Document:

EX-10.1

 Exhibit 10.1 
  

 
  

Organovo Holdings, Inc. 

4,000,000 Shares of Common Stock 

EQUITY DISTRIBUTION AGREEMENT 

Dated: November 27, 2013 
  

 
  

 TABLE OF CONTENTS 
  

							
	SECTION 1.	 	 Description of Securities
	  	 	1	  
			
	SECTION 2.	 	 Placements
	  	 	2	  
			
	SECTION 3.	 	 Sale of Placement Securities by the Placement Agent
	  	 	3	  
			
	SECTION 4.	 	 Suspension of Sales
	  	 	4	  
			
	SECTION 5.	 	 Representations and Warranties
	  	 	4	  
			
	SECTION 6.	 	 Sale and Delivery to the Placement Agent; Settlement
	  	 	15	  
			
	SECTION 7.	 	 Covenants of the Company
	  	 	16	  
			
	SECTION 8.	 	 Payment of Expenses
	  	 	21	  
			
	SECTION 9.	 	 Conditions of the Placement Agent’s Obligations
	  	 	21	  
			
	SECTION 10.	 	 Indemnity and Contribution by the Company and the Placement Agent
	  	 	23	  
			
	SECTION 11.	 	 Representations, Warranties and Agreements to Survive Delivery
	  	 	26	  
			
	SECTION 12.	 	 Termination of Agreement
	  	 	26	  
			
	SECTION 13.	 	 Notices
	  	 	27	  
			
	SECTION 14.	 	 Parties
	  	 	27	  
			
	SECTION 15.	 	 Adjustments for Stock Splits
	  	 	27	  
			
	SECTION 16.	 	 Governing Law and Time
	  	 	27	  
			
	SECTION 17.	 	 Effect of Headings
	  	 	27	  
			
	SECTION 18.	 	 Permitted Free Writing Prospectuses
	  	 	27	  
			
	SECTION 19.	 	 Absence of Fiduciary Relationship
	  	 	28	  

  
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 TABLE OF CONTENTS 

EXHIBITS 
  

					
	Exhibit A	  	–	  	Form of Placement Notice
			
	Exhibit B	  	–	  	Authorized Individuals for Placement Notices and Acceptances
			
	Exhibit C	  	–	  	Compensation
			
	Exhibit D	  	–	  	Form of Corporate Opinion of DLA Piper LLP (US)
			
	Exhibit E	  	–	  	Officer Certificate
			
	Exhibit F	  	–	  	Issuer Pricing Free Writing Prospectus

  
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 Organovo Holdings, Inc. 

4,000,000 Shares of Common Stock 

EQUITY DISTRIBUTION AGREEMENT 

November 27, 2013 
 JMP Securities LLC 

600 Montgomery Street, Suite 1100 
 San Francisco, California
94111 
 Ladies and Gentlemen: 
 Organovo
Holdings, Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with JMP Securities LLC (the “Placement Agent”), as follows: 

SECTION 1. Description of Securities. 

The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it
may issue and sell through the Placement Agent, acting as agent and/or principal, up to 4,000,000 shares (the “Securities”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”).
Notwithstanding anything to the contrary contained herein, except as set forth in a Placement Notice (as defined below) the parties hereto agree that compliance with the limitations set forth in this Section 1 on the number of the Securities
issued and sold under this Agreement shall be the sole responsibility of the Company, and the Placement Agent shall have no obligation in connection with such compliance. The issuance and sale of the Securities through the Placement Agent will be
effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”), although nothing in this Agreement shall be construed as
requiring the Company to use the Registration Statement to offer, sell or issue any Securities. 
 The Company has filed, in accordance with
the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with the Commission a registration statement on Form S-3 (File No. 333-189995), including
a base prospectus, relating to certain securities, including the Securities to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The Company has prepared a prospectus supplement specifically relating to the Securities (the
“Prospectus Supplement”) to the base prospectus included as part of such registration statement. The Company will furnish to the Placement Agent, for use by the Placement Agent, copies of the prospectus included as part of such
registration statement, as supplemented by the Prospectus Supplement, relating to the Securities. 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 of 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 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. Any reference herein to financial statements and schedules and other information that is “contained,”
“included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is
incorporated by reference in the Registration Statement or the Prospectus, as the case may be. Any reference herein to the Registration Statement, any Rule 462(b) Registration Statement, the Prospectus or any amendment or supplement to any of the
foregoing shall be deemed to include the copy filed with the Commission pursuant to the Commission’s Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”); all references in this Agreement to any Issuer Free
Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433 under the Securities Act, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant
to EDGAR. 
 SECTION 2. Placements. 

Each time that the Company wishes to issue and sell the Securities hereunder (each, a “Placement”), it will notify the
Placement Agent by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the Securities to be sold, which shall at a minimum include the number of Securities to be
issued (the “Placement Securities”), the time period during which sales are requested to be made, any limitation on the number of Securities that may be sold in any one day and any minimum price below which sales may not be made (a
“Placement Notice”), a form of which containing such minimum sales parameters necessary is attached hereto as Exhibit A. The Placement Notice shall originate from any of the individuals from the Company set forth on
Exhibit B (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Placement Agent set forth on Exhibit B, as such Exhibit B may be
amended from time to time. If the Placement Agent wishes to accept such proposed terms included in the Placement Notice (which it may decline to do so for any reason in its sole discretion) or, following discussion with the Company, wishes to accept
amended terms, the Placement Agent will, prior to 4:30 p.m. (eastern time) on the Business Day (as defined below) following the Business Day on which such Placement Notice is delivered to the Placement Agent (provided that if delivery of such
Placement Notice occurs after 4:30 p.m. (eastern time), such will be deemed to have occurred on the next Business Day), issue to the Company a notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the
individuals from the Company and the Placement Agent set forth on Exhibit B) setting forth the terms that the Placement Agent is willing to accept. Where the terms provided in the Placement Notice are amended as provided for in the
immediately preceding sentence, such terms will not be binding on the Company or the Placement Agent until the Company delivers to the Placement Agent an acceptance by email (or other method mutually agreed to in writing by the parties) of all of
the terms of such Placement Notice, as amended (the “Acceptance”), which email shall be addressed to all of the individuals from the Company and the Placement Agent set forth on Exhibit B. The Placement Notice (as amended by
the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Placement Agent’s acceptance of the terms of the Placement Notice or upon receipt by the Placement Agent of the Company’s Acceptance, as the
case may be, unless and until (i) the entire amount of the Placement Securities have been sold, (ii) in accordance with the Placement Notice requirements set forth in the second sentence of this paragraph, the Company terminates the
Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, (iv) the Agreement has been terminated under the provisions of Section 9 or
Section 12 or (v)

  
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either party shall have suspended the sale of the Placement Securities in accordance with Section 4 below. The amount of any discount, commission or other compensation to be paid by the
Company to the Placement Agent in connection with the sale of the Placement Securities shall be calculated in accordance with the terms set forth in Exhibit C. It is expressly acknowledged and agreed that neither the Company nor the Placement
Agent will have any obligation whatsoever with respect to a Placement or any Placement Securities unless and until the Company delivers a Placement Notice to the Placement Agent and either (i) the Placement Agent accepts the terms of such
Placement Notice or (ii) where the terms of such Placement Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms
of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control. The term “Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York
are generally authorized or obligated by law or executive order to close. 
 SECTION 3. Sale of Placement Securities by the Placement
Agent. 
 Subject to the provisions of Section 6(a), the Placement Agent, for the period specified in the Placement Notice, will
use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the Placement Securities up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the
corresponding Acceptance, if applicable). The Placement Agent will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of
Placement Securities hereunder setting forth the number of Placement Securities sold on such day, the compensation payable by the Company to the Placement Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined
below) payable to the Company, with an itemization of the deductions made by the Placement Agent (as set forth in Section 6(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice (as amended
by the corresponding Acceptance, if applicable), the Placement Agent may sell Placement Securities by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act, including without
limitation sales made directly on the NYSE MKT, on any other existing trading market for the Common Stock or to or through a market maker. If specified in a Placement Notice (as amended by the corresponding Acceptance, if applicable), the Placement
Agent may also sell Placement Securities by any other method permitted by law, including but not limited to in privately negotiated transactions. During the term of this Agreement and notwithstanding anything to the contrary herein, the Placement
Agent agrees that in no event will it or any of its affiliates engage in any market making, bidding, stabilization or other trading activity with regard to the Common Stock if such activity would be prohibited under Regulation M or other
anti-manipulation rules under the Securities Act. Without limiting the foregoing, unless and until the exemptive provisions of Rule 101(c)(1) of Regulation M, or any other exemptive provisions, have been satisfied in the judgment of each party, the
Placement Agent or any of its affiliates shall not engage in any market-making, bidding or stabilization with respect to the Common Stock at any time a Placement Notice is pending. The Placement Agent also agrees that during the term of this
Agreement in no event will it, or any of its affiliates, directly or indirectly effect or agree to effect any Short Sales of the Company’s securities. For the purposes hereof, “Short Sales” shall include without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales,
swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) or similar arrangements (including on a total return basis), or sales or other transactions through non-U.S. broker dealers or foreign regulated
brokers. For the purposes hereof, “Trading Day” means any day on which shares of Common Stock are purchased and sold on the principal 

  
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market on which the Common Stock is listed or quoted and during which there has been no market disruption of, unscheduled closing of or suspension of trading on such principal market.
Notwithstanding the foregoing, such provision shall not apply to any actions performed at the request of the Placement Agent’s clients and not for the Placement Agent itself. 

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

SECTION 5. Representations and Warranties. 

(a) Representations and Warranties by the Company. The Company represents and warrants to the Placement Agent as of the date hereof and
as of each Representation Date (as defined herein) on which a certificate is required to be delivered pursuant to Section 7(o) of this Agreement and as of the time of each sale of any Securities or any securities pursuant to this Agreement (the
“Applicable Time”), and agrees with the Placement Agent, as follows: 
 (1) Compliance with Registration
Requirements. The Securities have been duly registered under the Securities Act pursuant to the Registration Statement. The Registration Statement has become effective under the Securities Act, or, with respect to any registration statement to
be filed to register the offer and sale of the Securities pursuant to Rule 462(b) under the Securities Act, including the documents incorporated by reference therein and the Rule 430A Information, (a “Rule 462(b) Registration
Statement”), will be filed with the Commission and become effective under the Securities Act no later than 10:00 P.M., New York City time, on the date of determination of the public offering price for the Securities, and no stop order
preventing or suspending the use of any base prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement or any Rule 462(b) Registration
Statement and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information has been complied
with. 
 At the respective times each of the Registration Statement, any Rule 462(b) Registration Statement and any
post-effective amendments thereto became or becomes effective and as of the date hereof, the Registration Statement, any Rule 462(b) Registration Statement and any amendments and supplements thereto complied and will comply in all material respects
with the requirements of the Securities Act. The conditions for the use of Form S-3, as set forth in the General Instructions thereto, have been complied with and the Registration Statement meets, and the offering and sale of the Securities as
contemplated hereby complies with, the requirements of Rule 415(a)(1)(x) under the Securities Act (including without limitation, Rule 415(a)(5)). The Registration Statement, as of the date hereof and each effective date with respect thereto, did not
and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or supplements thereto,
as of their respective dates, and at each 

  
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Applicable Time and Settlement Date (as defined below), as the case may be, included or will include an untrue statement of a material fact or omitted or will 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 immediately preceding paragraph shall not apply to statements in or
omissions from the Registration Statement or the Prospectus, as amended or supplemented, made in reliance upon and in conformity with information furnished to the Company in writing by the Placement Agent expressly for use therein. 

The copies of the Registration Statement and any Rule 462(b) Registration Statement and any amendments thereto, any other
preliminary prospectus, each Issuer Free Writing Prospectus (as defined below) that is required to be filed with the Commission pursuant to Rule 433 under the Securities Act and the Prospectus and any amendments or supplements thereto delivered and
to be delivered to the Placement Agent (electronically or otherwise) in connection with the offering of the Securities were and will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to
the extent permitted by Regulation S-T. “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, relating to the Securities that (i) is required to
be filed with the Commission by the Company, (ii) is a “road show” that is a “written communication” within the meaning of Rule 433(d)(8)(i) under the Securities Act whether or not required to be filed with the Commission,
or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains a description of the Securities or of the offering that does not reflect the final terms, and all free writing prospectuses that are
listed in Exhibit H hereto, in each case in the form furnished (electronically or otherwise) to the Placement Agent for use in connection with the offering of the Securities. 

Each Issuer Free Writing Prospectus relating to the Securities, as of its issue date and as of each Applicable Time and
Settlement Date (as defined below), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated
document deemed to be a part thereof that has not been superseded or modified; each Issuer Free Writing Prospectus, as supplemented by and taken together with the Prospectus, as of the Applicable Time and Settlement Date (as defined below), will not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances, prevailing at that time, not misleading. The foregoing sentence does not apply to
statements in or omissions from any issuer free writing prospectus based upon and in conformity with written information furnished to the Company by the Placement Agent specifically for use therein. 

Each document incorporated by reference in the Registration Statement or the Prospectus heretofore filed, when it was filed
(or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act, and any further documents so filed and incorporated after the date of
this Agreement will, when they are filed, conform in all material respects with the requirements of the Exchange Act; no such document when it was filed (or, if an amendment with respect to any such document was filed, when such amendment was
filed), contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and no such document, when it is filed, will contain an
untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. 

  
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 (2) Company Capitalization. The Company has an authorized capitalization
as set forth in the Prospectus; the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable. 

(3) Disclosure Regarding Outstanding Securities. Except as disclosed in the Prospectus and its supplements, there are no
outstanding (A) securities or obligations of the Company or the subsidiaries of the Company required to be set forth in Exhibit 21.1 to the Company’s Transition Report on Form 10-KT for the three months ended March 31, 2013 (each a
“Subsidiary,” and together, the “Subsidiaries”) convertible into or exchangeable for any capital stock of or partnership interests, membership interests or other equity interests, as the case may be, in the Company
or any such Subsidiary, (B) warrants, rights or options to subscribe for or purchase from the Company or any Subsidiary any such capital stock or any such convertible or exchangeable securities or obligations, other than options, restricted
stock, restricted stock units or other awards granted in the future under the Company’s stock incentive plans, or (C) obligations of the Company or any Subsidiary to issue any securities or obligations, any such convertible or exchangeable
securities or obligations, or any such warrants, rights or options the existence of which, in each case (A), (B) and (C), is required to be disclosed in the Registration Statement and the Prospectus and are not so disclosed. 

(4) Good Standing. Each of the Company and the Subsidiaries has been duly incorporated or organized and is validly
existing as a corporation, general or limited partnership or limited liability company, as the case may be, except to the extent, in the case of the Subsidiaries, that the failure to be so organized or in good standing would not, individually or in
the aggregate, reasonably be expected to have any material adverse effect on, or change with respect to, the assets, business operation, earnings, prospects, properties or financial condition, present or prospective, of the Company and its
Subsidiaries taken as a whole (a “Material Adverse Effect” or “Material Adverse Change”) and is in good standing under the laws of its respective jurisdiction of incorporation or organization except to the extent
that the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(5) Corporate Power. Each of the Company and the Subsidiaries have the corporate, partnership or limited liability
company power, as the case may be, and authority to own their respective properties and conduct their respective businesses, each as described in each of the Registration Statement and the Prospectus except to the extent that the failure to have
such power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and, in the case of the Company, to execute and deliver this Agreement and to consummate the transactions described in
this Agreement. 
 (6) Foreign Qualifications. The Company and the Subsidiaries are duly qualified or licensed and in
good standing in each jurisdiction where such qualification or license is required except where the failure, individually or in the aggregate, to be so qualified or licensed would not reasonably be expected to have a Material Adverse Effect. 

(7) No Prohibition on Dividends Payable by the Subsidiaries. Except as disclosed in the Prospectus, no Subsidiary is
contractually prohibited or restricted, directly or indirectly, from paying dividends or from making any other distribution with respect to the outstanding membership interests of such Subsidiary or from repaying to the Company or another subsidiary
of the Company any amounts which may from time to time become due under any loans or advances to such Subsidiary from the Company or another subsidiary of the Company, or from transferring such Subsidiary’s property or assets to the Company or
another subsidiary of 

  
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the Company except for any such prohibitions and restrictions that would not individually or in the aggregate reasonably be expected to have a Material Adverse Effect or to the extent that any
such restriction would currently materially limit the Company’s ability to pay dividends or that would be reasonably likely to materially limit the future payment of dividends on Common Stock. 

(8) Absence of Defaults. Except as disclosed in the Prospectus, neither the Company nor any Subsidiary is in breach of
or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach of, or default under), its respective organizational documents, or in the performance or observance of any obligation, agreement,
covenant or condition contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties or
assets is bound, except for such breaches or defaults which would not reasonably be expected to have a Material Adverse Effect. 

(9) Absence of Conflicts. The execution, delivery and performance of this Agreement and consummation of the transactions
contemplated herein will not (A) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach of, or default under): (1) any
provision of the organizational documents of the Company or any Subsidiary, or (2) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any
Subsidiary is a party or by which any of them or their respective assets or properties may be bound or affected, or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company or any
Subsidiary, except in the case of clause (2) for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect; or (B) result in the creation or imposition of any lien, charge, claim or encumbrance upon
any property or asset of the Company or any Subsidiary, except for such liens, charges, claims or encumbrances which would not reasonably be expected to have a Material Adverse Effect. 

(10) Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by each of the Company
and is a legal, valid and binding agreement of each of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions of Section 10 hereof may be limited by federal or state securities laws and public policy considerations in
respect thereof. 
 (11) Absence of Further Requirements. No approval, authorization, consent or order of or filing
with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the Company’s execution, delivery and performance of this Agreement, the consummation of the
transactions contemplated herein by the Company, including the Company’s issuance, sale and delivery of the Securities, other than (A) such as have been obtained, or will have been obtained at the Settlement Date (as defined below), as the
case may be, under the Securities Act and the Exchange Act, (B) any necessary qualification under the securities or “blue sky” laws of the various jurisdictions in which the Securities are being offered by the Placement Agent, or
(C) any such approvals, authorizations, consents, orders, or filings that if not obtained or made, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or which would not reasonably be expected
to have a material adverse effect on the Company’s ability to perform their agreed upon obligations under this Agreement. 

  
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 (12) Possession of Licenses and Permits. Each of the Company and the
Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents
and approvals from other persons, required in order to conduct their respective businesses as described in the Prospectus, except to the extent that any failure to have any such licenses, authorizations, consents or approvals, to make any such
filings or to obtain any such authorizations, consents or approvals would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is in violation of, in default
under, or has received any notice regarding a possible violation, default or revocation of any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment
applicable to the Company or any of the Subsidiaries the effect of which would reasonably be expected to result in a Material Adverse Change. The representations and warranties contained in this Section 5(a)(12) do not apply to any matter the
subject matter of which is specifically covered in Section 5(a)(30). 
 (13) Permitted Free Writing Prospectuses.
Except for the Issuer Free Writing Prospectuses identified in Exhibit H hereto, the Company has not prepared, used or referred to, and will not, without the prior consent of the Placement Agent, prepare, use or refer to, any Free Writing
Prospectus. 
 (14) Company Not an Ineligible Issuer. (i) At the earliest time after the filing of the
Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) of the Securities and (ii) as of the date hereof, the Company was not and is not an
Ineligible Issuer (as defined in Rule 405 of the Securities Act Regulations), without taking account of any determination by the Commission pursuant to Rule 405 of the Securities Act that it is not necessary that the Company be considered an
Ineligible Issuer. 
 (15) Filing of Registration Statement. The Company filed the Registration Statement with the
Commission before using any Issuer Free Writing Prospectus. 
 (16) Absence of Proceedings. Except as disclosed in the
Prospectus, there are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary or, to the extent that such proceeding affects the properties or assets
of the Company or any Subsidiary, any of their respective officers and directors or to which the properties, assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental or
regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment, decree, award or order that would reasonably be expected to have a Material Adverse Effect. 

(17) Financial Statements. The consolidated financial statements of the Company and its subsidiaries present fairly, in
all material respects, the consolidated financial position of the Company and its subsidiaries, as of the dates indicated and consolidated results of operations and changes in financial position and cash flows for the periods specified; such
financial statements have been prepared in conformity with generally accepted accounting principles as applied in the United States and on a consistent basis during the periods involved 

  
 8 

 
and in accordance with Regulation S-X promulgated by the Commission; the financial statement schedules included or incorporated by reference in the Prospectus have been compiled on a basis
consistent with the financial statements; no pro forma financial information, financial statements or supporting schedules other than the Historical Financial Statements are required to be included in the Registration Statement or the Prospectus.

 (18) Independent Accountants. Mayer Hoffman McCann P.C., whose reports on the consolidated financial statements of
the Company and its subsidiaries constitute part of the Prospectus, is, and was during the periods covered by its reports, independent as required by the Securities Act. 

(19) No Material Adverse Change. Subsequent to the respective dates of the financial statements, and except as may be
otherwise disclosed in the Prospectus, there has not been (A) any Material Adverse Change or any development or transaction that would reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course
of business, (B) any transaction that is material to the Company and the Subsidiaries taken as a whole, contemplated or entered into by the Company or any of the Subsidiaries, (C) any obligation, contingent or otherwise, directly or
indirectly incurred by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken as a whole or (D) any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock
or any Subsidiary on any of its equity interests. 
 (20) Description of Securities. The Common Stock, conforms in all
material respects to the descriptions thereof contained in the Prospectus. 
 (21) Absence of Registration Rights.
There are no persons with registration or other similar rights to have any equity or debt securities of the Company or the Subsidiaries, including securities which are convertible into or exchangeable or redeemable for equity securities of the
Company or the Subsidiaries, registered pursuant to the Registration Statement, except for those shares and securities currently the subject of registration statements on file with the Commission. 

(22) Authorization of Securities. The Securities have been duly authorized and, when issued and duly delivered against
payment therefor as contemplated by this Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Securities by the Company
is not subject to preemptive or other similar rights arising by operation of law, under the organizational documents of the Company or any Subsidiary or under any agreement to which the Company or any Subsidiary is a party or otherwise. 

(23) NYSE MKT. The Common Stock has been registered under Section 12(b) of the Exchange Act and the Company will
provide us with written notice of the approval of the Securities for listing on the NYSE MKT (the “NYSE MKT”), and, upon such notice, the Securities will be approved for listing on the NYSE MKT, subject to official notice of
issuance; 
 (24) Absence of Stabilization and Manipulation. The Company has not taken, directly or indirectly, any
action which is designed to or which has constituted or which might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. 

  
 9 

 (25) Absence of Registration Requirements. Neither the Company nor any of
its affiliates (A) is required to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act, or (B) directly, or indirectly through one or more intermediaries, controls or has any other
association with (within the meaning of Article I of the By-laws of the Financial Industry Regulatory Authority (“FINRA”)) any member firm of FINRA. 

(26) Form of Certificates. The form of certificate used to evidence the Common Stock complies in all material respects
with all applicable statutory requirements, with any applicable requirements of the organizational documents of the Company and the requirements of the NYSE MKT. 

(27) Title to Property. The Company and the Subsidiaries have good and marketable title in fee simple to all real
property, if any, and good title to all personal property, if any, owned by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances, claims, restrictions, mortgages and defects in such title (collectively,
the “Encumbrances”), except such Encumbrances that are disclosed in the Prospectus or would not reasonably be expected to have a Material Adverse Effect; any real or personal property leased by the Company or any Subsidiary is held
under a lease which is a valid and binding agreement, enforceable against the Company or such Subsidiary (to the extent a party thereto) and, to the Company’s knowledge, the other parties thereto, except (A) as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general principles of equity, and except to the extent that the indemnification and contribution provisions of Section 10
hereof may be limited by federal or state securities laws and public policy considerations in respect thereof, (B) as otherwise disclosed in the Prospectus or (C) for such exceptions that would not reasonably be expected to have a Material
Adverse Effect. The representations and warranties contained in this Section 5(a)(27) do not apply to any matter the subject matter of which is specifically covered in Section 5(a)(30). 

(28) Mortgages. Except as disclosed in the Prospectus, the mortgages, if any, encumbering any real property owned in fee
simple by the Company or a Subsidiary are not and will not be: (A) convertible (in the absence of foreclosure) into an equity interest in such real property or in the Company or any Subsidiary, (B) cross-defaulted to any indebtedness other
than indebtedness of the Company or any of the Subsidiaries or (C) cross-collateralized to any property or assets not owned by the Company or any of the Subsidiaries. 

(29) Description of Legal Proceedings. The descriptions of legal or governmental proceedings, contracts, leases and
other legal documents in the Prospectus constitute fair and accurate summaries of such proceedings or documents, and there are no legal or governmental proceedings, contracts, leases or other documents that are known to the Company of a character
required to be described in the Prospectus or filed as exhibits to the Registration Statement which are not so described or filed; all agreements between the Company or any of the Subsidiaries and third parties expressly referenced in the Prospectus
are legal, valid and binding obligations of the Company or the Subsidiaries, to the extent a party thereto, and, to the knowledge of the Company, of the other parties thereto, enforceable against the Company or Subsidiaries in accordance with their
respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and neither the Company nor any
Subsidiary is in breach or default under any such agreements, except to the extent that the indemnification and contribution may be limited by federal or state securities laws and public policy considerations in respect thereof. 

  
 10 

 (30) Possession of Intellectual Property. The Company or the Subsidiaries
own or possess adequate licenses or other rights to use all material patents, trademarks, service marks, trade names, copyrights, software licenses, trade secrets, other intangible property rights and know-how (collectively,
“Intangibles”) necessary for the Company and the Subsidiaries taken together as a whole (the “Consolidated Company”) to conduct the business of the Consolidated Company as described in the Prospectus, except to the
extent that the failure to own or possess adequate rights to use such Intangibles would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has received notice of
infringement of or conflict with (and the Company and the Subsidiaries know of no such infringement of or conflict with) asserted rights of others with respect to any Intangibles which could reasonably be expected to have a Material Adverse Effect.

 (31) Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide
reasonable assurance that, with respect to the Consolidated Company, (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of
the consolidated financial statements of the Company in conformity with generally accepted accounting principles as applied in the United States and to maintain asset accountability; (C) access to assets is permitted only in accordance with
management’s general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

(32) Disclosure Controls. (A) the Company has established and maintains disclosure controls and procedures (as such
term is defined in Rule 13a-15(e) under the Exchange Act), which (1) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company’s principal executive
officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared, (2) have been evaluated for effectiveness as of the
end of the Company’s last fiscal year, and (3) are effective in all material respects to perform the functions for which they were established, and (B) based on the evaluation of the Company’s disclosure controls and procedures
described above, the Company is not aware of (1) any material weakness in the design or operation of internal control over financial reporting which is reasonably likely to adversely affect the Company’s ability to record, process,
summarize and report financial information, or (2) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. Since the most
recent evaluation of the Company’s disclosure controls and procedures described above, there have been no significant changes in internal control over financial reporting or in other factors that could materially affect internal control over
financial reporting. 
 (33) ERISA. To the knowledge of the Company, the Company and the Subsidiaries are in
compliance in all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”); no
“reportable event” (as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA) for which the Company or any of the Subsidiaries would have any material liability; neither the Company nor any of the
Subsidiaries has incurred and none of them expect to incur any material liability under (A) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension plan” or (B) Section 412 or 4971 of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (“Code”); each “pension plan” for which the Company or any of the Subsidiaries would have any liability that is intended
to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

  
 11 

 (34) Tax Returns. The Company and each of the Subsidiaries has filed on a
timely basis all material federal, state, local and foreign tax returns required to be filed through the date hereof or have properly requested extensions thereof, and all such tax returns are true, correct and complete in all material respects, and
have paid all material taxes required to be paid, including any tax assessment, fine or penalty levied against the Company or any of the Subsidiaries; and no tax deficiency has been asserted against any such entity, nor does any such entity know of
any tax deficiency which is likely to be asserted against any such entity which, individually or in the aggregate, if determined adversely to any such entity, could reasonably be expected to have a Material Adverse Effect; all material tax
liabilities are adequately provided for on the respective books of such entities. 
 (35) Federal Income Tax
Considerations. To the extent included in the Prospectus, the statements set forth in the Prospectus under the caption “Federal Income Tax Considerations” insofar as they purport to describe the provisions of the laws and documents
referred to therein, are accurate and complete and fairly summarize the federal income tax considerations described therein. 

(36) Tax Advice. The Company has not relied upon the Placement Agent or legal counsel for the Placement Agent for any
legal, tax or accounting advice in connection with the offering and sale of the Securities. 
 (37) Insurance. The
Company maintains insurance, including title insurance (in each case, issued by insurers of recognized financial responsibility) of the types and in the amounts generally deemed adequate for the business of the Company and its Subsidiary and
generally consistent with insurance coverage maintained by similar companies in similar businesses, including, but not limited to, directors and officers liability insurance, title insurance, insurance covering real and personal property owned or
leased by the Company and the Subsidiaries against theft, damage, destruction, environmental liabilities, acts of vandalism, terrorism, earthquakes, floods and all other risks customarily insured against, all of which insurance is in full force and
effect. 
 (38) Environmental Laws. The Company and the Subsidiaries have received all permits, licenses or other
approvals required of them under applicable federal and state occupational safety and health and environmental laws, regulations and rules to conduct the business of the Consolidated Company, and the Company and the Subsidiaries are in compliance
with all terms and conditions of any such permits, licenses or approvals, except for any failure to have required permits, licenses or other approvals or to comply with the terms and conditions of such permits, licenses or approvals which would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 
 (39) Absence of
Impermissible Transactions. None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any officer, director, employee or agent purporting to act on behalf of the Company or any of the Subsidiaries has at any time
(A) made any contributions to any candidate for political office, or failed to disclose fully any such contributions, in violation of law, (B) made any payment of funds or received or retained any funds in violation of any law, rule or
regulation or of a character required to be disclosed in the Prospectus, or (C) engaged in any material transactions, maintained any bank account or used any material corporate funds except for transactions, bank accounts and funds which have
been or are, as applicable, reflected in the books and records of the Company and the Subsidiaries. 

  
 12 

 (40) Absence of Indebtedness. Except as disclosed in the Prospectus, there
are no material outstanding loans, advances or guarantees of indebtedness by the Company or any of the Subsidiaries to or for the benefit of any of the officers or directors of the Company or any officers and or directors of the Subsidiaries or any
of the members of the immediate families of any such officers or directors. 
 (41) Issued Securities. All securities
issued by the Company, any of the Subsidiaries or any trusts established by the Company or any of the Subsidiaries have been issued and sold in compliance with (A) all applicable federal and state securities laws and (B) the applicable
corporate or partnership law of the jurisdiction of incorporation of the Company or Subsidiary, as applicable. 
 (42)
Lessees. Except as disclosed in the Prospectus, to the Company’s knowledge, no lessee of any portion of any of the real properties leased or owned by the Company or any of the Subsidiaries (collectively, the
“Properties”) is in default under any of the leases governing such Properties and there is no event which, but for the passage of time or the giving of notice or both, would constitute a default under any of such leases, except such
defaults that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (43)
Hazardous Materials. To the Company’s knowledge neither the Company nor any of the Subsidiaries has any liability under any applicable environmental, health, safety or similar law or otherwise relating to any Hazardous Material (as
hereinafter defined) and there are no notices of potential liability or claims pending or, to the knowledge of the Company, threatened against the Company or any of the Subsidiaries or concerning any of the Properties under any applicable
environmental, health, safety or similar law or otherwise relating to any Hazardous Material, except for such liabilities or claims which would not reasonably be expected to have a Material Adverse Effect; neither the Company nor any of the
Subsidiaries or, to the knowledge of the Company, any other person, has contaminated or caused conditions that threaten to contaminate any of the Properties with Hazardous Materials, except for such contamination or threats of contamination which
could not reasonably be expected to have a Material Adverse Effect; neither the Properties nor any other land ever owned by the Company or any of the Subsidiaries is included on or, to the knowledge of the Company, is proposed for inclusion on the
National Priorities List pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §. 9601 et seq., or any similar list or inventory of contaminated properties. As used herein,
“Hazardous Material” shall mean any hazardous material, hazardous waste, hazardous substance, hazardous constituent, toxic substance, pollutant, contaminant, asbestos, petroleum, petroleum waste, radioactive material, biohazardous
material, explosive or any other material, the presence of which in the environment is prohibited, regulated, or serves as the basis of liability, as defined, listed, or regulated by any applicable federal, state, or local environmental law,
ordinance, rule, or regulation. 
 (44) Compliance with Securities Laws. In connection with the offer and sale of the
Securities, the Company has not offered shares of its Common Stock or any other securities convertible into or exchangeable or exercisable or redeemable for Common Stock in a manner in violation of the Securities Act; and the Company has not
distributed and will not distribute any offering material in connection with the offer and sale of the Securities except for the Prospectus Supplement, the Prospectus and any Issuer Free Writing Prospectus or the Registration Statement. 

  
 13 

 (45) Lending Relationship. Except as disclosed in the Prospectus, neither
the Company nor any of the Subsidiaries has any outstanding borrowings from, or is a party to any line of credit, credit agreement or other credit facility or otherwise has a borrowing relationship with, any bank or other lending institution
affiliated with the Placement Agent, and the Company does not intend to use any of the proceeds from the sale of the Securities to repay any debt owed to the Placement Agent or any affiliate thereof. 

(46) Absence of Finders’ Fees. The Company has not incurred any liability for any finder’s fees or similar
payments in connection with the transactions herein contemplated. 
 (47) No Other Contracts. Other than this
Agreement, there are no contracts, agreements or understandings between the Company or any of its subsidiaries and any person that would give rise to a valid claim against the Company or any of its subsidiaries or the Placement Agent for a brokerage
commission, finder’s fee or other like payment with respect to the consummation of the transactions contemplated by this Agreement. 

(48) Proprietary Trading by the Placement Agent. The Company acknowledges and agrees that the Placement Agent has
informed the Company that the Placement Agent may, to the extent permitted under the Securities Act and the Exchange Act and subject to the restrictions in Section 3, purchase and sell shares of Common Stock for its own account while this
Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by the Placement Agent in the Placement Notice (as amended by the corresponding Acceptance,
if applicable); provided, that no such purchase or sales shall take place while a Placement Notice is in effect (except (i) as agreed by the Placement Agent in the Placement Notice (as amended by the corresponding Acceptance, if
applicable) or (ii) to the extent the Placement Agent may engage in sales of Placement Securities purchased or deemed purchased from the Company as a “riskless principal” or in a similar capacity). 

(49) FINRA Matters. All of the information provided to the Placement Agent or to counsel for the Placement Agent by the
Company and, to the knowledge of the Company, its officers and directors and the holders of any securities of the Company in connection with letters, filings or other supplemental information provided to the FINRA pursuant to FINRA Conduct Rule 2710
or 2720 is true, complete and correct. 
 (50) Related Party Transactions. Except as disclosed in the Prospectus, no
relationship, direct or indirect, exists between or among the Company or any of the Subsidiaries on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, that is
required by the Securities Act to be described in the Prospectus and which is not so described. 
 (51) Compliance with
Sarbanes-Oxley. The Company and the Subsidiaries and to the knowledge of the Company the officers and directors of the Company and the Subsidiaries, in their capacities as such, are, and at the Settlement Date (as defined below) and any
Applicable Time will be, in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof that are at such time applicable to the
Company (the “Sarbanes-Oxley Act”). 

  
 14 

 (52) Investment Company Act. The Company is not and, after giving effect
to the offering and sale of the Securities, will not be an “investment company”, as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

(53) Statistical and Market Data. The statistical and market related data included in the Prospectus are based on or
derived from sources that the Company believes to be reliable and accurate. 
 (b) Certificates. Any certificate signed by any
officer of the Company delivered to the Placement Agent or to counsel for the Placement Agent pursuant to the terms or provisions of this Agreement shall be deemed a representation and warranty by the Company to the Placement Agent as to the matters
covered thereby. 
 SECTION 6. Sale and Delivery to the Placement Agent; Settlement. 

(a) Sale of Placement Securities. On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, upon the Placement Agent’s acceptance of the terms of a Placement Notice or upon receipt by the Placement Agent of an Acceptance, as the case may be, and unless the sale of the Placement Securities described therein
has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Placement Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices and applicable laws, rules and regulations to sell such Placement Securities up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that
(i) there can be no assurance that the Placement Agent will be successful in selling Placement Securities, (ii) the Placement Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell
Placement Securities for any reason other than a failure by the Placement Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell such Placement
Securities as required under this Section 6, and (iii) the Placement Agent shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by the Placement Agent in the
Placement Notice (as amended by the corresponding Acceptance, if applicable). 
 (b) Settlement of Placement Securities. Unless
otherwise specified in the applicable Placement Notice, settlement for sales of Placement Securities will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which
such sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities sold (the “Net Proceeds”) will be equal to the
aggregate sales price received by the Placement Agent at which such Placement Securities were sold, after deduction for (i) the Placement Agent’s commission, discount or other compensation for such sales payable by the Company pursuant to
Section 2 hereof and (ii) any other amounts due and payable by the Company to the Placement Agent hereunder pursuant to Section 8 hereof. 

(c) Delivery of Placement Securities. On or before each Settlement Date, concurrently with the receipt by the Company of the Net
Proceeds due to the Company in respect of such Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Securities being sold by crediting the Placement Agent’s or its designee’s account
(provided the Placement Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may
be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Placement Agent will deliver the related Net Proceeds in same day funds
to an account designated by the Company on, or 

  
 15 

 
prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Securities on a Settlement Date, the
Company agrees that, in addition to and in no way limiting the rights and obligations set forth in Section 10(a) hereto, it will (i) hold the Placement Agent harmless against any loss, claim, damage, or expense (including reasonable legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay to the Placement Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such
default. 
 (d) Denominations; Registration. If requested by the Placement Agent at least two Business Days prior to the Settlement
Date, then in lieu of electronic transfer, certificates for the Securities shall be in such denominations and registered in such names as the Placement Agent shall have specified in such request. The certificates for the Securities will be made
available for examination and packaging by the Placement Agent in The City of New York not later than noon (New York time) on the Business Day prior to the Settlement Date. 

SECTION 7. Covenants of the Company. The Company covenants with the Placement Agent as follows: 

(a) Registration Statement Amendment. After the date of this Agreement and during any period in which a Prospectus relating to any
Placement Securities is required to be delivered by the Placement Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify the
Placement Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the
Prospectus has been filed and of any comment letter from the Commission or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare
and file with the Commission, promptly upon the Placement Agent’s request, any amendments or supplements to the Registration Statement or Prospectus that, in the Placement Agent’s good faith and reasonable opinion, may be necessary or
advisable in connection with the distribution of the Placement Securities by the Placement Agent (provided, however, that the failure of the Placement Agent to make such request shall not relieve the Company of any obligation or liability
hereunder, or affect the Placement Agent’s right to rely on the representations and warranties made by the Company in this Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference, relating to the Placement Securities or a security convertible into the Placement Securities unless a copy thereof has been submitted to the Placement Agent within a reasonable period of time before
the filing and the Placement Agent has not reasonably objected thereto (provided, however, that the failure of the Placement Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the
Placement Agent’s right to rely on the representations and warranties made by the Company in this Agreement) and the Company will furnish to the Placement 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 (iv) the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by
reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act (without reliance on Rule 424(b)(8) of the Securities Act). 

(b) Notice of Commission Stop Orders. The Company will advise the Placement 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 or of any other order preventing or suspending the use of the Prospectus or any Issuer Free
Writing Prospectus, or 

  
 16 

 
of the suspension of the qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification, or of the
initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding under
Section 8A of the Securities Act in connection with the offering of the Securities. The Company will make every reasonable effort to prevent the issuance of any stop order, the suspension of any qualification of the Securities for offering or
sale and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment. 

(c) Delivery of Registration Statement and Prospectus. Except to the extent such documents have been publicly filed with the Commission
pursuant to EDGAR, the Company will furnish to the Placement Agent and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments
and supplements to the Registration Statement or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any period in which a Prospectus relating to the Placement Securities is required to be delivered under
the Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities and at such locations as the
Placement Agent may from time to time reasonably request. 
 (d) Continued Compliance with Securities Laws. If at any time when a
Prospectus is required by the Securities Act or the Exchange Act to be delivered in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule 172 under the Securities Act), any event shall occur or
condition shall exist as a result of which it is necessary to amend the Registration Statement together with the Prospectus in order that the Prospectus will not include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary at any such time to amend the Registration Statement together with
the Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly notify the Placement Agent to suspend the offering of Placement Securities during such period and the Company will promptly prepare and file
with the Commission such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement and the Prospectus comply with such requirements, and the Company will furnish to the Placement Agent
such number of copies of such amendment or supplement as the Placement Agent may reasonably request. If at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which
such Issuer Free Writing Prospectus conflicted, conflicts or would conflict with the information contained in the Registration Statement or the Prospectus or included, includes or would include an untrue statement of a material fact or together with
the Prospectus omitted, omits or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances, prevailing at that subsequent time, not misleading, the Company will promptly notify the
Placement Agent to suspend the offering of Placement Securities during such period and the Company will, subject to Section 7(a) hereof, promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict,
untrue statement or omission. 
 (e) Blue Sky and Other Qualifications. The Company will use its best efforts, in cooperation with
the Placement Agent, to qualify the Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as
the Placement Agent may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Securities (but in no event for less than one year from the date of this Agreement); provided,
however, that the Company 

  
 17 

 
shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or
to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Securities have been so qualified or exempt, the Company will file such statements
and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Placement Securities (but in no event for less than one
year from the date of this Agreement). 
 (f) Rule 158. The Company will timely file such reports pursuant to the Exchange Act as are
necessary in order to make generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Placement Agent the benefits contemplated by, the last paragraph of Section 11(a) of
the Securities Act. 
 (g) Use of Proceeds. The Company will use the net proceeds received by it from the sale of the Securities in
the manner specified in the Prospectus under “Use of Proceeds.” 
 (h) Listing. During any period in which the Prospectus
relating to the Placement Securities is required to be delivered by the Placement Agent under the Securities Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement may be satisfied pursuant
to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Securities to be listed on the NYSE MKT. 

(i) Filings with the NYSE MKT. The Company will timely seek to file with the NYSE MKT all material documents and notices required by the
NYSE MKT of companies that have securities traded on the NYSE MKT. 
 (j) Reporting Requirements. The Company, during any period when
the Prospectus is required to be delivered under the Securities Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), will file all documents required to be filed
with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act. 
 (k) Notice of Other Sales.
During the pendency of any Placement Notice given hereunder, the Company shall provide the Placement Agent notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes
of any shares of Common Stock (other than Placement Securities offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock;
provided, that such notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock or rights to acquire Common Stock pursuant to the Company’s equity award plans described in the Prospectus or the
issuance of Common Stock upon the exercise of warrants or other rights to acquire Common Stock described in the Prospectus, (ii) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets described in the
Prospectus, or (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company has in effect or may adopt from time to time, provided the implementation of such new plan is disclosed to the
Placement Agent in advance. 
 (l) Change of Circumstances. The Company will, at any time during a fiscal quarter in which the Company
intends to tender a Placement Notice or sell Placement Securities, advise the Placement Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect
any opinion, certificate, letter or other document provided to the Placement Agent pursuant to this Agreement during such fiscal quarter. 

  
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 (m) Due Diligence Cooperation. The Company will cooperate with any reasonable due
diligence review conducted by the Placement Agent or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior officers, during regular business
hours and at the Company’s principal offices, as the Placement Agent may reasonably request. 
 (n) Disclosure of Sales. The
Company will, if applicable, disclose in its quarterly reports on Form 10-Q and in its annual report on Form 10-K the number of Placement Securities sold through the Placement Agent during the most recent fiscal quarter, the Net Proceeds to the
Company and the compensation paid or payable by the Company to the Placement Agent with respect to such Placement Securities. Solely to the extent required by the Securities Act, the Company shall also prepare and file with the Commission pursuant
to Rule 424(b) under the Securities Act not later than 40 days after the completion of such quarter a prospectus supplement disclosing such sales information, if any. 

(o) Representation Dates; Certificate. On or prior to the date that the Securities are first sold pursuant to the terms of this
Agreement and: 
 (i) each time the Company files the Prospectus relating to the Placement Securities or amends or
supplements the Registration Statement or the Prospectus relating to the Placement Securities (other than amendments or supplements that are filed solely to report sales of the Placement Securities pursuant to this Agreement) by means of a
post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Securities; 

(ii) each time the Company files an annual report on Form 10-K under the Exchange Act; 

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

(iv) each time the Company files a report on Form 8-K containing amended financial information (other than an earnings release,
to “furnish” information pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications of certain properties as
discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a
“Representation Date”); 
 the Company shall furnish the Placement Agent with a certificate, in the form attached hereto as Exhibit E,
within three (3) Trading Days of any Representation Date. The requirement to provide a certificate under this Section 7(o) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which
waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided,
however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Securities following a
Representation Date when the Company relied on such waiver and did not provide the Placement Agent with a certificate under this Section 7(o), then before the Company delivers the Placement Notice or the Placement Agent sells any Placement
Securities, the Company shall provide the Placement Agent with a certificate, in the form attached hereto as Exhibit E, dated the date of the Placement Notice. 

  
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 (p) Legal Opinions. On or prior to the date that the Securities are first sold pursuant to
the terms of this Agreement and within three (3) Trading Days after each Representation Date (excluding Representation Dates with regard to Section 7(o)(iii)) with respect to which the Company is obligated to deliver a certificate in the
form attached hereto as Exhibit G for which no waiver is applicable, the Company shall cause to be furnished to the Placement Agent (i) a written opinion of DLA Piper LLP (US), corporate counsel to the Company (“Company Corporate
Counsel”), or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the
form attached hereto as Exhibit D, (ii) a written opinion of Wilson Sonsini Goodrich & Rosait PC, intellectual property counsel to the Company (“Company Special Counsel”) in form and substance reasonably
satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered and (iii), unless waived by the Placement Agent, a written opinion of Reed Smith LLP, counsel to the Placement Agent (“Counsel
to the Placement Agent”), or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent, dated the date that the opinion is required to be delivered; provided, however,
that in lieu of such opinions for subsequent Representation Dates, counsel, in its sole discretion, may furnish the Placement Agent with a letter (a “Reliance Letter”) to the effect that the Placement Agent may rely on a prior
opinion delivered under this Section 7(p) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented at such Representation Date). 
 (q) Comfort Letter. On or prior to the date that the Securities are first sold pursuant
to the terms of this Agreement and within three (3) Trading Days after each Representation Date (excluding Representation Dates with regard to Section 7(o)(iii)) with respect to which the Company is obligated to deliver a certificate in
the form attached hereto as Exhibit E for which no waiver is applicable, the Company shall cause its independent accountants (and any other independent accountants whose report is included in the Prospectus) to furnish the Placement Agent
letters (the “Comfort Letters”), dated the date of the Comfort Letter is delivered, in form and substance satisfactory to the Placement Agent, (i) confirming that they are an independent registered public accounting firm within
the meaning of the Securities Act, the Exchange Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’
“comfort letters” to underwriters in connection with registered public offerings. 
 (r) Market Activities. The Company will
not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Securities or (ii) sell, bid for, or purchase the Securities to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Securities to be issued and sold pursuant to
this Agreement other than the Placement Agent; provided, however, that the Company may bid for and purchase its Common Stock in accordance with Rule 10b-18 under the Exchange Act. 

(s) Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its
subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company Act, assuming no change in the Commission’s current interpretation as
to entities that are not considered an investment company. 
 (t) Securities Act and Exchange Act. The Company will use its best
efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Securities as contemplated by
the provisions hereof and the Prospectus. 

  
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 (u) No Offer to Sell. Other than a free writing prospectus (as defined in Rule 405 under
the Securities Act) approved in advance in writing by the Company and the Placement Agent in its capacity as principal or agent hereunder, the Company (including its agents and representatives, other than the Placement Agent in its capacity as such)
will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any free writing prospectus relating to the Securities to be sold by the Placement Agent as principal or agent hereunder. 

(v) Sarbanes-Oxley Act. The Company and its subsidiaries will use their best efforts to comply with all effective applicable provisions
of the Sarbanes-Oxley Act of 2002. 
 (w) Regulation M. If the Company has reason to believe that the exemptive provisions set forth
in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Placement Agent and sales of the Placement Securities under this Agreement shall be suspended
until that or other exemptive provisions have been satisfied in the judgment of each party. 
 SECTION 8. Payment of Expenses. The
Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally
filed and of each amendment and supplement thereto, (ii) the word processing, printing and delivery to the Placement Agent of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance
or delivery of the Placement Securities, (iii) the preparation, issuance and delivery of the certificates for the Placement Securities to the Placement Agent, including any stock or other transfer taxes and any capital duties, stamp duties or
other duties or taxes payable upon the sale, issuance or delivery of the Placement Securities to the Placement Agent, (iii) the fees and disbursements of the counsel, accountants and other advisors to the Company, (iv) the qualification or
exemption of the Placement Securities under securities laws in accordance with the provisions of Section 7(e) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Placement Agent in connection therewith,
(v) the printing and delivery to the Placement Agent of copies of any permitted Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by
the Placement Agent to investors, (vi) the fees and expenses of the transfer agent and registrar for the Securities, (vii) the filing fees incident to, and the reasonable fees and disbursements of counsel to the Placement Agent in
connection with, the review by FINRA of the terms of the sale of the Securities, and (viii) the fees and expenses incurred in connection with the listing of the Placement Securities on the NYSE. In addition the Company shall reimburse the
Placement Agent for legal fees incurred by counsel for the Placement Agent, which, including fees set forth in Subsections (iv) and (vii) herewith, shall not exceed $40,000. 

SECTION 9. Conditions of the Placement Agent’s Obligations. The obligations of the Placement Agent hereunder with respect to a
Placement will be subject to the continuing accuracy and completeness of the representations and warranties of the Company contained in this Agreement or in certificates of any officer of the Company or any subsidiary of the Company delivered
pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions: 

(a) Opinions of Company Corporate Counsel, Company Special Counsel, and Counsel to the Placement Agent. On or prior to the date that
Securities are first sold pursuant to the terms of this Agreement the Company shall furnish to the Placement Agent the opinions, each addressed to the Placement Agent, of (i) Company Corporate Counsel, or other counsel satisfactory to the
Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as

  
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Exhibit D; (ii) Company Special Counsel, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be
delivered and (iii), unless waived by the Placement Agent, Counsel to the Placement Agent, or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent dated the date that the opinion is
required to be delivered. 
 (b) Effectiveness of Registration Statement. The Registration Statement and any Rule 462(b) Registration
Statement shall have become effective and shall be available for (i) all sales of Placement Securities issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Securities contemplated to be issued by any Placement
Notice. 
 (c) No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the
Company or any of the 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 Placement
Securities 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 Issuer
Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus, or any Issuer
Free Writing 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 and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(d) No Misstatement or Material Omission. The Placement Agent shall not have advised the Company that the Registration Statement or
Prospectus, or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Placement Agent’s reasonable opinion is material, or omits to state a fact that in the Placement
Agent’s opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading. 
 (e)
Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been any material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business. 

(f) Representation Certificate. The Placement Agent shall have received the certificate required to be delivered pursuant to
Section 7(o) on or before the date on which delivery of such certificate is required pursuant to Section 7(o). 
 (g)
Accountant’s Comfort Letter. The Placement Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(q) on or before the date on which such delivery of such letter is required pursuant to
Section 7(q). 

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

(i) No Suspension. Trading in the Securities shall not have been suspended on the NYSE MKT. 

(j) Additional Documents. On each date on which the Company is required to deliver a certificate pursuant to Section 7(o), counsel
for the Placement Agent shall have been furnished with such documents and opinions as they may reasonably require in good faith for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order
to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement. 

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

(l) Termination of Agreement. If any condition specified in this Section 9 shall not have been fulfilled when and as required to be
fulfilled, this Agreement may be terminated by the Placement Agent by notice to the Company, and such termination shall be without liability of any party to any other party except as provided in Section 7 hereof and except that, in the case of
any termination of this Agreement, Sections 5, 10, 11 and 19 hereof shall survive such termination and remain in full force and effect. 

SECTION 10. Indemnity and Contribution by the Company and the Placement Agent. 

(a) Indemnification by the Company. The Company agrees to indemnify, defend and hold harmless the Placement Agent and any person who
controls the Placement Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, expense, liability, damage or claim (including the reasonable cost of investigation) which,
jointly or severally, the Placement Agent or any controlling person may incur under the Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or is based upon (1) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereof), any Issuer Free Writing Prospectus that the Company has filed or was required to file with the Commission or the Prospectus
(the term Prospectus for the purpose of this Section 10 being deemed to include the Prospectus as of its date and as amended or supplemented by the Company), (2) any omission or alleged omission to state a material fact required to be
stated in any such Registration Statement, or necessary to make the statements made therein not misleading, or (3) any omission or alleged omission from any such Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make
the statements made therein, in the light of the circumstances under which they were made, not misleading; except, in the case of each of clauses (1), (2) and (3), insofar as any such loss, expense, liability, damage or claim arises out
of or is based upon any untrue statement or alleged untrue statement of a material fact or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus
and any Issuer Free Writing Prospectus, in the light of the circumstances under which they were made) not misleading, in each such case, to the extent contained in and in conformity with information furnished in writing by the Placement Agent to the
Company expressly for use therein (that information being limited to that described in Section 10(b) hereof). The indemnity agreement set forth in this Section 10(a) shall be in addition to any

  
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liability which the Company may otherwise have. If any action is brought against the Placement Agent or any controlling person in respect of which indemnity may be sought against the Company
pursuant to the foregoing paragraph of this Section 10(a), the Placement Agent shall promptly notify the Company, as the case may be, in writing of the institution of such action, and the Company, as the case may be, shall if it so elects,
assume the defense of such action, including the employment of counsel and payment of expenses; provided, however, that any failure or delay to so notify the Company, as the case may be, will not relieve the Company of any obligation
hereunder, except to the extent that their ability to defend is materially prejudiced by such failure or delay. The Placement Agent or such controlling person shall have the right to employ its or their own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of the Placement Agent or such controlling person unless the employment of such counsel shall have been authorized in writing by the Company, as the case may be, in connection with the defense of such
action, or the Company shall not have employed counsel reasonably satisfactory to the Placement Agent or such controlling person, as the case may be, to have charge of the defense of such action within a reasonable time or such indemnified party or
parties shall have reasonably concluded (based on the reasonable advice of counsel) that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case neither the Company shall
have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Company and paid as incurred (it being understood, however, that neither the
Company shall be liable for the expenses of more than one separate firm of attorneys for the Placement Agent or such controlling persons in any one action or series of related actions in the same jurisdiction (other than local counsel in any such
jurisdiction) representing the indemnified parties who are parties to such action). Anything in this paragraph to the contrary notwithstanding, neither the Company shall be liable for any settlement of any such claim or action effected without its
consent. 
 (b) Indemnification by the Placement Agent. The Placement Agent agrees to indemnify, defend and hold harmless the Company,
the Company’s directors, the Company’s officers that signed the Registration Statement, any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and
against any loss, expense, liability, damage or claim (including the reasonable cost of investigation) which, jointly or severally, the Company or any such person may incur under the Securities Act, the Exchange Act or otherwise, insofar as such
loss, expense, liability, damage or claim arises out of or is based upon (1) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereof), any Issuer Free Writing
Prospectus that the Company has filed or was required to file with the Commission, the Prospectus, (2) any omission or alleged omission to state a material fact required to be stated in any such Registration Statement, or necessary to make the
statements made therein not misleading, or (3) any omission or alleged omission from any such Issuer Free Writing Prospectus or the Prospectus of a material fact necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading, but in each case only insofar as such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Statement, Issuer Free Writing Prospectus or Prospectus in
reliance upon and in conformity with information furnished in writing by the Placement Agent to the Company expressly for use therein. The statements set forth in the sixth paragraph under the caption “Plan of Distribution” in the
Prospectus Supplement (to the extent such statements relate to the Placement Agent) constitute the only information furnished by or on behalf of the Placement Agent to the Company for the purposes of Section 5(a)(1) and this Section 10.
The indemnity agreement set forth in this Section 10(b) shall be in addition to any liabilities that the Placement Agent may otherwise have. 

If any action is brought against the Company or any such person in respect of which indemnity may be sought against the Placement Agent
pursuant to the foregoing paragraph, the Company or such person shall promptly the Placement Agent in writing of the institution of such action and the Placement 

  
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Agent shall if its so elects assume the defense of such action, including the employment of counsel and payment of expenses; provided, however, that any failure or delay to so
notify the Placement Agent will not relieve the Placement Agent of any obligation hereunder, except to the extent that their ability to defend is materially prejudiced by such failure or delay. The Company or such person shall have the right to
employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company or such person unless the employment of such counsel shall have been authorized in writing by the Placement Agent in connection
with the defense of such action or the Placement Agent shall not have employed counsel reasonably satisfactory to the Company or such person, as the case may be, to have charge of the defense of such action within a reasonable time or such
indemnified party or parties shall have reasonably concluded (based on the advice of counsel) that there may be defenses available to it or them which are different from or additional to those available to (in which case the Placement Agent shall
not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Placement Agent and paid as incurred (it being understood, however, that the
Placement Agent shall not be liable for the expenses of more than one separate firm of attorneys in any one action or series of related actions in the same jurisdiction (other than local counsel in any such jurisdiction) representing the indemnified
parties who are parties to such action). Anything in this paragraph to the contrary notwithstanding, the Placement Agent shall not be liable for any settlement of any such claim or action effected without its written consent. 

(c) Contribution. If the indemnification provided for in this Section 10 is unavailable or insufficient to hold harmless an
indemnified party under subsections (a) and (b) of this Section 10 in respect of any losses, expenses, liabilities, damages or claims referred to therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i) in such proportion as is appropriate to reflect the relative benefits received
by the Company and by the Placement Agent, each from the offering of the Securities, or (ii) if (but only 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 and the Placement Agent in connection with the statements or omissions which resulted in such losses, expenses, liabilities, damages or
claims, as well as any other relevant equitable considerations. The relative benefits received by the Company shall be deemed to be equal to the gross proceeds from the offering of Securities (before deducting discounts and expenses) received by
each of them and benefits received by the Placement Agent shall be deemed to be equal to the underwriting discounts and commissions received the Placement Agent. The relative fault of the Company and of the Placement Agent shall be determined by
reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or by the Placement Agent and the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages and liabilities referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any claim or action. 

(d) The Company and the Placement Agent agree that it would not be just and equitable if contribution pursuant to this Section 10 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in clause (i) and, if applicable, clause (ii) of subsection (c) above.
Notwithstanding the provisions of this Section 10, the Placement Agent shall not be required to contribute any amount in excess of the underwriting discounts and commissions applicable to the Securities purchased by the Placement Agent and the
liability of the Company pursuant to this Section 10 shall not exceed the gross proceeds received by the Company in the offering. 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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 SECTION 11. Representations, Warranties and Agreements to Survive Delivery. All
representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of the Placement Agent or controlling person, or by or on behalf of the Company, and shall survive delivery of the Securities to the Placement Agent. 

SECTION 12. Termination of Agreement. 

(a) Termination; General. The Placement Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any
time (i) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets in the
United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or
economic conditions, in each case the effect of which is such as to make it, in the judgment of the Placement Agent, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii) if
trading in the Placement Securities has been suspended or limited by the Commission or the NYSE MKT, or if trading generally on the American Stock Exchange, the NYSE or the Nasdaq Global Market has been suspended or limited, or minimum or maximum
prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, the FINRA or any other governmental authority, or a material disruption has occurred in commercial banking
or securities settlement or clearance services in the United States or in Europe, or (iv) if a banking moratorium has been declared by either Federal or New York authorities. 

(b) Termination by the Company. The Company shall have the right, by giving one (1) day notice as hereinafter specified to
terminate this Agreement in its sole discretion at any time after the date of this Agreement. Upon termination of this Agreement pursuant to this Section 12(b), any outstanding Placement Notices shall also be terminated. 

(c) Termination by the Placement Agent. The Placement Agent shall have the right, by giving one (1) day notice as hereinafter
specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. 
 (d) Automatic
Termination. Unless earlier terminated pursuant to this Section 12, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Securities through the Placement Agent on the terms and subject to the
conditions set forth herein. 
 (e) Continued Force and Effect. This Agreement shall remain in full force and effect unless terminated
pursuant to Sections 12(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties. 
 (f) Effectiveness of
Termination. Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be effective until the close of business on the date of
receipt of such notice by the Placement Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Securities, such Placement Securities shall settle in accordance with the
provisions of this Agreement. 

  
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 (g) Liabilities. If this Agreement is terminated pursuant to this Section 12, such
termination shall be without liability of any party to any other party except as provided in Section 8 hereof, and except that, in the case of any termination of this Agreement, Section 5, Section 10, Section 11 and
Section 19 hereof shall survive such termination and remain in full force and effect. 
 SECTION 13. Notices. Except as
otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Placement Agent
shall be directed to the Placement Agent at JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, California 94111, Facsimile: (415) 835-8920, Attention: Equity Securities and notices to the Company shall be directed to it at
the offices of the Company at 6275 Nancy Ridge Drive, Suite 110, San Diego, CA 92121, email address             @organovo.com, Attention of Chief Financial Officer, with a copy to DLA Piper
LLP (US), 4365 Executive Dr, Suite 1100, San Diego, CA 92121-2133, Attention: Jeffrey Thacker, fax no. (858) 677-1401. 
 SECTION 14.
Parties. This Agreement shall inure to the benefit of and be binding upon the Placement Agent, the Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person,
firm or corporation, other than the Placement Agent, the Company and their respective successors and the controlling persons and officers and directors referred to in Section 10 and their heirs and legal representatives, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Placement Agent, the Company and
their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Placement Agent shall be
deemed to be a successor by reason merely of such purchase. 
 SECTION 15. Adjustments for Stock Splits. The parties acknowledge and
agree that all stock-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Securities. 

SECTION 16. Governing Law and Time. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. 
 SECTION 17. Effect of Headings. The Section and Exhibit headings herein
are for convenience only and shall not affect the construction hereof. 
 SECTION 18. Permitted Free Writing Prospectuses. The
Company represents, warrants and agrees that, unless it obtains the prior consent of the Placement Agent, and the Placement Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not
make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, 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 Placement Agent or by the Company, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it
has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, and has complied and will comply with the requirements of Rule

  
 27 

 
433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of
clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit H hereto are Permitted Free Writing Prospectuses. 
 SECTION
19. Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 
 (a) The Placement Agent is acting solely as agent
and/or principal in connection with the public offering of the Securities and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the
Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Placement Agent, on the other hand, has been or will be created in respect of any of the
transactions contemplated by this Agreement, irrespective of whether or not the Placement Agent has advised or is advising the Company on other matters, and the Placement Agent has no obligation to the Company with respect to the transactions
contemplated by this Agreement except the obligations expressly set forth in this Agreement; 
 (b) the public offering price of the
Securities was not established by the Placement Agent; it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; 

(c) the Placement Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this
Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; 
 (d) it is
aware that the Placement Agent and its respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Placement Agent has no obligation to disclose such interests and
transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and 
 (e) it waives, to the fullest
extent permitted by law, any claims it may have against the Placement Agent for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Placement Agent shall not have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company. 

[Signature Page Follows] 

  
 28 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement by and among the Placement Agent, the Company in accordance with its terms. 

 

			
	Very truly yours,
	
	ORGANOVO HOLDINGS, INC.
		
	By:	 	/s/ Keith Murphy
		 	Name: Keith Murphy
		 	Title: Chief Executive Officer and President

 CONFIRMED AND ACCEPTED, as of the date first above written: 

JMP SECURITIES LLC 
  

			
	By:	 	/s/ Kent Ledbetter
		 	Authorized Signatory

 Signature Page to Equity Distribution Agreement 

 EXHIBIT A 

FORM OF PLACEMENT NOTICE 
 From:
[                    ] 
 Cc:
    [                    ] 
 To:
    [                    ] 

Subject: Equity Distribution—Placement Notice 
 Gentlemen:

 Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between Organovo Holdings, Inc. (the
“Company”) and JMP Securities LLC (the “Placement Agent”) dated November 27, 2013 (the “Agreement”), I hereby request on behalf of the Company that the Placement 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, during the time period beginning [month, day, time] and ending [month, day, time]. 

[ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS THE MAXIMUM AGGREGATE OFFERING PRICE, THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE
MADE, SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY THE PLACMENT AGENT, AND/OR THE CAPACITY IN WHICH THE PLACEMENT AGENT MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH)] 

  
 A-1 

 EXHIBIT B 

AUTHORIZED INDIVIDUALS FOR PLACEMENT NOTICES AND ACCEPTANCES 
  

			
	 JMP Securities LLC
	  	
		
	 Name
	  	 Email

		  	
		  	
		  	
		  	
		  	
		
	Organovo Holdings, Inc.	  	
		
		  	
		  	
		
		  	
		
		  	

  
 B-1 

 EXHIBIT C 

COMPENSATION 
 The Placement Agent shall
be paid compensation equal to: 
 3.0% of the gross proceeds from the sales of Securities pursuant to the terms of this Agreement. 

  
 C-1 

 EXHIBIT D 

FORM OF OPINION OF COMPANY CORPORATE COUNSEL 

  
 D-1 

 EXHIBIT E 

OFFICER CERTIFICATE 
 The
undersigned Keith Murphy and Barry Michaels are the President and Chief Executive Officer and Secretary and Chief Financial Officer, respectively, of Organovo Holdings, Inc., a Delaware corporation (the “Company”). The undersigned
hereby execute this Certificate in connection with the closing held as of the date hereof pursuant to the terms of that certain Equity Distribution Agreement, dated November     , 2013 (the “Equity Distribution
Agreement”), among the Company and JMP Securities LLC. Capitalized terms used herein without definition shall have the meanings given to such terms in the Equity Distribution Agreement. 

The undersigned each hereby further certifies, in their respective capacities as officers of the Company, in its own capacity that: 

 

	 	1.	The representations and warranties of the Company in the Equity Distribution Agreement are true and correct in all material respects, as if made on and as of the date hereof, and the Company have complied with all of
their respective obligations thereunder and satisfied all of the conditions on their part to be performed or satisfied at or prior to the date hereof in all material respects; 

 

	 	2.	No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued and no proceedings for that purpose have been instituted or are pending or threatened
under the Securities Act of 1933, as amended; 

  

	 	3.	Subsequent to the respective dates as of which information is given in the Registration Statement or the Prospectus, there has not been (A) any Material Adverse Change, (B) any transaction that is material to
the Company and its subsidiaries taken as a whole, (C) any obligation, direct or contingent, that is material to the Company and its subsidiaries, taken as a whole, incurred by the Company or the Subsidiaries, (D) any change in the capital
stock or outstanding indebtedness of the Company or any Subsidiary that is material to the Company and its subsidiaries, taken as a whole, or (E) any loss or damage (whether or not insured) to the Properties which has been sustained or will
have been sustained which could reasonably be expected to have a Material Adverse Effect; and 

  

	 	4.	Each of DLA Piper LLP (US), Reed Smith LLP and Wilson Sonsini Goodrich & Rosati PC is entitled to rely on this Officers’ Certificate in connection with the opinion that each firm is rendering pursuant to
the Equity Distribution Agreement. 

 [Signature Page Follows] 

  
 E-1 

 IN WITNESS WHEREOF, the undersigned have signed their names on this
[            ] day of [            ], 2013. 
  

 

			
	COMPANY
		
	 By:
	 	 
		 	 Name: Keith Murphy

		 	 Title: President and Chief Executive Officer

		
	 By:
	 	 
		 	 Name: Barry Michaels

		 	 Title: Secretary and Chief Financial Officer

  
 E-2 

 EXHIBIT F 

ISSUER FREE WRITING PROSPECTUSES 

None. 

  
 F-1EX-10.1

 Exhibit 10.1 

APPOINTMENT AND NOMINATION AGREEMENT 

This Appointment and Nomination Agreement (this “Agreement”) dated November 27, 2013, is by and among the persons and
entities listed on Schedule A (collectively, the “Blue Clay Group”, and individually a “member” of the Blue Clay Group), Famous Dave’s of America, Inc. (together with its subsidiaries, the
“Company”) and Adam Wright, in his individual capacity and as a member of the Blue Clay Group (the “Blue Clay Designee”). 

WHEREAS, the Blue Clay Group currently beneficially owns 580,521 shares of the common stock, par value $0.01 per share, of the Company (the
“Common Stock”), which represented approximately 7.9% of the 7,361,468 issued and outstanding shares of Common Stock as of November 4, 2013; 

WHEREAS, the Corporate Governance and Nominating Committee of the Board (the “Nominating Committee”) and Company’s Board
of Directors (the “Board”) have considered the qualifications of Mr. Wright and conducted such review as they have deemed appropriate, including as to reviewing materials provided by Mr. Wright and the Blue Clay Group;

 WHEREAS, the Nominating Committee has recommended that the Board appoint the Blue Clay Designee to the Board and thereafter nominate the
Blue Clay Designee for election as a director of the Company at the Company’s 2014 annual shareholders’ meetings and any adjournments and postponements thereof (the “2014 Annual Meeting”) and the Board has determined that
it is in the best interests of the Company to do so on the terms set forth in this Agreement; 
 NOW, THEREFORE, in consideration of and
reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Board Nomination; Board Composition. 

(a) The Company agrees to promptly increase the current number of Board directors to seven, and to immediately appoint the Blue Clay Designee
to fill the vacancy so created, and, for purposes of the Company’s Amended and Restated 2005 Stock Incentive Plan, the Company shall interpret the Plan such that the Blue Clay Designee shall be considered (so long as the Blue Clay Designee
continues to serve as a member of the Board) as a member of the “Incumbent Board” (as that term is defined under Section 11.1(b) of such Plan). 

(b) The Company agrees to include the Blue Clay Designee in its slate of nominees for election as one of no more than seven directors of the
Company at the 2014 Annual Meeting (the “Company Slate”). The Board will publicly recommend and solicit proxies for the election of the Blue Clay Designee at the 2014 Annual Meeting in the same manner as it does for all the other
members of the Company Slate. 

 (c) As a condition to the Blue Clay Designee’s appointment as a director of the Company, the
Blue Clay Group, including the Blue Clay Designee, agrees to provide to the Company information required to be or customarily disclosed for directors, candidates for directors, and their affiliates and representatives in a proxy statement or other
filings under applicable law or stock exchange rules or listing standards, information in connection with assessing eligibility, independence and other criteria applicable to directors or satisfying compliance and legal obligations, including
obligations relating to liquor licensing and franchise operations, and such other information as reasonably requested by the Company from time to time with respect to the Blue Clay Group and the Blue Clay Designee. 

(d) While serving as a member of the Board, the Blue Clay Designee shall comply with all policies, procedures, processes, codes, rules,
standards and guidelines applicable to Board members, including without limitation the Company’s Code of Ethics and Business Conduct, Policy on Avoidance of Insider Trading, and Corporate Governance Principles and Practices (as each may be
amended from time to time for all directors), and preserve the confidentiality of Company business and information, including discussions or matters considered in meetings of the Board or Board committees to the extent not disclosed publicly by the
Company. The Company has furnished to the Blue Clay Designee, prior to the execution of this Agreement, copies of all such policies, procedures, processes, codes, rules, standards and guidelines that are currently in effect. 

(e) So long as the Blue Clay Group collectively beneficially owns, in the aggregate, at least 5.0% of the outstanding Common Stock, if, during
the Initial Period (as defined below), a vacancy on the Board is created as a result of the Blue Clay Designee’s death, resignation, disqualification or removal, then the Blue Clay Group and the Company (acting through the Board) shall work
together in good faith to fill such vacancy or replace such nominee with an individual who (i) meets the disclosure conditions set forth in clause (c) above, (ii) meets the historical standards and criteria applied by the Company in
nominating and appointing directors, and (iii) is otherwise mutually acceptable (in each of their sole discretion) to the Blue Clay Group and the Company, and thereafter such individual shall serve and/or be nominated as the “Blue Clay
Designee” under this Agreement. 
 (f) The Company’s obligations under this Section 1 shall terminate immediately, and
the Blue Clay Designee shall promptly offer to resign from the Board (and, if requested by the Company, promptly deliver his written resignation to the Board (which shall provide for his immediate resignation) it being understood that it shall be in
the Board’s sole discretion whether to accept or reject such resignation) if the members of the Blue Clay Group, collectively, cease to beneficially own at least 5.0% of the Company’s outstanding Common Stock. The Blue Clay Group
agrees to cause the Blue Clay Designee to resign from the Board if the Blue Clay Designee fails to resign if and when requested pursuant to this clause (f). 

(g) The percentage thresholds set forth in clauses (e) and (f) above shall not be deemed unsatisfied to the extent a failure to
maintain the specified ownership thresholds is caused by share issuances or similar Company actions that increase the number of outstanding shares of Common Stock. 

  
 2 

 (h) Upon the Blue Clay Designee’s appointment to the Board, (i) the Board will promptly
appoint him to the Compensation Committee and Corporate Governance and Nominating Committee and Strategic Planning Committee and will not remove him from serving as a member of each such committee during the Covered Period as long as the rules of
the NASDAQ Stock Market and the Securities and Exchange Commission (“SEC”) and applicable provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated
thereunder would allow for such continued service on each such committee, (ii) the Blue Clay Designee will receive the same benefits of directors’ and officers’ insurance and any indemnity and exculpation arrangements available
generally to the other Board members and the same compensation for his service as a director as the compensation received by the other Board members, and (iii) the Blue Clay Designee will comply with the same requirements as those generally
applicable to the other Board members. 
 (i) The Company hereby acknowledges that the Blue Clay Designee has certain rights to
indemnification, advancement of expenses and/or insurance provided by certain members of the Blue Clay Group and certain affiliates of such members of the Blue Clay Group (collectively, the “Blue Clay Indemnitors”). The Company hereby
agrees that (i) with respect to any indemnification obligations in favor of the Blue Clay Designee arising under Minnesota law, the Company’s Articles of Incorporation, the Company’s Bylaws, or by contract, the Company is the
indemnitor of first resort (i.e., its obligations to the Blue Clay Designee are primary and any obligation of the Blue Clay Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the
Blue Clay Designee are secondary), and (ii) the Company irrevocably waives, relinquishes and releases the Blue Clay Indemnitors from any and all claims against the Blue Clay Indemnitors for contribution, subrogation or any other recovery of any
kind in respect thereof. The Company further agrees that no advancement or payment by the Blue Clay Indemnitors on behalf of the Blue Clay Designee with respect to any claim for which the Blue Clay Designee has sought indemnification from the
Company shall affect the foregoing and the Blue Clay Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Blue Clay Designee against the Company. The
Company and the Blue Clay Designee agree that the Blue Clay Indemnitors are express third party beneficiaries of the terms of this clause (i). 

(j) In the event the Board offers to re-nominate the Blue Clay Designee for election as a director of the Company at the Company’s 2015
annual shareholders’ meeting and any adjournments and postponements thereof (the “2015 Annual Meeting”), the Board shall notify the Blue Clay Group of such offer no later than thirty days prior to expiration of the period during which
shareholders are required to deliver notice of shareholder nominations for the election of directors at the Company’s 2015 Annual Meeting, and such notice shall state (i) the Company’s intention to re-nominate the Blue Clay Designee
for election to the Board at the 2015 Annual Meeting, and (ii) the Company’s agreement to recommend that the Company’s shareholders vote to re-elect the Blue Clay Designee as a director. The Blue Clay Group must accept or reject the
Company’s offer to re-nominate the Blue Clay Designee within ten calendar days following the date of the Company’s notice. If the Blue Clay Group accepts the Company’s offer to re-nominate the Blue Clay Designee, each member of the
Blue Clay Group shall make commercially reasonable efforts to cause all shares of Common Stock beneficially owned, directly or indirectly, by it to be present for quorum purposes and to be voted, at the 2015 Annual Meeting, and further agrees that
at the 2015 Annual Meeting it shall make commercially reasonable efforts to vote in favor of the Company’s nominees for election to the Board. Further, in such event, at any subsequent special shareholders’ meeting (or adjournments or
postponements thereof) prior to the Company’s 2016 annual meeting of shareholders, each 

  
 3 

 
member of the Blue Clay Group shall make commercially reasonable efforts to cause all shares of Common Stock beneficially owned, directly or indirectly, by it to be present for quorum purposes
and to be voted in favor of the election to the Board of those director nominees nominated for election by the Board and against the removal of any directors whose removal is not recommended by the Board. 

2. Standstill. 
 (a) Each
member of the Blue Clay Group agrees that during the Covered Period, unless specifically requested in writing by the Company, acting through a resolution of a majority of the Company’s directors not including the Blue Clay Designee, it shall
not, and shall cause each of its Affiliates or Associates (as such terms are defined in Rule 12b-2 promulgated by the SEC under the Exchange Act) (collectively and individually, the “Blue Clay Affiliates,” provided that no portfolio
company of the Blue Clay Group shall be deemed a “Blue Clay Affiliate” so long as such portfolio company (i) has not received from the Blue Clay Group or the Blue Clay Designee information concerning the Company or its business, and
(ii) is not acting at the request of, in coordination with or on behalf of the Blue Clay Group or the Blue Clay Designee), not to, directly or indirectly, in any manner, alone or in concert with others: 

(i) make, engage in, or in any way participate in, directly or indirectly, any “solicitation” of proxies (as such
terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act) or consents to vote, or seek to advise, encourage or influence any person with respect to the voting of any
securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities (collectively, “securities of the Company”) for the election of individuals to the Board or to approve stockholder
proposals, or become a “participant” in any contested “solicitation” for the election of directors with respect to the Company (as such terms are defined or used under the Exchange Act) (other than a “solicitation” or
acting as a “participant” in support of all of the nominees of the Board at any stockholder meeting) or make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise); 

(ii) form, join, encourage, influence, advise or in any way participate in any Group (as such term is defined in
Section 13(d)(3) of the Exchange Act) with any persons who are not Blue Clay Affiliates with respect to any securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any securities of the Company in any
voting trust or similar arrangement, or subject any securities of the Company to any arrangement or agreement with respect to the voting thereof, except as expressly set forth in this Agreement; 

(iii) acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or
exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group (including any group of persons that would be treated as a single “person” under
Section 13(d) of the Exchange Act), through swap or hedging transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company that would result in the Blue Clay Group (together with
the Blue Clay 

  
 4 

 
Affiliates) owning, controlling or otherwise having any beneficial or other ownership interest in more than 12.9% in the aggregate of the shares of Common Stock outstanding at such time; provided
that nothing herein will require Common Stock to be sold to the extent the Blue Clay Group and the Blue Clay Affiliates, collectively, exceed the ownership limit under this paragraph solely as the result of a share repurchase or similar Company
action that reduces the number of outstanding shares of Common Stock so long as the beneficial or other ownership interest of the Blue Clay Group and the Blue Clay Affiliates do not increase thereafter (except solely as a result of further corporate
actions taken by the Company), unless and until such ownership interest before and after such subsequent increase does not exceed such 12.9% limitation; 

(iv) sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of
the Company or any rights decoupled from the underlying securities held by the Blue Clay Group or any Blue Clay Affiliate to any person or entity not a (A) party to this Agreement, (B) member of the Board, (C) officer of the Company,
(D) a Blue Clay Affiliate (any person or entity not set forth in clauses (A)-(D) shall be referred to as a “Third Party”) that would knowingly result in such Third Party, together with its affiliates and associates, owning,
controlling or otherwise having any beneficial or other ownership interest of more than 9.9% in the aggregate of the shares of Common Stock outstanding at such time, except in a transaction approved by the Board; 

(v) effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or
understandings whether or not legally enforceable with any person), offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender
or exchange offer, merger, consolidation, acquisition, scheme, arrangement, business combination, recapitalization, reorganization, sale or acquisition of material assets, liquidation, dissolution or other extraordinary transaction involving the
Company or any of its subsidiaries or joint ventures or any of their respective securities (each, an “Extraordinary Transaction”), or make any public statement with respect to an Extraordinary Transaction; provided,
however, that this clause shall not (A) preclude the tender by the Blue Clay Group or a Blue Clay Affiliate of any securities of the Company into any tender or exchange offer or vote by the Blue Clay Group or a Blue Clay Affiliate of any
securities of the Company with respect to any Extraordinary Transaction or (B) prohibit any member of the Blue Clay Group or a Blue Clay Affiliate from offering to purchase assets of the Company if the sale of such assets is initiated by the
Company through an open bidding process or from offering to purchase the securities of the Company if a member of the Company’s management has publicly offered to acquire all or substantially all of the equity securities of the Company in a
“take private” transaction subject to Rule 13e-3 promulgated under the Exchange Act; 
 (vi) engage in any short
sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including, without limitation, any put or call option or “swap” transaction) with respect to any security
(other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the securities of the Company; 

  
 5 

 (vii) (A) call or seek to call, alone or in concert with others, any meeting of
shareholders, including by written action, (B) seek representation on, or nominate any candidate to, the Board, except as set forth herein, (C) seek the removal of any member of the Board, (D) solicit consents from shareholders or
otherwise act or seek to act by written action, (E) conduct a referendum of shareholders or (F) make a request for any shareholder list or other Company books and records, whether pursuant to Section 302A.461 of the MBCA or otherwise;

 (viii) take any action in support of or make any proposal or request that constitutes: (A) advising, controlling,
changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, except as set forth herein, (B) any material change in the
capitalization, stock repurchase programs and practices or dividend policy of the Company, (C) any other material change in the Company’s management, business or corporate structure, (D) seeking to have the Company waive or make
amendments or modifications to the Company’s Articles of Incorporation or Bylaws, or other actions that may impede or facilitate the acquisition of control of the Company by any person, (E) causing a class of securities of the Company to
be delisted from, or to cease to be authorized to be quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act; 
 (ix) except as necessary to enforce the provisions of this Agreement, commence or threaten any litigation against the
Company, or commence or threaten, derivatively on behalf of the shareholders, any litigation against any of the Company’s officers and directors; 

(x) make any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the
Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement; 

(xi) enter into any discussions, negotiations, agreements or understandings with any Third Party with respect to any of the
foregoing, or advise, assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of
the foregoing; or 
 (xii) publicly request, directly or indirectly, any amendment or waiver of the foregoing. 

The foregoing provisions of this Section 2(a) shall not be deemed to prohibit the Blue Clay Group or its directors, officers,
partners, employees, members or agents (acting in such capacity) (“Representatives”) from communicating privately with the Company’s directors, officers or advisors so long as such communications are not intended to, and would
not reasonably be expected to, require any public disclosure of such communications. 

  
 6 

 (b) At each annual shareholders’ meeting (or adjournments or postponements thereof) during
the Covered Period, each member of the Blue Clay Group shall make commercially reasonable efforts to cause all shares of Common Stock beneficially owned, directly or indirectly, by it to be present for quorum purposes and to be voted and further
agrees that it shall make commercially reasonable efforts to vote in favor of the Company Slate. At any special shareholders’ meeting (or adjournments or postponements thereof) during the Covered Period, each member of the Blue Clay Group shall
make commercially reasonable efforts to cause all shares of Common Stock beneficially owned, directly or indirectly, by it to be present for quorum purposes and to be voted in favor of the election to the Board of those director nominees nominated
for election by the Board and against the removal of any directors whose removal is not recommended by the Board. 
 (c) Nothing in this
Section 2 shall prohibit or in any way limit any actions that may be taken by the Blue Clay Designee acting solely as a director of the Company (including, without limitation, voting on any matter submitted for consideration by the
Board, participating in deliberations or discussions of the Board and making suggestions or raising issues to the Board) consistent with his fiduciary duties as a director of the Company (it being understood and agreed that the Blue Clay Group and
the Blue Clay Affiliates shall not seek to do indirectly through the Blue Clay Designee anything that would be prohibited if done by the Blue Clay Group or the Blue Clay Affiliates). 

(d) For purposes of this Agreement: 

(i) the “Initial Period” shall mean the period commencing on the date hereof and continuing until the date
that is 10 calendar days prior to the expiration of the period during which shareholders of the Company are entitled to deliver notice of shareholder nominations for the election of directors at the Company’s 2015 Annual Meeting as set forth in
the advance notice provision of the Company’s Bylaws; 
 (ii) the “Covered Period” shall mean the
entire Initial Period and such longer period, if any, that continues until the earlier of (A) 30 calendar days prior to the date of the 2015 Annual Meeting, and (B) 30 calendar days following the date on which the Blue Clay Designee no
longer remains a director serving on the Board. 
 (iii) the terms “person” or “persons”
shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature. 

Notwithstanding the restrictions set forth in Section 2(a) and the definition of Covered Period under Section 2(d)(ii), the Blue Clay
Group shall be permitted, following expiration of the Initial Period and prior to the expiration of the period during which shareholders of the Company are entitled to deliver notice of shareholder nominations for the election of directors at the
2015 Annual Meeting, to nominate candidate(s) for 

  
 7 

 
election to the Board at the 2015 Annual Meeting if, and only if, the Blue Clay Designee resigns as a director of the Company (including from all committees on which the Blue Clay Designee then
serves) by delivering written notice of such resignation to the Chairman of the Board or the Company’s Secretary prior to or contemporaneously with making such nomination and, in such event, the Covered Period shall terminate immediately upon
such resignation. 
 3. Representations of the Company. The Company represents and warrants as follows: (a) the Company has the
power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this Agreement has been duly and validly authorized, executed and delivered by the
Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms. 

4. Representations of the Blue Clay Group. The Blue Clay Group, jointly and severally, represent and warrant as follows: (a) the
Blue Clay Group has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed
and delivered by the Blue Clay Group, constitutes a valid and binding obligation and agreement of the Blue Clay Group and is enforceable against the Blue Clay Group in accordance with its terms; and (c) the Blue Clay Group beneficially owns,
directly or indirectly, an aggregate of 580,521 shares of Common Stock and such shares of Common Stock constitute all of the Common Stock beneficially owned by the Blue Clay Group or in which the Blue Clay Group have any interest or right to
acquire, whether through derivative securities, voting agreements or otherwise. 
 5. Mutual Non-Disparagement. Each member of the
Blue Clay Group, on the one hand, and the Company, on the other hand, agrees that, during the Covered Period and thereafter so long as the Blue Clay Designee remains on the Board, it will not, and it will cause each of its Affiliates not to,
directly or indirectly, cause, express or cause to be expressed, orally or in writing, any disparaging or unfavorable remarks, comments or criticisms with regard to (or make any other public statement or communication that might reasonably be
construed to be derogatory or critical of, or negative toward) the other party, any Affiliate thereof, its business, or any of its current, future or former directors, officers, executives, management, employees, agents, representatives and
auditors. Notwithstanding anything to the contrary contained in this Section 5, following the 2015 Annual Meeting the restrictions contained in this Section 5 shall be inapplicable to any communications, whether oral or in writing,
expressed, or caused to be expressed, by any member of the Blue Clay Group or any of its Affiliates relating to (i) the nomination of directors or submission of business proposals by any member of the Blue Clay Group or its Affiliates with
respect to any annual or special meeting of shareholders of the Company and the solicitation of proxies in connection therewith, (ii) the calling of a special meeting of shareholders of the Company by any member of the Blue Clay Group or its
Affiliates and the solicitation of proxies or consent in connection therewith, or (iii) the views of any member of the Blue Clay Group or its Affiliates with respect to any “Fundamental Transaction” publicly announced by the Company.
A “Fundamental Transaction” means a dissolution or liquidation of the Company, a sale of substantially all of the assets of the Company, a merger or consolidation of the Company with or into any other corporation, regardless of whether the
Company is the surviving corporation, or a statutory share exchange involving capital stock of the Company. 

  
 8 

 6. Public Announcement and SEC Filing. 

(a) The Company shall file promptly a Form 8-K reporting entry into this Agreement (the “Form 8-K”) and appending or
incorporating by reference this Agreement as an exhibit thereto. 
 (b) The Blue Clay Group shall promptly file an amendment to its Amendment
No. 1 to Schedule 13D with respect to the Company filed with the SEC on May 21, 2013, reporting the entry into this Agreement, amending applicable items to conform to its obligations hereunder and appending or incorporating by reference
this Agreement as an exhibit thereto. Except for amendments to the Schedule 13D filed by the Blue Clay Group made solely to report material changes to the information contained therein, including a change in the level of ownership of Common Stock
and the entry into this Agreement, none of the Blue Clay Group, the Blue Clay Affiliates or the Blue Clay Designee shall, during the Covered Period, (i) issue a press release in connection with this Agreement or the actions contemplated hereby
or (ii) otherwise make any public statement, disclosure or announcement with respect to this Agreement or the actions contemplated hereby, in each case without the prior written consent of the Company, with such consent to be approved by the
Board, unless required by law. 
 7. Confidential Information. Each member of the Blue Clay Group acknowledges that information
concerning the business and affairs of the Company (“Confidential Information”) may be disclosed to the Blue Clay Designee by the Company or its subsidiaries, or by the Company’s or its subsidiaries’ directors, officers,
employees, agents, consultants, advisors or other representatives, including legal counsel, accountants and financial advisors (collectively, “Representatives”). Each member of the Blue Clay Group agrees that the Confidential
Information will be kept confidential by the Blue Clay Designee and that the Blue Clay Designee will not disclose any of the Confidential Information in any manner whatsoever, including without limitation to other members of the Blue Clay Group,
without the specific prior written consent of the Company unless disclosure is required by applicable laws or regulations or in connection with any judicial or regulatory proceedings (including by oral questions, interrogatories, requests for
information or documents, subpoena, civil investigative demand or similar process); provided, however, that the term “Confidential Information” shall not include information that (a) was in or enters the public domain, or was or
becomes generally available to the public, other than as a result of disclosure by the Blue Clay Designee in violation of this Agreement, or (b) was independently acquired or developed by the Blue Clay Designee without violating any of the
obligations of the Blue Clay Designee or any other confidentiality agreement, or under any other contractual, legal, fiduciary or binding obligation of the Blue Clay Designee. Notwithstanding the foregoing, the Blue Clay Designee may disclose
Confidential Information to his attorneys and, with the advance written permission of the Company, to his other Representatives, in each case who are instructed to keep such information confidential in accordance with the provisions of this
Agreement and the Blue Clay Designee will be responsible for any failure by such Representatives to keep such information confidential. The Blue Clay Designee agrees to undertake reasonable precautions to safeguard and protect the confidentiality of
the Confidential Information. Each member of the Blue Clay Group 

  
 9 

 
acknowledges that the U.S. securities laws prohibit any person who has received from an issuer material, non-public information concerning such issuer from purchasing or selling securities of
such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 

8. Release of Claims. On behalf of themselves and each of their respective directors, officers, managers, members and employees, the
Company and each member of the Blue Clay Group hereby release and forever discharge each other, and each of their respective successors, assigns, parent and subsidiary companies, joint ventures, partnerships, owners, directors, officers, partners,
principals, managers, members, employees, attorneys, consultants, financial advisors, shareholders, insurers and agents from all claims and demands, rights and causes of action of any kind arising out of or relating to this Agreement or the
circumstances preceding the execution of this Agreement from the beginning of time through the date of this release. Notwithstanding anything to the contrary in this Section 8, the Company and each member of the Blue Clay Group do not
release any obligations or claims related to the enforcement of the terms and provisions of this Agreement. 
 9. Miscellaneous. The
parties agree that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly,
the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and provisions of this Agreement exclusively in the United States District Court for the District of
Minnesota located in Hennepin County, or, if jurisdiction in such court is not available, the Hennepin County District Court in the State of Minnesota, in addition to any other remedies at law or in equity. Each of the parties hereto agrees to waive
any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief. Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the
United States District Court for the District of Minnesota located in Hennepin County, or, if jurisdiction in such court is not available, the Hennepin County District Court in the State of Minnesota, in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (c) agrees that it shall not bring any
action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the United States District Court for the District of Minnesota located in Hennepin County, or, if jurisdiction in such court is not
available, the Hennepin County District Court in the State of Minnesota, and each of the parties irrevocably waives the right to trial by jury, and (d) each of the parties irrevocably consents to service of process by a reputable overnight mail
delivery service, signature requested, to the address set forth in Section 12 of this Agreement or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING WITHOUT LIMITATION VALIDITY,
INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF MINNESOTA APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE. 

10. Expenses. Within five business days following receipt of reasonably satisfactory documentation thereof, the Company will reimburse
the Blue Clay Group for its reasonable out-of-pocket legal fees incurred through the date of the execution of this Agreement solely in connection with the negotiation and drafting of this Agreement, in an amount not to exceed $10,000. 

  
 10 

 11. Entire Agreement; Amendment. This Agreement contains the entire agreement and
understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with
respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this
Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder. 

12. Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process
in regard hereto shall be in writing and shall be deemed validly given, made or served when delivered in person or sent by overnight courier, when actually received during normal business hours at the address specified in this subsection: 

 

					
	        if to the Company:	  	 Famous Dave’s of America, Inc.

12701 Whitewater Drive, Suite 200
 Minnetonka, MN 55343

Attention: Chief Executive Officer
  

with a copy to
  

Maslon Edelman Borman & Brand, LLP
 3300 Wells Fargo Tower

90 South 7th Street

Minneapolis, Minnesota 55402
 Attention: William M. Mower,
P.A.

		
	        if to the Blue Clay Group:	  	 Blue Clay Capital Management, LLC

800 Nicollet Mall, Suite 2870
 Minneapolis, MN 55402

Attention: Adam Wright, Managing Partner
  

with a copy to
  

Lindquist & Vennum LLP
 4200 IDS Center

80 South 8th Street

Minneapolis, MN 55402
 Attention: April Hamlin

  
 11 

 13. Severability. If at any time subsequent to the date hereof, any provision of this
Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or
enforceability of any other provision of this Agreement. 
 14. Counterparts. This Agreement may be executed in two or more
counterparts either manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the
parties, notwithstanding that not all parties are signatories to the same counterpart. 
 15. No Third Party Beneficiaries;
Assignment. This Agreement is solely for the benefit of the parties hereto and is not binding upon or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by
operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this
Agreement on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party. 

16. Interpretation and Construction. When a reference is made in this Agreement to a Section, such reference shall be to a Section of
this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,”
“includes” and “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same meaning as the word “shall.” The words
“dates hereof” will refer to the date of this Agreement. The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement,
instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto acknowledges that
it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated in
the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any
party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is
hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. 

  
 12 

 [Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Nomination Agreement, or caused
the same to be executed by its duly authorized representative as of the date first above written. 
  

			
	FAMOUS DAVE’S OF AMERICA, INC.
		
	By:	 	          /s/ Dean A. Riesen
		 	Name: Dean A. Riesen
		 	Title: Chairman of the Board
	
	BLUE CLAY CAPITAL MANAGEMENT, LLC
		
	By:	 	          /s/ Gary S. Kohler
		 	Name: Gary S. Kohler
		 	 Title: Founding Principal, Portfolio

          Manager and Chief Investment

          Officer

	
	BLUE CLAY CAPITAL MASTER FUND LTD.
		
	By:	 	          /s/ Gary S. Kohler
		 	Name: Gary S. Kohler
		 	Title: Director

  

					
	BLUE CLAY CAPITAL PARTNERS CO I LP
		
	By:	 	BLUE CLAY CAPITAL MANAGEMENT, LLC, its General Partner
			
		 	By:	 	          /s/ Gary S. Kohler
		 		 	Name: Gary S. Kohler
		 		 	Title: Founding Principal, Portfolio
		 		 	           Manager and Chief

          Investment Officer

  

			
	          /s/ Adam Wright
	Adam Wright, Individually

  
 14 

 
			
	          /s/ Gary S. Kohler
	Gary S. Kohler, Individually
	
	          /s/ Brian Durst
	Brian Durst, Individually

  
 15 

 Schedule A 

Members of Blue Clay Group 
 Blue Clay
Capital Management, LLC 
 Blue Clay Capital Master Fund Ltd. 

Blue Clay Capital Partners Co I LP 
 Gary S. Kohler 

Adam Wright 
 Brian Durst

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