Document:

Exhibit
10.45

 

		
    25 Eastmans Road

    Parsippany, NJ 07054 USA

 

January
31, 2022

 

Daniel
Monopoli

 

Dear
Dan:

 

By
this letter, the Compensation Committee of Wireless Telecom Group, Inc. (the “Company”) has approved the proposed amended
certain terms of your employment arrangement from that certain employment offer letter agreement executed by the Company and yourself
dated June 15, 2017 (the “Letter Agreement”). This letter is intended to amend and partially supersede the Letter Agreement.
To the extent that any term is not addressed in this amended letter, the terms of the Letter Agreement shall control. If you agree to
the terms of this amendment to the Letter Agreement, please sign where indicated below.

 

Role

 

As
a result of the Company’s recent reorganization, your role has been changed to Senior Vice President, General Manager of the T&M
segment.

 

Compensation

 

Effective
January 1, 2022, your salary shall increase to the rate of Two Hundred Sixty Thousand Dollars ($260,000) per year, which is subject to
all required withholdings and deductions, and is payable in accordance with the Company’s normal payroll practices. In addition
to an increase in your salary, your target bonus amount will increase to One Hundred Fifty Thousand Dollars ($150,000) beginning in fiscal
year 2022.

 

Equity
Award

 

The
Compensation Committee has also granted you 50,000 shares of restricted stock, which shall vest in equal annual installments over a period
of two years under the Company’s 2021 Long-Term Incentive Plan.

 

Severance

 

The
severance terms contained in the Letter Agreement are amended as follows:

 

If
your employment is terminated by the Company for a reason other than death, Disability or Cause, or should you resign for Good Reason
(as defined in the Company’s 2021 Long-Term Incentive Plan), then, subject to signing and not revoking a general release in a form
acceptable to the Company, you will be paid: (i) severance in an amount equal to the sum of nine (9) months of salary as in effect immediately
prior to the date of termination, which is payable in equal installments over a period of nine (9) months, and (ii) cash in an amount
equal to 75% (calculated at 9 / 12 months) of your annual cash incentive award opportunity for the applicable year (the “Cash
Bonus”), and (iii) at the Company’s election either the continuation of benefits, to the extent permissible under applicable
employee benefit plans in which you are a participant, for nine (9) months after the termination date, or a lump sum payment, in lieu
of the continuation of some or all benefits, in an amount determined by the Board in its discretion. Provided that you have timely executed
and not revoked the general release, severance payments will be made on the Company’s regular payroll dates beginning on the first
payroll date that is at least sixty days after the termination date (subject to any deferral requirements of Internal Revenue Code Section
409A), and the first payment will include all installments for the period from the termination date through such first payroll date.

 

	
    www.wtcom.com

    
	
    Wireless Telecom Group, Inc.,
    is comprised of Boonton,

    CommAgility, Holzworth, Microlab,
    and Noisecom.
	+1 973-386-9696

 

    	 

     

    

 

		
    25 Eastmans Road

    Parsippany, NJ 07054 USA

 

No
Other Changes

 

The
intent of this letter is to amend only those provisions of the Letter Agreement as herein specified. Except for the Letter Agreement
(to the extent that the terms of the Letter Agreement are not superseded by this amended letter), and the Company’s general employment
policies, there are no agreements or understandings, written or oral, which in any way change the terms, covenants, or conditions set
forth herein. No modification or amendment of any of the provisions of this amended letter shall be effective unless made in a writing
that specifically references this amended letter. All other existing terms and conditions of the Letter Agreement shall remain in full
force and effect.

 

Sincerely,

 

	/s/
    Timothy Whelan	 
	Timothy
    Whelan	 
	Chief
    Executive Officer	 

 

 

Acknowledged
and Agreed: 

 

I
hereby acknowledge that I have read and understand the terms stated above, that I have had ample opportunity to consider the terms, and
that, by my signature below, I voluntarily agree to and accept the terms as stated:

 

	/s/
    Daniel Monopoli	 
	Daniel
    Monopoli	 

 

	
    www.wtcom.com

    
	
    Wireless Telecom Group, Inc.,
    is comprised of Boonton,

    CommAgility, Holzworth, Microlab,
    and Noisecom.
	+1 973-386-9696Exhibit
10.46

 

		
    25 Eastmans Road

    Parsippany, NJ 07054 USA

 

January
31, 2022

 

Alfred
Rodriguez

 

Dear
Alfred:

 

By
this letter, the Compensation Committee of Wireless Telecom Group, Inc. (the “Company”) has approved the proposed amended
certain terms of your employment arrangement from that certain employment offer letter agreement executed by the Company and yourself
dated July 15, 2020 (the “Letter Agreement”). This letter is intended to amend and partially supersede the Letter Agreement.
To the extent that any term is not addressed in this amended letter, the terms of the Letter Agreement shall control. If you agree to
the terms of this amendment to the Letter Agreement, please sign where indicated below.

 

Role

 

As
a result of the Company’s recent reorganization, your role has been changed to Senior Vice President, General Manager of the radio,
baseband, software (RBS) segment.

 

Compensation

 

Your
currently salary of Two Hundred Sixty Thousand Dollars ($260,000) remains unchanged. Beginning with fiscal year 2022, you will participate
in the management bonus plan in place of the commission plan and your target bonus amount will increase to One Hundred Fifty Thousand
Dollars ($150,000).

 

Equity
Award

 

The
Compensation Committee has also granted you 50,000 shares of restricted stock, which shall vest in equal annual installments over a period
of two years under the Company’s 2021 Long-Term Incentive Plan.

 

Severance

 

The
severance terms contained in the Letter Agreement are amended as follows:

 

If
your employment is terminated by the Company for a reason other than death, Disability or Cause, or should you resign for Good Reason
(as defined in the Company’s 2021 Long-Term Incentive Plan), then, subject to signing and not revoking a general release in a form
acceptable to the Company, you will be paid: (i) severance in an amount equal to the sum of nine (9) months of salary as in effect immediately
prior to the date of termination, which is payable in equal installments over a period of nine (9) months, and (ii) cash in an amount
equal to 75% (calculated at 9/12 months) of your annual cash incentive award opportunity for the applicable year (the “Cash
Bonus”), and (iii) at the Company’s election either the continuation of benefits, to the extent permissible under applicable
employee benefit plans in which you are a participant, for nine (9) months after the termination date, or a lump sum payment, in lieu
of the continuation of some or all benefits, in an amount determined by the Board in its discretion. Provided that you have timely executed
and not revoked the general release, severance payments will be made on the Company’s regular payroll dates beginning on the first
payroll date that is at least sixty days after the termination date (subject to any deferral requirements of Internal Revenue Code Section
409A), and the first payment will include all installments for the period from the termination date through such first payroll date.

 

	
    www.wtcom.com
	
    Wireless Telecom Group, Inc.,
    is comprised of Boonton,

    CommAgility, Holzworth, Microlab,
    and Noisecom.
	+1 973-386-9696

 

    	 

     

    

 

		
    25 Eastmans Road

    Parsippany, NJ 07054 USA

 

No
Other Changes

 

The
intent of this letter is to amend only those provisions of the Letter Agreement as herein specified. Except for the Letter Agreement
(to the extent that the terms of the Letter Agreement are not superseded by this amended letter), and the Company’s general employment
policies, there are no agreements or understandings, written or oral, which in any way change the terms, covenants, or conditions set
forth herein. No modification or amendment of any of the provisions of this amended letter shall be effective unless made in a writing
that specifically references this amended letter. All other existing terms and conditions of the Letter Agreement shall remain in full
force and effect.

 

Sincerely,

 

	/s/
    Timothy Whelan	 
	Timothy
    Whelan	 
	Chief
    Executive Officer	 

 

Acknowledged
and Agreed: 

 

I
hereby acknowledge that I have read and understand the terms stated above, that I have had ample opportunity to consider the terms, and
that, by my signature below, I voluntarily agree to and accept the terms as stated:

 

	/s/
    Alfred Rodriguez	 
	Alfred
    Rodriguez	 

 

	
    www.wtcom.com

    
	
    Wireless Telecom Group, Inc.,
    is comprised of Boonton,

    CommAgility, Holzworth, Microlab,
    and Noisecom.
	+1 973-386-9696Exhibit 4.5

DESCRIPTION
OF SECURITIES

 

General

 

We
are authorized to issue 50,000,000 shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par
value $0.0001. 35,911,000 shares of common stock are outstanding. No shares of preferred stock are currently outstanding. The following
description summarizes the material terms of our securities. Because it is only a summary, it may not contain all the information that
is important to you. For a complete description you should refer to our amended and restated certificate of incorporation, bylaws and
the form of warrant agreement, which are filed as exhibits (including by incorporation) to the Current Report on Form 8-K we filed with
the SEC on November 23, 2021, and the Registration Statement on Form S-1 (SEC File No. 333-260816) we filed with the SEC on November
5, 2021 (the “Registration Statement”) in connection with our initial public offering (the “IPO”), and to the
applicable provisions of Delaware law.

 

Units

 

Each
unit consists of one share of common stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share
of common stock. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of common
stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants were issued
upon separation of the units and only whole warrants currently trade. Accordingly, unless you purchase a multiple of two units, the number
of warrants issuable to you following separation of the units were rounded down to the nearest whole number of warrants.

 

On
December 1, 2021, we filed a Current Report on Form 8-K which includes an audited balance sheet following the consummation
of our IPO on November 24, 2021. The audited balance sheet reflects proceeds we received from the exercise of the over-allotment option,
which was exercised on November 29, 2021. On December 20, 2021, we filed a Current Report on Form 8-K indicating that EarlyBirdCapital,
Inc. has allowed separate trading of the shares of common stock and warrants. The shares of common stock and warrants began to trade
separately on December 22, 2021.

 

Common
Stock

 

Our stockholders of record are entitled to one
vote for each share held on all matters to be voted on by stockholders. Any action required to be taken at any annual or special meeting
of stockholders, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting,
without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of
outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares entitled to vote thereon were present and voted, and shall be delivered to us by delivery to our registered office
in the State of Delaware, our principal place of business, or one of our officers or agents having custody of the book in which proceedings
of meetings of stockholders are recorded. Delivery made to our registered office shall be by hand or by certified or registered mail,
return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent
shall be given to those stockholders who have not consented in writing.

 

In
connection with any vote held to approve our initial business combination, our initial stockholders, as well as all of our officers and
directors, have agreed to vote their respective shares of common stock owned by them immediately prior to the IPO and any shares purchased
following the IPO in the open market in favor of the proposed business combination.

 

We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately prior
to or upon consummation of such business combination and, solely if a vote is held to approve a business combination, a majority of the
outstanding shares of common stock voted are voted in favor of the business combination.

 

Our
board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of
directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the
holders of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors.

 

     1

     

    

 

 

Pursuant
to our amended and restated certificate of incorporation, if we do not consummate an initial business combination by February 24, 2023
(or by May 24, 2023 if we have executed a definitive agreement for an initial business combination by February 24, 2023), we will cease
our corporate existence except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to an
initial business combination, our public stockholders are entitled to share ratably in the trust account, based on the amount then held
in the trust account.

 

Our
initial stockholders, officers and directors have agreed to waive their rights to participate in any liquidation distribution from the
trust account occurring upon our failure to consummate an initial business combination with respect to the founder’s common stock
and private shares. Our initial stockholders, officers and directors will therefore not participate in any liquidation distribution from
the trust account with respect to such shares. They will, however, participate in any liquidation distribution from the trust account
with respect to any shares of common stock acquired in, or following, the IPO.

 

Our
stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the shares of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have their
shares of common stock converted to cash equal to their pro rata share of the trust account in connection with the consummation of our
business combination. Public stockholders who sell or convert their stock into their share of the trust account still have the right
to exercise the warrants that they received as part of the units.

 

Preferred
Stock

 

There
are no shares of preferred stock outstanding. Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares
of preferred stock with such designation, rights and preferences as may be determined from time to time by our board of directors. No
shares of preferred stock were issued or registered in the IPO. Accordingly, our board of directors is empowered, without stockholder
approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting
power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination,
from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with the
common stock on a business combination. We may issue some or all of the preferred stock to effect a business combination. In addition,
the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although we do not
currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

14,385,500
warrants are currently outstanding. Each whole warrant entitles the registered holder to purchase one share of common stock at a price
of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial
business combination. However, no warrants will be exercisable for cash unless we have an effective and current registration statement
covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common
stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public
warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may,
until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective
registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities
Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis. In the event of such cashless exercise, each holder would pay the exercise price by surrendering
the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number
of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair
market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose will mean
the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date
of exercise. The warrants will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York
City time, or earlier upon redemption or liquidation of the trust account.

 

     2

     

    

 

The
private warrants, as well as any warrants underlying additional units we issue to our initial stockholders, officers, directors or their
affiliates in payment of working capital loans made to us, are identical to the warrants underlying the units offered in the IPO.

 

We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant,

 

		●	at
any time after the warrants become exercisable,

 

		●	upon
not less than 30 days’ prior written notice of redemption to each warrant holder,

 

		●	if,
and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any
time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders;
and

 

		●	if,
and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

 

The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and
after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s
warrant upon surrender of such warrant.

 

The
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium
to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise
price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.

 

If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants
for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average
reported last sale price of the shares of common stock for the 5 trading days ending on the third trading day prior to the date
on which the notice of redemption is sent to the holders of warrants.

 

The
warrants were issued in registered form under a warrant agreement between American Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of at least a
majority of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.

 

The
exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except
as described below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise
prices.

 

In
addition, if (x) we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with
the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock
(with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any such
issuance to our initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to
such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination
(net of redemptions), and (z) the volume weighted average trading price of our common stock during the 20 trading day period starting
on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Market Value or (ii) the price at which we issue the additional shares of common stock or equity-linked securities.

 

     3

     

    

 

The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of shares of common stock and any voting rights until they exercise their warrants
and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by stockholders.

 

Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be
able to exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess
of 10.1% of the shares of common stock outstanding.

 

No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of common stock to
be issued to the warrant holder.

 

Dividends

 

We
have not paid any cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion
of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent
to a business combination will be within the discretion of our then board of directors. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends
in the foreseeable future.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our securities and warrant agent for our warrants is American Stock Transfer & Trust Company, 6201 15th Avenue,
Brooklyn, NY 11219.

 

Listing
of our Securities

 

Our
units, common stock and warrants are listed on the Nasdaq Global Market under the symbols “LGTOU,” “LGTO,” and
“LGTOW,” respectively.

 

Certain
Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and By-Laws

 

Staggered
board of directors

 

Our
amended and restated certificate of incorporation provides that our board of directors will be classified into three classes of directors
of approximately equal size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging
in a proxy contest at two or more annual meetings.

 

Special
meeting of stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president
or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital
stock entitled to vote.

 

     4

     

    

 

Advance
notice requirements for stockholder proposals and director nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be delivered to our principal executive offices not later than the close of business on the 60th day
nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders.
In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is
given, a stockholder’s notice shall be timely if delivered to our principal executive offices not later than the 10th day
following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws
also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders
from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

Authorized
but unissued shares

 

Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be
utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage
an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive
Forum Selection

 

Our
amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in
our name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only
in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware
determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party
does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which
is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery
does not have subject matter jurisdiction or (D) any action arising under the Securities Act. If an action is brought outside of
Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel.
Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of
lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision
may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have
waived our compliance with federal securities laws and the rules and regulations thereunder and therefore bring a claim in another appropriate
forum. Additionally, we cannot be certain that a court will decide that this provision is either applicable or enforceable, and if a
court were to find the choice of forum provision contained in our amended and restated certificate of incorporation to be inapplicable
or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could
harm our business, operating results and financial condition.

 

Our
amended and restated certificate of incorporation provides that the exclusive forum provision is applicable to the fullest extent permitted
by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not
apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.

 

     5

     

    

 

Limitation
on Liability and Indemnification of Directors and Officers

 

Our
amended and restated certificate of incorporation provides that our directors and officers will be indemnified by us to the fullest extent
authorized by Delaware law as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation
provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors,
unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law,
authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit
from their actions as directors.

 

We
have entered into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our amended and restated certificate of incorporation. Our bylaws also permit us to secure insurance on behalf of any
officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification.
We have purchased a policy of directors’ and officers’ liability insurance that insures our directors and officers against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify the
directors and officers.

 

These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced
directors and officers.

 

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.

 

     6

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