Document:

Exhibit

Exhibit 10.1

CENTERPOINT ENERGY, INC.
2009 LONG TERM INCENTIVE PLAN
 

FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to this Restricted Stock Unit Award Agreement (this “RSU Award Agreement”), CENTERPOINT ENERGY, INC. (the “Company”) hereby grants to [Name] (the “Participant”), effective on [Date] (the “Grant Date”), a restricted stock unit award of [Number] units of Common Stock of the Company (the “RSU Award”), pursuant to the CENTERPOINT ENERGY, INC. 2009 LONG TERM INCENTIVE PLAN (the “Plan”), with such number of units being subject to adjustment as provided in Section 14 of the Plan, and further subject to the terms, conditions and restrictions described in the Plan and as follows:
1.Relationship to the Plan; Definitions.  This RSU Award is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, which have been adopted by the Committee and are in effect on the date hereof.  Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan.  To the extent that any provision of this RSU Award Agreement conflicts with the express terms of the Plan, it is hereby acknowledged and agreed that the terms of the Plan shall control and, if necessary, the applicable provisions of this RSU Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan.  References to the Participant herein also include the heirs or other legal representatives of the Participant.  For purposes of this Award Agreement:
“Award Date” means the date this RSU Award is granted to the Participant as specified in this Award Agreement.
“Change in Control Closing Date” means the date a Change in Control is consummated.
“Change in Control Payment Date” means the following:
(a)If the Change in Control is a Section 409A Change in Control, then the Change in Control Payment Date shall be not later than the 70th day after the Change in Control Closing Date; and
(b)If the Change in Control is a Non-Section 409A Change in Control, then the Change in Control Payment Date shall be the dates on which the shares are to be paid under Section 3 hereof for the number of shares indicated in Section 3; provided, however, if the Participant’s Termination Date occurs prior to such dates, all shares not previously paid shall be paid not later than the 70th day after the Participant’s Termination Date except as otherwise provided in Section 6.

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 “Employment” means employment with the Company or any of its Subsidiaries.
“Non-Section 409A Change in Control” means a Change in Control that is not a Section 409A Change in Control.
“Section 409A” means Code Section 409A and the Treasury regulations and guidance issued thereunder.
“Section 409A Change in Control” means a Change in Control that satisfies the requirements of a change in control for purposes of Code Section 409A(a)(2)(A)(v) and the Treasury regulations and guidance issued thereunder.
“Separation from Service” means a separation from service with the Company or any of its Subsidiaries within the meaning of Treasury Regulation § 1.409A-1(h) (or any successor regulation).
“Termination Date” means the date of the Participant's Separation from Service after which the Participant is neither an Employee nor a member of the Board.
2.    Establishment of RSU Award Account.  The grant of units of Common Stock of the Company pursuant to this RSU Award Agreement shall be implemented by a credit to a bookkeeping account maintained by the Company evidencing the accrual in favor of the Participant of the unfunded and unsecured right to receive a corresponding number of shares of Common Stock, which right shall be subject to the terms, conditions and restrictions set forth in the Plan and to the further terms, conditions and restrictions set forth in this RSU Award Agreement.  Except as otherwise provided in Section 11 of this RSU Award Agreement, the units of Common Stock credited to the Participant's bookkeeping account may not be sold, assigned, transferred, pledged or otherwise encumbered until the Participant has been registered as the holder of such shares of Common Stock on the records of the Company as provided in Section 3, 5, or 6 of this RSU Award Agreement.
3.    Vesting and Payment of RSU Award. The Participant's right to receive shares of Common Stock under this RSU Award shall be fully vested upon the Grant Date, with such shares distributed as follows, to the extent not distributed earlier under Section 5 of this RSU Award Agreement:
(a)[Number] shares of Common Stock covered under the RSU Award shall be distributed not later than 70 days after the [[Years] anniversary of the] Grant Date;
(b)[Number] shares of Common Stock covered under the RSU Award shall be distributed not later than 70 days after the [Years] anniversary of the Grant Date; and
(c)[Number] shares of Common Stock covered under the RSU Award shall distributed not later than 70 days after the [Years] anniversary of the Grant Date, such that 100% of the RSU Award shall be distributed upon distribution under this Section 3(c).

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Notwithstanding the foregoing, if the Participant’s Termination Date occurs prior to the distribution of all of the shares of Common Stock covered under the RSU Award, any such shares not yet distributed shall be distributed no later than 70 days after the Termination Date except as otherwise provided in Section 6 below, and no further shares of Common Stock shall be payable under this RSU Award.
4.    Dividend Equivalents.  Upon the date of distribution of shares of Common Stock under Section 3, the Participant shall also be entitled to receive Dividend Equivalents on such shares of Common Stock for the period from the Grant Date to the date such shares of Common Stock are distributed to the Participant (in accordance with the requirements of Section 409A of the Code, to the extent applicable).
5.    Change in Control.
(a)    Assumption or Substitution.  In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the "Acquiror"), may, without the Participant’s consent, either assume or continue the Company’s rights and obligations under this RSU Award Agreement or provide a substantially equivalent award in substitution for the units subject to this RSU Award.
(b)    Distribution Upon a Change in Control.  Notwithstanding any provision of this RSU Award Agreement to the contrary, upon the occurrence of a Change in Control of the Company prior to distribution of all of the shares of Common Stock of covered under the RSU Award, if the Acquiror does not assume or continue this RSU Award or provide a substantially equivalent award in substitution for this RSU Award pursuant to Section 5(a), this RSU Award shall be settled by a distribution to the Participant of:
(1)the number of shares of Common Stock subject to this RSU Award Agreement not previously distributed pursuant to Section 3 above, plus
(2)Dividend Equivalents on such shares of Common Stock in the form of shares of Common Stock (rounded up to the nearest whole share) for the period commencing on the Grant Date and ending on the date immediately preceding the date of the distribution.
In lieu of the foregoing distribution in shares, the Committee, in its sole discretion, may direct that such distribution be made to the Participant in a lump sum cash payment equal to:
(1)the product of (x) the Fair Market Value per share of Common Stock on the date immediately preceding the date of the distribution and (y) the number of shares of Common Stock subject to this RSU Award Agreement not previously distributed pursuant to Section 3 above, plus

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(2)Dividend Equivalents on such shares of Common Stock for the period commencing on the Grant Date and ending on the date immediately preceding the date of the distribution;
The distribution under this Section 5, whether in the form of shares of Common Stock or, if directed by the Committee, in cash, shall be made on the Change in Control Payment Date and shall satisfy the rights of the Participant and the obligations of the Company under this RSU Award Agreement in full.
6.    Delay of Distribution to Certain Participants.  With respect to any benefits payable hereunder upon the Participant’s Separation from Service, if as of the Participant’s Separation from Service, the Participant is a “specified employee” (within the meaning of Section 409A(a)(2)(B)), then such benefits shall not be distributed until the date that is the earlier of (x) the second business day following the end of the six-month period commencing on the date of the Participant's Separation from Service or (y) the Participant's date of death.
7.    Confidentiality.  The Participant agrees that the terms of this RSU Award Agreement are confidential and that any disclosure to anyone for any purpose whatsoever (save and except disclosure to financial institutions as part of a financial statement, financial, tax and legal advisors, or as required by law) by the Participant or his or her agents, representatives, heirs, children, spouse, employees or spokespersons shall be a breach of this RSU Award Agreement and the Company may elect to revoke the grant made hereunder, seek damages, plus interest and reasonable attorneys' fees, and take any other lawful actions to enforce this RSU Award Agreement.
		
	8.
	Participant Obligations.

(a)Confidentiality.  The Participant acknowledges that in the course of his or her employment with the Company, the Company agrees to provide to the Participant Confidential Information regarding the Company and the Company’s business and has previously provided the Participant other such Confidential Information.  In return for this and other consideration, provided under this RSU Award Agreement, the Participant agrees that he or she will not, while employed by the Company and thereafter, disclose or make available to any other person or entity, or use for his own personal gain, any Confidential Information, except for such disclosures as required in the performance of his or her duties hereunder or as may otherwise be required by law or legal process (in which case the Participant shall notify the Company of such legal or judicial proceeding by a non-governmental party as soon as practicable following his receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and information).  Nothing in this RSU Award Agreement, however, limits or precludes Participant from making a good faith voluntary report, charge, complaint, or claim to or providing truthful testimony and documents as required by law or under oath pursuant to a subpoena, court order, or request by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state, or local government agency or commission (“Government Agencies”).  Participant further understands that

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 this RSU Award Agreement does not limit Participant’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information to the Government Agency, without notice to the Company. For purposes of this RSU Award Agreement, “Confidential Information” shall mean any and all information, data and knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its affiliates or ventures or in which property rights have been assigned or otherwise conveyed to the Company or any of its affiliates or ventures, which information, data or knowledge has commercial value in the business in which the Company is engaged, except such information, data or knowledge as is or becomes known to the public without violation of the terms of this RSU Award Agreement.  By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s plans and strategies, nonpublic information concerning material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals, records of research, reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and employee, customer and supplier lists or parts thereof. 
(b)Return of Property.  The Participant agrees that at the time of his or her Separation from Service, he or she will deliver to the Company (and will not keep in his or her possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or any of its affiliates or ventures, regardless of whether such items were prepared by the Participant.
(c)Non-Solicitation and Non-Competition.
(1)Non-Solicitation.  For consideration provided under this RSU Award Agreement, including, but not limited to the Company’s agreement to provide the Participant with Confidential Information (as defined in Section 8(a)) regarding the Company and the Company’s business, the Participant agrees that, while employed by the Company and for one year following his or her Separation from Service, he or she shall not, without the prior written consent of the Company, directly or indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the Company or any of its affiliates or ventures to leave the employment of the Company or any of its affiliates or ventures or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its affiliates or ventures with whom the Participant had any actual contact while employed at the Company.

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(2)Non-Competition.  For consideration provided under this RSU Award Agreement, including, but not limited to the Company’s agreement to provide the Participant with Confidential Information regarding the Company and the Company’s business, the Participant agrees that while employed by the Company and for one year following a Separation from Service he or she will not, without the prior written consent of the Company, acting alone or in conjunction with others, either directly or indirectly, engage in any business that is in competition with the Company or accept employment with or render services to such a business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in activities that are in competition with the Company.
(3)Restricted Area.  The restrictions contained in this Section 8(c) are limited to a 50-mile radius around any geographical area in which the Company engages (or has definite plans to engage) in operations or the marketing of its products or services at the time of the Participant’s Separation from Service.
(d)Restrictions Reasonable.  The Participant acknowledges that the restrictive covenants under this Section 8, for which the Participant received valuable consideration from the Company as provided in this RSU Award Agreement, including, but not limited to the Company’s agreement to provide the Participant with Confidential Information regarding the Company and the Company’s business are ancillary to otherwise enforceable provisions of this RSU Award Agreement that the consideration provided by the Company gives rise to the Company’s interest in restraining the Participant from competing and that the restrictive covenants are designed to enforce the Participant’s consideration or return promises under this RSU Award Agreement.  Additionally, the Participant acknowledges that these restrictive covenants contain limitations as to time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other legitimate business interests of the Company, including, but not limited to, the Company’s need to protect its Confidential Information.
(e)Violations.  If the Participant violates any provision of this Section 8, the Participant shall not be entitled to receive any amounts that would otherwise be payable to the Participant with respect to this RSU Award, and such amounts shall be forfeited.  If the Participant violates any provision of this Section 8 after amounts under this RSU Award have been paid or if the Company learns of the violation after amounts under this RSU Award have been paid, the Participant shall repay to the Company the Common Shares (or the equivalent value thereof determined as of the date of the Company’s demand) or the cash received, as the case may be, within thirty (30) days of receiving a demand from the Company for the repayment of the award.  Further, the Company shall be entitled to an award of attorneys’ fees incurred with securing any relief hereunder and/or pursuant to a breach or threatened breach of this Section 8.

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9.    Notices.  For purposes of this RSU Award Agreement, notices to the Company shall be deemed to have been duly given upon receipt of written notice by the Corporate Secretary of CenterPoint Energy, Inc., 1111 Louisiana, Houston, Texas 77002, or to such other address as the Company may furnish to the Participant.
Notices to the Participant shall be deemed effectively delivered or given upon personal, electronic, or postal delivery of written notice to the Participant, the place of Employment of the Participant, the address on record for the Participant at the human resources department of the Company, or such other address as the Participant hereafter designates by written notice to the Company.
10.    Shareholder Rights.  The Participant shall have no rights of a shareholder with respect to the shares of Common Stock granted pursuant to this RSU Award, unless and until the Participant is registered as the holder of such shares of Common Stock.
11.    Successors and Assigns.  This RSU Award Agreement shall bind and inure to the benefit of and be enforceable by the Participant, the Company and their respective permitted successors and assigns except as expressly prohibited herein and in the Plan.  Notwithstanding anything herein or in the Plan to the contrary, the shares of Common Stock are transferable by the Participant to Immediate Family Members, Immediate Family Member trusts, and Immediate Family Member partnerships pursuant to Section 13 of the Plan.
12.    No Employment Guaranteed.  Nothing in this RSU Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Company or any Subsidiary, or any successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant.
13.    Waiver.  Failure of either party to demand strict compliance with any of the terms or conditions hereof shall not be deemed a waiver of such term or condition, nor shall any waiver by either party of any right hereunder at any one time or more times be deemed a waiver of such right at any other time or times.  No term or condition hereof shall be deemed to have been waived except by written instrument.
14.    Section 409A.  It is the intent of the Company and the Participant that the provisions of the Plan and this Award Agreement comply with Section 409A of the Code and will be interpreted and administered consistent therewith.  Accordingly, (i) no adjustment to the RSU Award pursuant to Section 14 of the Plan and (ii) no substitutions of the benefits under this Award Agreement, in each case, shall be made in a manner that results in noncompliance with the requirements of Section 409A of the Code, to the extent applicable.  
15.    Withholding.  The Company shall have the right to withhold applicable taxes from any distribution of the Common Stock (including, but not limited to, Dividend Equivalents) or from other cash compensation payable to the Participant at the time of such vesting and delivery pursuant to Section 11 of the Plan (but subject to compliance with the requirements of Section 409A of the Code, if applicable).

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16.    Modification of RSU Award Agreement.  Any modification of this RSU Award Agreement is subject to Section 13 hereof and shall be binding only if evidenced in writing.

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Exhibit 10.1

VIVUS, INC.

 

EQUITY
DISTRIBUTION AGREEMENT

 

March 6, 2020

 

PIPER SANDLER & CO.

U.S. Bancorp Center

800 Nicollet Mall

Minneapolis, Minnesota 55402

 

Ladies and Gentlemen:

 

As further set forth
in this agreement (this “Agreement”), VIVUS, Inc., a company organized under the laws of the State of
Delaware (the “Company”), proposes to issue and sell from time to time through Piper Sandler & Co.
(the “Agent”), as sales agent, shares of the Company’s common stock, par value $0.001 per share
(the “Common Stock”) having an aggregate offering price of up to $50,000,000 (such shares of Common Stock
to be sold pursuant to this Agreement, the “Shares”) on terms set forth herein. Notwithstanding anything
to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in Section 2 of this
Agreement on the number of Shares issued and sold under this Agreement shall be the sole responsibility of the Company, and the
Agent shall have no obligation in connection with such compliance.

 

The Company hereby
confirms its agreement with the Agent with respect to the sale of the Shares.

 

     

     

    

 

1.       Representations
and Warranties of the Company.

 

(a)       The
Company represents and warrants to, and agrees with, the Agent that as of the date of this Agreement, each Representation Date,
each date on which a Placement Notice (as defined in Section 2(a)(i) below) is given, and any date on which Shares are sold hereunder
as follows:

 

(i)       Registration
Statement and Prospectus. 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
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (File
No. 333-227353), including a base prospectus, relating to certain securities, including the 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 to the base
prospectus included as part of such registration statement specifically relating to the Shares (the “Prospectus
Supplement”). The Company has furnished to the Agent, for use by the Agent, copies of the prospectus included
as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Shares. Except where
the context otherwise requires, such registration statement, as amended when it became 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) under the Securities Act, is herein called the “Registration
Statement.” The base prospectus, including all documents incorporated therein by reference, included in the
Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or
Prospectus Supplement 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,” as defined in Rule 433 under the Securities
Act (“Rule 433”), relating to the Shares, if any, 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
the Electronic Data Gathering Analysis and Retrieval System (“EDGAR”).

 

(ii)      Continuing
Effectiveness of Registration Statement. 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. 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, contemplated or threatened by the Commission. The Company meets
the requirements for use of Form S-3 under the Securities Act and the requirements for the continued use of the Prospectus for
purposes of the issuance and sale of the Shares. The sale of the Shares hereunder meets the requirements of General Instruction
I.B.1. or I.B.6 of Form S-3.

 

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(iii)    No
Material Misstatements or Omissions. The Prospectus when filed complied, and as amended or supplemented, if applicable, will
comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration
Statement, the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date,
as applicable, and as of each Settlement Date (as defined in Section 2(a)(vii) below), complied in all material respects with
the Securities Act, and as of each effective date and each Settlement Date, 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 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, any Rule 462(b)
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 Agent furnished to the Company in writing by the Agent
expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to be filed
as exhibits to the Registration Statement which have not been described or filed as required.

 

(iv)    Eligible
Issuer. The Company is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act) as of the eligibility
determination date for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Shares contemplated
by the Registration Statement; the parties hereto agree and understand that the content of any and all “road shows”
(as defined in Rule 433 under the Securities Act) related to the offering of the Shares contemplated hereby is solely the property
of the Company.

 

(v)     Financial
Statements. The historical financial statements (including the related notes and supporting schedules) included or incorporated
by reference in the Registration Statement and the Prospectus comply as to form in all material respects with the requirements
of Regulation S-X under the Securities Act (“Regulation S-X”) and present fairly, in all material respects,
the financial condition, results of operations and cash flows of the entities purported to be shown thereby at the dates and for
the periods indicated and have been prepared in conformity with generally accepted accounting principles in the United States applied
on a consistent basis throughout the periods involved. There are no financial statements (historical or pro forma) that are required
to be included in the Registration Statement or the Prospectus that are not so included as required. The interactive data in eXtensible
Business Reporting Language (“XBRL”) included or incorporated by reference in the Registration Statement
and the Prospectus fairly present the information called for in all material respects and have been prepared in accordance with
the Commission’s rules and guidelines applicable thereto.

 

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

 

(vii)    Auditor
Independence. OUM & CO. LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries
(the “Subsidiaries”), and whose report appears in or is incorporated by reference in, the Registration
Statement and the Prospectus, are independent public accountants as required by the Securities Act and the Public Company Accounting
Oversight Board.

 

(viii)    No
Material Adverse Effect. The Company and each of its Subsidiaries (a complete list of the Subsidiaries is included as Schedule
4 hereto) has been duly organized and is validly existing as a corporation or other legal entity and in good standing (or the
foreign equivalent thereof) under the laws of their respective jurisdictions of organization, except, as to any Subsidiary organized
and existing outside the United States, where the failure to be duly organized, validly existing or in good standing (or its foreign
equivalent) would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect (as defined
below). The Company and each of its Subsidiaries are, and will be, duly licensed or qualified as a foreign corporation or other
legal entity for transaction of business and in good standing under the laws of each other jurisdiction in which their respective
ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all
corporate power and authority necessary to own or hold their respective properties and to conduct their respective businesses as
described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or
have such power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably be
expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial
or otherwise), prospects, stockholders’ equity or results of operations of the Company and the Subsidiaries taken as a whole,
or prevent or materially interfere with consummation of the transactions contemplated hereby (a “Material Adverse Effect”).
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 most recent Annual Report on Form 10-K except for subsidiaries that in the aggregate
would not constitute a “significant subsidiary” (as defined in Rule 405 under the Securities Act). None of the subsidiaries
of the Company is a “significant subsidiary” (as defined in Rule 405 under the Securities Act).

 

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(ix)
     Capitalization. The Company has an authorized capitalization as set forth in
each of the Registration Statement and the Prospectus, and all of the issued and outstanding shares of the Company have been
duly authorized and validly issued, are fully paid and non-assessable, conform in all material respects to the description
thereof contained in the Registration Statement and the Prospectus and were not issued in violation of any preemptive right,
resale right, right of first refusal or similar right. All of  the Company’s options, warrants and other rights to
purchase or exchange any securities for shares of the Company’s capital stock have been duly authorized and validly
issued, and conform in all material respects to the description thereof contained in the Registration Statement and the
Prospectus. All of the issued shares of capital stock or other ownership interest of each Subsidiary of the Company have been
duly authorized and validly issued, are fully paid and non-assessable (or the equivalent in any foreign jurisdiction) and are
owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such
liens, encumbrances, equities or claims as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(x)      Due
Authorization, Valid Issuance and Non-Assessibility of Shares. The Shares to be issued and sold by the Company to the Agent
hereunder have been duly authorized and, upon payment and delivery in accordance with this Agreement, will be validly issued, fully
paid and non-assessable, will conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus, will be issued in compliance with federal and state securities laws and will be free of statutory and contractual
preemptive rights, rights of first refusal and similar rights.

 

(xi)     Authority
to Enter into this Agreement. The Company has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by the Company.

 

(xii)    Non-Contravention.
The issue and sale of the Shares, the execution, delivery and performance of this Agreement by the Company, the consummation of
the transactions contemplated hereby and the application of the proceeds from the sale of the Shares as described under “Use
of Proceeds” in the Registration Statement and the Prospectus will not (i) conflict with or result in a breach or violation
of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company and its
Subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement
or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject; (ii) result in any violation
of the provisions of the articles of incorporation, charter or by-laws (or similar organizational documents) of the Company or
any of its Subsidiaries; or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation
of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their properties
or assets, except, with respect to clauses (i) and (iii), for such conflicts, breaches, violations, liens, charges, encumbrances
or defaults that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(xiii)
   No Consent or Approval Required. No consent, approval, authorization or
order of, or filing, registration or qualification with, any court or governmental agency or body having jurisdiction over
the Company or any of its Subsidiaries or any of their properties or assets is required for the issue and sale of the Shares,
the execution, delivery and performance of this Agreement by the Company, the consummation of the transactions contemplated
hereby, the application of the proceeds from the sale of the Shares as described under “Use of Proceeds” in the
Registration Statement and the Prospectus, except for (i) the registration of the Shares under the Securities Act; (ii) such
consents, approvals, authorizations, orders, filings, registrations or qualifications as may be required under the Exchange
Act, and applicable state or foreign securities laws and/or the bylaws and rules of the Financial Industry Regulatory
Authority (the “FINRA”) in connection with the sale of the Shares by the Agent; and (iii) the
inclusion of the Shares on The NASDAQ Global Select Market (the “Exchange”).

 

(xiv)   Internal
Accounting Controls. The Company and each of its Subsidiaries maintain internal accounting controls designed to provide reasonable
assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles in the United States, 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 authorization, (ii) transactions are recorded as necessary to permit preparation of the Company’s financial statements
in conformity with generally accepted accounting principles in the United States and to maintain accountability for its assets,
(iii) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization,
(iv) the recorded accountability for the Company’s assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences, and (v) the interactive data in XBRL included or incorporated by reference 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. Except as disclosed in the Registration Statement
or the Prospectus, as of the date of the most recent balance sheet of the Company and its consolidated subsidiaries audited by
OUM & CO. LLP, there were no material weaknesses in the Company’s internal controls.

 

(xv)    Disclosure
Controls. The Company and each of its Subsidiaries maintain disclosure controls and procedures (as such term is defined in
Rule 13a-15(e) under the Exchange Act) designed to ensure that the information required to be disclosed by the Company in the reports
it files or submits under the Exchange Act is accumulated and communicated to management of the Company, including its principal
executive officers and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure to
be made, and such disclosure controls and procedures are effective in all material respects to perform the functions for which
they were established.

 

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(xvi)
   Critical Accounting Policies. The section entitled “Critical
Accounting Policies and Estimates” incorporated by reference in the Registration Statement and the Prospectus
accurately describes in all material respects (i) the accounting policies that the Company believes are the most important in
the portrayal of the Company’s financial condition and results of operations and that require management’s most
difficult, subjective or complex judgments (“Critical Accounting Policies”); (ii) the judgments and
uncertainties affecting the application of Critical Accounting Policies; and (iii) the likelihood that materially different
amounts would be reported under different conditions or using different assumptions, and an explanation thereof.

 

(xvii)  Sarbanes-Oxley
Compliance. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s
directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith that are applicable to the Company or its directors
or officers in their capacities as directors or officers of the Company.

 

(xviii)  Exceptions.
Except as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, since the date of the latest audited
financial statements included in the Registration Statement and the Prospectus, and, except as disclosed in the Registration Statement
and the Prospectus, neither the Company nor any of its Subsidiaries has (i) sustained any loss or interference with its business
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, (ii) issued or granted any securities (other than pursuant to employee benefit plans, qualified stock
option plans or other equity compensation plans or arrangements existing on the date hereof and disclosed in the Registration Statement
and the Prospectus (the “Specified Equity Plans”)), (iii) incurred any material liability or obligation,
direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (iv) entered
into any material transaction not in the ordinary course of business, or (v) declared or paid any dividend on its share capital;
and since such date, except as disclosed in the Registration Statement and the Prospectus, there has not been any change in the
capital stock (other than in connection with issuances pursuant to the Specified Equity Plans), long-term debt, net current assets
or short-term debt of the Company or any of its Subsidiaries or any adverse change, or any development involving a prospective
adverse change, in or affecting the condition (financial or otherwise), results of operations, shareholders’ equity, properties,
management, business or prospects of the Company and its Subsidiaries taken as a whole.

 

(xix)   Valid
Title. The Company and each of its Subsidiaries have good and marketable title in fee simple to all real property, and
good and marketable title to all personal property owned by them, that are material to the business of the Company, in each
case free and clear of all liens, encumbrances and defects, except such liens, encumbrances and defects as do not materially
affect the value of such property and do not materially interfere with the use made and proposed to be made of such property
by the Company and its Subsidiaries. All assets held under lease by the Company and its Subsidiaries, that are material to
the business of the Company, are held by them under valid, subsisting and enforceable leases, with such exceptions as do not
materially interfere with the use made and proposed to be made of such assets by the Company and its Subsidiaries.

 

    7

     

    

 

(xx)    Compliance
with Healthcare Laws and Regulations. The Company and, to the knowledge of the Company, its directors, officers, employees,
and agents are, and at all times prior to the date hereof have been, in compliance with, all health care laws and regulations applicable
to the Company or any of its product candidates or activities, including development and testing of pharmaceutical products, kickbacks,
recordkeeping, documentation requirements, the hiring of employees (to the extent governed by Health Care Laws), quality, safety,
privacy, security, licensure, accreditation or any other aspect of developing and testing health care or pharmaceutical products
(collectively, "Health Care Laws"), except as would not individually or in the aggregate have a Material
Adverse Effect. The Company has not received any notification, correspondence or any other written or oral communication, including
notification of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action
from any governmental authority, including, without limitation, the United States Food and Drug Administration ("FDA"),
the Drug Enforcement Agency ("DEA"), the Centers for Medicare & Medicaid Services, and the U.S. Department
of Health and Human Services Office of Inspector General, of potential or actual non-compliance by, or liability of, the Company
under any Health Care Laws, except as would not individually or in the aggregate have a Material Adverse Effect. To the Company's
knowledge, there are no facts or circumstances that would reasonably be expected to give rise to liability of the Company under
any Health Care Laws, except that would not individually or in the aggregate have a Material Adverse Effect.

 

(xxi)  Intellectual
Property. The Company and its Subsidiaries own or possess the valid right to use all (i) patents, patent
applications, trademarks, trademark registrations, service marks, service mark registrations, internet domain name
registrations, copyrights, copyright registrations, licenses, trade secret rights (collectively, “Intellectual
Property Rights”) and (ii) inventions, software, works of authorships, trademarks, service marks, trade
names, databases, formulae, know how, internet domain names and other intellectual property (including trade secrets and
other unpatented and/or unpatentable proprietary confidential information, systems, or procedures) (collectively, “Intellectual
Property Assets”) necessary to conduct their respective businesses as currently conducted, and as proposed to
be conducted, and as such businesses are described in the Prospectus, except as such failure to own or possess such rights or
assets would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. The
Company and its Subsidiaries have not received any opinion from their legal counsel concluding that any activities of their
respective businesses infringe, misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights of
any other person and have not received written notice of any challenge, which is still pending, by any other person to the
rights of the Company and its Subsidiaries with respect to any Intellectual Property Rights or Intellectual Property Assets
owned or used by the Company or its Subsidiaries. The Company and its Subsidiaries’ respective businesses as now
conducted do not give rise to any material infringement of, any material misappropriation of, or other material violation of,
any valid and enforceable Intellectual Property Rights of any other person. All licenses for the use of the Intellectual
Property Rights described in the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in
accordance with their terms. The Company has complied in all material respects with, and is not in breach nor has received
any asserted or threatened claim of material breach or anticipated material breach of any Intellectual Property license, and
the Company has no knowledge of any material breach by any other person to any Intellectual Property license to which the
Company is a party. No claim has been made and is currently pending, against the Company alleging the infringement by the
Company of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual
property right or franchise right of any person. The Company has taken all reasonable steps to protect, maintain and
safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure and confidentiality
agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of
or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the
Company’s right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held for use in
the conduct of the business as currently conducted.

 

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(xxii)  
Permits. The Company and its Subsidiaries possess such valid and current certificates, authorizations or permits required
by state, federal or foreign regulatory agencies or bodies to conduct their respective businesses as currently conducted and as
described the Prospectus (“Permits”), except where the failure
to so possess would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
Neither the Company nor any of its Subsidiaries is in violation of, or in default under, any of the Permits or has received any
notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization
or permit. Neither the Company nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or
modification of any Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would
reasonably be expected to result in a Material Adverse Effect.

 

(xxiii)  Compliance
with Applicable Laws and Regulations. The Company and its Subsidiaries (i) are and at all times have been in compliance
with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging,
processing, use, distribution, marketing, advertising, labeling, promotion, sale, offer for sale, storage, import, export or
disposal of any product manufactured or distributed by the Company including, without limitation the Federal Food, Drug, and
Cosmetic Act (21 U.S.C. §301 et seq.), the federal Anti-Kickback Statute (42 U.S.C. §1320a-7b(b)),  the Health
Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and
Clinical Health Act of 2009, the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and
Education Affordability Reconciliation Act of 2010, and the Physician Payments Sunshine Act (42 U.S.C. §1320a-7h), the
regulations promulgated pursuant to such laws, and any successor government programs and comparable state laws, regulations
relating to Good Clinical Practices and Good Laboratory Practices and all other local, state, federal, national,
supranational and foreign laws, policies and binding administrative guidance relating to the regulation of the Company
(collectively, the “Applicable Laws”); (ii) have not received any
notice from any court or arbitrator or governmental or regulatory authority or third party alleging or asserting
noncompliance with any Applicable Laws or any licenses, exemptions, certificates, approvals, clearances, authorizations,
permits, registrations and supplements or amendments thereto required by any such Applicable Laws
(“Authorizations”); (iii) possess all Authorizations and such Authorizations are valid and in full
force and effect and are not in violation of any term of any such Authorizations; (iv) have not received written notice of
any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any court or
arbitrator or governmental or regulatory authority or third party alleging that any product operation or activity is in
violation of any Applicable Laws or Authorizations nor is any such claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action threatened; (v) have not received any written notice that any court or arbitrator
or governmental or regulatory authority has taken, is taking or intends to take, action to limit, suspend, materially modify
or revoke any Authorizations nor is any such limitation, suspension, modification or revocation threatened; (vi) have 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 accurate on the
date filed (or were corrected or supplemented by a subsequent submission); and (vii) are not a party to any corporate
integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any
governmental or regulatory authority, in the case of each paragraph (i) through (vii), except as would not individually or in
the aggregate have a Material Adverse Effect. 

 

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(xxiv) Clinical
Trials. The clinical and pre-clinical trials conducted by or on behalf of or sponsored by the Company, or in which the
Company has participated, that are described in the Prospectus or the results of which are referred to in the Registration
Statement and the Prospectus, as applicable, and are intended to be submitted to Regulatory Authorities as a basis for
product approval, were and, if still pending, are, except as would not individually or in the aggregate have a Material
Adverse Effect, being conducted in accordance with standard medical and scientific research procedures and all applicable
statutes, rules and regulations of the FDA and comparable drug regulatory agencies outside of the United States to which it
is subject (collectively, the “Regulatory Authorities”), including, without limitation, 21 C.F.R.
Parts 50, 54, 56, 58, and 312, and current Good Clinical Practices and Good Laboratory Practices; the descriptions in the
Registration Statement or the Prospectus of the results of such studies and trials are accurate and, in all material
respects, complete and fairly present the data derived from such trials; the Company has no knowledge of any other trials the
results of which are inconsistent with or otherwise call into question the results described or referred to in the
Registration Statement and the Prospectus; the Company and its Subsidiaries have each operated and are currently in
compliance, in all material respects, with all applicable statutes, rules and regulations of the Regulatory Authorities; and
neither the Company, nor any of its Subsidiaries, has not received any written notices, correspondence or other communication
from the Regulatory Authorities or any governmental authority which could lead to the termination or suspension of any
clinical or pre-clinical trials that are described in the Prospectus or the results of which are referred to in the
Prospectus, and there are no reasonable grounds for same.

 

(xxv) 
Absence of Settlement Agreements or Undertakings. Except as disclosed in the Registration Statement and the Prospectus,
the Company is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or
similar agreements with or imposed by any governmental authority.

 

(xxvi) 
Absence of Legal or Governmental Proceedings. Except as disclosed in the Registration Statement and the Prospectus, there
are no legal or governmental proceedings pending to which the Company or any of its Subsidiaries is a party or of which any property
or assets of the Company or any of its Subsidiaries is the subject that, if determined adversely to the Company, would, in the
aggregate, reasonably be expected to have a Material Adverse Effect or would, in the aggregate, reasonably be expected to have
a material adverse effect on the performance of this Agreement or the consummation of the transactions contemplated hereby; and
to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or others.

 

(xxvii)  Material
Contracts. There are no contracts or other documents required to be described in the Registration Statement or filed as exhibits
to the Registration Statement that are not described and filed as required. The statements made in the Registration Statement and
Prospectus, insofar as they purport to constitute summaries of the terms of the contracts and other documents described and filed,
constitute accurate summaries of the terms of such contracts and documents in all material respects. Except as disclosed in the
Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries has knowledge that any other party to
any such contract or other document has any intention not to render full performance as contemplated by the terms thereof.

 

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(xxviii) Insurance. Except as would not reasonably be expected to have a Material Adverse
Effect, the Company and each of its Subsidiaries maintain insurance from nationally recognized, in the applicable country,
insurers in such amounts and covering such risks as is commercially reasonable in accordance with customary practices for companies
engaged in similar businesses and similar industries for the conduct of their respective businesses and the value of their respective
properties and as is customary for companies engaged in similar businesses in similar industries. All policies of insurance of
the Company and its Subsidiaries are in full force and effect; the Company and each of its Subsidiaries are in compliance with
the terms of such policies in all material respects; and neither the Company nor any of its Subsidiaries has received notice from
any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order
to continue such insurance;there are no material claims by the Company or any of its Subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither the Company
nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not reasonably be expected to have a Material Adverse Effect.

 

(xxix) Related
Party Disclosure. No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors,
officers, shareholders, customers or suppliers of the Company, on the other hand, that is required to be described in the Registration
Statement or the Prospectus which is not so described, or will not be described, at such time and in such filing as required by
Commission rules.

 

(xxx)    No
Labor Dispute. No labor disturbance by or dispute with the employees of the Company or any of its Subsidiaries exists or, to
the knowledge of the Company, is imminent, that could reasonably be expected to have a Material Adverse Effect.

 

(xxxi)  No Default. Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries
(i) is in violation of its articles of incorporation, charter or by-laws (or similar organizational documents), (ii) is in default,
and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or
observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement,
license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets
is subject, (iii) is in violation of any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over it or its property or assets, or (iv) has failed to obtain any license, permit, certificate, franchise or other
governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the
case of clauses (ii), (iii) and (iv), to the extent any such conflict, breach, violation or default would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(xxxii) Environmental
Laws. Except as disclosed in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries (i) are,
and at all times prior hereto were, in compliance with all laws, regulations, ordinances, rules, orders, judgments, decrees, permits
or other legal requirements of any governmental authority, including without limitation any international, foreign, national,
state, provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment,
or natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of
hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) applicable
to such entity, which compliance includes, without limitation, obtaining, maintaining and complying with all permits and authorizations
and approvals required by Environmental Laws to conduct their respective businesses, and (ii) have not received notice or otherwise
have knowledge of any actual or alleged violation of Environmental Laws, or of any actual or potential liability for or other
obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants,
except in the case of clauses (i) and (ii), to the extent any such non-compliance, violation
or other liability would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Except as described in the Registration Statement and the Prospectus, (x) there are no proceedings that are pending, or to the
Company’s knowledge, threatened, against the Company or any of its Subsidiaries under Environmental Laws in which a governmental
authority is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000
or more will be imposed, (y) the Company and its Subsidiaries are not aware of any issues regarding compliance with Environmental
Laws, including any pending or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning
hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect
on the capital expenditures, earnings or competitive position of the Company and its Subsidiaries, and (z) none of the Company
and its Subsidiaries anticipates material capital expenditures relating to Environmental Laws.

 

(xxxiii) Taxes.
The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through
the date hereof, subject to permitted extensions, and have paid all taxes due (except for cases in which the failure to file or
pay would not, individually or in the aggregate, have a Material Adverse Effect on the Company and its Subsidiaries taken as a
whole, and except as currently being contested in good faith and for which reserves required by generally accepted accounting principles
in the United States have been created in the financial statements of the Company), and no tax deficiency has been determined adversely
to the Company or any of its Subsidiaries, nor does the Company have any knowledge of any tax deficiencies that have been, or would
reasonably be expected to be asserted against the Company, that would, in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

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(xxxiv) ERISA
Compliance. (i) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Security
Act of 1974, as amended (“ERISA”)) for which the Company or any member of its “Controlled Group”
(defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the
Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each a “Plan”)
has been maintained in compliance in all material respects with its terms and with the requirements of all applicable statutes,
rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA
or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or
administrative exemption; (iii) with respect to each Plan subject to Title IV of ERISA (A) no “reportable event” (within
the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that would result in a material loss
to the Company, (B) no “accumulated funding deficiency” (within the meaning of Section 302 of ERISA or Section 412
of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value of the assets
under each Plan that is required to be funded equals or exceeds the present value of all benefits accrued under such Plan (determined
based on those assumptions used to fund such Plan), and (D) neither the Company or any member of its Controlled Group has incurred,
or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the
Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer
plan”, within the meaning of Section 4001(c)(3) of ERISA); and (iv) each Plan that is intended to be qualified under Section
401(a) of the Code has received a determination or opinion letter as to its qualified status and nothing has occurred since the
last such determination, to the Company’s knowledge, whether by action or by failure to act, which would reasonably be expected
to cause the loss of such qualification.

 

(xxxv) Accuracy
of Statistical and Market Data. The statistical and market-related data included in the Registration Statement and the Prospectus
and the consolidated financial statements of the Company and its Subsidiaries included or incorporated by reference in the Registration
Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable in all material respects.

 

(xxxvi) Not
an Investment Company. Neither the Company nor any of its Subsidiaries is, and as of the applicable Settlement Date and, after
giving effect to the offer and sale of the Shares and the application of the proceeds therefrom as described under “Use of
Proceeds” in the Registration Statement and the Prospectus, none of them will be, (i) an “investment company”
or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended (the “Investment Company Act”), and the rules and regulations of the Commission thereunder,
or (ii) a “business development company” (as defined in Section 2(a)(48) of the Investment Company Act).

 

(xxxvii) Accuracy
of Certain Summaries and Statements. The statements set forth or incorporated by reference, as applicable, in each of the Registration
Statement and the Prospectus under the caption “Description of Capital Stock,” and included in or incorporated by reference
in the Company’s most recent Annual Report on Form 10-K under the captions “Legal Proceedings” and “Certain
Relationships and Related Transactions, and Director Independence”, insofar as they purport to summarize the provisions of
the laws and documents referred to therein, are accurate summaries in all material respects.

 

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(xxxviii) Registration Rights. Except as disclosed in the Registration Statement and
the Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such person
the right to require the Company to file a registration statement under the Securities Act with respect to any securities of
the Company owned or to be owned by such person. There are no contracts, agreements or understandings to require the Company
to include any such securities in the securities proposed to be offered pursuant to this Agreement.

 

(xxxix) No
Other Brokers. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with
any person (other than this Agreement) that would give rise to a valid claim against any of them or the Agent for a brokerage commission,
finder’s fee or like payment in connection with the offering and sale of the Shares.

 

(xl)    No
Integration. The Company has not sold or issued any securities that would be integrated with the offering of the Shares contemplated
by this Agreement pursuant to the Securities Act or the interpretations thereof by the Commission.

 

(xli)       Absence
of Stabilization or Manipulation. The Company and its affiliates have not taken, directly or indirectly, any action designed
to or that has constituted or that could reasonably be expected to cause or result in the stabilization or manipulation of the
price of any security of the Company in connection with the offering of the Shares.

 

(xlii)   Exchange
Act Registration and Listing of the Common Stock. The Common Stock is registered pursuant to Section 12(b) of the Exchange
Act and listed on the Exchange; the Company has taken no action designed to, or reasonably likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange,
nor has the Company received any notification that the Commission or FINRA is contemplating terminating such registration or listing.

 

(xliii)   Offering
Material. The Company has not distributed and prior to any Settlement Date, will not distribute any offering material in connection
with any Placement (as defined in Section 2(a)(i) below), other than the Prospectus and any Permitted Free Writing Prospectus to
which the Agent has consented.

 

(xliv) 
Compliance with Labor Laws. Neither the Company nor any Subsidiary is in violation of or has received written notice of
any violation with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees,
nor any applicable federal or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood
in which a property is situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect.

 

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(xlv) No
Unlawful Payments. Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any director,
officer, agent, employee or other person associated with or acting on behalf of the Company or any of its Subsidiaries, has
within the past five years (i) 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 foreign or domestic
government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign
Corrupt Practices Act of 1977,  Organization for Economic Co-operation and Development Convention on Bribery of Foreign
Public Officials in International Business Transactions, and the rules and regulations thereunder, or any other similar
foreign or domestic law or regulation; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment. The Company has instituted and maintains policies and procedures designed to ensure
continued compliance with the laws and regulations referenced in clause (iii) of this paragraph.

 

(xlvi) 
Anti-Money Laundering Compliance. The operations of the Company and its Subsidiaries are and have been conducted at all
times within the past five years in material 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 applicable jurisdictions
to which the Company is subject, the rules and regulations thereunder and any applicable rules, regulations or guidelines, issued,
administered or enforced by any governmental agency with jurisdiction over the Company or its Subsidiaries (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body
involving the Company or any of its Subsidiaries with respect to compliance with applicable Money Laundering Laws is pending or,
to the knowledge of the Company, threatened.

 

(xlvii) OFAC
Compliance. Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or affiliate of the Company or any of its Subsidiaries is currently targeted by 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 targeted by
any U.S. sanctions administered by OFAC.

 

    15

     

    

 

(xlviii) Cybersecurity;
Data Protection. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, the Company and its Subsidiaries’ information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate
for, and operate and perform as reasonably required in connection with the operation of the business of the Company and its
Subsidiaries as currently conducted, free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, the Company and its Subsidiaries have implemented and maintained commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and confidential data (including all personal data and sensitive or regulated data
(collectively, the “Confidential Data”)) used in connection with their businesses. Except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there have been no
breaches, violations, outages or unauthorized uses of or accesses to same nor any incidents under internal review or
investigations relating to the same. Except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, the Company and its Subsidiaries are presently in compliance with all applicable laws or statutes
and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Confidential Data and to the
protection of such IT Systems and Confidential Data from unauthorized use, access, misappropriation or modification.

 

(xlix)  Not
a Passive Foreign Investment Company. Subject to the qualifications and assumptions set forth in the Registration Statement,
the Company is not, and upon the sale of the Shares contemplated by this Agreement does not expect to become, a “passive
foreign investment company” (as defined in Section 1297 of the Code, and the regulations promulgated thereunder).

 

(l)       No
Taxes or Fees Due Upon Issuance. No stamp, issue, registration, documentary, transfer or other similar taxes and duties, including
interest and penalties, are payable on or in connection with the issuance and sale of the Shares by the Company or the execution
and delivery of this Agreement.

 

(li)       No
Immunity. Neither the Company nor any Subsidiary, nor any of their respective properties or assets, has any immunity from the
jurisdiction of any court or from any legal process (whether through service or notice, attachment to prior judgment, attachment
in aid of execution or otherwise) under the laws of any jurisdiction in which it is organized, headquartered or doing business.

 

(lii)     No
Legal, Accounting or Tax Advice. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax
or accounting advice in connection with the offering and sale of the Shares.

 

(liii)
    Certificate as Representation and Warranty. Any certificate signed by any officer of the Company and
delivered to the Agent or the Agent's counsel in connection with the offering of the Shares shall be deemed a representation
and warranty by the Company to Agent as to the matters covered thereby.

 

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2.       Purchase,
Sale and Delivery of Shares.

 

(a)       At-the-Market
Sales. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and
conditions herein set forth, the Company agrees to issue and sell through the Agent as sales agent, and the Agent agrees to
use its commercially reasonable efforts to sell for and on behalf of the Company, the Shares on the following terms and
conditions; provided, however, that any obligation of the Agent to use such commercially reasonable efforts
shall be subject to the continuing accuracy of the representations and warranties of the Company herein, the performance by
the Company of its covenants and obligations hereunder and the continuing satisfaction of the additional conditions specified
in Section 4 of this Agreement. The Company acknowledges and agrees that (i) there can be
no assurance that the Agent will be successful in selling Shares, and (ii) the Agent will incur no liability or
obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the
Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Shares
as required under this Section 2. 

 

(i)       Each
time that the Company wishes to issue and sell the Shares hereunder (each, a “Placement”), it will notify
the 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 Shares to be sold, which shall at a minimum include the number
of shares of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of
Shares that may be sold in any one Trading Day (as defined below) 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, and be executed by, any two of the individuals from the Company set forth on Schedule 2 (or, if by
e-mail, be transmitted by each of two of such individuals with a copy to the other individual from the Company listed on such schedule),
and shall be addressed to each of the individuals from the 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 Agent unless and until (i) in accordance
with the notice requirements set forth in Section 2(a)(iii) of this Agreement, the Agent declines to accept the terms contained
therein for any reason, in its sole discretion, (ii) the entire amount of the Shares have been sold, (iii) the Company
suspends or terminates the Placement Notice in accordance with the notice requirements set forth in Section 2(a)(iii) below, (iv) the
Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this
Agreement has been terminated under the provisions of Section 7.  The amount of any commission or other compensation to be
paid by the Company to the Agent in connection with the sale of the Shares shall be calculated in accordance with the terms set
forth in Section 2(a)(v) below. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation
whatsoever with respect to a Placement or any Shares unless and until the Company delivers a Placement Notice to the Agent and
the 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 the Placement Notice,
the terms of the Placement Notice will control. 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.

 

(ii) The
Shares are to be sold by the Agent on a daily basis or otherwise as shall be agreed to by the Company and the Agent on any
day that is a trading day for the Exchange (other than a day on which the Exchange is scheduled to close prior to its regular
weekday closing time). The gross sales price of the Shares sold under this Section 2(a) shall be the market price for the
Company’s Common Stock sold by the Agent under this Section 2(a) at the time of such sale.

 

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(iii)     Notwithstanding
the foregoing, the Company may instruct the Agent by telephone (confirmed promptly by email) not to sell the Shares if such sales
cannot be effected at or above the price designated by the Company in any such instruction. Furthermore, the Company shall not
authorize the issuance and sale of, and the Agent shall not be obligated to use its commercially reasonable efforts to sell, any
Share at a price lower than the minimum price therefor designated from time to time by the Company’s Board of Directors (or
an authorized committee thereof) and notified to the Agent in writing. In addition, the Company or the Agent may, upon notice to
the other party hereto by telephone (confirmed promptly by email), suspend the offering of the Shares, whereupon the Agent shall
so suspend the offering of Shares until further notice is provided to the other party to the contrary; provided, however,
that such suspension or termination shall not affect or impair the parties’ respective obligations with respect to the Shares
sold hereunder prior to the giving of such notice. 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 Agent agree that (i) no sale of
Shares will take place, (ii) the Company shall not request the sale of any Shares, and (iii) the Agent shall not be obligated
to sell or offer to sell any Shares.

 

(iv)     Subject
to the terms of the Placement Notice, the Agent may sell the Shares by any method permitted by law deemed to be an “at the
market offering” as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through the Exchange.
Subject to the terms of any Placement Notice, the Agent may also sell Shares in negotiated transactions at market prices prevailing
at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law, subject to
the prior written consent of the Company in accordance with the procedures set forth in Section 2(a)(i).

 

(v)       The
compensation to the Agent for sales of the Shares, as an agent of the Company, shall be 3.0% of the gross sales price of the Shares
sold pursuant to this Section 2(a), payable in cash (the “Commission”); provided that the combined
Commission and reimbursement of the Agent for the out-of-pocket reasonable fees and disbursements of Agent’s counsel pursuant
to Section 3(g), shall not exceed 8.0% of the gross sales price of the Shares. The remaining proceeds, after further deduction
for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales, and reimbursement
of expenses that the Agent may be entitled to pursuant to Section 3(g), shall constitute the net proceeds to the Company for such
Shares (the “Net Proceeds”).

 

(vi)       The
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), no later than the opening of the Trading Day immediately following the Trading Day
on which it has made sales of Shares hereunder, setting forth the number of Shares sold on such day, the volume-weighted
average price of the Shares sold, and the Net Proceeds payable to the Company. 

 

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(vii)       All
Shares sold pursuant to this Section 2(a) will be delivered by the Company to the Agent for the account of the Agent, against payment
of the Net Proceeds therefor, by wire transfer of same-day funds payable to the order of the Company at the offices of Piper Sandler
 & Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota 55402, or such other location as may be mutually acceptable,
at 9:00 a.m. Central Time on the second full business day following the date on which such Shares are sold, or at such other
time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of
delivery being herein referred to as a “Settlement Date.” If the Agent so elects, delivery of the Shares
may be made by credit through full fast transfer to an account or accounts at The Depository Trust Company designated by the Agent.
On each Settlement Date, the Agent will deliver the Net Proceeds in same day funds to an account designated by the Company on,
or prior to, such Settlement Date.  The Company agrees that if the Company, or its transfer agent (if applicable), defaults
in its obligation to timely deliver duly authorized Shares on a Settlement Date, the Company agrees that in addition to and in
no way limiting the rights and obligations set forth in Section 5 hereto, it will (i) hold the Agent harmless against
any loss, claim, damage, or expense (including reasonable and documented legal fees and expenses), as incurred, arising out of
or in connection with such default by the Company, (ii) reimburse the Agent for any losses incurred by the Agent attributable,
directly or indirectly, to such default and (iii) pay to the Agent any commission or other compensation to which the Agent
would otherwise have been entitled absent such default.

 

(b)       Maximum
Amount. Under no circumstances shall the aggregate number or aggregate value of the Shares sold pursuant to this Agreement
exceed: (i) the aggregate number and aggregate dollar amount of shares of Common Stock available for issuance under the currently
effective Registration Statement, (ii) the aggregate number of authorized but unissued shares of Common Stock that are available
for issuance under the Company’s certificate of incorporation or certificate of designation, (iii) the aggregate dollar
amount of shares of Common Stock permitted to be sold under the Company’s effective Registration Statement (including any
limit set forth in General Instruction I.B.6 thereof, if applicable) or (iv) the aggregate number or aggregate dollar amount of
shares of Common Stock for which the Company has filed any Prospectus Supplement in connection with the Shares (the lesser of (i),
(ii), (iii) and (iv), the “Maximum Amount”). 

 

(c)        No
Association or Partnership. Nothing herein contained shall constitute the Agent an unincorporated association or partner with
the Company.

 

(d)        Duration.
Under no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration
Statement is first declared effective by the Commission.

 

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(e)       Market
Transactions by Agent. The Company acknowledges and agrees that the Agent has informed the Company that the Agent may, to the
extent permitted under the Securities Act, the Exchange Act and this Agreement, purchase and sell shares of Common Stock for its
own account while this Agreement is in effect, provided, that (i) no sale for its own account shall take place while
a Placement Notice is in effect (except to the extent the Agent may engage in sales of Shares purchased or deemed purchased from
the Company as a “riskless principal” or in a similar capacity) and (ii) the Company shall not be deemed to have
authorized or consented to any such purchases or sales by the Agent. The Company consents to the Agent trading in the Common Stock
for the account of any of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

 

3.       Covenants
of the Company. The Company covenants and agrees with the Agent as follows:

 

(a)       Amendments
to Registration Statement and Prospectus. After the date of this Agreement and during any period in which a Prospectus
relating to any Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company agrees that it will:
(i) notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than
documents incorporated by reference or amendments not related to the Shares, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus related to the Shares has been filed and of any request by
the Commission for any amendment or supplement to the Registration Statement (insofar as it relates to the transactions
contemplated hereby) or Prospectus or for additional information; (ii) prepare and file with the Commission, promptly upon
the Agent’s request, any amendments or supplements to the Registration Statement or Prospectus that, in the
Agent’s opinion, may be necessary or advisable in connection with the sale of the Shares by the Agent (provided,
however, that the failure of the Agent to make such request shall not relieve the Company of any obligation or liability
hereunder, or affect the Agent’s right to rely on the representations and warranties made by the Company in this
Agreement); (iii) not file any amendment or supplement to the Registration Statement or Prospectus, other than documents
incorporated by reference, relating to the Shares or a security convertible into the Shares unless a copy thereof has been
submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected thereto
(provided, however, that (A) the failure of the Agent to make such objection shall not relieve the Company of any
obligation or liability hereunder, or affect the Agent’s right to rely on the representations and warranties made by
the Company in this Agreement), (B) the Company has no obligation to provide the Agent any advance copy of such filing
or to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to a
Placement or other transaction contemplated hereunder, and (C) the only remedy that the Agent shall have with respect to
the failure by the Company to provide the Agent with such copy or the filing of such amendment or supplement despite the
Agent’s objection shall be to cease making sales under this Agreement); (iv) furnish to the 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) 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) under the Securities Act.

 

    20

     

    

 

(b)       Stop
Order. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance or
threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension
of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding
for any such purpose, and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or
to obtain its withdrawal if such a stop order should be issued.

 

(c)       Continuing
Amendments. During any period in which a Prospectus relating to the Shares is required to be delivered by the Agent under the
Securities Act with respect to any Placement or pending sale of the Shares, (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply 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 (taking into
account any extensions available under the Exchange Act) 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 Agent to suspend the offering of
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.

 

(d)       Qualification
of the Shares. The Company shall take or cause to be taken all necessary action to qualify the Shares for sale under the securities
laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect so long as required for
the distribution of the Shares, except that the Company shall not be required in connection therewith to qualify as a foreign corporation
or to execute a general consent to service of process in any state. The Company shall promptly advise the Agent of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose.

 

(e)       Copies
of Registration Statement and Prospectus. The Company will furnish to the Agent and counsel for the Agent copies of the Registration
Statement, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities
as the Agent may from time to time reasonably request, provided, however, that the Company’s obligations to provide such
copies shall not apply to any filing available via EDGAR.

 

(f)       Section
11(a). The Company will make generally available to its security holders as soon as practicable an earning statement
(which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 promulgated thereunder.

 

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(g)       Expenses.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or
cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees)
incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all expenses and fees (including, without
limitation, fees and expenses of the Company’s accountants and counsel) in connection with the preparation, printing, filing,
delivery, and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules,
and exhibits thereto), the Shares, the Prospectus and any amendment thereof or supplement thereto, and the producing, word-processing,
printing, delivery, and shipping of this Agreement and other underwriting documents or closing documents, including Blue Sky Memoranda
(covering the states and other applicable jurisdictions) and including the cost to furnish copies of each thereof to the Agent,
(iii) all filing fees, (iv) all reasonable fees and disbursements of the Agent’s counsel incurred in connection with the
qualification of the Shares for offering and sale by the Agent or by dealers under the securities or blue sky laws of the states
and other jurisdictions which Agent shall designate, (v) the fees and expenses of any transfer agent or registrar, (vi) the filing
fees and reasonable fees and disbursements of Agent’s counsel incident to any required review and approval by FINRA of the
terms of the sale of the Shares, (vii) listing fees, if any, (viii) the cost and expenses of the Company relating to investor presentations
or any “roadshow” undertaken in connection with marketing of the Shares, and (ix) all other costs and expenses incident
to the performance of its obligations hereunder that are not otherwise specifically provided for herein. In addition to (iv) and
(vi) above, the Company shall reimburse the Agent for the out of pocket reasonable fees and disbursements of the Agent’s
counsel actually incurred in an amount which, taken together with the fees and disbursements of Agent’s counsel incurred
pursuant to (iv) and (vi), do not exceed $50,000.

 

(h)       Use
of Proceeds. The Company will apply the net proceeds from the sale of the Shares in the manner disclosed in the Prospectus.

 

(i)       Restrictions
on Future Sales. During the term of this Agreement, the Company will not, offer for sale, sell, contract to sell, pledge,
grant any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result
in the disposition of Common Stock (whether by actual disposition or effective economic disposition due to cash settlement or
otherwise) by the Company or any affiliate, or otherwise issue or dispose of, directly or indirectly (or publicly disclose
the intention to make any such offer, sale, pledge, grant, issuance or other disposition), any Common Stock or any securities
convertible into or exchangeable for, or any options or rights to purchase or acquire, Common Stock, or permit the
registration under the Securities Act of any Common Stock, such securities, options or rights, except for: (i) the
registration of the Shares and the sales through the Agent pursuant to this Agreement (ii) any transaction as to which the
Agent is a principal participant or acting as the Company’s advisor or agent, (iii) sales of shares through any
dividend reinvestment or stock purchase plan of the Company, (iv) sales of shares of restricted stock, restricted stock
units and options granted pursuant to employee benefit plans existing as of the date hereof, and the Common Stock issuable
upon the exercise of such options or vesting of such restricted stock units, (v) the filing of
registration statements on Form S-8 and (vi) the issuance of shares pursuant to the exercise of warrants, in the case of each
of  (iii) and (v), without giving the Agent at least three business days’ prior written notice specifying the
nature of the proposed sale and the date of such proposed sale, so as to permit the Agent to suspend activity under this
Agreement for such period of time as requested by the Company.

 

    22

     

    

 

(j)       No
Stabilization or Manipulation. The Company has not taken and will not take, directly or indirectly, any action designed to,
or which might reasonably be expected to cause or result in, or which constitutes: (i) the stabilization or manipulation of the
price of the Common Stock or any other security of the Company to facilitate the sale or resale of the Shares, or (ii) a violation
of Regulation M. The Company shall notify the Agent of any violation of Regulation M by the Company or any of its Subsidiaries
or any of their respective officers or directors promptly after the Company has received notice or obtained knowledge of any such
violation. The Company shall not invest in futures contracts, options on futures contracts or options on commodities, unless the
Company is exempt from the registration requirements of the Commodity Exchange Act, as amended (the “Commodity Act”),
or otherwise complies with the Commodity Act. The Company will not engage in any activities bearing on the Commodity Act, unless
such activities are exempt from the Commodity Act or otherwise comply with the Commodity Act.

 

(k)       No
Other Broker. The Company will not incur any liability for any finder’s or broker’s fee or agent’s commission
in connection with the execution and delivery of this Agreement, or the consummation of the transactions contemplated hereby.

 

(l)       Timely
Securities Act and Exchange Act Reports. During any prospectus delivery period, the Company will use its commercially reasonable
efforts to file on a timely basis with the Commission such periodic and current reports as required by the Securities Act and the
Exchange Act.

 

(m)       Internal
Controls. The Company and its Subsidiaries will maintain such controls and other procedures, including without limitation,
those required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and the applicable Commission regulations thereunder,
that are designed to ensure, at the reasonable assurance level, that information required to be disclosed by the Company in the
reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission’s rules and forms, including without limitation, controls and procedures designed to ensure that
information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the Company’s management, including its principal executive officer and its principal financial officer,
or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that
material information relating to the Company, including its Subsidiaries, is made known to them by others within those entities.

 

(n)       Permitted
Free Writing Prospectus. The Company represents and agrees that, unless it obtains the prior written consent of the
Agent, and the Agent severally represents and agrees that, unless it obtains the prior written consent of the Company, it has
not made and will not make any offer relating to the Shares that would constitute an “issuer free writing
prospectus,” as defined in Rule 433 under the Securities Act, or that would otherwise constitute a “free writing
prospectus,” as defined in Rule 405 under the Securities Act, required to be filed with the Commission. Any such free
writing prospectus consented to by the Company and the Agent is hereinafter referred to as a “Permitted Free
Writing Prospectus.” The Company represents that it has treated or agrees that it will treat each Permitted
Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will
comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission
filing where required, legending and record keeping.

 

    23

     

    

 

(o)        Representation
Date and Opinions of Counsel. On or prior to the date of the first Placement Notice, and thereafter during the term of this
Agreement, each time the Company (A) files an amendment to the Registration Statement or Prospectus (other than relating solely
to the offering of securities other than the Shares), (B) files an annual report on Form 10-K under the Exchange Act or files its
quarterly reports on Form 10-Q under the Exchange Act; and (C) files a report on Form 8-K containing amended financial statements
(other than an earnings release) under the Exchange Act (each of the dates in (A), (B) and (C) are referred to herein as a “Representation
Date”), the Company shall cause

 

(i) Hogan
Lovells US LLP, counsel for the Company, to furnish to the Agent the opinion and negative assurance letter of such counsel, dated
as of such date and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided however, only a negative
assurance letter of such counsel shall be required for each subsequent Representation Date;

 

(ii) Cooley
LLP, intellectual property and patent counsel for the Company, to furnish to the Agent the opinion of such counsel, dated as of
such date and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided however, the opinion of
such counsel shall only be required for the first Settlement Date; and

 

(iii) Hogan
Lovells US LLP, regulatory counsel for the Company, to furnish to the Agent the opinion of such counsel, dated as of such date
and addressed to Agent, in form and substance reasonably satisfactory to the Agent; provided however, such opinion of counsel shall
only be required for the first Settlement Date.

 

Notwithstanding the foregoing,
the requirement to provide the counsel opinions, comfort letter and certificates under Section 3(o)-(q) shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the
date the Company delivers a Placement Notice to the Agent.  Notwithstanding the foregoing, if the Company subsequently decides
to sell Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with an opinion
under this Section 3(o), then before the Agent sells any Shares pursuant to Section 2(a), the Company shall cause the opinions
(including the opinion pursuant to Section 3(o)(i) if not delivered on the date of the prior Form 10-K), comfort letter, certificates
and documents that would be delivered on a Representation Date to be delivered.

 

(p)       Representation
Date and Comfort Letter. On or prior to the date of the first Placement Notice and thereafter during the term of this
Agreement, on each Representation Date to which a waiver does not apply, the Company shall cause OUM & Co. LLP, or other
independent accountants satisfactory to the Agent (the “Accountants”), to deliver to the Agent a
letter, dated as of such date and addressed to Agent, confirming that they are independent public accountants within the
meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of
accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of
said firm with respect to the financial information and other matters covered by its letter in form and substance
satisfactory to the Agent of the same tenor as the first such letter received hereunder.

 

    24

     

    

 

(q)       Representation
Date and Representation Certificate. On or prior to the date of the first Placement Notice and thereafter during the term of
this Agreement, on each Representation Date to which a waiver does not apply, the Company shall furnish to the Agent a certificate
(the “Representation Certificate”), substantially in the form of Schedule 3 and dated as of such
date, addressed to the Agent and signed by the chief executive officer and by the chief financial officer of the Company.

 

(r)       Disclosure
of Shares Sold. The Company shall disclose in its quarterly reports on Form 10-Q and in its annual report on Form 10-K the
number of the Shares sold through the Agent under this Agreement, the net proceeds to the Company and the compensation paid by
the Company with respect to sales of the Shares pursuant to this Agreement during the relevant quarter.

 

(s)       Continued
Listing of Shares. The Company shall use its commercially reasonable efforts to maintain the listing of the Common Stock on
the Exchange.

 

(t)       Notice
of Changes. At any time during the term of this Agreement, as amended or supplemented from time to time, the Company shall
advise the Agent, as soon as reasonably practicable (but no later than 24 hours) after it shall have received notice or obtained
knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided
to the Agent pursuant to this Section 3.

 

(u)        Maximum
Amount. The Company will not instruct the Agent to sell or otherwise attempt to sell Shares
in excess of the Maximum Amount.

 

4.       Conditions
of Agent’s Obligations. The obligations of the Agent hereunder are subject to (i) the accuracy, as of the Effective
Time, each Representation Date, each time of sale of any Shares, and each Settlement Date (in each case, as if made at such date)
of and compliance with all representations, warranties and agreements of the Company contained herein, (ii) the performance by
the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a)       Continuing
Amendments; No Stop Order. If filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free
Writing Prospectus, is required under the Securities Act, the Company shall have filed the Prospectus (or such amendment or
supplement) or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so
required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall be effective; no stop order
suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement, or
any amendment thereof, nor suspending or preventing the use of the Prospectus shall have been issued; to the knowledge of the
Company or the Agent, no proceedings for the issuance of such an order shall have been initiated or threatened; and any
request of the Commission for additional information (to be included in the Registration Statement, the Prospectus or
otherwise) shall have been complied with to the Agent's satisfaction.

 

    25

     

    

 

(b)       Absence of Certain
Events. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of its Subsidiaries
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 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

 

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

 

(d)       No
Adverse Changes. Except as contemplated in the Prospectus, subsequent to the respective dates as of which information is
given in the Prospectus, neither the Company nor any of its Subsidiaries shall have incurred any material liabilities or
obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any
distribution of any kind with respect to its capital stock; and there shall not have been any change in the capital stock
(other than a change in the number of outstanding shares of Common Stock due to the issuance of shares of Common Stock upon
the exercise of options or warrants or vesting of equity awards), or any material change in the short-term or
long-term debt of the Company, or any issuance of options, warrants, convertible securities or other rights to purchase
the capital stock of the Company (other than pursuant to the Specified Equity Plans) or any of its Subsidiaries, or any
development involving a prospective Material Adverse Effect (whether or not arising in the ordinary course of business), or
any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the
Company or any Subsidiary, the effect of which, in any such case described above, in the Agent’s judgment, makes it
impractical or inadvisable to offer or deliver the Shares on the terms and in the manner contemplated in the Prospectus.

 

    26

     

    

 

(e)       No
Rating Downgrade. On or after the time of sale of any Shares (i) no downgrading shall have occurred in the rating accorded
any of the Company’s securities by any “nationally recognized statistical organization,” as that term is defined
by the Commission for purposes of Rule 436(g)(2) under the Securities Act, and (ii) no such organization shall have publicly
announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s
securities.

 

(f)       Compliance
with Certain Obligations. The Company shall have performed each of its obligations under Section 3(o) – 3(q).

 

(g)      Opinion
of Agent Counsel. On each Representation Date to which a waiver does not apply, there shall have been furnished to the Agent
the opinion and negative assurance letter of Dechert LLP, counsel for the Agent, dated as of such Representation Date and addressed
to Agent, in a form reasonably satisfactory to the Agent, and such counsel shall have received such papers and information as they
request to enable them to pass upon such matters; provided however, the opinion of Dechert LLP shall only be required prior to
the first Placement Notice, and thereafter, only a negative assurance letter of such counsel shall be required for each subsequent
Representation Date.

 

(h)      Representation
Certificate. On or prior to the first Placement Notice, the Agent shall have received the Representation Certificate in form
and substance satisfactory to the Agent and its counsel.

 

(i)       No Objection by
FINRA. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

 

(j)       Timely
Filing of Prospectus and Prospectus Supplement. All filings with the Commission required by Rule 424 under the Securities Act
to have been filed by the Settlement Date, as the case may be, shall have been made within the applicable time period prescribed
for such filing by Rule 424.

 

(k)       Additional
Documents and Certificates. The Company shall have furnished to Agent and the Agent’s counsel such additional documents,
certificates and evidence as they may have reasonably requested.

 

All opinions, certificates,
letters and other documents described in this Section 4 will be in compliance with the provisions hereof only if they are satisfactory
in form and substance to Agent and the Agent’s counsel. The Company will furnish Agent with such conformed copies of such
opinions, certificates, letters and other documents as Agent shall reasonably request.

 

    27

     

    

 

5.       Indemnification
and Contribution.

 

(a)       Company Indemnification. The Company agrees to indemnify and hold harmless the Agent, its affiliates (as defined
in Rule 405 under the Securities Act), directors, officers and employees, and each person, if any, who controls the Agent within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities,
joint or several, to which the Agent may become subject, under the Securities Act or otherwise (including in settlement of any
litigation), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon,
in whole or in part:

 

(i)        an
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the 430B Information
and at any subsequent time pursuant to Rules 430A and 430B promulgated under the Securities Act, and any other information
deemed to be part of the Registration Statement at the time of effectiveness, and at any subsequent time pursuant to the Securities
Act or the Exchange Act, and the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange
Act and deemed to be incorporated by reference into the Prospectus), any Permitted Free Writing Prospectus, or any roadshow as
defined in Rule 433(h) under the Securities Act (a “road show”), or an omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,

 

(ii)       any
inaccuracy in the representations and warranties of the Company contained herein;

 

(iii)
      any investigation or proceeding by any governmental authority, commenced or threatened,
with respect to the Company (whether or not Agent is a target of or party to such investigation or proceeding), including any investigation
or proceeding relating to the sale of the Shares pursuant to the Registration Statement; or

 

(iv)      any
failure of the Company to perform its respective obligations hereunder or under law;

 

and will reimburse the
Agent for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such loss,
claim, damage, liability or action; provided, however, that the Company shall not be liable in any such case of (i) through
(iv) to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in or omitted from the Registration Statement, the Prospectus, or
any such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by Agent
specifically for use in the preparation thereof. “Rule 430B Information,” as used herein, means information
with respect to the Shares and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective
pursuant to Rule 430B.

 

In addition to its
other obligations under this Section 5(a), the Company agrees that, as an interim measure during the pendency of any claim,
action, investigation, inquiry or other proceeding arising out of or based upon any statement or omission, or any alleged
statement or omission, described in this Section 5(a), it will reimburse the Agent on a monthly basis for all reasonable
and documented legal fees or other expenses incurred in connection with investigating or defending any such claim, action,
investigation, inquiry or other proceeding, notwithstanding the absence of a judicial determination as to the propriety and
enforceability of the Company’s obligation to reimburse the Agent for such expenses and the possibility that such
payments might later be held to have been improper by a court of competent jurisdiction. Any such interim reimbursement
payments which are not made to the Agent within 30 days of a request for reimbursement shall bear interest at the WSJ Prime
Rate (as published from time to time by the Wall Street Journal).

 

    28

     

    

 

(b)       Agent
Indemnification. The Agent will indemnify and hold harmless the Company against any losses, claims, damages or liabilities
to which the Company may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such
settlement is effected with the written consent of the Agent), but only insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, the Prospectus, any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement
or omission or alleged omission was made in conformity with written information furnished to the Company by the Agent specifically
for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agent for use in
the Registration Statement or the Prospectus consists of the statements set forth in the second paragraph under the caption “Plan
of Distribution” in the Prospectus Supplement, and will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.

 

(c)       Notice
and Procedures. Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the
omission so to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to
any indemnified party except to the extent such indemnifying party has been materially prejudiced by such failure. In case
any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of the
indemnifying party’s election so to assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of investigation; provided, however, that if,
in the sole judgment of the Agent, it is advisable for the Agent to be represented by separate counsel, the Agent shall have
the right to employ a single counsel to represent the Agent, in which event the reasonable fees and expenses of such separate
counsel shall be borne by the indemnifying party or parties and reimbursed to the Agent as incurred (in accordance with the
provisions of the second paragraph in subsection (a) above).

 

    29

     

    

 

The indemnifying party
under this Section 5 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for
reasonable fees and expenses of counsel as contemplated by this Section 5, the indemnifying party agrees that it shall be liable
for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days
after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the
terms of such settlement at least 30 days prior to such settlement being entered into, and (iii) such indemnifying party shall
not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry
of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have
been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise
or consent (a) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter
of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

 

(d)       Contribution;
Limitations on Liability; Non-Exclusive Remedy. If the indemnification provided for in this Section 5 is unavailable
or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or
liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Agent on the other from the offering of the Shares, or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and the Agent on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Agent on the other shall be deemed to be in the same proportion as the total
net proceeds from the offering of the Shares (before deducting expenses) received by the Company bear to the total
commissions received by the Agent (before deducting expenses) from the sale of the Shares. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the intent
of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to
this subsection (d) were to be determined by pro rata allocation or by any other method of allocation which does not
take account of the equitable considerations referred to in this subsection (d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in this subsection (d) shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending against any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of
this subsection (d), the Agent shall not be required to contribute any amount in excess of the commissions received by
it under this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

 

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6.       Representations
and Agreements to Survive Delivery. All representations, warranties, and agreements of the Company herein or in certificates
delivered pursuant hereto, including but not limited to the agreements of the Agent and the Company contained in Section 5 hereof,
shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agent or any controlling
person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment
for, the Shares to and by the Agent hereunder.

 

7.       Termination
of this Agreement. 

 

(a)       The
Company shall have the right, by giving ten (10) days’ written notice as hereinafter specified, to terminate the provisions
of this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination
shall be without liability of any party to any other party except that (i) with respect to any pending sale, through the Agent
for the Company, the obligations of the Company, including in respect of compensation of the Agent, shall remain in full force
and effect notwithstanding the termination and (ii) the provisions of Section 3(g), Section 5 and Section 6 of this Agreement shall
remain in full force and effect notwithstanding such termination.

 

(b)       The
Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that the provisions of Section 3(g), Section 5 and Section 6 of this Agreement
shall remain in full force and effect notwithstanding such termination.

 

(c)       Unless
earlier terminated pursuant to this Section 7, this Agreement shall automatically terminate upon the issuance and sale of all of
the Shares through the Agent on the terms and subject to the conditions set forth herein, except that the provisions of Section
3(g), Section 5 and Section 6 of this Agreement shall remain in full force and effect notwithstanding such termination.

 

(d)      This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 7(a), (b) or (c) above or otherwise by mutual
agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section
3(g), Section 5 and Section 6 shall remain in full force and effect.

 

    31

     

    

 

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

 

8.       Default
by the Company. If the Company shall fail at any Settlement Date to sell and deliver the number of Shares which it is obligated
to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agent or, except as provided in
Section 3(g) hereof, any non-defaulting party. No action taken pursuant to this Section shall relieve the Company from liability,
if any, in respect of such default, and the Company shall (A) hold the Agent harmless against any loss, claim or damage arising
from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled
absent such default.

 

9.       Notices. Except as otherwise
provided herein, all communications under this Agreement shall be in writing and, if to the Agent, shall be delivered via overnight
delivery service or e-mail to (i) Piper Sandler & Co., U.S. Bancorp Center, 800 Nicollet Mall, Minneapolis, Minnesota 55402,
Attention: Equity Capital Markets, with a copy to Piper Sandler General Counsel at 800 Nicollet Mall, Minneapolis, MN 55402 and
LegalCapMarkets@psc.com; and (ii) the Company at VIVUS, Inc., 900 E. Hamilton Avenue, Suite 550, Campbell, CA 95008 Attention:
Mark K. Oki, Chief Financial Officer and Chief Accounting Officer (oki@vivus.com), with a copy (which shall not constitute notice)
to Jon Layman, Hogan Lovells US LLP, 3 Embarcadero Center, Suite 1500, San Francisco, CA 94111 (jon.layman@hoganlovells.com); or
in each case to such other address as the person to be notified may have requested in writing. Any party to this Agreement may
change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

 

10.       Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and assigns and the controlling persons, officers and directors referred to in Section 5. Nothing in
this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term “successors and assigns”
as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Agent.

 

    32

     

    

 

11.       Absence
of Fiduciary Relationship. The Company, having been advised by counsel, acknowledges and agrees that: (a) the Agent
has been retained solely to act as a sales agent in connection with the sale of the Shares and that no fiduciary, advisory or
agency relationship between the Company (including any of the Company’s affiliates (including directors), equity
holders, creditors, employees or agents, hereafter, “Company Representatives”), on the one hand,
and the Agent on the other, has been created or will be created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether the Agent has advised or is advising the Company on other matters and irrespective of the
use of the defined term “Agent;” (b) neither the Agent nor any of its affiliates (including directors), equity
holders, creditors, employees or agents, hereafter, “Agent Representatives”) shall have any duty or
obligation to the Company or any Company Representative except as set forth in this Agreement; (c) the price and other terms
of any Placement executed pursuant to this Agreement, as well as the terms of this Agreement, are deemed acceptable to the
Company and its counsel, following discussions and arms-length negotiations with the Agent; (d) the Company is capable of
evaluating and understanding, and in fact has evaluated, understands and accepts the terms, risks and conditions of any
Placement to be executed pursuant to this Agreement, and any other transactions contemplated by this Agreement; (e) the
Company has been advised that the Agent and the Agent Representatives are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and that the Agent and the Agent Representatives have no obligation
to disclose any such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship,
or otherwise; (f) the Company has been advised that the Agent is acting, in respect of any Placement and the transactions
contemplated by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; and (g) the Company
and the Company Representatives waive, to the fullest extent permitted by law, any claims that they may have against the
Agent or any of the Agent Representatives for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any
Placement or any of the transactions contemplated by this Agreement and agree that the Agent and the Agent Representatives
shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company or any of the Company
Representatives in respect of any person asserting any claim of breach of any fiduciary duty on behalf of or in right of the
Company or any of the Company Representatives. Neither the Agent nor its affiliates have 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.

 

12.       Governing
Law and Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York. The Company (on its own behalf and on behalf of its stockholders and affiliates)
hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

13.        Submission
to Jurisdiction, Etc. Each party hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts
sitting in the Borough of Manhattan, City of New York, in any suit or proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue
of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally waive and agree not
to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such court has been brought
in an inconvenient forum.

 

    33

     

    

 

 

14.       Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument. Delivery of an executed Agreement or
counterpart thereof by one party to the other may be made by facsimile or e-mail transmission.

 

15.       Construction.
The section and exhibit headings herein are for convenience only and shall not affect the construction hereof. References
herein to any law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority shall be deemed
to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority as amended,
reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations
promulgated thereunder.

 

[Signature Page Follows]

 

    34

     

    

 

Please sign and return
to the Company the enclosed letter whereupon this letter will become a binding agreement between the Company and the Agent in accordance
with its terms.

 

	 	Very truly yours,
	 	 
	 	VIVUS, Inc.
	 	 
	 	By:	/s/ John P. Amos
	 	 	Name: John P. Amos
	 	 	Title: Chief Executive Officer

 

Confirmed as of the date first above
mentioned.

 

PIPER SANDLER & CO.

 

	By:	/s/ Neil Riley	 
	 	Name: Neil Riley	 
	 	Title: Managing Director	 

 

    

     

    

 

SCHEDULE 1

 

FORM OF PLACEMENT NOTICE

 

No Facsimile and No Voicemail

 

	From:	VIVUS, Inc.
	 	 
	To:	Piper Sandler & Co.

     

    Attention:

     

    Neil A. Riley

    Neil.Riley@psc.com  

     

    Connor N. Anderson

    Connor.Anderson@psc.com

     

    Tom Wright

    Thomas.Wright@psc.com  

     

    Jay A. Hershey 

Jay. Hershey@psc.com

     

    Michael Bassett

Michael.Bassett@psc.com  

     

	Date:   	[●], 20[●]   
	 	 
	Subject:	Equity Distribution Agreement – Placement Notice
	 	 
	Gentlemen:	 

 

Pursuant to the terms and subject to the
conditions contained in the Equity Distribution Agreement between VIVUS, Inc. (“Company”) and Piper Sandler
 & Co. (“Agent”) dated March 6, 2020 (the “Agreement”), the Company hereby requests
that Agent sell up to [ ̈] shares of the Company’s common stock, par value $0.001 per share, at a minimum market price
of $[ ̈] per share.  Sales should begin on [the date of this Placement Notice]/[ ̈] and shall continue until [ ̈]
/ [all such shares are sold].1

 

 

 

1 Additional parameters
may be included in accordance with Section 2(a)(i) of the Agreement.

 

    

     

    

 

SCHEDULE 2

 

NOTICE PARTIES 

 

VIVUS, Inc.

 

John Amos

 

Mark K. Oki

 

John L. Slebir

 

Piper Sandler & Co. 

 

Neil A. Riley

Neil.Riley@psc.com

 

Connor N. Anderson

Connor.Anderson@psc.com

 

Tom Wright

Thomas.Wright@psc.com

 

Jay A. Hershey

Jay.Hershey@psc.com

 

Michael Bassett

Michael.Bassett@psc.com

 

     

     

    

 

SCHEDULE 3

 

FORM OF REPRESENTATION CERTIFICATE 

PURSUANT TO SECTION 3(q) OF THE AGREEMENT
 

 

[Date]

 

Piper Sandler & Co.

800 Nicollet Mall

Minneapolis, MN 55402

 

Sir:

 

Each of the undersigned, the duly qualified
and elected [•] or [•] of VIVUS, Inc., a Delaware corporation (the “Company”), as applicable, does
hereby certify, solely in such capacity and on behalf of the Company, and not in any individual capacity, pursuant to Section 3(q)
of the Equity Distribution Agreement, dated March 6, 2020 (the “Equity Distribution Agreement”), between the
Company and Piper Sandler & Co., that to the best of the knowledge of the undersigned:

 

(i)                
The representations and warranties of the Company in the Equity Distribution Agreement are true and correct, in all material
respects, as if made at and as of the date of the certificate, and the Company has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied at or prior to the date of the certificate;

 

(ii)             
No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment
thereof or the qualification of the Shares for Registration Statement, nor suspending or preventing the use of the Prospectus or
any Permitted Free Writing Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best
of the Company’s knowledge, is contemplated by the Commission or any state or regulatory body;

 

(iii)           
The Shares have been duly and validly authorized by the Company and that all corporate action required to be taken for the
authorization, issuance and sale of the Shares has been validly and sufficiently taken;

 

(iv)            
The signers of this certificate have carefully examined the Registration Statement, the Prospectus and any Permitted Free
Writing Prospectus, and any amendments thereof or supplements thereto (including any documents filed under the Exchange Act and
deemed to be incorporated by reference into the Prospectus and any Permitted Free Writing Prospectus),

 

(A)             each
part of the Registration Statement and the Prospectus, and any amendments thereof or supplements thereto (including any
documents filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus) contain, and contained
when such part of the Registration Statement (or such amendment) became effective, all statements and information required to
be included therein, each part of the Registration Statement, or any amendment thereof, does not contain, and did not
contain, when such part of the Registration Statement (or such amendment) became effective, any untrue statement of a
material fact or omit to state, and did not omit to state when such part of the Registration Statement (or such amendment)
became effective, any material fact required to be stated therein or necessary to make the statements therein not misleading,
and the Prospectus, as amended or supplemented, does not include and did not include as of its date, or the time of first use
within the meaning of the Securities Act, any untrue statement of a material fact or omit to state and did not omit to state
as of its date, or the time of first use within the meaning of the Securities Act, a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading,

 

     

     

    

 

(B)             
at no time during the period that begins on the earlier of the date of the base prospectus included in the Registration
Statement, Prospectus, or Permitted Free Writing Prospectus and the date such base prospectus, Prospectus, or Permitted Free Writing
Prospectus was filed with the Commission and ends on the date of this certificate did such base prospectus, Prospectus, or Permitted
Free Writing Prospectus, as then amended or supplemented, include an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,

 

(C)             
since the date of the Equity Distribution Agreement, there has occurred no event required to be set forth in an amended
or supplemented prospectus which has not been so set forth, and there has been no document required to be filed under the Exchange
Act that upon such filing would be deemed to be incorporated by reference into the Prospectus or any Permitted Free Writing Prospectus
that has not been so filed,

 

(D)            
except as stated in the Prospectus or any Permitted Free Writing Prospectus, the Company has not incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions, not in the ordinary course of business, or declared
or paid any dividends or made any distribution of any kind with respect to its capital stock, and except as disclosed in the Prospectus,
and any Permitted Free Writing Prospectus, there has not been any change in the capital stock (other than a change in the number
of outstanding Common Stock due to sales of Shares pursuant to the Equity Distribution Agreement and the issuance of shares of
Common Stock upon the exercise of equity awards or warrants), or any material change in the short term or long term debt, or any
Material Adverse Effect or any development involving a prospective Material Adverse Effect (whether or not arising in the ordinary
course of business), or any material loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered
by insurance, incurred by the Company, and

 

(E)             
except as stated in the Prospectus, and any Permitted Free Writing Prospectus, there is not pending, or, to the knowledge
of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before or by any court
or governmental agency, authority or body, or any arbitrator, which might reasonably be expected to result in a Material Adverse
Effect.

 

Capitalized terms used herein without definition
shall have the meanings given to such terms in the Equity Distribution Agreement.

 

    

     

    

 

	 	
        VIVUS, Inc.

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

    

     

    

 

SCHEDULE 4

 

SUBSIDIARIES

 

1. Vivus Pharmaceuticals Limited
(British Columbia), a wholly owned subsidiary of VIVUS, Inc.

 

2. VIVUS BV (Netherlands),
a wholly owned subsidiary of VIVUS, Inc.

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