Document:

Exhibit 4.7

 

DESCRIPTION OF SECURITIES

 

Golden Path Acquisition Corporation
(“we,” “our,” “us” or the “Company”) is a Cayman Islands exempted company and our affairs
are governed by our amended and restated memorandum and articles of association, the Companies Act and common law of the Cayman Islands.
On June 24, 2021, the Company consummated the initial public offering (“IPO”) of 5,000,000 units. In addition, the underwriters
exercised in full the over-allotment option for an additional 750,000 Units, resulting in the issuance and sale of an aggregate of 5,750,000
units. Each unit consists of one ordinary share, par value $0.0001 per ordinary share, one redeemable warrant entitling its holder to
purchase one-half of one share at a price of $11.50 per share, and one right to receive one-tenth (1/10) of one share upon the consummation
of the Company’s initial business combination.

 

Our units are listed for trading
on the NASDAQ Capital Market, or NASDAQ, under the symbol “GPCOU”. The ordinary shares, rights and warrants comprising the
units began separate trading on July 30, 2021 and are traded on NASDAQ under the symbols “GPCO,” “GPCOR” and “GPCOW”
respectively.

 

Pursuant to our amended and
restated memorandum and articles of association, we are authorized to issue 500,000,000 ordinary shares, par value $0.0001 per share.
The following description summarizes the material terms of our shares as set out more particularly in our memorandum and articles of association.
Because it is only a summary, it may not contain all the information that is important to you.

 

Defined terms used herein and
not defined herein shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K.

 

Units

 

Public Units

 

Each unit has an offering price
of $10.00 and consists of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial
business combination and one warrant. Each warrant entitles the holder thereof to purchase one-half of one ordinary share at a price of
$11.50 per whole share, subject to adjustment as described in the prospectus of IPO. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given
time by a warrant holder. For example, if a warrant holder holds one warrant to purchase one-half (1⁄2) of one share, such warrant
shall not be exercisable. If a warrant holder holds two warrants, such warrants will be exercisable for one share. 

 

Private Placement Units

 

The private placement units
(including the rights, warrants or ordinary shares issuable upon conversion of the rights or exercise of the warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except to our officers and directors and
other persons or entities affiliated with the sponsor) and they will not be redeemable by us so long as they are held by members of the
sponsor or its permitted transferees. Otherwise, the private placement units have terms and provisions that are identical the units sold
in the IPO except the warrants included in the private placement units will be non-redeemable and may be exercised on a cashless basis,
in each case so long as they continue to be held by the initial purchasers or their permitted transferees. If the warrants included in
the private placement units are held by holders other than the holders who purchased such units or their permitted transferees, the warrants
will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO.
In addition, for as long as the private placement units are held by our sponsor or its designees or affiliates, they may not be exercised
after five years from the effective date of the registration statement of which the prospectus of IPO forms a part.

  

     

     

    

 

Ordinary Shares

 

As of March 8, 2022, there
are 7,458,000 ordinary shares outstanding (assuming all the units were separated into their component parts on such date). Ordinary shareholders
of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class,
except as required by law. Unless specified in the Companies Act, our amended and restated memorandum and articles of association or applicable
stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter
voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our
amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles
of association and approving a statutory merger or consolidation with another company. Directors are elected for a term of two years.
There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the founder
shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends
when, as and if declared by the Board of Directors out of funds legally available therefor.

 

Because our amended and restated
memorandum and articles of association authorizes the issuance of up to 500,000,000 ordinary shares, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of ordinary shares which
we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval
in connection with our initial business combination.

 

In accordance with NASDAQ corporate
governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on NASDAQ. There is no requirement under the Companies Act for us to hold annual or general meetings or elect directors. We
may not hold an annual meeting of shareholders prior to the consummation of our initial business combination.

 

We will provide our public
shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of our initial business combination, including interest (which interest shall be net of taxes payable) divided by
the number of then issued and outstanding public shares, subject to the limitations described herein. The amount in the trust account
was initially approximately $10.10 per public share (subject to increase of up to an additional $0.30 per public share in the event that
our sponsor elects to extend the period of time to consummate a business combination, as described in more detail in the prospectus of
IPO). The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares and public shares
in connection with the completion of our initial business combination.

 

If a shareholder vote is not
required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended
and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender
offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of
association requires these tender offer documents to contain substantially the same financial and other information about the initial
business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of
the transaction is required by law, or we decide to obtain shareholder approval for business or other legal reasons, we will, like many
blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if a majority of the issued
and outstanding ordinary shares voted are voted in favor of the business combination. However, the participation of our sponsor, officers,
directors or their affiliates in privately-negotiated transactions (as described in the prospectus of IPO), if any, could result in the
approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote,
against such business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes
will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to give approximately 30
days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be
taken to approve our initial business combination.

 

    2

     

    

 

If we seek shareholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as
defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of
15% of the ordinary shares sold in the IPO, which we refer to as the “Excess Shares.” However, we would not be restricting
our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business
combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business
combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such
shares would be required to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder approval
in connection with our initial business combination, our sponsor, officers and directors have agreed (and their permitted transferees
will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder shares and private placement shares
held by them and any public shares purchased during or after the IPO in favor of our initial business combination. Additionally, each
public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

 

Pursuant to our amended and
restated memorandum and articles of association, if we are unable to complete our initial business combination within 12 months from the
closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business combination,
as described in more detail in the prospectus of IPO), we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but no more than ten business days thereafter, subject to lawfully available funds therefor, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest to pay dissolution expenses) divided by the number of
then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and our Board of Directors, liquidate and dissolve,
subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares if we fail
to complete our initial business combination within 12 months from the closing of the IPO (or up to 21 months from the closing of the
IPO if we extend the period of time to consummate a business combination, as described in more detail in the prospectus of IPO). However,
if our sponsor acquires public shares after the IPO, they will be entitled to liquidating distributions from the trust account with respect
to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the ordinary shares, except that we will provide our shareholders with the opportunity to redeem their public shares for cash equal
to their pro rata share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net
of taxes payable) upon the completion of our initial business combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are identical
to the ordinary shares included in the units being sold in the IPO, and holders of founder shares have the same shareholder rights as
public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below
and (ii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive
their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion
of our initial business combination, (B) to waive their redemption rights with respect to any founder shares, private placement shares
and public shares held by them in connection with a stockholder vote to approve an amendment to our amended and restated memorandum and
articles of association (x) to modify the substance or timing of our obligation to provide for the redemption of our public shares in
connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business
combination within the timeframe set forth therein or (y) with respect to any other provision relating to stockholders’ rights or
pre-initial business combination activity and (C) to waive their rights to liquidating distributions from the trust account with respect
to their founder shares and private placement shares if we fail to complete our initial business combination within 12 months from the
closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business combination,
although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail
to complete our initial business combination within such time period. If we submit our business combination to our public shareholders
for a vote, our sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter
agreement entered into with us, to vote any founder shares and private placement shares held by them and any public shares purchased during
or after the IPO in favor of our business combination.  

 

    3

     

    

 

Our sponsor may extend the
time frame for the Company to complete a business combination by up to an additional 9 months contingent upon our sponsor depositing the
required amount of funds for each monthly extension into the trust account. For each month extension, holders of our securities will not
have to right to approve or disapprove any such monthly extension. Further, holders of our securities will not have the right to seek
or obtain redemption in connection with any such extension. Our sponsor or its affiliates or designees, upon five days advance notice
prior to the applicable deadline, must deposit into the trust account $191,667 (approximately $0.033 per public share), up to an aggregate
of $1,725,000, or $0.30 per public share (for an aggregate of 9 months), on or prior to the date of the applicable deadline, for each
monthly extension.

 

With certain limited exceptions,
50% of the founder shares will not be transferable, assignable or salable by our sponsor until the earlier of (i) six months after the
date of the consummation of our initial business combination or (ii) the date on which the closing price of our ordinary shares equals
or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period commencing after our initial business combination and the remaining 50% of the founder shares may
not be transferred, assigned or sold until six months after the date of the consummation of our initial business combination, or earlier,
in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or
other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities
or other property.

 

Preference shares

 

Our amended and restated memorandum
and articles of association provides that preference shares may be issued from time to time in one or more series. Our Board of Directors
are authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our Board of Directors are
able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power
and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our Board of Directors to
issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of
us or the removal of existing management. We have no preference shares outstanding at the date hereof. Although we do not currently intend
to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares were issued or registered
in the IPO.

 

Rights

 

If we enter into a definitive
agreement for a business combination in which we will be the surviving entity, each holder of a right will receive one-tenth (1/10) of
one ordinary share upon consummation of our initial business combination, even if the holder of such right redeemed all ordinary shares
held by him, her or it in connection with the initial business combination or an amendment to our memorandum and articles of association
with respect to our pre-business combination activities. No additional consideration will be required to be paid by a holder of rights
in order to receive his, her or its additional ordinary shares upon consummation of an initial business combination as the consideration
related thereto has been included in the unit purchase price paid for by investors in the IPO. The shares issuable upon exchange of the
rights will be freely tradable (except to the extent held by affiliates of ours).

 

    4

     

    

 

If we enter into a definitive
agreement for a business combination in which we will not be the surviving entity, the definitive agreement will provide for the holders
of rights to receive the same per share consideration the holders of the ordinary share will receive in the transaction on an as-converted
into ordinary share basis, and each holder of a right will be required to affirmatively convert his, her or its rights in order to receive
the 1/10 share underlying each right (without paying any additional consideration) upon consummation of the business combination. More
specifically, the right holder will be required to indicate his, her or its election to convert the rights into underlying shares as well
as to return the original rights certificates to us. In the event that we are not the surviving entity upon the consummation of our initial
business combination, and there is no effective registration statement for the offering of the shares underlying the rights, the rights
may expire worthless.

 

If we are unable to complete
an initial business combination within the required time period and we liquidate the funds held in the trust account, holders of rights
will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside of
the trust account with respect to such rights, and the rights will expire worthless.

 

As soon as practicable upon
the consummation of our initial business combination, we will direct registered holders of the rights to return their rights to our rights
agent. Upon receipt of the rights, the rights agent will issue to the registered holder of such right(s) the number of full ordinary shares
to which he, she or it is entitled. We will notify registered holders of the rights to deliver their rights to the rights agent promptly
upon consummation of such business combination and have been informed by the rights agent that the process of exchanging their rights
for ordinary shares should take no more than a matter of days. The foregoing exchange of rights is solely ministerial in nature and is
not intended to provide us with any means of avoiding our obligation to issue the shares underlying the rights upon consummation of our
initial business combination. Other than confirming that the rights delivered by a registered holder are valid, we will have no ability
to avoid delivery of the shares underlying the rights. Nevertheless, there are no contractual penalties for failure to deliver securities
to the holders of the rights upon consummation of an initial business combination. Additionally, in no event will we be required to net
cash settle the rights. Accordingly, the rights may expire worthless.

 

Although a company incorporated
in the Cayman Islands may issue fractional shares, it is not our intention to issue any fractional shares upon conversions of the rights.
In the event that any holder would otherwise be entitled to any fractional share upon exchange of his, her or its rights, we will reserve
the option, to the fullest extent permitted by the amended and restated memorandum and articles of association, the Companies Act and
other applicable law, to deal with any such fractional entitlement at the relevant time as we see fit, which would include the rounding
down of any entitlement to receive ordinary shares to the nearest whole share (and in effect extinguishing any fractional entitlement),
or the holder being entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same with
any future fractional entitlement to receive shares in the Company until the holder is entitled to receive a whole number. Any rounding
down and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant
rights, such that value received on exchange of the rights may be considered less than the value that the holder would otherwise expect
to receive. All holders of rights shall be treated in the same manner with respect to the issuance of shares upon conversions of the rights.

 

Redeemable Warrants

 

Public Warrants

 

Each warrant entitles the registered
holder to purchase one half of one ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing on the later of 12 months from the date of the closing of the IPO or thirty (30) days after the completion of our initial business
combination. Because the warrants may only be exercised for whole numbers of shares, only an even number of warrants may be exercised
at any given time. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This
means that only an even number of warrants may be exercised at any given time by a warrant holder. The warrants will expire five years
after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    5

     

    

 

We will not be obligated to
deliver any ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a
registration statement under the Securities Act with respect to the ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be
exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption is available. In the event that the conditions in the two immediately preceding sentences are not satisfied with
respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and
expire worthless. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant will have paid the full purchase price for the unit solely for the ordinary share underlying such unit.

 

We have agreed that as soon
as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best
efforts to file, and within 60 business days following our initial business combination to have declared effective, a registration statement
covering the ordinary shares issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the
warrants in accordance with the provisions of the warrant agreement. No warrants will be exercisable for cash unless we have an effective
and current registration statement covering the ordinary shares issuable upon exercise of the warrants and a current prospectus relating
to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon exercise
of the 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.

 

Once the warrants become exercisable,
we may call the warrants for redemption (excluding the private placement warrants):

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.01 per warrant;

 

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

 

	 	●	if, and only if, the reported last sale price of the ordinary shares equal or exceed $18.00 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders.

 

If and when the warrants
become redeemable by us, we may not exercise our redemption right if the issuance of shares upon exercise of the warrants is not exempt
from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify such shares under the blue sky laws of the state of residence in those states in which
the warrants were offered by us in the IPO.

 

We have established the last
of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the ordinary
shares may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is
issued.

 

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If we call the warrants for
redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant
to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the
dilutive effect on our shareholders of issuing the maximum number of ordinary shares issuable upon the exercise of our warrants. If our
management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that
number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair
market value. The “fair market value” shall mean the average reported last sale price of the ordinary shares for the 10 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. If our management
takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of ordinary shares
to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise
in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe
this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination.
If we call our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a
cashless basis, as described in more detail below.

 

A holder of a warrant may notify
us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the ordinary shares outstanding
immediately after giving effect to such exercise.

 

If the number of issued and
outstanding ordinary shares is increased by a capitalization payable in ordinary shares, or by a sub-division of ordinary shares or other
similar event, then, on the effective date of such capitalization, sub-division or similar event, the number of ordinary shares issuable
on exercise of each warrant will be increased in proportion to such increase in the issued and outstanding ordinary shares. A rights offering
to holders of ordinary shares entitling holders to purchase ordinary shares at a price less than the fair market value will be deemed
a capitalization of a number of ordinary shares equal to the product of (i) the number of ordinary shares actually sold in such rights
offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for ordinary
shares) multiplied by (ii) one (1) minus the quotient of (x) the price per ordinary share paid in such rights offering divided by (y)
the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for ordinary shares,
in determining the price payable for ordinary shares, there will be taken into account any consideration received for such rights, as
well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of
ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the ordinary
shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of ordinary shares on account of such ordinary shares (or other ordinary shares into which the warrants are convertible), other
than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of ordinary shares
in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of ordinary shares in
connection with a shareholder vote to amend our amended and restated memorandum and articles of association to modify the substance or
timing of our obligation to redeem 100% of our ordinary shares if we do not complete our initial business combination within 12 months
from the closing of the IPO (or up to 21 months from the closing of the IPO if we extend the period of time to consummate a business combination,
as described in more detail in the prospectus of the IPO), or (e) in connection with the redemption of our public shares upon our failure
to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective
date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each ordinary share in
respect of such event.

 

If the number of issued and
outstanding ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of ordinary shares or
other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in issued and
outstanding ordinary shares.

 

    7

     

    

 

Whenever the number of ordinary
shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying
the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of ordinary
shares purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the
number of ordinary shares so purchasable immediately thereafter.

 

In case of any reclassification
or reorganization of the issued and outstanding ordinary shares (other than those described above or that solely affects the par value
of such ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued
and outstanding ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of our
ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event.

 

The warrants will be issued
in registered form under a warrant agreement between Vstock Transfer LLC, as warrant agent, and us. You should review a copy of the warrant
agreement, which was filed as an exhibit to the registration statement of which the prospectus of IPO is a part, for a complete description
of the terms and conditions applicable to the warrants. 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 the holders of a majority
of the then issued and outstanding warrants (including private warrants) to make any change that adversely affects the interests of the
registered holders of warrants.

 

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
(or on a cashless basis, if applicable), 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 ordinary shares and any voting rights until they exercise their
warrants and receive ordinary shares. After the issuance of ordinary shares 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 shareholders.

 

Warrants may be exercised only
for a whole number of ordinary shares. 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 down to the nearest whole number
the number of ordinary shares to be issued to the warrant holder.

 

Private Placement Warrants

 

The private placement warrants
(including the ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable
until 30 days after the completion of our initial business combination (except to our officers and directors and other persons or entities
affiliated with the sponsor) and they will not be redeemable by us and will be exercisable on a cashless basis so long as they are held
by the sponsor, or its permitted transferees. Otherwise, the private placement warrants have terms and provisions that are identical to
those of the warrants being sold as part of the units in the IPO. If the private placement warrants are held by holders other than the
sponsor, or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same
basis as the warrants included in the units being sold in the IPO. In addition, for as long as the private placement warrants are held
by our sponsor or its designees or affiliates, they may not be exercised after five years from the effective date of the registration
statement of which the prospectus of IPO forms a part.

 

If holders of the private placement
warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that
number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair
market value. The “fair market value” shall mean the average reported last sale price of the ordinary shares for the 10 trading
days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason
that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor, and its permitted
transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they
remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies
in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when
insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell the ordinary shares received
upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted
from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

    8Exhibit 10.1

 

Execution Version

 

CROWN
ELECTROKINETICS CORP.

 

COMMON
STOCK

 

SALES
AGREEMENT

 

March 30, 2022

 

A.G.P./Alliance Global Partners

590 Madison Avenue

New York, NY 10022

 

Ladies and Gentlemen:

 

Crown Electrokinetics Corp.,
a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”)
with A.G.P./Alliance Global Partners (the “Sales Agent”), as follows:

 

1. Issuance and Sale of
Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set
forth herein, it may issue and sell to or through the Sales Agent, acting as agent or principal, shares of the Company’s common
stock, par value $0.001 per share (the “Common Stock”), subject to the limitations set forth in Section 3(b)
hereof. The issuance and sale of shares of Common Stock to or through the Sales Agent will be effected pursuant to the Registration Statement
(as defined below) filed by the Company and which was declared effective under the Securities Act (as defined below) by the U.S. Securities
and Exchange Commission (the “Commission”).

 

The Company has filed, in
accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the
“Securities Act”), with the Commission, a shelf registration statement on Form S-3 (File No. 333-262122), including
a base prospectus, relating to certain securities, including the shares of Common Stock, to be issued from time to time by the Company,
and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”).
The Company has prepared a prospectus supplement specifically relating to the offering of Common Stock pursuant to this Agreement included
as part of such registration statement (the “ATM Prospectus”). The Company will furnish to the Sales Agent,
for use by the Sales Agent, copies of the ATM Prospectus included as part of such registration statement, relating to the Placement Shares
(as defined below). Except where the context otherwise requires, such registration statement, as amended when it becomes effective, including
all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as
defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such
registration statement pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the “Registration Statement.”
The base prospectus, including all documents incorporated therein by reference (to the extent such information has not been superseded
or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), and the ATM Prospectus,
including all documents incorporated therein by reference (to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), each of which is included in the Registration
Statement, as it or they may be supplemented by any additional prospectus supplement, in the form in which such prospectus and/or ATM
Prospectus have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together
with any “issuer free writing prospectus” (“Issuer Free Writing Prospectus”), as defined in Rule
433 of the Securities Act (“Rule 433”), relating to the Placement Shares that (i) is required to be filed with
the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required
to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule
433(g), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus
or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any
reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the Prospectus
or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to either the Electronic
Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Applications (collectively “EDGAR”).

 

     

     

    

 

2. Placements. Each
time that the Company wishes to issue and sell the Common Stock through the Sales Agent, as agent, hereunder (each, a “Placement”),
it will notify the Sales Agent by email notice (or other method mutually agreed to in writing by the parties) (a “Placement
Notice”) containing the parameters in accordance with which it desires the Common Stock to be sold, which shall at a minimum
include the number of shares of Common Stock to be issued (the “Placement Shares”), the time period during which
sales are requested to be made, any limitation on the number of shares of Common Stock that may be sold in any one Trading Day (as defined
in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters
necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company
set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall
be addressed to each of the individuals from the Sales Agent set forth on Schedule 2, as such Schedule 2 may
be amended from time to time. The Placement Notice shall be effective upon receipt by the Sales Agent unless and until (i) in accordance
with the notice requirements set forth in Section 4, the Sales Agent declines to accept the terms contained therein for any reason,
in its sole discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements
set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement
Notice with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions
of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to the Sales Agent in connection
with the sale of the Placement Shares through the Sales Agent, as agent, shall be as set forth in Schedule 3. It is expressly
acknowledged and agreed that neither the Company nor the Sales Agent will have any obligation whatsoever with respect to a Placement or
any Placement Shares unless and until the Company delivers a Placement Notice to the Sales Agent and the Sales Agent does not decline
such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of
a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

 

3. Sale of Placement Shares
by the Sales Agent.

 

(a) Subject to the terms and
conditions herein set forth, upon the Company’s issuance of a Placement Notice, and unless the sale of the Placement Shares described
therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Sales Agent, as agent
for the Company, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state
and federal laws, rules and regulations and the rules of The Nasdaq Capital Market (the “Exchange”), for the
period specified in the Placement Notice, to sell such Placement Shares up to the amount specified by the Company in, and otherwise in
accordance with the terms of such Placement Notice. If acting as agent hereunder, the Sales Agent will provide written confirmation to
the Company (including by email correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt
of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later
than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares
hereunder setting forth the number of Placement Shares sold on such day, the volume-weighted average price of the Placement Shares, the
compensation payable by the Company to the Sales Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as
defined below) payable to the Company, with an itemization of the deductions made by the Sales Agent (as set forth in Section 5(a))
from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Sales Agent may sell Placement
Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities
Act. The Company acknowledges and agrees that (i) there can be no assurance that the Sales Agent will be successful in selling Placement
Shares, (ii) the Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement
Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading
and sales practices and applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Sales
Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed
by the Sales Agent and the Company in writing and expressly set forth in a Placement Notice. For the purposes hereof, “Trading
Day” means any day on which the Company’s Common Stock is purchased and sold on the principal market on which the
Common Stock is listed or quoted.

 

    2

     

    

 

(b) Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares,
the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of: (i) the number
or dollar amount of shares of Common Stock registered pursuant to the Registration Statement pursuant to which the offering hereunder
is being made, (ii) the number of authorized but unissued and unreserved shares of Common Stock, (iii) the number or dollar amount of
shares of Common Stock permitted to be offered and sold by the Company under Form S-3 (including General Instruction I.B.6. of Form S-3,
if and for so long as applicable), (iv) the number or dollar amount of shares of Common Stock 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 Sales Agent in writing, or (v) the number or dollar amount of shares of Common Stock for which the Company
has filed the ATM Prospectus or other prospectus supplement specifically relating to the offering of the Placement Shares pursuant to
this Agreement. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement
at a price lower than 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 committee, and notified to the Sales Agent in writing. Notwithstanding anything to the contrary
contained herein, the parties hereto acknowledge and agree that compliance with the limitations set forth in this Section 3(b)
on the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time to time shall be the sole
responsibility of the Company, and that the Sales Agent shall have no obligation in connection with such compliance.

 

(c) During the term of this
Agreement, neither the Sales Agent nor any of its affiliates or subsidiaries shall engage in (i) any short sale of any security of the
Company or (ii) any sale of any security of the Company that the Sales Agent does not own or any sale which is consummated by the delivery
of a security of the Company borrowed by, or for the account of, the Sales Agent. During the term of this Agreement and notwithstanding
anything to the contrary herein, the Sales Agent agrees that in no event will the Sales Agent or its affiliates engage in any market making,
bidding, stabilization or other trading activity with regard to the Common Stock or related derivative securities if such activity would
be prohibited under Regulation M or other anti-manipulation rules under the Exchange Act.

 

4. Suspension of Sales.

 

(a) The Company or the Sales
Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party
set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the
notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence
to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares for a period
of time (a “Suspension Period”); provided, however, that such suspension shall not affect or impair
either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the
parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals
named on Schedule 2 hereto, as such schedule may be amended from time to time. During a Suspension Period, the Company shall
not issue any Placement Notices and the Sales Agent shall not sell any Placement Shares hereunder. The party that issued a suspension
notice shall notify the other party in writing of the Trading Day on which the Suspension Period shall expire not later than twenty-four
(24) hours prior to such Trading Day.

 

(b) Notwithstanding any other
provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and
the Sales Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement
Shares, and (iii) the Sales Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

    3

     

    

 

5. Settlement.

 

(a) Settlement of Placement
Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the
second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the respective Point
of Sale (as defined below) (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the
aggregate sales price received by the Sales Agent at which such Placement Shares were sold, after deduction for (i) the Sales Agent’s
discount, commission or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction
fees, trading expenses or execution fees imposed by any clearing organization or any governmental or self-regulatory organization and
any other fees or expenses incurred by the Sales Agent in respect of such sales.

 

(b) Delivery of Placement
Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement
Shares being sold by crediting the Sales Agent’s or its designee’s account (provided the Sales Agent shall have given the
Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company 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 in all cases shall be
freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Sales Agent 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 Placement Shares on a Settlement
Date, through no fault of the Sales Agent, the Company agrees that in addition to and in no way limiting the rights and obligations set
forth in Section 9(a) (Indemnification and Contribution) hereto, the Company will (i) hold the Sales Agent, its directors, officers,
members, partners, employees and agents of the Sales Agent, each broker dealer affiliate of the Sales Agent, and each person, if any,
who (A) controls the Sales Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled
by or is under common control with the Sales Agent (each, a “Sales Agent Affiliate”), and the Sales Agent’s
clearing organization, harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable legal fees
and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and
(ii) pay to the Sales Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such
default.

 

6. Representations and
Warranties of the Company. The Company represents and warrants to, and agrees with, the Sales Agent that as of each Applicable Time
(as defined in Section 22(a)), unless such representation, warranty or agreement specifies a different time or times:

 

(a) Compliance with Registration
Requirements. As of each Applicable Time other than the date of this Agreement, the Registration Statement and any Rule 462(b) Registration
Statement have been declared effective by the Commission under the Securities Act. The Company has complied to the Commission’s
satisfaction with all requests of the Commission for additional or supplemental information related to the Registration Statement and
the Prospectus. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is
in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
or threatened by the Commission. The Registration Statement and, assuming no act or omission on the part of the Sales Agent that would
make such statements untrue, the offer and sale of the Placement Shares as contemplated hereby meet the requirements of Rule 415 under
the Securities Act and comply in all material respects with said Rule. In the section entitled “Plan of Distribution” in the
ATM Prospectus, the Company has named A.G.P./Alliance Global Partners as an agent that the Company has engaged in connection with the
transactions contemplated by this Agreement. The Company was not and is not an “ineligible issuer” as defined in Rule 405
under the Securities Act.

 

    4

     

    

 

(b) No Misstatement or
Omission. The Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, complied
or will comply in all material respects with the Securities Act. The Prospectus, and any amendment or supplement thereto, on the date
of such Prospectus or amendment or supplement, complied or will comply in all material respects with the Securities Act. The Registration
Statement and any post-effective amendment thereto, at the time it became or becomes effective, did not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each Point of Sale and each Settlement
Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in
the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective
amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information
relating to the Sales Agent furnished to the Company in writing by the Sales Agent expressly for use therein. “Point of Sale”
means, for a Placement, the time at which an acquiror of Placement Shares entered into a contract, binding upon such acquiror, to acquire
such Placement Shares.

 

(c) Offering Materials
Furnished to the Sales Agent. Copies of the Registration Statement, the Prospectus, and all amendments or supplements thereto and
all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement, have been
delivered, or are publicly available through EDGAR, to the Sales Agent. Each Prospectus delivered to the Sales Agent for use in connection
with the sale of the Placement Shares pursuant to this Agreement will be identical to the version of such Prospectus filed with the Commission
via EDGAR, except to the extent permitted by Regulation S-T.

 

(d) Distribution of Offering
Material By the Company. The Company has not distributed and will not distribute, prior to the completion of the Sales Agent’s
distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than
the Prospectus or the Registration Statement.

 

(e) The Sales Agreement.
This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal, and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by
federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally, and subject to general principles of equity. The Company has full corporate
power and authority to enter into this Agreement and to authorize, issue and sell the Placement Shares as contemplated by this Agreement.
This Agreement conforms in all material respects to the descriptions thereof in the Registration Statement and the Prospectus.

 

(f) Authorization of the
Placement Shares. The Placement Shares, when issued and paid for as contemplated herein, will be validly issued, fully paid and nonassessable,
will be issued in compliance with all applicable securities laws, and will be free of preemptive, registration or similar rights, and
will conform to the description of the Common Stock contained in the Registration Statement and the Prospectus.

 

(g) No Applicable Registration
or Other Similar Rights. There are no persons with registration or other similar rights to have any equity or debt securities registered
for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been
duly waived. No person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Placement Shares hereunder, whether as a result of the filing or effectiveness of the Registration Statement or the sale of
the Placement Shares as contemplated hereby or otherwise.

 

(h) No Material Adverse
Change. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information is given in the
Prospectus: (i) there has been no material adverse change in the business, properties, prospects, operations, condition (financial or
otherwise) or results of operations of the Company (any such change is called a “Material Adverse Change”),
which, individually or in the aggregate, has had or would reasonably be expected to result in a Material Adverse Change; (ii) the Company
has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered
into any material transaction or agreement not in the ordinary course of business; (iii) there has been no dividend or distribution of
any kind declared, paid or made by the Company; (iv) no officer or director of the Company has resigned from any position with the Company;
and (v) there has not been any Material Adverse Change in the Company’s long-term debt.

 

    5

     

    

 

(i) Independent Accountants.
To the knowledge of the Company, Marcum LLP, whose report is filed with the Commission and included or incorporated by reference in the
Registration Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the
Public Company Accounting Oversight Board.

 

(j) Financial Statements.
The financial statements filed with the Commission as a part of the Registration Statement and included in the Prospectus, together with
the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and its
subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified. Such financial
statements and supporting schedules have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other
financial statements or supporting schedules are required to be included in or incorporated in the Registration Statement.

 

(k) Forward-Looking Statements.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the Registration Statement or the Prospectus has been made or reaffirmed by the Company without a reasonable basis or has been disclosed
by the Company other than in good faith.

 

(l) Statistical and Marketing-Related
Data. The statistical and market-related data included in each of the Registration Statement and the Prospectus are based on or derived
from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company’s good faith
estimates that are made on the basis of data derived from such sources.

 

(m) XBRL. The interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto.

 

(n) Incorporation and Good
Standing of the Company. The Company is a corporation duly incorporated and validly existing under the laws of the State of Delaware.
The Company has requisite corporate power to carry on its business as described in the Prospectus. The Company is duly qualified to transact
business and is in good standing in all jurisdictions in which the conduct of its business requires such qualification; except where the
failure to be so qualified or to be in good standing would not result in a Material Adverse Change. The Company does not own or control,
directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Company’s
Annual Report on Form 10-K for the most recently ended fiscal year and other than (i) those subsidiaries not required to be listed on
Exhibit 21.1 by Item 601 of Regulation S-K under the Exchange Act and (ii) those subsidiaries formed since the last day of the most recently
ended fiscal year.

 

(o) Capital Stock Matters.
All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized
and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are
not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive
rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized shares of Common
Stock conform in all material respects to all statements relating thereto contained in the Registration Statement and the Prospectus.
The offers and sales of the outstanding shares of Common Stock were at all relevant times either registered under the Securities Act and
the applicable state securities or “blue sky” laws or, based in part on the representations and warranties of the purchasers
of such shares, exempt from such registration requirements. The description of the Company’s stock option, stock bonus and other
stock plans or arrangements, and the options or other rights granted thereunder, as described in the Registration Statement and the Prospectus,
accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements,
options and rights.

 

    6

     

    

 

(p) Non-Contravention of
Existing Instruments; No Further Authorizations or Approvals Required. The Company’s execution, delivery and performance of
this Agreement and consummation of the transactions contemplated hereby or by the Registration Statement and the Prospectus (including
the issuance and sale of the Placement Shares and the use of the proceeds from the sale of the Placement Shares as described in the Prospectus
under the caption “Use of Proceeds”) will not (A) result in a material violation of any existing applicable law, rule, regulation,
judgment, order or decree of any Governmental Entity as of the date hereof , (B) conflict with, result in any violation or breach of,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right
of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a “Default Acceleration
Event”) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (“Contract”)
or obligation or other understanding to which the Company is a party or by which any property or asset of the Company is bound or affected,
except to the extent that such conflict, default, or Default Acceleration Event is not reasonably likely to result in a Material Adverse
Change, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a default under, the Company’s
certificate of incorporation (as the same may be amended or restated from time to time) or bylaws (as the same may be amended or restated
from time to time). The Company is not in violation, breach or default under its certificate of incorporation (as the same may be amended
or restated from time to time) or bylaws (as the same may be amended or restated from time to time). Neither the Company nor, to its knowledge,
any other party is in violation, breach or default of any Contract that has resulted in or could reasonably be expected to result in a
Material Adverse Change. Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative
or other governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the performance
of the Company of the transactions herein contemplated has been obtained or made and is in full force and effect, except (i) with respect
to any Applicable Time at which the Sales Agent would not be able to rely on Rule 5110(b)(7)(C)(i) of the Financial Industry Regulatory
Authority, Inc. (“FINRA”), such additional steps as may be required by FINRA, (ii) filings with the Commission
required under the Securities Act or the Exchange Act, or filings with the Exchange pursuant to the rules and regulations of the Exchange,
in each case that are contemplated by this Agreement to be made after the date of this Agreement, and (iii) such additional steps as may
be necessary to qualify the Common Stock for sale by the Sales Agent under state securities or Blue Sky laws.

 

(q) No Material
Actions or Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental
proceeding pending or, to the Company’s knowledge, threatened against, or involving the Company or, to the Company’s
knowledge, any executive officer or director, which has not been disclosed in the Registration Statement and the Prospectus which is
required to be disclosed, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Change.

 

(r) Labor Disputes.
No labor dispute with the employees of the Company exists or, to the knowledge of the Company, is imminent. The Company is not aware that
any key employee or significant group of employees of the Company plans to terminate employment with the Company.

 

(s) Compliance with Certain
Applicable Laws. The Company: (A) is and at all times has been in compliance with all statutes, rules, or regulations applicable to
the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer
for sale, storage, import, export or disposal of any product manufactured or distributed by the Company (“Applicable Laws”),
except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (B) has not received
any warning letter, untitled letter or other correspondence or notice from any governmental authority alleging or asserting noncompliance
with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto
required by any such Applicable Laws (“Authorizations”);(C) possesses all material Authorizations and such Authorizations
are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (D) has not received
notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental
authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and
has no knowledge that any such governmental authority or third party is considering any such claim, litigation, arbitration, action, suit,
investigation or proceeding; (E) has not received notice that any governmental authority has taken, is taking or intends to take action
to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering such action;
and (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices,
applications, records, claims, submissions and supplements or amendments were complete and correct on the date filed (or were corrected
or supplemented by a subsequent submission).

 

    7

     

    

 

(t) Tax Law Compliance.
The Company has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has
duly obtained extensions of time for the filing thereof. The Company has paid all taxes (as hereinafter defined) shown as due on such
returns that were filed and has paid all taxes imposed on or assessed against the Company. The provisions for taxes payable, if any, shown
on the financial statements filed with or as part of or incorporated by reference in the Registration Statement are sufficient for all
accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements.
Other than as disclosed in the Registration Statement and the Prospectus, (i) no issues have been raised (and are currently pending) by
any taxing authority in connection with any of the returns or taxes asserted as due from the Company, and (ii) no waivers of statutes
of limitation with respect to the returns or collection of taxes have been given by or requested from the Company. There are no tax liens
against the assets, properties or business of the Company. The term “taxes” means all federal, state, local,
foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service,
service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties
or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional
amounts with respect thereto. The term “returns” means all returns, declarations, reports, statements and other
documents required to be filed in respect to taxes.

 

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

 

(v) Insurance. The
Company carries or is entitled to the benefits of insurance, with reputable insurers, in such amounts and covering such risks which the
Company believes are adequate, and all such insurance is in full force and effect. The Company has no reason to believe that it will not
be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material
Adverse Change.

 

(w) No Price Stabilization
or Manipulation. The Company has not taken, directly or indirectly (without giving any effect to the activities of the Sales Agent),
any action designed to or that might cause or result in stabilization or manipulation of the price of the Common Stock or of any “reference
security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect
to the Common Stock, whether to facilitate the sale or resale of the Placement Shares or otherwise, and has taken no action which would
directly or indirectly violate Regulation M.

 

(x) Related Party Transactions.
There are no business relationships or related party transactions involving the Company or any other person required to be described in
the Registration Statement and the Prospectus that have not been described as required pursuant to the Securities Act.

 

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

 

(z) Conformity of Issuer
Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements
of the Securities Act on the date of first use, and the Company has complied or will comply with any filing requirements applicable to
such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer Free Writing Prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Placement Shares, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus,
including any document incorporated by reference therein that has not been superseded or modified. The Company has not made any offer
relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus without the prior written consent of the Sales
Agent. The Company has retained in accordance with the Securities Act all Issuer Free Writing Prospectuses that were not required to be
filed pursuant to the Securities Act.

 

    8

     

    

 

(aa) Compliance with Environmental
Laws. The Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment,
storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable
to its business (“Environmental Laws”), except where the failure to comply would not, singularly or in the aggregate,
result in a Material Adverse Change. There has been no storage, generation, transportation, handling, treatment, disposal, discharge,
emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company (or,
to the Company’s knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of
the property now or previously owned or leased by the Company, or upon any other property, in violation of any law, statute, ordinance,
rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common
law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not
have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been no disposal,
discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or
other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission,
or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material
Adverse Change. In the ordinary course of business, the Company conducts periodic reviews of the effect of Environmental Laws on its business
and assets, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital
or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or governmental permits issued
thereunder, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such reviews,
the Company has reasonably concluded that such associated costs and liabilities would not have, singularly or in the aggregate, a Material
Adverse Change.

 

(bb) Intellectual Property.
The Company owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (“Intellectual
Property Rights”) necessary for the conduct of the business of the Company as currently carried on and as described in the
Registration Statement and the Prospectus, except as would not be reasonably likely to result in a Material Adverse Change. To the knowledge
of the Company, no action or use by the Company necessary for the conduct of its business as currently carried on and as described in
the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual
Property Rights of others, except where such action, use, license or fee is not reasonably likely to result in a Material Adverse Change.
The Company has not received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of
others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (A) to the
knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property
Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim
by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts
which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in
this Section 6(bb), reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by
the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a
court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company’s knowledge,
threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and
the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate,
together with any other claims in this Section 6(bb), reasonably be expected to result in a Material Adverse Change; (D) there
is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes,
misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received
any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim
that would, individually or in the aggregate, together with any other claims in this Section 6(bb), reasonably be expected to result
in a Material Adverse Change; and (E) to the Company’s knowledge, no employee of the Company is in or has ever been in violation
in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition
agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis
of such violation relates to such employee’s employment with the Company, or actions undertaken by the employee while employed with
the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company’s
knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential.
The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any
other person or entity that are required to be set forth in the Registration Statement and the Prospectus and are not described therein.
The Registration Statement and the Prospectus contain in all material respects the same description of the matters set forth in the preceding
sentence. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual
obligation binding on the Company or, to the Company’s knowledge, any of its officers, directors or employees, or otherwise in violation
of the rights of any persons.

 

    9

     

    

 

(cc) Brokers. The Company
is not a party to any contract, agreement or understanding with any person (other than as contemplated by this Agreement) that would give
rise to a valid claim against the Company or the Sales Agent for a brokerage commission, finder’s fee or like payment in connection
with the offering and sale of the Placement Shares by the Sales Agent under this Agreement.

 

(dd) No Outstanding Loans
or Other Indebtedness. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course
of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company, or
any of their respective family members, except as disclosed in the Registration Statement and the Prospectus.

 

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

 

(ff) Broker-Dealer Status.
Neither the Company nor any of its related entities (i) is required to register as a “broker” or “dealer” in accordance
with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person
associated with a member” or “associated person of a member” (within the meaning of Article I of the NASD Manual administered
by FINRA). To the Company’s knowledge, there are no affiliations or associations between any member of FINRA and any of the Company’s
officers, directors or 5% or greater security holders, except as set forth in the Registration Statement.

 

(gg) Public Float Calculation.
At the time the Registration Statement and any Rule 462(b) Registration Statement was or will be filed with the Commission, at the time
the Registration Statement and any Rule 462(b) Registration Statement was or will be declared effective by the Commission, and at the
time the Company’s most recent Annual Report on Form 10-K was filed with the Commission, the Company met or will meet the then applicable
requirements for the use of Form S-3 under the Securities Act. As of the close of trading on the Exchange on March 30, 2022, the aggregate
market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than
affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or more intermediaries,
control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate Shares”), was approximately
$35,265,737 (calculated by multiplying (x) the price at which the common equity of the Company was last sold on the Exchange on February
8, 2022 by (y) the number of Non-Affiliate Shares outstanding on March 30, 2022). The Company is not a shell company (as defined in Rule
405) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously,
has filed current Form 10 information (as defined in Instruction I.B.6. of Form S-3) with the Commission at least 12 calendar months previously
reflecting its status as an entity that is not a shell company.

 

(hh) FINRA Matters.
All of the information provided to the Sales Agent or to counsel for the Sales Agent by the Company, its counsel, its officers and directors
and, to the Company’s knowledge, the holders of any securities (debt or equity) or options to acquire any securities of the Company
in connection with the offering of the Placement Shares is true, complete, correct and compliant with FINRA’s rules in all material
respects and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is
true, complete and correct in all material respects. Except as disclosed in the Registration Statement and the Prospectus, there is no
(i) officer or director of the Company, (ii) beneficial owner of 5% or more of any class of the Company’s securities or (iii) beneficial
owner of the Company’s unregistered equity securities that were acquired during the 180-day period immediately preceding the date
of this Agreement that is an affiliate or associated person of a FINRA member participating in the offer, issuance and sale of the Placement
Shares as contemplated by this Agreement and the Registration Statement and the Prospectus (as determined in accordance with the rules
and regulations of FINRA).

 

(ii) Compliance with Orders.
The Company is not in violation of any material judgment, decree, or order of any court, arbitrator or other governmental authority.

 

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(jj) Sarbanes–Oxley
Act. The Company is in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”) that are effective as of the
date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date
hereof and as of the date hereof.

 

(kk) Disclosure Controls
And Procedures. Except as set forth in the Registration Statement and the Prospectus, the Company maintains systems of “internal
control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply with the requirements
of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, 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; (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; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by references in the Registration Statement and the Prospectus fairly present the information called for in all material respects and
are prepared in accordance with the Commission’s rules and guidelines applicable thereto. Since the date of the latest audited financial
statements included in the Registration Statement and the Prospectus, there has been no change in the Company’s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting.

 

(ll) ERISA. The Company
and any “employee benefit plan” (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and published interpretations thereunder (collectively, “ERISA”)) established or maintained by the
Company or its “ERISA Affiliates” (as defined below) are in compliance in all material respects with ERISA. No “reportable
event” (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan”
established or maintained by the Company or any of its ERISA Affiliates. No “employee benefit plan” established or maintained
by the Company or any of its ERISA Affiliates, if such “employee benefit plan” were terminated, would have any “amount
of unfunded benefit liabilities” (as defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably
expects to incur any material liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “employee
benefit plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each “employee benefit plan” established or maintained
by the Company or any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, to
the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.
“ERISA Affiliate” means, with respect to the Company, any member of any group of organizations described in
Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder
(the “Code”) of which the Company is a member.

 

(mm) Contracts and Agreements.
The agreements and documents described in the Registration Statement and the Prospectus conform in all material respects to the descriptions
thereof contained therein and there are no agreements or other documents required by the Securities Act to be described in the Registration
Statement and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described
or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or
may be bound or affected and (i) that is referred to in the Registration Statement and the Prospectus, or (ii) is material to the Company’s
business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except (x) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, (y)
as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z)
that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and
to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned
by the Company, and neither the Company nor, to the Company’s knowledge, any other party is in default thereunder and, to the Company’s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder.
To the best of the Company’s knowledge, performance by the Company of the material provisions of such agreements or instruments
will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency
or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a “Governmental
Entity”), including, without limitation, those relating to environmental laws and regulations.

 

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(nn) Title to Properties.
Except as set forth in the Registration Statement and the Prospectus, the Company has good and marketable title in fee simple to, or has
valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company, in each
case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially
affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company; and
all of the leases and subleases material to the business of the Company, and under which the Company holds properties described in the
Registration Statement and the Prospectus, are in full force and effect, and the Company has not received any notice of any material claim
of any sort that has been asserted by anyone adverse to the rights of the Company under any of the leases or subleases mentioned above,
or affecting or questioning the rights of the Company to the continued possession of the leased or subleased premises under any such lease
or sublease, which would result in a Material Adverse Change.

 

(oo) No Unlawful Contributions
or Other Payments. No payments or inducements have been made or given, directly or indirectly, to any federal or local official or
candidate for, any federal or state office in the United States or foreign offices by the Company or any of its officers or directors,
or, to the knowledge of the Company, by any of its employees or agents or any other person in connection with any opportunity, contract,
permit, certificate, consent, order, approval, waiver or other authorization relating to the business of the Company, except for such
payments or inducements as were lawful under applicable laws, rules and regulations. Neither the Company, nor, to the knowledge of the
Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company, (i) has used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct
or indirect unlawful payment to any government official or employee from corporate funds; or (iii) made any bribe, unlawful rebate, payoff,
influence payment, kickback or other unlawful payment in connection with the business of the Company.

 

(pp) Foreign Corrupt Practices
Act. None of the Company or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting
on behalf of the Company, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company has conducted its business
in compliance with the FCPA and has instituted and maintains policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

 

(qq) Money Laundering Laws.
The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.

 

(rr) OFAC. None of
the Company or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company
is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC.

 

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(ss) Exchange Listing.
The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange under the trading
symbol “CRKN”. Except as disclosed in the Registration Statement and the Prospectus, there is no action pending by the Company
or, to the Company’s knowledge, the Exchange to delist the Common Stock from the Exchange, nor has the Company received any notification
that the Exchange is contemplating terminating such listing. The Company has no intention to delist the Common Stock from the Exchange
or to deregister the Common Stock under the Exchange Act, in either case, at any time during the period commencing on the date of this
Agreement through and including the 90th calendar day after the termination of this Agreement. The Placement Shares have been approved
for listing on the Exchange. The issuance and sale of the Placement Shares under this Agreement does not contravene the rules and regulations
of the Exchange.

 

(tt) Margin Rules.
The Company owns no “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve
System (the “Federal Reserve Board”), and none of the proceeds from the issuance, sale and delivery of the Placement
Shares as contemplated by this Agreement and as described in the Registration Statement and the Prospectus will be used, directly or indirectly,
for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally
incurred to purchase or carry any margin security or for any other purpose which might cause any of the shares of Common Stock to be considered
a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.

 

(uu) Underwriter Agreements.
The Company is not a party to any agreement with an agent or underwriter for any other “at-the-market” or continuous equity
transaction.

 

(vv) Board of Directors.
The qualifications of the persons serving as board members of the Company and the overall composition of the Company’s Board of
Directors comply with the applicable requirements of the Exchange Act and the Sarbanes-Oxley Act and the listing rules of the Exchange
applicable to the Company. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an “audit
committee financial expert,” as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at
least a majority of the persons serving on the Board of Directors of the Company qualify as “independent,” as defined under
the listing rules of the Exchange.

 

(ww) No Integration.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offer and sale of the Placement
Shares hereunder to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration
of any such securities under the Securities Act.

 

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

 

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(yy) Books and Records.
The minute books of the Company have been made available to the Sales Agent and counsel for the Sales Agent, and such books (i) contain
a substantially complete summary of all meetings and material actions of the board of directors (including each board committee) and stockholders
of the Company (or analogous governing bodies and interest holders, as applicable) since 2016 through the date of the latest meeting and
action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes.

 

(zz) Regulations. The
disclosures in the Registration Statement and the Prospectus concerning the effects of federal, state, local and all foreign regulation
on the Company’s business in the past and as currently contemplated are correct in all material respects and no other such regulations
are required to be disclosed in the Registration Statement and the Prospectus which are not so disclosed.

 

(aaa) Confidentiality and
Non-Competitions. To the Company’s knowledge, no director, officer, key employee or consultant of the Company is subject to
any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer that
could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or be expected to
result in a Material Adverse Change.

 

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

 

The Company acknowledges that the Sales Agent
and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the Company and counsel to the Sales
Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

 

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

 

(a) Registration Statement
Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required
to be delivered by the Sales Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 153 or Rule 172 under the Securities Act), (i) the Company will notify the Sales Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment
or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare and file with the
Commission, promptly upon the Sales Agent’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus
that, in the Sales Agent’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement
Shares by the Sales Agent (provided, however, that the failure of the Sales Agent to make such request shall not relieve
the Company of any obligation or liability hereunder, or affect the Sales Agent’s right to rely on the representations and warranties
made by the Company in this Agreement, and provided, further, that the only remedy the Sales Agent shall have with respect
to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii)
the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by
reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted
to the Sales Agent within a reasonable period of time before the filing and the Sales Agent has not reasonably objected thereto (provided,
however, that the failure of the Sales Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Sales Agent’s right to rely on the representations and warranties made by the Company in this Agreement,
and provided, further, that the only remedy the Sales Agent shall have with respect to the failure by the Company to obtain
such consent shall be to cease making sales under this Agreement); (iv) the Company will furnish to the Sales Agent at the time of filing
thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR; and (v) the Company will cause each amendment or supplement to the Prospectus, other than
documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of
the Securities Act (without reliance on Rule 424(b)(8) of the Securities Act) or, in the case of any documents incorporated by reference,
to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

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(b) Notice of Commission
Stop Orders. The Company will advise the Sales Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any notice objecting to, or other order
preventing or suspending the use of, the Prospectus, of the suspension of the qualification of the Placement Shares for offering or sale
in any jurisdiction, or of the initiation of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities
Act, or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the
Placement Shares; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such a stop order should be issued. Until such time as any stop order is lifted, the Sales Agent shall cease making
offers and sales under this Agreement.

 

(c) Delivery of Prospectus;
Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the Sales
Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement
may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will comply in all material respects with all
requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates
all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections
13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which
the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary
to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the
Sales Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration
Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided,
however, that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the
best interests of the Company to do so.

 

(d) Listing of Placement
Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by the Sales Agent
under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may
be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause
the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions
as the Sales Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution of the
Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign
corporation or dealer in securities or file a general consent to service of process in any jurisdiction.

 

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

 

(f) Earnings Statement.
The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after
the end of the Company’s current fiscal quarter, an earnings statement of the Company (which need not be audited) covering a 12-month
period that complies with Section 11(a) and Rule 158 of the Securities Act. The terms “earnings statement” and “make
generally available to its security holders” shall have the meanings set forth in Rule 158 under the Securities Act.

 

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(g) Expenses. The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in accordance with the provisions
of Section 11 hereunder, will pay the following expenses all incident to the performance of its obligations hereunder, including,
but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment and
supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the
Placement Shares, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Placement Shares to the Sales Agent, (iii) the fees and disbursements of the counsel, accountants and other advisors to the Company
in connection with the transactions contemplated by this Agreement; (iv) the qualification of the Placement Shares under securities laws
in accordance with the provisions of Section 7(d) of this Agreement, including filing fees (provided, however, that
any fees or disbursements of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth
in (ix) below), (v) the printing and delivery to the Sales Agent of copies of the Prospectus and any amendments or supplements thereto,
and of this Agreement, (vi) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for
trading on the Exchange, (vii) the fees and expenses of the transfer agent or registrar for the Common Stock; (viii) filing fees and expenses,
if any, of the Commission and the FINRA Corporate Financing Department (provided, however, that any fees or disbursements
of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth in (ix) below), (ix) the Company
shall reimburse the Sales Agent for its reasonable and documented out-of-pocket expenses (including but not limited to the Sales Agent’s
transaction costs and the reasonable and documented fees and expenses of counsel to the Sales Agent) in an amount not to exceed $40,000
(the “Sales Agent Expenses”) which Sales Agent Expenses shall be due and payable prior to the first Placement pursuant
to this Agreement, provided further that the Company shall reimburse the Sales Agent for its reasonable and documented out-of-pocket
expenses related to annual maintenance of the Agreement (including but not limited to the Sales Agent’s transaction costs and the
reasonable and documented fees and expenses of counsel to the Sales Agent) on an annual basis in an amount not to exceed $10,000 which
shall be due and payable prior to each Representation Date following the filing of an annual report on Form 10-K.

 

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

 

(i) Notice of Other Sales.
The Company (I) shall provide the Sales Agent notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells,
grants any option to sell or otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions
of this Agreement) or securities convertible into or exchangeable for Common Stock, or warrants or any rights to purchase or acquire Common
stock, during the period beginning on the fifth (5th) Trading Day immediately prior to the date on which any Placement Notice
is delivered to the Sales Agent hereunder and ending on the fifth (5th) Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended
prior to the sale of all Placement Shares covered by a Placement Notice, the fifth (5th) Trading Day immediately following
the date of such suspension or termination), and (II) will not directly or indirectly engage in any other “at-the-market”
or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of
Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for shares
of Common Stock, warrants or any rights to purchase or acquire, shares of Common Stock prior to the termination of this Agreement without
the prior written consent of the Sales Agent; provided, however, that such notice requirements or restrictions, as the case
may be, will not be required in connection with the Company’s issuance or sale of (i) shares of Common Stock, options to purchase
shares of Common Stock, other equity awards or shares of Common Stock issuable upon the exercise of options or other equity awards, pursuant
to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan of the Company whether now
in effect or hereafter implemented, (ii) shares of Common Stock issuable upon exchange, conversion or redemption of securities or the
exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or
otherwise in writing (including by email correspondence) to the Sales Agent and (iii) shares of Common Stock or securities convertible
into or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, sale or purchase of assets or other business
combinations or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes. Notwithstanding
the foregoing, the Company shall provide the Sales Agent notice at least two (2) days prior to pursuing any private or public offerings
of equity and/or other securities (including debt securities) in one or more transactions.

 

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(j) Change of Circumstances.
The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice or sell Placement Shares,
advise the Sales Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would
alter or affect in any material respect any opinion, certificate, letter or other document provided to the Sales Agent pursuant to this
Agreement.

 

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

 

(l) Required Filings Relating
to Placement of Placement Shares. The Company shall set forth in each Annual Report on Form 10-K and Quarterly Report on Form 10-Q
filed by the Company with the Commission in respect of any quarter in which sales of Placement Shares were made by or through the Sales
Agent under this Agreement, with regard to the relevant period, the amount of Placement Shares sold to or through the Sales Agent, the
Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales of Placement Shares.
To the extent that the filing of a prospectus supplement with the Commission with respect to any sales of Placement Shares becomes required
under Rule 424(b) under the Securities Act, the Company agrees that, on or before such dates as the Securities Act shall require, the
Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act,
which prospectus supplement will set forth, with regard to the relevant period, the amount of Placement Shares sold to or through the
Sales Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such Placement
Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were
effected as may be required by the rules or regulations of such exchange or market. The Company shall afford the Sales Agent and its counsel
with a reasonable opportunity to review and comment upon, shall consult with the Sales Agent and its counsel on the form and substance
of, and shall give due consideration to all such comments from the Sales Agent or its counsel on, any such filing prior to the issuance,
filing or public disclosure thereof; provided, however, that the Company shall not be required to submit for review (A) any portion of
any periodic reports filed with the Commission under the Exchange Act other than the specific disclosure relating to any sales of Placement
Shares and (B) any disclosure contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously
provided the same disclosure for review in connection with a previous filing.

 

(m) Representation Dates;
Certificate. On or prior to the date the first Placement Notice is given hereunder and each time the Company (i) files the Prospectus
relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares
(other than (A) a prospectus supplement filed in accordance with Section 7(l) of this Agreement or (B) a supplement or amendment
that relates to an offering of securities other than the Placement Shares) by means of a post-effective amendment, sticker, or supplement
but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement
Shares; (ii) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information
or a material amendment to the previously filed Form 10-K); (iii) files a quarterly report on Form 10-Q under the Exchange Act; or (iv)
files a current report on Form 8-K containing amended financial information (other than an earnings release, to “furnish”
information pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification
of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange
Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation
Date”), the Company shall furnish the Sales Agent within three (3) Trading Days after each Representation Date with a certificate,
in the form attached hereto as Exhibit 7(m). The requirement to provide a certificate under this Section 7(m) shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation
Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to
sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Sales Agent with
a certificate under this Section 7(m), then before the Company delivers the Placement Notice or the Sales Agent sells any Placement
Shares, the Company shall provide the Sales Agent with a certificate, in the form attached hereto as Exhibit 7(m), dated the date
of the Placement Notice.

 

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(n) Legal Opinion.
On or prior to the date the first Placement Notice is given hereunder, the Company shall cause to be furnished to the Sales Agent (i)
the written opinion and negative assurance of Pryor Cashman LLP, as counsel to the Company, or other counsel reasonably satisfactory to
the Sales Agent (“Company Counsel”), substantially in the forms previously agreed between the Company and the
Sales Agent. Thereafter, within three (3) Trading Days after each Representation Date with respect to which the Company is obligated to
deliver a certificate pursuant to Section 7(m) for which no waiver is applicable pursuant to Section 7(m), the Company shall
cause to be furnished to the Sales Agent the written opinion and negative assurance of Company Counsel substantially in the forms previously
agreed between the Company and the Sales Agent, modified, as necessary, to relate to the Registration Statement and the Prospectus as
then amended or supplemented; provided, however, that if Company Counsel has previously furnished to the Sales Agent such
written opinion and negative assurance of such counsel, in each case substantially in the forms previously agreed between the Company
and the Sales Agent, then each Company Counsel may, in respect of any future Representation Date, furnish the Sales Agent with a letter
signed by such counsel (each, a “Reliance Letter”) in lieu of such opinion and negative assurance of such counsel
to the effect that the Sales Agent may rely on the prior opinion and negative assurance of such counsel delivered pursuant to this Section
7(n) to the same extent as if it were dated the date of such Reliance Letter (except that statements in such prior opinion and negative
assurance shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented to the date of such Reliance
Letter).

 

(o) Comfort Letter.
On or prior to the date the first Placement Notice is given hereunder and within three (3) Trading Days after each subsequent Representation
Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m) for which no waiver is applicable
pursuant to Section 7(m), other than a Representation Date under Section 7(m)(iii) or Section 7(m)(iv) unless with respect
to a Representation Date under Section 7(m)(iv) the Sales Agent reasonably requests delivery thereof, the Company shall cause its
independent accountants to furnish the Sales Agent letters (the “Comfort Letters”), dated the date that the
Comfort Letter is delivered, in form and substance satisfactory to the Sales Agent, (i) confirming that they are an independent registered
public accounting firm within the meaning of the Securities Act, the Exchange Act and the rules and regulations of the PCAOB and are in
compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission,
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily
covered by accountants’ “comfort letters” to the Sales Agent in connection with registered public offerings (the first
such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

 

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

 

(q) Insurance. The
Company shall maintain insurance in such amounts and covering such risks as is reasonable and customary for the business in which it is
engaged.

 

(r) Investment Company
Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that it is not and, after giving effect to the
offering and sale of the Placement Shares and the application of proceeds therefrom as described in the Prospectus, will not be, an “investment
company” within the meaning of such term under the Investment Company Act.

 

(s) Securities Act and
Exchange Act. The Company will use its reasonable best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Shares as contemplated by the provisions hereof and the Prospectus.

 

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

 

(u) Sarbanes-Oxley Act.
The Company will use its reasonable best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley Act.

 

(v) Transfer Agent.
The Company shall maintain, at its sole expense, a registrar and transfer agent for the Common Stock.

 

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

 

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

 

(b) Securities Act Filings
Made. The Company shall have filed with the Commission the ATM Prospectus pursuant to Rule 424(b) under the Securities Act not later
than the Commission’s close of business on the second Business Day following the date of this Agreement. All other filings with
the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have been filed prior to the issuance of any Placement
Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424(b) (without reliance on
Rule 424(b)(8) of the Securities Act) or Rule 433, as applicable.

 

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

 

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

 

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(e) Material Changes.
Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have
been any material adverse change in the authorized capital stock of the Company or any Material Adverse Change or any development that
could reasonably be expected to result in a Material Adverse Change, the effect of which, in the case of any such action by a rating organization
described above, in the reasonable judgment of the Sales Agent (without relieving the Company of any obligation or liability it may otherwise
have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and
in the manner contemplated by this Agreement and the Prospectus.

 

(f) Representation Certificate.
The Sales Agent shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on
which delivery of such certificate is required pursuant to Section 7(m).

 

(g) Legal Opinion.
The Sales Agent shall have received the opinion and negative assurance of Company Counsel required to be delivered pursuant Section
7(n) on or before the date on which such delivery of such opinion and negative assurance is required pursuant to Section 7(n).

 

(h) Comfort Letter.
The Sales Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(o) on or before the date on
which such delivery of such Comfort Letter is required pursuant to Section 7(o).

 

(i) Secretary’s Certificate.
On or prior to the date the first Placement Notice is given hereunder, the Sales Agent shall have received a certificate, signed on behalf
of the Company by its corporate secretary, certifying as to (i) the certificate of incorporation of the Company (as the same may be amended
or restated from time to time), (ii) the bylaws of the Company (as the same may be amended or restated from time to time), (iii) the resolutions
of the Board of Directors of the Company (or a committee thereof) authorizing the execution, delivery and performance of this Agreement
and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute this Agreement and the other
documents contemplated by this Agreement.

 

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

 

(k) Other Materials.
On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall have furnished
to the Sales Agent such appropriate further opinions, certificates, letters and documents as the Sales Agent may have reasonably requested.
All such opinions, certificates, letters and other documents shall have been in compliance with the provisions hereof. The Company will
furnish the Sales Agent with such conformed copies of such opinions, certificates, letters and other documents as the Sales Agent shall
have reasonably requested.

 

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

 

(m) No Termination Event.
There shall not have occurred any event that would permit the Sales Agent to terminate this Agreement pursuant to Section 11(a).

 

(n) FINRA. The Sales
Agent shall have received a letter from the Corporate Financing Department of FINRA confirming that such department has determined to
raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the sale of the Placement Shares
pursuant to this Agreement.

 

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9. Indemnification and
Contribution.

 

(a) Company Indemnification.
The Company agrees to indemnify and hold harmless the Sales Agent, the directors, officers, members, partners, employees and agents of
the Sales Agent each broker dealer affiliate of the Sales Agent, and each Sales Agent Affiliate, if any, from and against any and all
losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other
expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action,
suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third
party, or otherwise, or any claim asserted), as and when incurred, to which the Sales Agent, or any such person, may become subject under
the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement thereto or
in any Issuer Free Writing Prospectus or in any application or other document executed by or on behalf of the Company or based on written
information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities
laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material fact required
to be stated in it or necessary to make the statements in it not misleading or (z) any breach by any of the indemnifying parties of any
of their respective representations, warranties and agreements contained in this Agreement; provided, however, that this indemnity
agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares
pursuant to this Agreement and is caused directly by an untrue statement or omission made in reliance upon and in strict conformity with
written information relating to the Sales Agent and furnished to the Company by the Sales Agent expressly for inclusion in any document
as described in clause (x) of this Section 9(a). This indemnity agreement will be in addition to any liability that the Company
might otherwise have.

 

(b) The Sales Agent Indemnification.
The Sales Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company that signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act or (ii) is controlled by or is under common control with the Company (each, a “Company Affiliate”)
from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable
investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section
9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified
party and any third party, or otherwise, or any claim asserted), as and when incurred, to which any such Company Affiliate, may become
subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or
supplement thereto, or (y) the omission or alleged omission to state in any such document a material fact required to be stated in it
or necessary to make the statements in it not misleading; provided, however, that this indemnity agreement shall apply only
to the extent that such loss, claim, liability, expense or damage is caused directly by an untrue statement or omission made in reliance
upon and in strict conformity with written information relating to the Sales Agent and furnished to the Company by the Sales Agent expressly
for inclusion in any document as described in clause (x) of this Section 9(b).

 

    21

     

    

 

(c) Procedure. Any
party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section
9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission
so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written
notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have
the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense
of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it
or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential
conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which
case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the
indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice
of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more
than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees,
disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will
not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall,
without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending
or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified
party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising or that may arise out of such claim, action or proceeding.

 

(d) Contribution. In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the
Sales Agent, the Company and the Sales Agent will contribute to the total losses, claims, liabilities, expenses and damages (including
any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Sales
Agent, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration
Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Sales Agent may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Sales Agent
on the other. The relative benefits received by the Company on the one hand and the Sales Agent on the other hand shall be deemed to be
in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company
bear to the total compensation received by the Sales Agent from the sale of Placement Shares on behalf of the Company. If, but only if,
the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in
such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative
fault of the Company, on the one hand, and the Sales Agent, on the other, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with
respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or
the Sales Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this
Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose
of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions
of this Section 9(d), the Sales Agent shall not be required to contribute any amount in excess of the commissions received by it
under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section
9(d), any person who controls a party to this Agreement within the meaning of the Securities Act will have the same rights to contribution
as that party (and any officers, directors, members, partners, employees or agents of the Sales Agent and each broker dealer affiliate
of the Sales Agent will have the same rights to contribution as the Sales Agent), and each officer of the Company who signed the Registration
Statement and each director of the Company will have the same rights to contribution as the Company, subject in each case to the provisions
hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect
of which a claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution
may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other
obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially
prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant
to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled
without its written consent if such consent is required pursuant to Section 9(c) hereof.

 

    22

     

    

 

10. Representations and
Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and all
representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of the Sales Agent, any controlling person of the Sales Agent, or the
Company (or any of their respective officers, directors, members or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.

 

11. Termination.

 

(a) The Sales Agent shall
have the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i) any Material Adverse Change, or
any development that could reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment
of the Sales Agent, may materially impair the ability of the Sales Agent to sell the Placement Shares hereunder, (ii) the Company shall
have failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however, in
the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required
under Sections 7(m), 7(n), 7(o) or 7(p), the Sales Agent’s right to terminate shall not arise unless
such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required,
(iii) any other condition of the Sales Agent’s obligations hereunder is not fulfilled, or (iv) any suspension or limitation of trading
in the Placement Shares or in securities generally on the Exchange shall have occurred (including automatic halt in trading pursuant to
market-decline triggers, other than those in which solely program trading is temporarily halted), or a major disruption of securities
settlements or clearing services in the United States shall have occurred, or minimum prices for trading have been fixed on the Exchange.
Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses),
Section 9 (Indemnification and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section
11(f), Section 16 (Applicable Law; Consent to Jurisdiction) and Section 17 (Waiver of Jury Trial) hereof shall remain
in full force and effect notwithstanding such termination. If the Sales Agent elects to terminate this Agreement as provided in this Section
11(a), the Sales Agent shall provide the required notice as specified in Section 12 (Notices).

 

(b) The Company shall have
the right, by giving five (5) days’ notice as hereinafter specified in Section 12, to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party
except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section
17 hereof shall remain in full force and effect notwithstanding such termination.

 

(c) The Sales Agent shall
have the right, by giving five (5) days’ notice as hereinafter specified in Section 12, to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16
and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(d) Unless earlier terminated
pursuant to this Section 11, this Agreement shall automatically terminate upon the earlier to occur of (i) issuance and sale of
all of the Placement Shares to or through the Sales Agent on the terms and subject to the conditions set forth herein and (ii) the expiration
of the Registration Statement on the third (3rd) anniversary of the initial effective date of the Registration Statement pursuant
to Rule 415(a)(5) under the Securities Act; provided that the provisions of Section 7(g), Section 9, Section 10,
Section 11(f), Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

    23

     

    

 

(e) This Agreement shall remain
in full force and effect unless terminated pursuant to Sections 11(a), (b), (c) or (d) above or otherwise
by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases
be deemed to provide that Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section
17 shall remain in full force and effect.

 

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

 

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

 

A.G.P./Alliance Global Partners

590 Madison Avenue

New York, NY 10022

Attention: Tom Higgins

Email: atm@allianceg.com

 

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

 

Duane Morris LLP

1540 Broadway

New York, NY 10036

Attention: James T. Seery

Telephone: (973) 424-2088

Email:jtseery@duanemorris.com

 

and if to the Company, shall be delivered to:

 

Crown Electrokinetics
Corp.

1110 NE Circle Blvd.

Corvallis, OR 97330

Attention: Doug Croxall and Joel Krutz

Email: doug@crownek.com; joel@crownek.com

 

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

 

Pryor Cashman LLP

7 Times Square

New York, NY 10036

Attention: M. Ali Panjwani

Email: Ali.Panjwani@PRYORCASHMAN.com

 

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

 

    24

     

    

 

An electronic communication
(“Electronic Notice”) shall be deemed written notice for purposes of this Section 12 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending
Electronic Notice receives confirmation of receipt by the receiving party (other than pursuant to auto-reply). Any party receiving Electronic
Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

 

13. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Agent and their respective successors and permitted
assigns and, as to Sections 5(b) and 9, the other indemnified parties specified therein. References to any of the parties
contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement,
express or implied, is intended to confer upon any other person any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement
without the prior written consent of the other party; provided, however, that the Sales Agent may assign its rights and
obligations hereunder to an affiliate of the Sales Agent without obtaining the Company’s consent.

 

14. Adjustments for Share
Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into
account any share split, share dividend or similar event effected with respect to the Common Stock.

 

15. Entire Agreement; Amendment;
Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) and
any other writing entered into by the parties relating to this Agreement constitutes the entire agreement and supersedes all other prior
and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.
Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Sales
Agent. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to
the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed
as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to
such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
in this Agreement.

 

16. Applicable Law; Consent
to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York,
without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the
state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection
with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return
receipt requested) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law.

 

17. Waiver of Jury Trial.
The Company and the Sales Agent each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based
upon or arising out of this Agreement or any transaction contemplated hereby.

 

    25

     

    

 

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

 

(a) the Sales Agent is acting
solely as agent in connection with the sale of the Placement Shares contemplated by this Agreement and the process leading to such transactions,
and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Sales Agent, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether the Sales Agent has advised or is advising the Company
on other matters, and the Sales Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement,
except the obligations expressly set forth in this Agreement;

 

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

 

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

 

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

 

(e) the Company waives, to
the fullest extent permitted by law, any claims it may have against the Sales Agent, for breach of fiduciary duty or alleged breach of
fiduciary duty and agrees that the Sales Agent shall have no liability (whether direct or indirect, in contract, tort or otherwise) to
the Company in respect of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company,
including stockholders, partners, employees or creditors of the Company.

 

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

 

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

 

21. Effect of Headings;
Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.
All references in this Agreement to the “knowledge of the Company” or the “Company’s knowledge” or similar
qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due inquiry.

 

22. Definitions. As
used in this Agreement, the following term has the meaning set forth below:

 

(a) “Applicable Time”
means the date of this Agreement, each Representation Date, each date on which a Placement Notice is given, each Point of Sale, and each
Settlement Date.

 

[Remainder of Page Intentionally Blank]

 

    26

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	CROWN ELECTROKINETICS CORP.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	ACCEPTED as of the date first-above written:
	 	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 
	 	By:	 
	 	 	Name: Tom Higgins
	 	 	Title: Managing Director

 

     

     

    

 

SCHEDULE 1

 

Form of Placement Notice

 

	From:	Crown Electrokinetics Corp. 
	 	 
	To:	A.G.P./Alliance Global Partners
	 	Attention: [●]
	 	 
	Subject:	Placement Notice
	 	 
	Date:	[●], 202[●]

 

Ladies and Gentlemen:

 

Pursuant to the terms and
subject to the conditions contained in the Sales Agreement (the “Sales Agreement”) between Crown Electrokinetics
Corp., a Delaware corporation (the “Company”), and A.G.P./Alliance Global Partners (the “Sales Agent”),
dated March 30, 2022, the Company hereby requests that the Sales Agent sell up to [●] shares of the Company’s common stock,
par value $0.001 per share (the “Placement Shares”), at a minimum market price of $[●] per share, during
the time period beginning [month, day, time] and ending [month, day, time] [and with no more than [●] Placement Shares sold in any
one Trading Day].

 

[The Company may include such
other sale parameters as it deems appropriate.]

 

Capitalized terms used and
not defined herein shall have the respective meanings assigned to them in the Sales Agreement.

 

     

     

    

 

SCHEDULE 2

 

Notice Parties

 

THE COMPANY

 

Doug Croxall (doug@crownek.com)

Joel Krutz (joel@crownek.com)

 

THE SALES AGENT

 

Tom Higgins (thiggins@allianceg.com)

With copies to:

atm@allianceg.com

 

     

     

    

 

SCHEDULE 3

 

Compensation

 

The Company shall pay to the Sales Agent in cash,
upon each sale of Placement Shares through the Sales Agent pursuant to this Agreement, an amount equal to 3.0% of the aggregate gross
proceeds from each sale of Placement Shares.*

 

* The foregoing rate of compensation shall not
apply when the Sales Agent purchases Placement Shares on a principal basis, in which case the Company may sell the Placement Shares to
the Sales Agent as principal at a price to be mutually agreed upon by the Company and the Sales Agent at the relevant Point of Sale pursuant
to the applicable Placement Notice (it being hereby acknowledged and agreed that the Sales Agent shall be under no obligation to purchase
Placement Shares on a principal basis pursuant to the Sales Agreement, except as otherwise agreed by the Sales Agent and the Company in
writing and expressly set forth in a Placement Notice).

 

     

     

    

 

Exhibit 7(m)

 

OFFICER CERTIFICATE

 

The undersigned, the duly
qualified and appointed _____________________ of Crown Electrokinetics Corp., a Delaware corporation (the “Company”),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated March
30, 2022 (the “Sales Agreement”), between the Company and A.G.P./Alliance Global Partners, that:

 

	 	(i)	the representations and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and;

 

	 	(ii)	the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof;

 

	 	(iii)	as of the date hereof, (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (ii) the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading for clauses (i) and (ii) above, respectively, to be true and correct;

 

	 	(iv)	there has been no Material Adverse Change since the date as of which information is given in the Prospectus, as amended or supplemented;

 

	 	(v)	the Company will not be in possession of any material non-public information at the time of delivery of any Placement Notice and/or as long as such Placement Notice is effective; and

 

	 	(vi)	the aggregate offering price of the Placement Shares that may be issued and sold pursuant to the Sales Agreement and the maximum number or amount of Placement Shares that may be sold pursuant to the Sales Agreement have been duly authorized by the Company’s board of directors or a duly authorized committee thereof.

 

Terms used herein and not defined herein have
the meanings ascribed to them in the Sales Agreement.

 

	Dated:	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

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