and regulation as hereafter may be adopted and in effect.

 

    	 

     

    

 

5.
Indemnification. To the fullest extent permitted by law and the Company’s articles of incorporation and bylaws, the
Company hereby indemnifies Employee and holds him harmless from the Effective Date, through the Term, and after the period of
Employee’s employment hereunder, from and against all loss, costs, damages, and expenses including, without limitation,
legal expenses of counsel (which expenses the Company will, to the extent so permitted, advance to Employee as the same are incurred)
arising out of or in connection with the fact that Employee are or was a director, officer, attorney, employee, or agent of the
Company or serving in such capacity for another corporation at the request of the Company. This indemnification is in addition
to that provided in the Company’s certificate of incorporation and bylaws.

 

6.
D&O Insurance. The Company shall cover Employee under directors and officers liability insurance from the Effective Date,
through the Term, and, while potential liability exists, after the period of Employee’s employment hereunder, on the most
favorable terms as provided to any other director or executive officer of the Company.

 

7.
Expenses. Employee shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel,
entertainment, and other expenses incurred by Employee while employed (in accordance with the policies and procedures established
by the Company for its senior executive officers) in the performance of his duties and responsibilities under this Agreement;
provided, that Employee shall properly account for such expenses in accordance with Company policies and procedures.

 

8.
Other Benefits. Employee will be eligible to participate in all employee benefit programs established by Employer that are
applicable to management personnel such as medical, pension, disability and life insurance plans on a basis commensurate with
Employee’s position and in accordance with Employer’s policies from time to time, but nothing herein shall require
the adoption or maintenance of any such plan. During any period where Employer is not offering Employee a health insurance plan,
Employer will reimburse Employee up to $500 per month towards monthly health insurance premiums.

 

9.
Termination of Employment.

 

9.1
By Employer For Cause, By Employee Without Good Reason, or Due to Disability or Death. If Employer terminates Employee’s
employment for Cause (as defined below), if Employer terminates employment with the Company other than for Good Reason (as defined
below), or if Employee’s employment terminates due to death or Disability (as defined below), the Company shall pay to the
Employee (or, if applicable, his estate) in a lump sum (i) any unpaid portion of Employee’s accrued Base Salary and unused
Paid Time Off; (ii) any amounts payable to Employee pursuant to the terms of any pension or welfare benefit plan, and (iii) any
expense reimbursements payable pursuant to the Company’s reimbursement policy (the “Accrued Obligations”). Except
in the case of termination due to death or Disability, unvested equity grants shall be forfeited as of the date of termination,
and any vested equity awards shall be treated as specified in the applicable equity plan and award agreement. In the case of termination
due to death or Disability any unvested equity grants shall be forfeited as of the date of termination, and any vested equity
awards shall be treated as specified in the applicable equity plan and award agreement.

 

    	 

     

    

 

9.2
By Employer Without Cause or By Employee for Good Reason Outside of a Change in Control Period. The Company may terminate
Employee’s employment at any time without Cause. Upon Employee’s termination of employment by the Company without
Cause outside of a Change in Control Period (as defined below), or Employee’s resignation for Good Reason outside of a Change
in Control Period, in addition to the Accrued Obligations, Employee shall be entitled to receive a lump sum severance payment
in an amount equal to the sum of Employee’s then in effect annual Base Salary. Any unvested equity grants shall fully and
immediately vest (and in the case of options become exercisable), as of the date of termination, and any vested equity awards
shall be treated as specified in the applicable equity plan and award agreement.

 

9.3
By Employer Without Cause or By Employee for Good Reason Within a Change in Control Period. Upon Employee’s termination
of employment by the Company without Cause within six months prior to, upon, or within 12 months following a Change in Control
(“Change in Control Period”) or Employee’s Resignation for Good Reason during a Change in Control Period, in
addition to the Accrued Obligations, Employee shall be entitled to receive a lump sum severance payment in an amount equal to
Employee’s then in effect annual Base Salary and a portion of Employee’s Target Bonus prorated for the portion of
the calendar year that has passed as of Employee’s last day of employment. In addition, any unvested equity awards that
were granted prior to the Change in Control Period, any Annual Long Term Incentive awards, or any other equity awards made during
the Term, shall fully and immediately vest (and in the case of options become exercisable), and otherwise shall be treated as
specified in the applicable equity plan and award agreement. If Employee’s employment is terminated during the portion of
the Change in Control Period that is six months prior to an anticipated Change in Control, Employee will become entitled to all
payments and accelerated vesting benefits upon the occurrence of the Change in Control at any time from the date of termination
of Employee’s employment and twelve months thereafter.

 

9.4
Benefits. Employee’s eligibility to participate in the Company’s medical, dental, and vision benefit plans and
other insured benefits (such as life, accident, and disability coverage) will terminate upon Employee’s termination of employment
according to the terms of the relevant benefit plan. Employee may elect to participate in medical, dental, and vision benefits
provided through an outside vendor, in conjunction with continued insurance coverage available to Employee under the provisions
of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at COBRA rates for up to eighteen (18) months. In
the event Employee is entitled to severance payment benefits pursuant any paragraph in this Section 9, the Company shall continue
to provide all welfare benefits provided to Employee immediately before such termination (including, without limitation, health
and life insurance, but excluding disability insurance) for a period following Employee’s termination of employment equal
to the period with respect to which Employee’s Base Salary is paid as severance, at the Company’s sole cost; provided,
however, that to the extent Employee becomes re-employed and eligible for benefits with another employer prior to the expiration
of such period, Employee will elect such benefits and promptly notify the Company so that the Company will have no further obligation
to provide benefits under this subsection 5.4 unless, and then only to the extent that, the benefits that are being provided by
the Company are more favorable than such benefits provided by the other company. Any medical, dental and vision continuation coverage
provided pursuant hereto shall be deemed “alternative coverage” for purposes of COBRA.

 

    	 

     

    

 

9.5
Payment Timing/Release of Claims. The payment and provision of any and all severance benefits pursuant to this Section 9 shall
be conditioned upon and subject to execution of a release of claims by Employee at the time of termination of employment and in
a form acceptable to the Company within the Company’s sole reasonable discretion (“Release of Claims”). All
lump-sum payments due pursuant to this Agreement shall be payable sixty (60) days following the termination date, provided that
before such date, Employee has timely signed (and not revoked) the Release of Claims. The payment of the Accrued Obligations is
not subject to Employee’s execution of a Release of Claims.

 

9.6
No Obligation to Mitigate. Employee shall not be required to mitigate the amount of any payment provided for in this Section
9 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 9 be reduced by any
compensation earned by the Employee as the result of employment by another employer or business or by profits earned by Employee
from any other source at any time before and after the termination date. The Company’s obligation to make any payment pursuant
to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other
right that the Company may have against Employee for any reason.

 

9.7
Definitions. 

 

(i)
Cause. “Cause” Shall mean:

 

(1)
conviction of a felony or a crime involving fraud or moral turpitude; or

 

(2)
theft, material act of dishonesty or fraud, intentional falsification of any employment or Company records, or commission of any
criminal act which impairs Employee’s ability to perform appropriate employment duties for the Company; or

 

(3)
intentional or reckless conduct or gross negligence materially harmful to the Company or the successor to the Company after a
Change in Control , including violation of a non-competition or confidentiality agreement; or

 

(4)
willful failure to follow lawful instructions of the person or body to which Employee reports; or

    	 

     

    

 

(5)
gross negligence or willful misconduct in the performance of Employee’s assigned duties. Cause shall not include mere unsatisfactory
performance in the achievement of Employee’s job objectives.

 

(ii)
Disability. “Disability” means a physical or mental illness, injury, or condition that prevents Employee from
performing substantially all of Employee’s duties associated with Employee’s position or title with the Company for
at least 90 days in a 12-month period.

 

(iii)
Good Reason. Resignation for “Good Reason” shall mean, without the express written consent of Employee, the
occurrence of one of the following arising on or after the Effective Date, as determined in a manner consistent with Treasury
Regulation Section 1.409A-1(n)(2)(ii):

 

(1)
a material reduction or change in Employee’s title or job duties, responsibilities and requirements inconsistent with Employee’s
position with the Company and Employee’s prior duties, responsibilities and requirements,

 

(2)
a material reduction of Employee’s then in effect Base Salary or Employee’s Target Bonus as set forth in above.;

 

(3)
following a Change in Control, Employee not serving as the chief executive officer of the surviving entity to the Company;

 

(4)
any material breach of this Agreement by Company.

 

(5)
In the case of Employee’s allegation of Good Reason, (i) Employee shall provide written notice to the Company of the event
alleged to constitute Good Reason within 90 days after the initial occurrence of such event, and (ii) the Company shall have the
opportunity to remedy the alleged Good Reason event within 90 days from receipt of notice of such allegation (the “Cure
Period”). If not remedied within the Cure Period, Employee may submit a written notice of termination, provided that the
notice of termination must be given no later than 45 days after the expiration of the Cure Period; otherwise, Employee is deemed
to have accepted such event, or the Company’s remedy of such event, that may have given rise to the existence of Good Reason;
provided, however, such acceptance shall be limited to the occurrence of such event and shall not waive Employee’s right
to claim Good Reason with respect to future similar events.

 

    	 

     

    

 

(iv)
Change in Control. “Change in Control” shall mean the occurrence of any one or more of the following: (i) the
accumulation (if over time, in any consecutive twelve (12) month period), whether directly, indirectly, beneficially or of record,
by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended) of 50.1% or more of the shares of the outstanding Common Stock of the Company, whether by merger, consolidation, sale
or other transfer of shares of Common Stock (other than a merger or consolidation where the stockholders of the Company prior
to the merger or consolidation are the holders of a majority of the voting securities of the entity that survives such merger
or consolidation), (ii) a sale of all or substantially all of the assets of the Company or (iii) during any period of twelve (12)
consecutive months, the individuals who, at the beginning of such period, constitute the Board, and any new director whose election
by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the beginning of the 12-month period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the Board; provided, however,
that the following acquisitions shall not constitute a Change of Control for the purposes of this Agreement: (A) any acquisitions
of Common Stock or securities convertible, exercisable or exchangeable into Common Stock directly from the Company or from any
affiliate of the Company, or (B) any acquisition of Common Stock or securities convertible, exercisable or exchangeable into Common
Stock by any employee benefit plan (or related trust) sponsored by or maintained by the Company.

 

10.
Non-Solicitation. 

 

10.1
Employee agrees and acknowledges that the Confidential Information that Employee has already received and will receive is
valuable to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to
be protected by the non-solicitation restrictions set forth herein. Employee agrees and acknowledges that the non-solicitation
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Employee.

 

10.2
Employee hereby agrees and covenants that during the Term and for a period of twelve months thereafter, he shall not, without
the prior written consent of the Company:

 

(i)
recruit, solicit, attempt to persuade, or assist in the recruitment or solicitation of, any employee of the Company who was an
employee, officer or agent of the Company during the three month period immediately preceding the date of Employee’s termination
for the purpose of employing the individual or obtaining the individual’s services or otherwise causing the individual to
leave employment with the Company;

 

(ii)
solicit or divert to any competing business any customer or prospective customer with which Employee had contact during the twelve
months prior to leaving the Company

 

Employer
and Employee agree that: these provisions do not impose an undue hardship on Employee and are not injurious to the public; that
these provisions are necessary to protect the business of Employer and its affiliates; the nature of Employee’s responsibilities
with Employer under this Agreement require Employee to have access to confidential information which is valuable and confidential
to all of the Company’s business; the scope of this Section 10 is reasonable in terms of length of time and geographic scope;
and adequate consideration supports this Section 10 including the consideration set forth in this Agreement.

 

    	 

     

    

 

11.
Confidential Information. Employee recognizes that Employer’s Business and continued success depend upon the use and
protection of confidential and proprietary business information, including, without limitation, the information and technology
developed by or available through licenses to Employer, to which Employee has access (all such information being “Confidential
Information”). For purposes of this Agreement, the phrase “Confidential Information” includes, for Employer
and its current or future subsidiaries and affiliates, without limitation, and whether or not specifically designated as confidential
or proprietary: all business plans and marketing strategies; information concerning existing and prospective markets and customers;
financial information; information concerning the development of new products and services; information concerning any personnel
of Employer (including, without limitation, skills and compensation information); and technical and non-technical data related
to software programs, designs, specifications, compilations, inventions, improvements, methods, processes, procedures and techniques;
provided, however, that the phrase does not include information that (a) was lawfully in Employee’s possession
prior to disclosure of such information by Employer; (b) was, or at any time becomes, available in the public domain other than
through a violation of this Agreement; (c) is documented by Employee as having been developed by Employee outside the scope of
Employee’s employment and independently; or (d) is furnished to Employee by a third party not under an obligation of confidentiality
to Employer. Employee agrees that during Employee’s employment and after termination of employment irrespective of cause,
Employee will use Confidential Information only for the benefit of Employer and will not directly or indirectly use or divulge,
or permit others to use or divulge, any Confidential Information for any reason, except as authorized by Employer. Employee’s
obligation under this Agreement is in addition to any obligations Employee has under state or federal law. Employee agrees to
deliver to Employer immediately upon termination of Employee’s employment, or at any time Employer so requests, all tangible
items containing any Confidential Information (including, without limitation, all memoranda, photographs, records, reports, manuals,
drawings, blueprints, prototypes, notes taken by or provided to Employee, and any other documents or items of a confidential nature
belonging to Employer) whether in hard copy, electronic, or other format, together with all copies of such material in Employee’s
possession or control. Employee agrees that in the course of Employee’s employment with Employer, Employee will not violate
in any way the rights that any entity has with regard to trade secrets or proprietary or confidential information. Employee’s
obligations under this Section 11 are indefinite in term and shall survive the termination of this Agreement. However, Employee
further understands that nothing in this Agreement prohibits Employee from reporting to any governmental authority information
concerning possible violations of law or regulation and that Employee may disclose Confidential Information to a government official
or to an attorney and use it in certain court proceedings without fear of prosecution or liability, provided Employee files any
document containing Confidential Information under seal and does not disclose the Confidential Information, except pursuant to
court order. Employee understands that in the event it is determined that the disclosure of Company trade secrets was not done
in good faith pursuant to the above, Employee will be subject to substantial damages, including punitive damages and attorneys’
fees.

 

    	 

     

    

 

12.
Work Product and Copyrights. Employee agrees that all right, title and interest in and to the materials resulting from the
performance of Employee’s duties at Employer and all copies thereof, including works in progress, in whatever media, (the
“Work”), will be and remain in Employer upon their creation. Employee will mark all Work with Employer’s copyright
or other proprietary notice as directed by Employer. Employee further agrees:

 

12.1
To the extent that any portion of the Work constitutes a work protectable under the copyright laws of the United States (the
“Copyright Law”), that all such Work will be considered a “work made for hire” as such term is used and
defined in the Copyright Law, and that Employer will be considered the “author” of such portion of the Work and the
sole and exclusive owner throughout the world of such copyright; and

 

12.2
If any portion of the Work does not qualify as a “work made for hire” as such term is used and defined in the
Copyright Law, that Employee hereby assigns and agrees to assign to Employer, without further consideration, all right, title
and interest in and to such Work or in any such portion of such Work and any copyright in such Work and further agrees to execute
and deliver to Employer, upon request, appropriate assignments of such Work and copyright in such Work and such other documents
and instruments as Employer may request to fully and completely assign such Work and copyright in such Work to Employer, its successors
or nominees, and that Employee appoints Employer as attorney-in-fact to execute and deliver any such documents on Employee’s
behalf in the event Employee should fail or refuse to do so within a reasonable period following Employer’s request.

 

13.
Inventions and Patents. For purposes of this Agreement, “Inventions” includes, without limitation, information,
inventions, contributions, improvements, ideas, or discoveries, whether protectable or not, and whether or not conceived or made
during work hours. Employee agrees that all Inventions conceived or made by Employee during the period of employment with Employer
belong to Employer, provided they grow out of Employee’s work with Employer or are related in some manner to the Business,
including, without limitation, research and product development, and projected business of Employer or its affiliated companies.
Accordingly, Employee will:

 

13.1
Make adequate written records of such Inventions, which records will be Employer’s property;

 

13.2
Assign to Employer, at its request, any rights Employee may have to such Inventions for the U.S. and all foreign countries;

 

13.3
Waive and agree not to assert any moral rights Employee may have or acquire in any Inventions and agree to provide written
waivers from time to time as requested by Employer; and

 

    	 

     

    

 

13.4
Assist Employer (at Employer’s expense) in obtaining and maintaining patents or copyright registrations with respect
to such Inventions.

 

Employee
understands and agrees that Employer or its designee will determine, in its sole and absolute discretion, whether an application
for patent will be filed on any Invention that is the exclusive property of Employer, as set forth above, and whether such an
application will be abandoned prior to issuance of a patent. Employer will pay to Employee, either during or after the term of
this Agreement, the following amounts if Employee is sole inventor, or Employee’s proportionate share if Employee is joint
inventor: $750 upon filing of the initial application for patent on such Invention; and $1,500 upon issuance of a patent resulting
from such initial patent application, provided Employee is named as an inventor in the patent.

 

Employee
further agrees that Employee will promptly disclose in writing to Employer during the term of Employee’s employment and
for one (1) year thereafter, all Inventions whether developed during the time of such employment or thereafter (whether or not
Employer has rights in such Inventions) so that Employee’s rights and Employer’s rights in such Inventions can be
determined. Except as set forth on the initialed Exhibit C (List of Inventions) to this Agreement, if any, Employee represents
and warrants that Employee has no Inventions, software, writings or other works of authorship useful to Employer in the normal
course of the Business, which were conceived, made or written prior to the date of this Agreement and which are excluded from
the operation of this Agreement.

 

NOTICE:
This Section 13 does not apply to Inventions for which no equipment, supplies, facility, or trade secret information of Employer
was used and which was developed entirely on Employee’s own time, unless: (a) the Invention relates (i) directly to the
business of Employer or (ii) to Employer’s actual or demonstrably anticipated research or development, or (b) the Invention
results from any work performed by Employee for Employer.

 

14.
Remedies. Notwithstanding other provisions of this Agreement regarding dispute resolution, Employee agrees that Employee’s
violation of any of 11, 12 or 13 of this Agreement would cause Employer irreparable harm which would not be adequately compensated
by monetary damages and that an injunction may be granted by any court or courts having jurisdiction, restraining Employee from
violation of the terms of this Agreement, upon any breach or threatened breach of Employee of the obligations set forth in any
of Sections 11, 12 or 13. The preceding sentence shall not be construed to limit Employer from any other relief or damages to
which it may be entitled as a result of Employee’s breach of any provision of this Agreement, including Sections 11, 12
or 13. Employee also agrees that a violation of any of Sections 11, 12 or 13 would entitle Employer, in addition to all other
remedies available at law or equity, to recover from Employee any and all funds, including, without limitation, wages, salary
and profits, which will be held by Employee in constructive trust for Employer, received by Employee in connection with such violation.

 

    	 

     

    

 

15.
Dispute Resolution. Except for the right of Employer and Employee to seek injunctive relief in court, any controversy, claim
or dispute of any type arising out of or relating to Employee’s employment or the provisions of this Agreement shall be
resolved in accordance with this Section 15 regarding resolution of disputes, which will be the sole and exclusive procedure for
the resolution of any disputes. This Agreement shall be enforced in accordance with the Federal Arbitration Act, the enforcement
provisions of which are incorporated by this reference. Matters subject to these provisions include, without limitation, claims
or disputes based on statute, contract, common law and tort and will include, for example, matters pertaining to termination,
discrimination, harassment, compensation and benefits. Matters to be resolved under these procedures also include claims and disputes
arising out of statutes such as the Fair Labor Standards Act, Title VII of the Civil Rights Act, the Age Discrimination in Employment
Act, Nevada State Law. Nothing in this provision is intended to restrict Employee from submitting any matter to an administrative
agency with jurisdiction over such matter.

 

15.1
Mediation. Employer and Employee will make a good faith attempt to resolve any and all claims and disputes by submitting them
to mediation in Nevada before resorting to arbitration or any other dispute resolution procedure. The mediation of any claim or
dispute must be conducted in accordance with the then-current JAMS procedures for the resolution of employment disputes by mediation,
by a mediator who has had both training and experience as a mediator of general employment and commercial matters. If the parties
to this Agreement cannot agree on a mediator, then the mediator will be selected by JAMS in accordance with JAMS’ strike
list method. Within thirty (30) days after the selection of the mediator, Employer and Employee and their respective attorneys
will meet with the mediator for one mediation session of at least four hours. If the claim or dispute cannot be settled during
such mediation session or mutually agreed continuation of the session, either Employer or Employee may give the mediator and the
other party to the claim or dispute written notice declaring the end of the mediation process. All discussions connected with
this mediation provision will be confidential and treated as compromise and settlement discussions. Nothing disclosed in such
discussions, which is not independently discoverable, may be used for any purpose in any later proceeding. The mediator’s
fees will be paid in equal portions by Employer and Employee, unless Employer agrees to pay all such fees.

 

15.2
Arbitration. If any claim or dispute has not been resolved in accordance with Section 15.1, then the claim or dispute will
be determined by arbitration in accordance with the then-current JAMS employment arbitration rules and procedures, except as modified
herein. The arbitration will be conducted by a sole neutral arbitrator who has had both training and experience as an arbitrator
of general employment and commercial matters and who is and for at least ten (10) years has been, a partner, a shareholder, or
a member in a law firm. If Employer and Employee cannot agree on an arbitrator, then the arbitrator will be selected by JAMS in
accordance with Rule 15 of the JAMS employment arbitration rules and procedures. No person who has served as a mediator under
the mediation provision, however, may be selected as the arbitrator for the same claim or dispute. Reasonable discovery will be
permitted and the arbitrator may decide any issue as to discovery. The arbitrator may decide any issue as to whether or as to
the extent to which any dispute is subject to the dispute resolution provisions in Section 15 and the arbitrator may award any
relief permitted by law. The arbitrator must base the arbitration award on the provisions of Section 15 and applicable law and
must render the award in writing, including an explanation of the reasons for the award. Judgment upon the award may be entered
by any court having jurisdiction of the matter, and the decision of the arbitrator will be final and binding. The statute of limitations
applicable to the commencement of a lawsuit will apply to the commencement of an arbitration under Section 15.2. The arbitrator’s
fees will be paid in equal portions by Employer and Employee, unless Employer agrees to pay all such fees.

 

    	 

     

    

 

16.
Fees Related to Dispute Resolution. Unless otherwise agreed, the prevailing party will be entitled to its costs and attorneys’
fees incurred in any litigation or dispute relating to the interpretation or enforcement of this Agreement.

 

17.
Disclosure. Employee agrees fully and completely to reveal the terms of this Agreement to any future employer or potential
employer of Employee and authorizes Employer, at its election, to make such disclosure.

 

18.
Representation of Employee. Employee represents and warrants to Employer that Employee is free to enter into this Agreement
and has no contract, commitment, arrangement or understanding to or with any party that restrains or is in conflict with Employee’s
performance of the covenants, services and duties provided for in this Agreement. Employee agrees to indemnify Employer and to
hold it harmless against any and all liabilities or claims arising out of any unauthorized act or acts by Employee that, the foregoing
representation and warranty to the contrary notwithstanding, are in violation, or constitute a breach, of any such contract, commitment,
arrangement or understanding.

 

19.
Conditions of Employment. Employer’s obligations to Employee under this Agreement are conditioned upon Employee’s
timely compliance with requirements of the United States immigration laws.

 

20.
Assignability. During Employee’s employment, this Agreement may not be assigned by either party without the written
consent of the other; provided, however, that Employer may assign its rights and obligations under this Agreement without Employee’s
consent to a successor by sale, merger or liquidation, if such successor carries on the Business substantially in the form in
which it is being conducted at the time of the sale, merger or liquidation. This Agreement is binding upon Employee, Employee’s
heirs, personal representatives and permitted assigns and on Employer, its successors and assigns.

 

21.
Notices. Any notices required or permitted to be given hereunder are sufficient if in writing and delivered by hand, by facsimile,
by registered or certified mail, or by overnight courier, to Employee at Edward Karr, c/o/ Global Capital, 6 Passage des Lions,
Geneva, Switzerland 1204 or to Employer at U.S. Gold Corp., Suite 102 – Box 604, 1910 E Idaho Street, Elko, NV 89801. Notices
shall be deemed to have been given (i) upon delivery, if delivered by hand, (ii) seven days after mailing, if mailed, (iii) one
business day after delivery, if delivered by courier, and (iv) one business day following receipt of an appropriate electronic
confirmation, if by facsimile.

 

    	 

     

    

 

22.
Severability. If any provision of this Agreement or compliance by any of the parties with any provision of this Agreement
constitutes a violation of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is
in violation of law, unenforceable or void, shall be deemed modified to the extent necessary so that it is no longer in violation
of law, unenforceable or void, and such provision will be enforced to the fullest extent permitted by law. The Parties shall engage
in good faith negotiations to modify and replace any provision which is declared invalid or unenforceable with a valid and enforceable
provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it
replaces. If such modification is not possible, said provision, to the extent that it is in violation of law, unenforceable or
void, shall be deemed severable from the remaining provisions of this Agreement, which provisions will remain binding on the parties.

 

23.
Waivers. No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder will
operate as a waiver thereof; nor will any single or partial waiver of a breach of any provision of this Agreement operate or be
construed as a waiver of any subsequent breach; nor will any single or partial exercise of any right or remedy hereunder preclude
any other or further exercise thereof or the exercise of any other right or remedy granted hereby or by law.

 

24.
Governing Law. Except as provided in Section 15 above, the validity, construction and performance of this Agreement shall
be governed by the laws of the State of Nevada without regard to the conflicts of law provisions of such laws. The parties hereto
expressly recognize and agree that the implementation of this Section 24 is essential in light of the fact that Employer has its
corporate headquarters and its principal executive offices within the State of Nevada, and there is a critical need for uniformity
in the interpretation and enforcement of the employment agreements between Employer and its key employees. A Court of competent
jurisdiction in Washington shall have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s employment
with, or termination from, Employer, or arising from or relating to this Agreement. Employee consents to such venue and personal
jurisdiction.

 

25.
409A Savings Clause.

 

25.1
The provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall
be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company and
Employee agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which
are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment
to Employee under Section 409A.

 

    	 

     

    

 

25.2
To the extent that Employee will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by
Section 409A, (a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit,
(b) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing
clause (b) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code
solely because such expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall
be made on or before the last day of the taxable year following the taxable year in which you incurred the expense.

 

25.3
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing
for the payment of any amounts or benefits upon or following a termination of employment unless such termination constitutes a
“Separation from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement
references to a “termination,” “termination of employment” or like terms shall mean Separation from Service.

 

25.4
Each installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b),
including Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term
deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral”
rule. Each other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury
Regulation Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is
not exempt from Code Section 409A being subject to Code Section 409A.

 

25.5
Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning
of Section 409A at the time of Employee’s termination, then only that portion of the severance and benefits payable to Employee
pursuant to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together) do
not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Employee’s termination
of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred Compensation
Separation Benefits in excess of the Section 409A Limit otherwise due to Employee on or within the six (6) month period following
Employee’s termination will accrue during such six (6) month period and will become payable in one lump sum cash payment
on the date six (6) months and one (1) day following the date of Employee’s termination of employment. All subsequent Deferred
Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or
benefit. Notwithstanding anything herein to the contrary, if Employee dies following termination but prior to the six (6) month
anniversary of Employee’s termination date, then any payments delayed in accordance with this paragraph will be payable
in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Compensation
Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

    	 

     

    

 

25.6
For purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to
March 15 following the year in which Employee’s employment terminates plus (y) the lesser of two (2) times: (i) Employee’s
annualized compensation based upon the annual rate of pay paid to Employee during the Company’s taxable year preceding the
Company’s taxable year of Employee’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1)
and any IRS guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s employment is terminated.

 

26.
Golden Parachute Limitation. Notwithstanding any other provision of this Agreement, in the event that it shall be determined
that the aggregate payments or distributions by the Company to or for the benefit of Employee, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), constitute “excess parachute
payments” (as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)
or any successor provision, and the regulations promulgated thereunder (collectively, “Section 280G”)) that would
be subject to the excise tax imposed by Section 4999 of the Code or any successor provision (collectively, “Section 4999”)
or any interest or penalties with respect to such excise tax (the total excise tax, together with any interest and penalties,
are hereinafter collectively referred to as the “Excise Tax”)), then the Payments shall be either (a) delivered in
full, or (b) delivered to such lesser extent that would result in no portion of the Payments being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable Federal, state or local income and employment taxes and
the Excise Tax, results in the receipt by s, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all
or some portion of such benefits may be subject to the Excise Tax. In the event that the Payments are to be reduced pursuant to
this Section 26, such Payments shall be reduced such that the reduction of compensation to be provided to Employee as a result
of this Section 26 is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements
of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis (but not below zero). All calculations required pursuant to this Section 26 shall be performed
in good faith by nationally recognized registered public accountants or tax counsel selected by the Company.

 

27.
Counterparts. This agreement may be executed in counterpart in different places, at different times and on different dates,
and in that case all executed counterparts taken together collectively constitute a single binding agreement.

 

    	 

     

    

 

28.
Costs and Fees Related to Negotiation and Execution of Agreement. Each Party Shall be responsible for the payment of its own
costs and expenses, including legal fees and expenses, in connection with the negotiation and execution of this Agreement. Neither
Party will be liable for the payment of any commissions or compensation in the nature of finders’ fees or brokers’
fees, gratuity or other similar thing or amount in consideration of the other Party entering into this Agreement to any broker,
agent or third party acting on behalf of the other Party.

 

29.
Entire Agreement. This instrument contains the entire agreement of the parties with respect to the relationship between Employee
and Employer and supersedes all prior agreements and understandings, and there are no other representations or agreements other
than as stated in this Agreement related to the terms and conditions of Employee’s employment. This Agreement may be changed
only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or
discharge is sought, and any such modification will be signed by the Chairman of the Board of Directors of Employer.

 

IN
WITNESS WHEREOF, the parties have duly signed and delivered this Agreement as of the day and year first above written.

 

	 	U.S.
    GOLD CORP.
	 	 	 
	 	By:
    	/s/
    John Braca 
	 	Name:
    	John
    Braca
	 	Title:	Chairman
                                         of the Board

        

	 	 	 
	 	EDWARD
    KARR
	 	 	 
	 	/s/ Edward Karr

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