Document:

EXHIBIT 10.1

    

     

        

     

        

     

      ASSET PURCHASE AGREEMENT

       

      BY AND BETWEEN

       

      STRATA SKIN SCIENCES, INC.

       

      AND

       

      RA MEDICAL SYSTEMS, INC.

       

      

      

       

      DATED AS OF AUGUST 16, 2021

       

      
        

        
          

        
          

          

        

      

      
      TABLE OF CONTENTS

       

       

       

       

        

      	SECTION 1.  PURCHASE AND SALE	1
	
              1.1

            	
              Assets to be Purchased and Sold

            	
              1

            
	
              1.2

            	
              Excluded Assets

            	
              1

            
	
              1.3

            	
              Assumed Liabilities

            	
              1

            
	
              1.4

            	
              Excluded Liabilities

            	
              2

            
	
              1.5

            	
              Purchase Price

            	
              3

            
	
              1.6

            	
              Allocation of Purchase Price

            	
              4

            
	
              1.7

            	
              Absence of Consents

            	
              4

            
	
              1.8

            	
              Closing; Closing Conditions and Deliverables

            	
              4

            

      

      
        	SECTION 2.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY   

              	7
	
                2.1

              	
                Organization and Qualification

              	
                7

              
	
                2.2

              	
                Title to Assets

              	
                7

              
	
                2.3

              	
                Authority; Binding Nature of Agreement

              	
                7

              
	
                2.4

              	
                Non‐Contravention; Consents

              	
                7

              
	
                2.5

              	
                Compliance with Laws

              	
                8

              
	
                2.6

              	
                Litigation

              	
                8

              
	
                2.7

              	
                Business Inventory

              	
                8

              
	
                2.8

              	
                Absence of Certain Changes, Events and Conditions

              	
                9

              
	
                2.9

              	
                Condition and Sufficiency of Assets

              	
                10

              
	
                2.10

              	
                Intellectual Property

              	
                10

              
	
                2.11

              	
                Contracts

              	
                12

              
	
                2.12

              	
                Environmental Matters

              	
                14

              
	
                2.13

              	
                Undisclosed Liabilities

              	
                14

              
	
                2.14

              	
                Stockholder Approval

              	
                15

              
	
                2.15

              	
                Third Party Approval

              	
                15

              
	
                2.16

              	
                Financial Advisor

              	
                15

              
	
                2.17

              	
                Taxes

              	
                15

              
	
                2.18

              	
                Full Disclosure

              	
                16

              

         

      
        	SECTION 3.  REPRESENTATIONS AND WARRANTIES OF PURCHASER	16
	
                3.1

              	
                Organization and Qualification

              	
                16

              
	
                3.2

              	
                Authority; Binding Nature of Agreement

              	
                16

              

         

       

      

      

      
        
          i

        

        
          

        
          

          

        

      

      

      

      
        	
                3.3

              	
                Non‐Contravention; Consents

              	
                16

              
	
                3.4

              	
                Litigation

              	
                17

              
	
                3.5

              	
                Financing

              	
                17

              

      

      

      
        	SECTION 4.  COVENANTS OF THE PARTIES  

              	17 

              
	
                4.1

              	
                Public Announcements

              	
                17

              
	
                4.2

              	
                Tax Matters17

              	 
	
                4.3

              	
                Removal of Transferred Assets

              	
                18

              
	
                4.4

              	
                Post-Closing Services

              	
                18

              
	
                4.5

              	
                Restrictive Covenant

              	
                18

              
	
                4.6

              	
                INTENTIONALLY OMITTED

              	
                20

              
	
                4.7

              	
                Bulk Sales Laws

              	
                20

              
	
                4.8

              	
                Receivables

              	
                20

              
	
                4.9

              	
                Recalls after Closing

              	
                20

              
	
                4.10

              	
                Further Assurance

              	
                21

              

        

      

      
        	SECTION 5.  INDEMNIFICATION  

              	21 

              
	
                5.1

              	
                Survival

              	
                21

              
	
                5.2

              	
                Indemnification By Seller

              	
                21

              
	
                5.3

              	
                Indemnification By Purchaser

              	
                22

              
	
                5.4

              	
                Certain Limitations

              	
                22

              
	
                5.5

              	
                Indemnification Procedures

              	
                23

              
	
                5.6

              	
                Payments

              	
                25

              
	
                5.7

              	
                Tax Treatment of Indemnification Payments

              	
                25

              
	
                5.8

              	
                Effect of Investigation

              	
                25

              
	
                5.9

              	
                Exclusive Remedies

              	
                25

              

        

      

      
        	SECTION 6.  MISCELLANEOUS PROVISIONS  

              	26 

              
	
                6.1

              	
                Amendment

              	
                26

              
	
                6.2

              	
                Expenses

              	
                26

              
	
                6.3

              	
                Waiver

              	
                26

              
	
                6.4

              	
                Entire Agreement; Counterparts

              	
                26

              
	
                6.5

              	
                Applicable Law; Jurisdiction; Waiver of Jury Trial

              	
                26

              
	
                6.6

              	
                Assignability

              	
                27

              
	
                6.7

              	
                Third Party Beneficiaries

              	
                27

              
	
                6.8

              	
                Notices

              	
                27

              

      

      

      
        
          ii

        

        
          

        
          

          

        

      

      
        	
                6.9

              	
                Severability

              	
                28

              
	
                6.10

              	
                Specific Performance

              	
                29

              
	
                6.11

              	
                Construction

              	
                29

              
	
                6.12

              	
                Further Actions

              	
                29

              

      

      

      

      

      
        
          iii

        

        
          

        
          

          

        

      

      
      ASSET PURCHASE AGREEMENT

       

      THIS ASSET PURCHASE AGREEMENT
        (as may be amended from time to time in accordance with its terms, this “Agreement”) is made and entered into as of
        August 16, 2021 (the “Effective Date”), by and among STRATA SKIN SCIENCES, INC. (“Purchaser”), a Delaware corporation, and RA MEDICAL SYSTEMS, INC., a Delaware corporation (the “Company” or the “Seller”).  Certain capitalized terms used in this Agreement are defined in Exhibit A.

       

      RECITALS

       

      A. The Company is engaged in the domestic and international business
          of developing, manufacturing, selling, distributing and servicing the excimer laser device that emits highly concentrated ultraviolet light (the “Laser”) with dermatological applications, which is
            marketed under the trademark “PHAROS” (the “Business”).  For purposes of clarity, the “Business” shall include solely those assets of Company that
          are used in the Company’s PHAROS business applicable to the dermatological application of the Laser, and shall not include any other business of Company or any applications of the Laser outside of the dermatology field.

       

      B. The Company desires to sell and assign to Purchaser, and Purchaser desires to purchase and assume from the Company, certain specified assets and
          certain specified liabilities of the Business, upon the terms and subject to the conditions set forth in this Agreement.

       

      C. The Company has obtained the approval of the transactions contemplated by this Agreement by the affirmative vote of the Company’s board of directors.

       

      NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Agreement and other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

       

      AGREEMENT

       

      SECTION 1.  PURCHASE AND SALE

       

      1.1 Assets to be Purchased and
            Sold.  Subject to the terms and conditions of this Agreement, at the Closing, the Company shall sell, transfer, convey, assign and deliver (“Transfer”) to Purchaser, and Purchaser shall purchase, free and clear of any Liens, all of the Company’s rights, title and interest in and to all of the assets, properties and rights of every kind and nature, whether
          real, personal or mixed, tangible or intangible (including goodwill), wherever located and whether now existing or hereafter acquired (other than the Excluded Assets), which relate to, or are used or held for use in connection with, the Business
          set forth in Exhibit X (the “Transferred
            Assets”).

       

      
        
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      1.2 Excluded Assets. 
          The Company will not Transfer to Purchaser, and the Transferred Assets will not include any of the assets, properties or rights or interest therein set forth in Exhibit X
          (the “Excluded Assets”).

       

      1.3 Assumed Liabilities. 

          Purchaser shall only assume obligations and Liabilities first arising after the Closing Date in respect of the Assumed Contracts (only to the extent such Assumed Contracts are assigned to Purchaser or Purchaser otherwise assumes such obligations
          and Liabilities pursuant to Section 1.7) but only to the extent that such obligations and Liabilities do not relate to any failure to perform, breach, default or violation by the Company on or prior to the Closing Date (collectively, the “Assumed Liabilities”).

       

      1.4 Excluded Liabilities. 
          Notwithstanding the provisions of Section 1.3 or any other provision in this Agreement to the contrary, Purchaser shall not assume and shall not be responsible to pay, perform or discharge any obligations or Liabilities of the Business, the
          Company or any of its Affiliates of any kind or nature whatsoever other than the Assumed Liabilities (the “Excluded Liabilities”). 
          Without limiting the generality of the foregoing, the Excluded Liabilities shall include, but not be limited to, the following:

       

      (a) any Liabilities of Seller arising or incurred in connection with the negotiation, preparation, investigation and performance of this Agreement, the
          Ancillary Documents and the transactions contemplated hereby and thereby, including, without limitation, fees and expenses of counsel, accountants, consultants, advisers and others;

       

      (b) any Liability for (i) Taxes of Seller (or any stockholder or Affiliate of Seller) or relating to the Business, the Transferred Assets or the Assumed
          Liabilities for any period prior to Closing Date; (ii) Taxes that arise out of the consummation of the transactions contemplated hereby or that are the responsibility of Seller pursuant to Sections 4.6, 4.7 and 4.9; or (iii) other Taxes of Seller
          (or any stockholder or Affiliate of Seller) of any kind or description (including any Liability for Taxes of Seller (or any stockholder or Affiliate of Seller) that becomes a Liability of Purchaser under any common law doctrine of de facto merger
          or transferee or successor liability or otherwise by operation of contract or Law);

       

      (c) any Liabilities relating to or arising out of the Excluded Assets (including under any Contracts, commitments or understandings related thereto);

       

      (d) any Liabilities in respect of any pending or threatened Proceeding arising out of, relating to or otherwise in respect of the operation of the Business or
          the Transferred Assets to the extent such Proceeding relates to such operation on or prior to the Closing Date;

       

      (e) any product Liability or similar claim for injury to a Person or property which arises out of or is based upon any express or implied representation,
          warranty, agreement or guaranty made by Seller, or by reason of the improper performance or malfunctioning of a product, improper design or manufacture, failure to adequately package, label or warn of hazards or other related product defects of
          any products at any time manufactured or sold or any service performed by Seller;

       

      (f) any recall, design defect or similar claims of any products manufactured or sold or any service performed by Seller prior to Closing;

       

      
        
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       (g) any Liabilities of Seller arising under or in connection with any Employee Plan providing benefits to any present or former employee of Seller;

       

      (h) any Liabilities of Seller for any present or former employees, officers, directors, retirees, independent contractors or consultants of Seller, including,
          without limitation, any Liabilities associated with any claims for wages or other benefits, bonuses, accrued vacation, workers’ compensation, severance, retention, termination or other payments;

       

      (i) any Environmental Claims, or Liabilities under Environmental Laws, to the extent arising out of or relating to facts, circumstances or conditions existing
          on or prior to the Closing or otherwise to the extent arising out of any actions or omissions of Seller;

       

      (j) any trade accounts payable of Seller (i) arising out of or relating to the operation of the Business and the Transferred Assets on or prior to the Closing
          Date; (ii) which constitute intercompany payables owing to Affiliates of Seller; (iii) which constitute debt, loans or credit facilities to financial institutions; or (iv) which did not arise in the ordinary course of business;

       

      (k) any Liabilities of the Business relating or arising from unfulfilled commitments, quotations, purchase orders, customer orders or work orders that (i) do
          not constitute part of the Transferred Assets issued by the Business’ customers to Seller on or before the Closing; (ii) did not arise in the ordinary course of business; or (iii) are not validly and effectively assigned to Purchaser pursuant to
          this Agreement;

       

      (l) any Liabilities to indemnify, reimburse or advance amounts to any present or former officer, director, employee or agent of Seller (including with respect
          to any breach of fiduciary obligations by same), except for indemnification of same pursuant to Section 5.3 as Seller Indemnitees;

       

      (m) any Liabilities under the Excluded Contracts or any other Contracts, including Intellectual Property Agreements, (i) which are not validly and effectively
          assigned to Purchaser pursuant to this Agreement; (ii) which do not conform to the representations and warranties with respect thereto contained in this Agreement; or (iii) to the extent such Liabilities arise out of or relate to a breach by
          Seller of such Contracts prior to Closing;

       

      (n) any Liabilities associated with debt, loans or credit facilities of Seller and/or the Business owing to financial institutions; and

       

      (o) any Liabilities arising out of, in respect of or in connection with the failure by Seller or any of its Affiliates to comply with any Law or Governmental
          Order.

       

      1.5 Purchase Price.

       

      (a) The aggregate purchase price for the Transferred Assets shall be an amount equal to (i) Five
          Million Dollars ($5,000,000), less (ii) the difference between (A) $1,500,000, which represents an amount equal to the estimated cost
          (including parts and labor) of the remaining term of any existing customer warranty obligations and existing service agreement obligations to existing customers (the “Obligations”) related to the Business, and (B) $250,000, which represents an amount equal to the value of the Business 

        

       

      
        
          3

        

        
          

        
          

          

        

      

       

      

       

      Inventory acquired as of the Closing Date, less (iii) $50,000 (which shall be applied towards any indemnification obligations of Seller
          that may arise pursuant to Section 5.2(c)) (such aggregate amount, the “Purchase Price”), plus the assumption of the Assumed Liabilities.  The Purchase Price shall be paid as provided in Sections 1.8(c), subject to Section 1.5(b).  For purposes of clarity, the parties agree that as
        of Closing, Seller shall have no further obligations or responsibilities as to the Obligations, which shall become Purchaser’s sole responsibility, to the extent not otherwise an Excluded Liability (including, but not limited to, Section 1.4(f)).

       

      (b) Purchaser shall be entitled to deduct and withhold from the Purchase Price all Taxes that Purchaser may be required to deduct and withhold under any provision of Tax Law.  All
          such withheld amounts shall be treated as delivered to Seller hereunder.  Seller shall provide to Buyer a Form W-9 at the Closing, and accordingly, it is anticipated that no Tax withholding shall be required.

       

      1.6 Allocation of Purchase
            Price.  Not later than sixty (60) days after the Closing Date, Purchaser shall prepare and deliver to the Company a schedule (the “Purchase Price Allocation Schedule”) allocating the Purchase Price among the Acquired Assets (it being understood that such schedule will be prepared in compliance with Section 1060 of the Code and the regulations promulgated
          thereunder), and such allocation will be conclusive and binding upon the parties hereto for all purposes.  Purchaser and the Company shall each file all Tax Returns (including amended returns and claims for refund) in a manner consistent with
          such allocation (including the filing of IRS Form 8594), unless otherwise required by applicable Law.  Neither Purchaser nor the Company shall take any position with respect to Taxes that is inconsistent with the agreed upon allocation, including
          in any audit or examination by any Tax Authority, unless otherwise required by applicable Law.  Purchaser and the Company shall prepare and timely file such reports and information returns as may be required under applicable Laws to report the
          allocation of the Purchase Price among the Transferred Assets in accordance with the Purchase Price Allocation Schedule.  Each party agrees to notify the other party in the event that any Tax Authority takes or proposes to take a position for Tax
          purposes that is inconsistent with the allocation set forth in the Purchase Price Allocation Schedule.

       

      1.7 Absence of Consents. 

          To the extent that Seller’s rights under any Contract or Governmental Authorization constituting a Transferred Asset, or any other Transferred Asset, may not be Transferred to Purchaser without the Consent of another Person which has not been
          obtained, this Agreement shall not constitute an agreement to Transfer the same if an attempted Transfer would constitute a breach thereof or be unlawful, and Seller, at its expense, shall use its reasonable best efforts to obtain any such
          required Consent(s) as promptly as possible.  If any such Consent shall not be obtained or if any attempted Transfer would be ineffective or would impair Purchaser’s rights under the Transferred Asset in question so that Purchaser would not in
          effect acquire the benefit of all such rights, Seller, to the maximum extent permitted by law and the Transferred Asset, shall act after the Closing as Purchaser’s agent in order to obtain for it the benefits thereunder and shall cooperate, to
          the maximum extent permitted by Law and the Transferred Asset, with Purchaser in any other reasonable arrangement designed to provide such benefits to Purchaser.

       

      
        
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      1.8 Closing; Closing Conditions and Deliverables.

       

      (a) Closing.  The consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place by electronic communication on the Closing Date, and shall be effective as of 11:59 p.m. Eastern Time
          on such date.

       

      (b) Closing Conditions.  The obligation of Purchaser to consummate the Closing is subject to
          the satisfaction of the following conditions in this Section 1.8(b) and the delivery of the agreements and other deliverables set forth in this Section 1.8(b):

       

      (i) Representations and Warranties.  Each of the representations and warranties of Company
          made in Section 2 shall be true and correct in all material respects as of the Closing Date as though made at such time (except those representations and
          warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date).

       

      (ii) Covenants.  Company shall have performed and complied in all material respects with all
          covenants and agreements set forth in this Agreement required to be performed or complied with by it at or prior to the Closing Date.

       

      (iii) No Injunction, Etc.  No provision of any applicable Law and no Governmental Order or
          proceeding shall be in effect that shall prohibit the consummation of the Closing.  No proceeding challenging this Agreement, the Ancillary Documents, or the transactions contemplated by this Agreement or the Ancillary Documents; seeking to
          prohibit or materially delay the Closing; or seeking material damages incident to this Agreement, the Ancillary Documents, or the transactions contemplated by this Agreement or the Ancillary Documents shall have been instituted by any Person
          before any Governmental Body and be pending.

       

      (iv) Company Closing Deliverables.  At the Closing, the Company shall execute (as applicable)
          and deliver each of the following to Purchaser:

       

      (1) a bill of sale in the form of Exhibit B attached hereto (the “Bill of Sale”) and duly executed by Seller, transferring Seller’s right, title and interest in and to the tangible personal
          property included in the Transferred Assets to Purchaser;

       

      (2) an assignment and assumption agreement in the form of Exhibit C
          attached hereto (the “Assignment and Assumption Agreement”) and duly executed by Seller, effecting the assignment to and
          assumption by Purchaser of the Transferred Assets and the Assumed Liabilities;

       

      (3) a trademark assignment agreement in the form of Exhibit D
          attached hereto (the “Trademark Assignment Agreement”) and duly executed by Seller, transferring all of Seller’s right, title
          and interest in and to the Intellectual Property Assets to Purchaser;

       

      (4) the Services Agreement in the form of Exhibit E attached hereto
          (the “Services Agreement”) and duly executed by Seller;

       

      
        
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      (5) a power of attorney in the form of Exhibit F attached hereto and
          duly executed by Seller;

       

      (6) a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions set forth in Sections 1.8(b)(i),
          (ii) and (iii) have been satisfied;

       

      (7) a certificate duly executed by the Company pursuant to Treasury Regulations Section 1.1445‐2(b) that the Company is not a foreign person within the meaning
          of Section 1445 of the Code;

       

      (8) releases (in recordable form), pay-off letters and UCC‐3 termination statements (in recordable form) from any Person having a Lien on any Transferred Asset, or such other
          evidence of termination of such Lien as is acceptable to Purchaser;

       

      (9) all Document Deliverables, and other materials related to the Business and its administration and recordkeeping (which the Company may deliver to Purchaser’s principal place of
          business promptly following the Closing);

       

      
        (10)    a certificate of the Secretary or Assistant Secretary of the Company certifying:  (A) the certificate of incorporation of the Company as
            certified by the secretary of state of the state of incorporation of the Company; (B) the bylaws of the Company; (C) a good standing certificate of the Company, dated as of a recent date prior to the Closing Date, as issued by the secretary of
            state of the state of incorporation of the Company; (D) that attached thereto are true and complete copies of all resolutions adopted by the board of directors of
              Seller authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby, and that all such resolutions are in full force and effect and
              are all the resolutions adopted in connection with the transactions contemplated hereby and thereby; and (E) the names and signatures of the officers of Seller authorized to sign this Agreement, the Ancillary Documents and the other documents
              to be delivered hereunder and thereunder; and

         

        

       

      
        (11) such other customary instruments of transfer, assumption, filings or documents, in form and substance reasonably satisfactory to Purchaser, as may be required to give effect
            to this Agreement.

         

        

      
        Any condition specified in this Section 1.8
          may be waived if consented to by Purchaser in writing.

         

      (c) Purchaser Closing Deliverables.  The obligation of the Company to consummate the Closing
          is subject to the satisfaction of the following conditions in this Section 1.8(c) and the delivery of the agreements and other deliverables set forth in this Section 1.8(c):

       

      (i) Representations and Warranties.  Each of the representations and warranties of Purchaser
          made in Section 3 shall be true and correct in all material respects as of the Closing Date as though made at such time (except those representations and
          warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date).

       

      
        
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      (ii) Covenants.  Purchaser shall have performed and complied in all material respects with
          all covenants and agreements set forth in this Agreement required to be performed or complied with by it at or prior to the Closing Date.

       

      (iii) No Injunction, Etc.  No provision of any applicable Law and no Governmental Order or
          proceeding shall be in effect that shall prohibit the consummation of the Closing.  No proceeding challenging this Agreement, the Ancillary Documents, or the transactions contemplated by this Agreement or the Ancillary Documents; seeking to
          prohibit or materially delay the Closing; or seeking material damages incident to this Agreement, the Ancillary Documents, or the transactions contemplated by this Agreement or the Ancillary Documents shall have been instituted by any Person
          before any Governmental Body and be pending.

       

      (iv) At the Closing, Purchaser shall deliver to Seller the following:

       

      (1) the Purchase Price by wire transfer of immediately available funds to an account designated in writing by Seller to Purchaser;

       

      (2) the Assignment and Assumption Agreement duly executed by Purchaser;

       

      (3) the Services Agreement duly executed by Purchaser;

       

      (4) a sales tax resale certificate or other comparable document, as appropriate, reasonably satisfactory to Seller, with respect to the Purchased Assets being purchased for resale;
          and

       

      (5) a certificate, dated the Closing Date and signed by a duly authorized officer of Purchaser, that each of the conditions set forth in Sections 1.8(c)(i),
          (ii) and (iii) have been satisfied.

       

      SECTION 2.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

       

      The Company represents and warrants to Purchaser as of the Closing as follows:

       

      2.1 Organization and
            Qualification.  The Company is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all necessary corporate power and authority to own, lease and operate the Transferred Assets and to
          operate the Business as it is now being conducted.  The Company is qualified to do business as a foreign corporation, and in good standing, under the laws of every jurisdiction where the nature of its business requires such qualification.

       

      2.2 Title to Assets. 
          Except as set forth on Schedule 2.2, the Company has good, valid and marketable title to all of the Transferred Assets, and the Company has the full right
          to sell, transfer and assign all of the Transferred Assets to Purchaser, free and clear of all Liens.  Following the Closing, Purchaser will be the lawful owner of, and have good, valid and marketable title to, all the Transferred Assets free and
          clear of all Liens.

       

        

      2.3 Authority; Binding Nature of Agreement.  The
          Company has all necessary corporate power and authority to enter into and to perform its obligations under this  

       

      
        
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      Agreement and each of the Ancillary Documents to which is
          a party.  The execution, delivery and performance of this Agreement and each Ancillary Document to which the Company is a party by the Company and the consummation of the transactions hereunder and thereunder have been duly authorized and
          approved by all necessary corporate and stockholder action.  This Agreement and each Ancillary Document to which the Company is a party constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance
          with their terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (b) rules of law governing specific performance, injunctive relief and other equitable remedies.

       

      2.4 Non‐Contravention; Consents. 
          Except as set forth on Schedule 2.4, the execution and delivery by the Company of this Agreement and each of the Ancillary Documents to which it is a party
          and the consummation by the Company of the transactions contemplated by this Agreement and each of the Ancillary Documents to which it is a party do not and will not (a) conflict with or result in a violation or breach of, or default under, any
          provision of the certificate of incorporation, bylaws or other organizational documents of Seller; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller, the Business or the
          Transferred Assets; (c) require the Consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a
          default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract or Governmental Authorization
          to which Seller is a party or by which Seller or the Business is bound or to which any of the Transferred Assets are subject (including any Assigned Contract); or (d) result in the creation or imposition of any Encumbrance on the Transferred
          Assets.  No Consent, approval, Governmental Authorization, Governmental Order, declaration or filing with, or notice to, any Governmental Body is required by or
          with respect to Seller in connection with the execution and delivery of this Agreement or any of the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby.

       

      2.5 Compliance with Laws.

       

      (a) The Company has been, with respect to the Business, in compliance with all applicable Laws, including all applicable Health Care Laws.

       

      (b) Neither the Company nor any Person engaged by Company to provide any service with respect to the Business, has received (i) any unresolved FDA Form 483 observations, untitled
          letters or warning letters directly relating to the Product since December 31, 2019, or (ii) any written notice or, to the Knowledge of the Company, other communication from any Governmental Body (A) requiring the termination or suspension of any
          manufacturing, marketing, sale, importation, export or other exploitation of the Product or (B) alleging any material violation of any Law, providing notice of any fine, sanction, or penalty, or commencing or indicating an intention to conduct
          any investigation with respect to the Product.  There is no order, judgment, agreement, consent decree, or other obligation to which the Company is bound which would in any way impede the Transfer of the Transferred Assets to Purchaser and
          Purchaser’s assumption of the Business pursuant to the terms of this Agreement without adverse impact of any nature.

       

      
        
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      2.6 Litigation.  There
          are no and there have not been any Proceedings pending or, to the Knowledge of the Company, threatened against the Company affecting the Business or the Transferred Assets at law or in equity, including any such Proceeding before or by any
          Governmental Body.  Neither the Company nor any Transferred Asset is subject to or bound by any outstanding orders, judgments, injunctions, awards or decrees of any Governmental Body or agreements with any Governmental Body, including corporate
          integrity agreements, corporate compliance agreements, or deferred or non‐prosecution agreements.

       

      2.7 Business
            Inventory.  All Business Inventory consists of a quality and quantity usable and salable in the ordinary course of business consistent with past practice, except for obsolete, damaged, defective or slow-moving items that have been
          written off or written down to fair market value or for which adequate reserves have been established.  All Business Inventory is owned by Seller free and clear of all Encumbrances, and no Business Inventory is held on a consignment basis.  The
          quantities of each item of Business Inventory (whether raw materials, work-in-process or finished goods) are not excessive, but are reasonable in the present circumstances of Seller.

       

      2.8 Absence of Certain Changes,
            Events and Conditions.  Since January 1, 2021, other than (i) in the ordinary course of business consistent with past practice, (ii) the consummation of this Agreement and the Ancillary Documents and (iii) as may have been publicly
          disclosed by Seller under Legal Proceedings in Form 10-K and Form 10-Q SEC filings prior to Closing, there has not been any, there has not been any:

       

      (a) event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

       

      (b) material change in any method of accounting or accounting practice for the Business, except as required by GAAP or as disclosed in the notes to the
          Financial Statements;

       

      (c) material change in cash management practices and policies, practices and procedures with respect to accounts receivable, inventory control, prepayment of
          expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

       

      (d) entry into any Contract that would constitute a Material Contract;

       

      (e) incurrence, assumption or guarantee of any indebtedness for borrowed money in connection with the Business except unsecured current obligations and
          Liabilities;

       

      (f) transfer, assignment, sale or other disposition of any of the Transferred Assets;

       

      (g) cancellation or forgiveness of any debts or claims or amendment, termination or waiver of any rights relating to Transferred Assets;

       

      (h) transfer or assignment of or grant of any license or sublicense under or with respect to any material Intellectual Property Assets or Intellectual Property
          Agreements;

       

      
        
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      (i) abandonment or lapse of or failure to maintain in full force and effect any Intellectual Property Registration, or failure to take or maintain reasonable
          measures to protect the confidentiality or value of any Trade Secrets included in the Intellectual Property Assets;

       

      (j) material damage, destruction or loss, or any material interruption in use, of any Transferred Assets, whether or not covered by insurance;

       

      (k) acceleration, termination, material modification to or cancellation of any Assigned Contract or Governmental Authorization;

       

      (l) material capital expenditures which would constitute an Assumed Liability;

       

      (m) imposition of any Encumbrance upon any of the Transferred Assets;

       

      (n) adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions of
          federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law;

       

      (o) purchase, lease or other acquisition of the right to own, use or lease any property or assets in connection with the Business for an amount in excess of
          $25,000, individually (in the case of a lease, per annum) or $50,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including any option term);

       

      (p) any Contract to do any of the foregoing, or any action or omission that would result in any of the foregoing.

       

      2.9 Condition
            and Sufficiency of Assets.  The items of tangible personal property included in the Transferred Assets are structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and
          none of such items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost.  The Transferred Assets are sufficient for the continued conduct
          of the Business after the Closing in the same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the Business as currently conducted.  None of the Excluded Assets are necessary for
          the operation of the Business.

       

      2.10 Intellectual
            Property.

       

      (a) Schedule 1.1(b) contains a correct, current and complete list of: 
          (i) all Intellectual Property Registrations, specifying as to each, as applicable:  the title, mark, or design; the jurisdiction by or in which it has been issued, registered or filed; the patent, registration or application serial number; the
          issue, registration or filing date; and the current status; (ii) all unregistered Copyrights and Trademarks included in the Intellectual Property Assets; (iii) all proprietary Software included in the Intellectual Property Assets; and (iv) all
          other Intellectual Property Assets (whether or not they are registrable or patentable) that are used or held for use in the conduct of the Business as currently conducted.

       

      
        
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      (b) Schedule 2.10(b) contains a correct, current and complete list of
          all Intellectual Property Agreements, specifying for each the date, title, and parties thereto, and separately identifying the Intellectual Property Agreements:  (i) under which Seller is a licensor or otherwise grants to any Person any right or
          interest relating to any Intellectual Property Asset; (ii) under which Seller is a licensee or otherwise granted any right or interest relating to the Intellectual Property of any Person; and (iii) which otherwise relate to the Seller’s ownership
          or use of any Intellectual Property in the conduct of the Business as currently conducted, in each case identifying the Intellectual Property covered by such Intellectual Property Agreement.  Seller has provided Purchaser with true and complete
          copies (or in the case of any oral agreements, a complete and correct written description) of all such Intellectual Property Agreements, including all modifications, amendments and supplements thereto and waivers thereunder.  Each Intellectual
          Property Agreement is valid and binding on Seller in accordance with its terms and is in full force and effect.  Neither Seller nor any other party thereto is, or is alleged to be, in breach of or default under, or has provided or received any
          notice of breach of, default under, or intention to terminate (including by non‐renewal), any Intellectual Property Agreement.

       

      (c) Except as set forth in Schedule 2.10(c), Seller is the sole and
          exclusive legal and beneficial, and with respect to the Intellectual Property Registrations, record, owner of all right, title and interest in and to the Intellectual Property Assets, and has the valid and enforceable right to use all other
          Intellectual Property used or held for use in or necessary for the conduct of the Business as currently conducted, in each case, free and clear of Encumbrances.  The Intellectual Property Assets are all of the Intellectual Property necessary to
          operate the Business as presently conducted.  Seller has entered into binding, valid and enforceable written Contracts with each current and former employee and independent contractor whereby such employee or independent contractor
          (i) acknowledges Seller’s exclusive ownership of all Intellectual Property Assets invented, created or developed by such employee or independent contractor within the scope of his or her employment or engagement with Seller; (ii) grants to Seller
          a present, irrevocable assignment of any ownership interest such employee or independent contractor may have in or to such Intellectual Property; and (iii) irrevocably waives any right or interest, including any moral rights, regarding such
          Intellectual Property, to the extent permitted by applicable Law.  All assignments and other instruments necessary to establish, record, and perfect Seller’s ownership interest in the Intellectual Property Registrations have been validly
          executed, delivered, and filed with the relevant Governmental Bodies and authorized registrars.

       

      (d) Neither the execution, delivery, or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result in the loss
          or impairment of or payment of any additional amounts with respect to, or require the consent of any other Person in respect of, the Purchaser’s right to own or use any Intellectual Property Assets in the conduct of the Business as currently
          conducted.  Immediately following the Closing, all Intellectual Property Assets will be owned or available for use by Purchaser on identical terms as they were owned or available for use by Seller immediately prior to the Closing.

       

      (e) All of the Intellectual Property Assets is valid and enforceable, all Intellectual Property Registrations are subsisting and in full force and effect and
          all Intellectual Property Agreements are in full force and effect and have not been breached by any party thereto.  Seller has taken all reasonable and necessary steps to maintain and enforce the Intellectual Property

       

      
        
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      Assets and to preserve the confidentiality of all Trade Secrets included in the Intellectual Property Assets, including by requiring all Persons having
        access thereto to execute binding, written non‐disclosure agreements.  All required filings and fees related to the Intellectual Property Registrations have been timely submitted with and paid to the relevant Governmental Bodies and authorized
        registrars.

       

      (f) The conduct of the Business as currently and formerly conducted, including the use of the Intellectual Property Assets in connection therewith, and the
          products, processes, and services of the Business have not infringed, misappropriated, or otherwise violated and will not infringe, misappropriate, or otherwise violate the Intellectual Property or other rights of any Person.  No Person has
          infringed, misappropriated, or otherwise violated any Intellectual Property Assets.

       

      (g) There are no Proceedings (including any opposition, cancellation, revocation, review, or other proceeding), whether settled, pending or threatened
          (including in the form of offers to obtain a license):  (i) alleging any infringement, misappropriation, or other violation of the Intellectual Property of any Person by Seller in the conduct of the Business; (ii) challenging the validity,
          enforceability, registrability, patentability, or ownership of any Intellectual Property Assets; or (iii) by Seller or any other Person alleging any infringement, misappropriation, or other violation by any Person of any Intellectual Property
          Assets.  To the Knowledge of the Company, there are no facts or circumstances that could reasonably be expected to give rise to any such Proceeding.  Seller is not subject to any outstanding or prospective Governmental Order (including any motion
          or petition therefor) that does or could reasonably be expected to restrict or impair the use of any Intellectual Property Assets.

       

      (h) Schedule 2.10(h) contains a correct,
          current, and complete list of all social media accounts used by Seller in the conduct of the Business, including username and password. Seller has complied with all terms of use, terms of service, and other Contracts and all associated policies
          and guidelines relating to its use of any social media platforms, sites, or services in the conduct of the Business (collectively, “Platform

            Agreements”).  There are no Proceedings settled, pending, or threatened alleging (A) any breach or other violation of any Platform Agreement by Seller; or (B) defamation, any violation of publicity rights of any Person, or any other
          violation by Seller in connection with its use of social media in the conduct of the Business.

       

      (i) Seller has complied with all applicable Laws and all internal or publicly posted policies, notices, and statements concerning the collection, use, processing, storage, transfer,
          and security of personal information in the conduct of the Business.  In the past two years, Seller has not (i) experienced any actual, alleged, or suspected data breach or other security incident involving personal information in its possession
          or control or (ii) been subject to or received any notice of any audit, investigation, complaint, or other Proceeding by any Governmental Body or other Person concerning the Company’s collection, use, processing, storage, transfer, or protection
          of personal information or actual, alleged, or suspected violation of any applicable Law concerning privacy, data security, or data breach notification, in each case in connection with the conduct of the Business, and there are no facts or
          circumstances that could reasonably be expected to give rise to any such Proceeding.

       

      
        
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      2.11 Contracts.

       

      (a) Schedule 2.11(a) sets forth an accurate list of all of the Company’s Contracts to which
          the Seller is a party and in any way related to the Business:

       

      (i) each Contract (other than purchase orders for Business Inventory) that involves performance of services or delivery of goods or materials;

       

      (ii) each Contract (other than purchase orders for Business Inventory) that involves performance of services or delivery of goods or materials to any Company of an amount or value in
          excess of $50,000;

       

      (iii) each lease, rental or occupancy agreement, license, installment and conditional sale agreement, and other Contract affecting the ownership of, leasing of, title to, use of, or
          any leasehold or other interest in, any tangible personal property (but specifically excluding any of the forgoing relating to real estate);

       

      (iv) each Contract in respect of Intellectual Property Assets;

       

      (v) each Contract containing covenants that restrict the business activity of the Business;

       

      (vi) each Contract providing for indemnification by the Company to customers or vendors;

       

      (vii) any employment or consulting Contract with any Company employee, or any consultant or contractor of the Company, other than at-will arrangements that do not include severance or
          “change of control” or equivalent provisions; and

       

      (viii) each amendment, supplement, and modification (whether oral or written) in respect of any of the foregoing.

       

      (b) Except as set forth in Schedule 2.11(b), as of the date hereof, all of the Contracts
          are in full force and effect and are enforceable in accordance with their terms except to the extent that such enforceability (i) may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to creditors’
          rights generally, and (ii) is subject to general principles of equity.

       

      (c) Except as set forth in Schedule 2.11(c), as of the date hereof, the Company is not in
          breach in any material respect of or default under (and to Knowledge of the Company, no event has occurred which with notice or the passage of time or both would constitute a breach in any material respect of or default under) any Contract nor,
          to the Knowledge of the Company, is any other party to any such Contract in breach in any material respect of or default under such Contract.

       

      (d) Schedule Z sets forth an accurate and complete list of the customers of the Business
          (the “Customers”), together, if available and practical, with (i) the name of such Customer, including contact information
          and email address(es), (ii) the type of Product(s) used

       

      
        
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      by each Customer, (iii) location of the Product, (iv) the expiration date of such Customer’s warranty, if applicable, and (v) if purchased by the
        Customer, the expiration date of such Customer’s service contract.

       

      (e) Seller has provided to Purchaser a complete and accurate copy of Seller’s standard form of: (i) warranty provided to Customers; and (ii) service Contract with a Customer, each
          of which are currently used by Seller or currently in effect and attached to Schedule 2.11(e) (collectively, the “Seller Standard Form Contracts”).  Except as set forth in Schedule 2.11(e),
          no Contract between Seller and a Customer (each, a “Customer Warranty/Service Contract”) that relates to (x) any warranty
          provided to such Customer, or (y) service Contract with such Customer deviates from the Seller Standard Form Contract.  Schedule 2.11(e) sets forth, for
          each Customer with respect to their respective Customer Warranty/Service Contract, (A) the date of such agreement, (B) the service period, (C) the annual service fee rate or other amount to be charged to such Customer, (D) the payment date(s) for
          any service fee or amount to be paid by such Customer following the Closing Date, and (E) whether such rate or amount includes service and technician time.

       

      (f) Seller represents and warrants that (i) except for those as set forth in Schedule 2.11(f), Seller has no Obligations or any other warranty or similar types of obligations to any
          Customer under any Assigned Contract, including, but not limited to, any warranty, service or rental Contract, and (ii) no Contract or Customer identified in Schedule 2.11(f) relates to a Customer located outside of the United States.

       

      

      

      2.12 Environmental Matters.

       

      (a) The operations of Seller with respect to the Business and the Transferred Assets are currently and have been in compliance with all Environmental Laws. 
          Seller has not received from any Governmental Body, with respect to the Business or the Transferred Assets, any:  (i) Environmental Notice or Environmental Claim; or (ii) written request for information pursuant to Environmental Law, which, in
          each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

       

      (b) Seller has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Schedule 2.12(b)) necessary for the conduct of the Business as currently conducted or the ownership, lease, operation or use of the Transferred Assets and all such Environmental Permits are in full
          force and effect and shall be maintained in full force and effect by Seller through the Closing Date in accordance with Environmental Law, and Seller is not aware of any condition, event or circumstance that might prevent or impede, after the
          Closing Date, the conduct of the Business as currently conducted or the ownership, lease, operation or use of the Transferred Assets.  With respect to any such Environmental Permits, Seller has undertaken, or will undertake prior to the Closing
          Date, all measures necessary to facilitate transferability of the same, and Seller is not aware of any condition, event or circumstance that might prevent or impede the transferability of the same, and has not received any Environmental Notice or
          written communication regarding any material adverse change in the status or terms and conditions of the same.

       

      
        
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      (c) There has been no Release of hazardous materials in contravention of Environmental Law with respect to the Business or the Transferred Assets, and Seller
          has not received an Environmental Notice that any of the Business or the Transferred Assets (including soils, groundwater, surface water, buildings and other structure located thereon) has been contaminated with any hazardous material which could
          reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Law or Environmental Permit by, Seller.

       

      (d) Seller has not retained or assumed, by Contract or operation of Law, any Liabilities or obligations of third parties under Environmental Law.

       

      (e) Seller is not aware of or reasonably anticipates, as of the Closing Date, any condition, event or circumstance concerning the Release or regulation of
          Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase the costs associated with the ownership, lease, operation, performance or use of the Business or the Transferred Assets as currently carried out.

       

      2.13 Undisclosed Liabilities.  The Company has no Liabilities with respect to the Business, except (a) those set forth on the Company’s financial
          statements for fiscal year ending December 31, 2020, and (b) those which have been incurred in the ordinary course of business consistent with past practice since January 1, 2021 and which are not, individually or in the aggregate, material in
          amount and which have not been set forth in an exhibit to this Agreement.

       

        

      2.14 Stockholder Approval. 
          The Company represents and warrants that no shareholder approval is required to effectuate the transactions herein described.

       

      2.15 Third Party Approval. 
          No approval by any third party is required to effectuate the transactions herein described.

       

      2.16 Financial Advisor. 
          Other than with respect to obligations owed to M.M. Dillon & Co. Group LLC, none of the Company or any Person acting on behalf of the Company has agreed or has any obligation or Liability to pay to any broker, finder, investment banker or any
          other Person, a brokerage, finder’s or other brokerage fee or commission in connection with this Agreement, any matter related hereto or the consummation of the transactions contemplated hereby, nor has any broker, finder, investment banker or
          any other Person taken any action on which a claim for any such payment could be based.  The Company shall be solely responsible for paying any and all fees, commissions or other compensation to which any such broker, finder, investment banker or
          any other Person is entitled or claims on account of the execution of this Agreement or the consummation of the transactions contemplated hereby.

       

      2.17 Taxes.

       

      (a) All Tax Returns with respect to the Business required to be filed by Seller for any period prior to the Closing Date have been, or will be, timely filed
          after giving effect to extensions.  Such Tax Returns are, or will be, true, complete and correct in all respects.  All Taxes due and owing by Seller (whether or not shown on any Tax Return) have been, or will be, timely paid.

       

      
        
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      (b) Seller has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any employee, independent
          contractor, creditor, customer, shareholder or other party, and complied with all information reporting and backup withholding provisions of applicable Law.

       

      (c) No extensions or waivers of statutes of limitations have been given or requested with respect to any due and outstanding Taxes of Seller.

       

      (d) All deficiencies asserted, or assessments made, against Seller as a result of any examinations by any taxing authority have been fully paid.

       

      (e) Except as set forth in Schedule 2.17(e), Seller is not a party to
          any Proceeding by any Tax Authority.  There are no pending or, to the Knowledge of the Company, threatened Proceedings by any Tax Authority.

       

      (f) There are no Encumbrances for Taxes upon any of the Transferred Assets nor, to the Knowledge of the Company, is any taxing authority in the process of
          imposing any Encumbrances for Taxes on any of the Transferred Assets (other than for current Taxes not yet due and payable).

       

      (g) Seller is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445‐2.

       

      (h) Seller is not, and has not been, a party to, or a promoter of, a “reportable transaction” within the meaning of Section 6707A(c)(1) of the Code and
          Treasury Regulations Section 1.6011‐4(b).

       

      (i) None of the Transferred Assets is (i) required to be treated as being owned by another person pursuant to the so-called “safe harbor lease” provisions of
          former Section 168(f)(8) of the Internal Revenue Code of 1954, as amended, (ii) subject to Section 168(g)(1)(A) of the Code, or (iii) subject to a disqualified leaseback or long-term agreement as defined in Section 467 of the Code.

       

      (j) None of the Transferred Assets is tax-exempt use property within the meaning of Section 168(h) of the Code.

       

      (k) Purchaser to execute and deliver a sales tax resale certificate or other comparable document, as appropriate, reasonably satisfactory to Seller, with respect to the Purchased
          Assets being purchased for resale.

       

      2.18 Full Disclosure.  No

          representation or warranty by Seller in this Agreement and no statement contained in the Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to Purchaser pursuant to this Agreement contains any
          untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.

       

      
        
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      SECTION 3.  REPRESENTATIONS AND WARRANTIES OF PURCHASER

       

      Purchaser represents and warrants to the Company as follows:

       

      3.1 Organization and
            Qualification.  Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware and has all necessary corporate power and authority to own, lease and operate its properties and to carry on
          its business as it is now being conducted.

       

      3.2 Authority; Binding Nature
            of Agreement.  Purchaser has all necessary corporate power and authority to enter into and to perform its obligations under this Agreement and each of the Ancillary Documents to which Purchaser is a party, and the execution, delivery and
          performance by Purchaser of this Agreement has been duly authorized by all necessary action on the part of Purchaser.  This Agreement and the Ancillary Documents to which Purchaser is a party have been duly authorized, executed and delivered by
          Purchaser and this Agreement and each Ancillary Document to which Purchaser is a party constitute legal, valid and binding obligations of Purchaser, enforceable against Purchaser in accordance with their terms, subject to (a) laws of general
          application relating to bankruptcy, insolvency and the relief of debtors, and (b) rules of law governing specific performance, injunctive relief and other equitable remedies.

       

      3.3 Non‐Contravention; Consents. 
          The execution and delivery by Purchaser of this Agreement and each of the Ancillary Documents to which it is a party and the consummation by the Company of the transactions contemplated by this Agreement and each of the Ancillary Documents to
          which it is a party do not and will not (a) conflict with or result in any breach of any of the provisions of, (b) constitute a default under, (c) result in a violation of, (d) give any third party the right to payment or to terminate or modify
          or to accelerate any obligation under, (e) result in the creation of any Lien upon, or (f) require any authorization, Consent, exemption or other action by or notice to or filing with any court or other Governmental Body or other Person, under
          (i) any of the provisions of the certificate of incorporation or bylaws of Purchaser, or (ii) any material Contract or Governmental Authorization of Purchaser, or (iii) any Law to which the Purchaser is subject.

       

      3.4 Litigation.  As of
          the date of this Agreement, there is no Proceeding pending before any court of competent jurisdiction (or, to the knowledge of Purchaser, being overtly threatened) against Purchaser challenging the transactions contemplated by this Agreement.

       

      3.5 Financing. 
          Purchaser has, or will have, sufficient cash available to pay the Purchase Price at Closing.

       

      SECTION 4.  COVENANTS OF THE PARTIES

       

      4.1 Public Announcements. 
          Neither Purchaser nor Seller shall issue any press releases or otherwise make any public statements with respect to the transactions contemplated by this Agreement without the prior written consent of the other; provided, however, that Purchaser or Seller may, without such approval, make such press releases or other public announcements as required by (a) any listing agreement with
          any national securities exchange or stock market or (b) applicable Law (including securities Laws) (in which case the disclosing party will provide the other party hereto with the opportunity to review in advance such disclosure).

       

      
        
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      4.2 Tax Matters.

       

      (a) Seller and Purchaser shall provide each other with such cooperation and information, including but not limited to obtaining any document from any Governmental Body or any other
          Person, as either reasonably may request of the other in connection with (i) the filing of any Tax Return, amended Tax Return or claim for refund with respect to the Business or the Transferred Assets, (ii) the execution and filing of any Tax
          election, if required, (iii) determining liability for Taxes or a right to refund of Taxes or (iv) in conducting any Proceeding in respect of Taxes with respect to the Business or the Transferred Assets.  The Company shall file all Tax Returns
          (including amended returns and claims for refund) in a manner consistent with IRS Form 8594 provided by Purchaser.

       

      (b) For purposes of this Agreement, a portion of each property Tax or similar Tax with respect to the Transferred Assets that is attributable to any taxable period that includes but
          does not end on the Closing Date will be treated as an Excluded Liability and will be the responsibility of the Company, and that portion shall be equal to the total amount of such Tax for the entire taxable period multiplied by a fraction, the
          numerator of which is the number of days in such taxable period falling before and including the Closing Date, and the denominator of which is the total number of days in such taxable period.  The remainder of any such Tax shall be the
          responsibility of Purchaser.  In the event that either the Company or Purchaser makes a payment of Tax for which the other party is responsible pursuant to this Section 4.2, the other party shall reimburse such Tax promptly but in no event later
          than thirty days after the presentation of a statement setting forth the amount of reimbursement to which the presenting party is entitled along with such supporting evidence as is reasonably necessary to calculate the amount of reimbursement.

       

      (c) All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with this
          Agreement shall be borne and paid by Seller when due.  Seller shall, at their own expense, timely file any Tax Return or other document with respect to such Taxes or fees (and Purchaser shall cooperate with respect thereto as necessary).

       

      4.3 Removal of Transferred
            Assets.  The Company shall cause the tangible and intangible Transferred Assets being transferred hereunder to be ready and available for delivery to Purchaser as and when requested by Purchaser following Closing.

       

      4.4 Post-Closing Services. 
          Seller shall, for the periods set forth in the Service Agreement, provide manufacturing and supply services to Purchaser in connection with the support and sales of the Products.  Seller will sell chambers and any other spare parts necessary to
          Purchaser at cost, in sufficient quantity to fulfill all outstanding warranty and service obligations extant as of the Closing.  Cost shall include labor to the extent any assembly is required.

       

      4.5 Restrictive Covenant.

       

      (a) Seller agrees that, during the Restricted Period, Seller shall not, and Seller shall ensure that its Affiliates do not (except in the authorized course of any 

        

       

      
        
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      employment, consultingor independent contractor services provided to
        Purchaser or any of its Affiliates): (i) engage directly or indirectly in Competition in any part of the Restricted Territory; or (ii) directly or indirectly be or become an officer, director, stockholder, owner, co-owner, Affiliate, partner,
        promoter, employee, agent, Representative, designer, consultant, advisor or manager of, for or to, or acquire or hold any direct or indirect interest in, any Person that engages directly or indirectly in Competition in any part of the Restricted
        Territory.

       

      (b) Seller agrees that, during the Restricted Period, Seller shall not, and Seller shall ensure that its Affiliates do not, directly or indirectly, solicit, induce or encourage, or
          attempt to solicit, induce or encourage, or cause others to solicit, induce or encourage (on its behalf or on behalf of others), any Customer or supplier or vendor of the Business to terminate their service or business arrangement with Purchaser
          or any of its Affiliates for any reason.

       

      (c) Seller agrees that, during the Restricted Period, except as required by applicable Law, or compelled by process of Law, Seller shall not, and Seller shall not intentionally
          publicly libel, slander or disparage Purchaser in such capacity in any manner that would reasonably be expected to be harmful to such Person or to the business or business reputation of such Person in such capacity; provided, however, that the
          foregoing shall not prohibit, or otherwise apply to (i) any truthful statements in connection with this Agreement or the transactions contemplated hereby, including, but not limited to, the enforcement of or any disputes in relation to thereto,
          (ii) any truthful statements or testimony made under oath, (iii) any information or statements pursuant to a valid subpoena or order by a court or other governmental body, or as otherwise required by Law or Proceeding, or any other
          legally-required truthful statements or disclosure, or (iv) disclosing any information or any statements in private and in confidence, including any statements to Seller's legal, financial, tax or other advisors.

       

      (d) Seller acknowledges and agrees that all Confidential Information and all physical embodiments thereof are confidential and proprietary to, and are and will remain the sole and
          exclusive property of, of Purchaser effective as of Closing.  At all times after the date of this Agreement, the Company will hold such Confidential Information in trust and strictest confidence, and will not, directly or indirectly, use,
          reproduce, distribute, divulge, disclose or otherwise disseminate the Confidential Information or any physical embodiments thereof other than to Purchaser and its Representatives, and neither Company nor any officer or director shall take any
          action causing, or fail to take any action necessary in order to prevent, any Confidential Information to lose its character or cease to qualify as Confidential Information.  At the Closing, the Seller shall deliver to Purchaser all Confidential
          Information (and all embodiments thereof) then in such Seller’s possession, custody or control.

       

      (e) Seller hereby agrees and acknowledges that: (i) the restrictions imposed upon Seller under this Section 4.5 are reasonable and necessary to protect Purchaser's legitimate
          business interests and the goodwill or customer relationships in the Business; (ii) the geographic scope of the Restricted Territory is reasonable and necessary to protect Purchaser's legitimate business interests; (iii) Seller's experience and
          capabilities are such that it can continue to operate without breaching the terms and conditions of this Agreement; (iv) the restrictions contained in this Section 4.5 are fair and reasonable under the circumstances and do not limit fair
          competition; (v) the duration, area and scope of the covenants contained in this Section 4.5 have been considered by Seller and that Seller has received independent legal counsel with respect thereto,

       

      
        
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      and (vi) Seller, either alone or through its Affiliates, has received sufficiently high consideration and other benefits as a result of this Agreement
        and the transactions contemplated hereby, and such consideration and other benefits justify the covenants contained in this Section 4.5.

       

      (f) Notwithstanding anything in this Agreement to the contrary, any term or provision of Section 4.5 that is illegal, invalid or unenforceable in any situation in any jurisdiction
          shall not affect the legality, validity or enforceability of the remaining terms and provisions of this Section 4.5 or the legality, validity or enforceability of the offending term or provision in any other situation or in any other
          jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision of this Section 4.5 is illegal, invalid or unenforceable, then the parties agree that the court making such determination shall have the
          power to limit the term or provision, to delete specific words or phrases, or to replace any illegal, invalid or unenforceable term or provision with a term or provision that is legal, valid and enforceable and that comes closest to expressing
          the intention of the illegal, invalid or unenforceable term or provision, and this Section 4.5 shall be enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties agree to
          amend this Section 4.5 to replace such illegal, invalid or unenforceable term or provision with a legal, valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such illegal,
          invalid or unenforceable term or provision and that comes closest to expressing the intention of the illegal, invalid or unenforceable term or provision.

       

      (g) “Confidential Information” includes all Intellectual
          Property, Regulatory Documentation, and all other confidential and/or proprietary data and/or information primarily relating to the Transferred Assets or the Business and its operations which is owned or used by the Company and which has value to
          the Business and the Company and is not known to the Company’s competitors.  Such Confidential Information shall include proprietary technology, operating procedures, financial statements or other financial information, know-how, market studies
          and forecasts, competitive analysis, pricing policies and procedures, the substance of arrangements with customers, suppliers and others, servicing and training programs and arrangements, marketing or similar arrangements, customer or supplier
          lists and any other documents embodying such Confidential Information.  Confidential Information shall not include any data or information that (A) has been voluntarily disclosed to the public by the Company prior to the date hereof, (B) has been
          independently developed and disclosed to the public by others, (C) otherwise enters the public domain through lawful means, or (D) is required by Law to be disclosed by the Company; provided, that prior to such disclosure, the Company provides written notice to Purchaser of its intent to disclose such matter, and further provides Purchaser a reasonable opportunity to contest
          such disclosure with the appropriate Governmental Body.

       

      (h) Seller agrees that Purchaser or its successors or assigns will suffer irreparable harm from a breach by Seller of any of the covenants or agreements contained in this
          Section 4.5 that cannot adequately be compensated for with monetary damages.  Notwithstanding anything in this Agreement to the contrary, Seller agrees that, in the event of a breach or an alleged or threatened breach by Seller of any of the
          provisions of this Section 4.5, Purchaser and each of its successors and assigns shall be entitled to (and in addition to any other remedy that may be available to it, including monetary damages) apply to any court of competent jurisdiction for specific performance and/or

       

      
        
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       injunctive or other relief in order to enforce or prevent any violations of the provisions hereof, in each case without the requirement of posting a
        bond or proving actual damages.

       

      4.6 INTENTIONALLY OMITTED.

       

      4.7 Bulk Sales Laws.  The

          parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Transferred Assets to Purchaser; it being
          understood that any Liabilities arising out of the failure of Seller to comply with the requirements and provisions of any bulk sales, bulk transfer or similar Laws of any jurisdiction shall be treated as Excluded Liabilities.

       

      4.8 Receivables.  From
          and after the Closing, if Seller or any of its Affiliates receives or collects any funds relating to any Transferred Asset, Seller or its Affiliate shall remit such funds to Purchaser within five business days after its receipt thereof.  From and
          after the Closing, if Purchaser or its Affiliate receives or collects any funds relating to any Excluded Asset, Purchaser or its Affiliate shall remit any such funds to Seller within five business days after its receipt thereof.

       

      4.9 Recalls after Closing. 
          From and after Closing, in the event that there is any recall, design defect or similar claims of any products manufactured or sold, including, but not limited to, the Product, or any service performed by Seller prior to Closing that may give
          rise to any potential Liability of Seller, Company agree to (i) provide prompt written notice thereof to Seller, (ii) provide Seller with reasonable periodic updates if requested by Seller, and (iii) provide Seller a reasonable opportunity to
          confer with Company to mitigate any potential Liability to Seller.  The failure by Company to give Seller such prompt written notice shall not, however, relieve Seller of its Liabilities related thereto.

       

      4.10 Further Assurance. 
          Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
          required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.  Seller agrees that, after the Closing, it will hold and will promptly transfer and deliver to Purchaser, from time to time as and
          when received by either such party, any cash, checks with appropriate endorsements (which they shall not convert to cash), or other property that it may receive on or after the Closing which properly belongs to Purchaser in accordance with the
          terms of this Agreement, including without limitation any insurance proceeds and payment of accounts receivable, and will account to the other for all such receipts.

       

      SECTION 5.  INDEMNIFICATION

       

      5.1 Survival. 
          Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall remain in full force and effect until the third anniversary of the Closing Date and
          shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchaser or the Company; provided, that the representations and warranties in (i) Section 2.1, Section 2.2, Section 2.3, Section 2.9, Section 2.11(d),

       

      
        
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      Section 2.2, Section 2.3, Section 2.9, Section 2.11(d), Section 2.11(e), Section 2.11(f), Section 2.16, Section 3.1, and Section 3.2 shall survive
        indefinitely, and (ii) Section 2.17 shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus 60 calendar days.  All covenants and agreements of the parties
        contained herein shall survive the Closing indefinitely or for the period explicitly specified therein.  Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing
        by notice from the non‐breaching party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive
        until finally resolved.

       

      5.2 Indemnification
            By Seller.  Subject to the other terms and conditions of this Section 5, Seller shall indemnify and defend each of Purchaser and its Affiliates and their respective Representatives (collectively, the “Purchaser Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses
          incurred or sustained by, or imposed upon, the Purchaser Indemnitees based upon, arising out of, with respect to or by reason of:

       

      (a) any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement, the Ancillary Documents or in any
          certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for
          representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

       

      (b) any breach or non‐fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement, the Ancillary Documents or any
          certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement;

       

      (c) any Obligations or any other warranty or similar types of obligations to any Person not identified in Schedule 2.11(f);

       

      (d) any sales or use tax or similar Tax payable with respect to the Products to any Tax Authority prior to the Closing Date;

       

      (e) any Excluded Asset or any Excluded Liability; or

       

      (f) any Third Party Claim based upon, resulting from or arising out of the Business, operations, properties, assets or obligations of Seller or any of its
          Affiliates as conducted, existing or arising on or prior to the Closing Date.

       

      5.3 Indemnification
            By Purchaser.  Subject to the other terms and conditions of this Section 5, Purchaser shall indemnify and defend each of Seller and its Affiliates and their respective Representatives (collectively, the “Seller Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses
          incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

       

      
        
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      (a) any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement or in any certificate or instrument
          delivered by or on behalf of Purchaser pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties
          that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

       

      (b) any breach or non‐fulfillment of any covenant, agreement or obligation to be performed by Purchaser pursuant to this Agreement; or

       

      (c) any Assumed Liability.

       

      5.4 Certain
            Limitations.  The indemnification provided for in Section 5.2 and Section 5.3 shall be subject to the following limitations:

       

      (a) Seller shall not be liable to the Purchaser Indemnitees for indemnification under Section 5.2(a) until the aggregate amount of all Losses in respect of
          indemnification under Section 5.2(a) exceeds $25,000 (the “Basket”), in which event Seller shall be required to pay or be
          liable for all such Losses from the first dollar.

       

      (b) Purchaser shall not be liable to the Seller Indemnitees for indemnification under Section 5.3(a) until the aggregate amount of all Losses in respect of
          indemnification under Section 5.3(a) exceeds the Basket, in which event Purchaser shall be required to pay or be liable for all such Losses from the first dollar.

       

      (c) Notwithstanding the foregoing, the limitations set forth in Section 5.4(a) and Section 5.4(b) shall not apply to Losses based upon, arising out of, with
          respect to or by reason of any inaccuracy in or breach of any representation or warranty in Section 2.1, Section 2.2, Section 2.3, Section 2.9, Section 2.11(d), Section 2.11(e), Section 2.11(f), Section 2.14, Section 2.16, Section 2.17,
          Section 2.18, Section 3.1, and Section 3.2.

       

      (d) Seller shall not be liable to the Seller Indemnitees for indemnification under Section 5.2(c) until the amount of all such Losses exceeds, in the aggregate, $50,000 (the “Deductible”), in which event Seller shall only pay or be liable for Losses in excess of the Deductible.

       

      (e) For purposes of this Section 5, any inaccuracy in or breach of any representation or warranty shall be determined without regard to any materiality,
          Material Adverse Effect or other similar qualification contained in or otherwise applicable to such representation or warranty.

       

      5.5 Indemnification
            Procedures.  The party making a claim under this Section 5 is referred to as the “Indemnified Party”, and the party
          against whom such claims are asserted under this Section 5 is referred to as the “Indemnifying Party”.

       

      (a) Third Party Claims.  If any Indemnified Party receives notice of
          the assertion or commencement of any Proceeding made or brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing

       

      
        
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      (a “Third Party Claim”)
        against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any
        event not later than 30 calendar days after receipt of such notice of such Third Party Claim.  The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to
        the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure.  Such notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence
        thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.  The Indemnifying Party shall have the right to participate in, or by giving written notice to the
        Indemnified Party, to assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any such Third Party Claim
        that (x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Business, or (y) seeks an injunction or other equitable relief against the Indemnified Party.  In the event that the Indemnifying Party assumes the
        defense of any Third Party Claim, subject to Section 5.5(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on
        behalf of the Indemnified Party.  The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s right to control the defense thereof.  The fees and
        disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the
        Indemnified Party, (A) there are legal defenses available to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party and the
        Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines counsel is required.  If the
        Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the defense of such
        Third Party Claim, the Indemnified Party may, subject to Section 5.5(b), pay, compromise or defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party Claim.  Seller and
        Purchaser shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to the provisions of Section 4.5) records relating to such Third Party Claim and
        furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non‐defending party as may be reasonably necessary for the preparation of the defense of such Third Party
        Claim.

       

      (b) Settlement of Third Party Claims.  Notwithstanding any other
          provision of this Agreement, the Indemnifying Party shall not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 5.5(b).  If a firm offer is made to settle
          a Third Party Claim without leading to liability or the creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities

       

      
        
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      and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party
        shall give written notice to that effect to the Indemnified Party.  If the Indemnified Party fails to consent to such firm offer within ten days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third
        Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount of such settlement offer.  If the Indemnified Party fails to consent to such firm offer and also fails to assume
        defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle such Third Party Claim.  If the Indemnified Party has assumed the defense pursuant to Section 5.5(a),
        it shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed).

       

      (c) Direct Claims.  Any Proceeding by an Indemnified Party on account
          of a Loss which does not result from a Third Party Claim (a “Direct Claim”) shall be asserted by the Indemnified Party giving
          the Indemnifying Party reasonably prompt written notice thereof, but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim.  The failure to give such prompt written notice shall not, however, relieve
          the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure.  Such notice by the Indemnified Party shall describe the Direct Claim in
          reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.  The Indemnifying Party
          shall have 30 days after its receipt of such notice to respond in writing to such Direct Claim.  The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise
          to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information and assistance (including access to
          the Indemnified Party’s premises and personnel and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request.  If the Indemnifying Party does not so
          respond within such 30 day period, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject
          to the provisions of this Agreement.

       

      5.6 Payments.

       

      (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Section 5, the Indemnifying Party shall satisfy
          its obligations within 15 business days of such final, non‐appealable adjudication by wire transfer of immediately available funds.  The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within
          such 15 business day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non‐appealable adjudication to and including the date such payment has been made at a rate per
          annum equal to five percent (5%) per annum.  Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed.

       

      
        
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      (b) Any Losses payable to a Purchaser Indemnitee pursuant to this Section 5 shall be satisfied from Seller.

       

      5.7 Tax
            Treatment of Indemnification Payments.  All indemnification payments made under this Agreement shall be treated by the parties herein as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

       

      5.8 Effect
            of Investigation.  The representations, warranties and covenants of the Indemnifying Party, and the Indemnified Party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation
          made by or on behalf of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified Party or any of its Representatives knew or should have known that any such representation or warranty is, was
          or might be inaccurate or by reason of the Indemnified Party’s waiver of any condition set forth in Section 1.8, as the case may be.

       

      5.9 Exclusive
            Remedies.  Subject to Section 6.10, the parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud, criminal activity or willful misconduct on the part of
          a party hereto in connection with the transactions contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement,
          shall be pursuant to the indemnification provisions set forth in this Section 5. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach
          of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective
          Representatives arising under or based upon any Law, except pursuant to the indemnification provisions set forth in this Section 5. Nothing in this Section 5.9 shall limit any Person’s right to seek and obtain any equitable relief to which any
          Person shall be entitled or to seek any remedy on account of any party’s fraudulent, criminal or intentional misconduct.

       

      SECTION 6.  MISCELLANEOUS PROVISIONS

       

      6.1 Amendment.  This
          Agreement may not be amended except by an instrument in writing signed by each of the parties.

       

      6.2 Expenses.  All fees
          and expenses incurred in connection with this Agreement, the Ancillary Documents and the transactions contemplated by this Agreement shall be paid by the party incurring such expenses.

       

      6.3 Waiver.

       

      (a) No failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any party in exercising any power, right,
          privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or
          of any other power, right, privilege or remedy.

       

      
        
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      (b) No party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of such claim,
          power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such party; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is
          given.

       

      6.4 Entire Agreement;
            Counterparts.  This Agreement and the Ancillary Documents and other documents and instruments referred to herein that are to be delivered by the parties at the Closing constitute the entire agreement and supersede all prior agreements
          and understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof.  This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall
          constitute one and the same instrument.  This Agreement may be executed by facsimile or electronic transmission, each of which shall be deemed an original.

       

      6.5 Applicable Law;
            Jurisdiction; Waiver of Jury Trial.

       

      (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable
          principles of conflicts of laws thereof.

       

      (b) Each of the parties irrevocably and unconditionally (i) consents to submit itself to the sole and exclusive personal jurisdiction of the state courts of the State of Delaware or
          any court of the United States located in the State of Delaware in connection with any dispute, claim, or controversy arising out of or relating to this Agreement or the transactions contemplated hereby, (ii) agrees that it shall not attempt to
          deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it shall not bring any action, suit, or proceeding in connection with any dispute, claim, or controversy arising out of or
          relating to this Agreement or the transactions contemplated hereby in any court or tribunal other than the state courts of the State of Delaware or any court of the United States located in the State of Delaware.  Each of the parties hereto
          irrevocably and unconditionally consents to service being made through the notice procedures set forth in Section 6.6.  Each of the parties hereto hereby agrees that service of any process, summons, notice or document by prepaid certified or
          registered mail to the respective addresses set forth in Section 6.6 shall be effective service of process for any action, suit, or proceeding in connection with any dispute, claim, or controversy arising out of or relating to this Agreement and
          any of the transactions contemplated hereby.  Nothing herein shall be deemed to limit or prohibit service of process by any other manner as may be permitted by applicable law.

       

      (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION
          (i) ARISING UNDER THIS AGREEMENT OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR
          HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE.  EACH OF THE PARTIES TO THIS

       

      
        
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      AGREEMENT HEREBY AGREES AND CONSENTS THAT, ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE
        PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

       

      6.6 Assignability.  This
          Agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit of, the parties hereto and their respective successors and assigns; provided, however, that neither this Agreement nor any of the rights or obligations hereunder may be assigned or delegated by the Company or Purchaser without the prior written consent of the other party, and any
          attempted assignment or delegation of this Agreement or any of such rights or obligations without such consent shall be void and of no effect; provided further, however, that Purchaser may (a) assign and delegate in whole or in part its rights and obligations hereunder without such consent in connection with the acquisition (whether by merger, consolidation, sale or otherwise)
          of Purchaser or of that part of Purchaser’s business to which this Agreement relates, as long as Purchaser provides written notice to the Company of such assignment, and (b) assign its rights hereunder without such consent as collateral security
          to any Person providing financing to Purchaser or any of its Affiliates.

       

      6.7 Third Party Beneficiaries. 
          Except as provided in Section 5, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the parties hereto) any right, benefit or remedy of any nature whatsoever under or by reason of this
          Agreement.

       

      6.8 Notices.  Any notice
          or other communication required or permitted to be delivered to either party under this Agreement shall be in writing and shall be deemed properly delivered, given and received (a) upon receipt when delivered by hand, (b) upon transmission, if
          sent by facsimile or electronic transmission during normal business hours (in each case with receipt verified by electronic confirmation), or (c) one (1) business day after being sent by courier or express delivery service or being sent by
          facsimile or electronic transmission outside of normal business hours; provided, that in each case the notice or other communication is sent to
          the address, facsimile telephone number or email address set forth beneath the name of such party below (or to such other address, facsimile telephone number or email address as such party shall have specified in a written notice given to the
          other party hereto):

       

      if to Purchaser:

       

      Strata Skin Sciences, Inc.

        5 Walnut Grove Drive, Suite 140

        Horsham, PA  19044

        Attention:  Bob Moccia, Chief Executive Officer

        Email:  bmoccia@strataskin.com

       

      
        
          28

        

        
          

        
          

          

        

      

      

      

       

      in the case of notices to Purchaser, with a copy to (which shall not constitute notice):

       

      Stevens & Lee, P.C.

        620 Freedom Business Center Drive, Suite 200

        King of Prussia, PA  19406

        Attention:  Sunjeet Gill

        Email:  ssg@stevenslee.com

       

      if to the Company:

       

      Ra Medical Systems, Inc.

        2070 Las Palmas Drive

        Carlsbad, CA  92011

        Attention:  Will McGuire, Chief Executive Officer

        Email:  wmcguire@ramed.com

       

      in the case of notices to the Company, with a copy to (which shall not constitute notice):

       

      Diamond Law, Professional Corporation

        5755 Oberlin Drive, Suite 301

        San Diego, CA 92121

        Attention:  Daniel Diamond

        Email:  dan@diamondlawcorp.com

       

      6.9 Severability.  Any
          term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the
          offending term or provision in any other situation or in any other jurisdiction.  If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the
          court making such determination shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that
          comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.  In the event such court does not exercise the power granted to it in the prior sentence, the
          parties hereto agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purpose(s) of such invalid or unenforceable
          term.

       

      

       

      
        
          29

        

        
          

        
          

          

        

      

      
        
          6.10          Specific Performance.  Each of the parties hereto agrees that this Agreement is intended to
              be legally binding and specifically enforceable pursuant to its terms and that Purchaser and the Company would be irreparably harmed if any of the provisions of this Agreement are not performed in accordance with their specific terms and that
              monetary damages would not provide adequate remedy in such event.  Accordingly, in addition to any other remedy to which a non‐breaching party may be entitled at law, a non‐breaching party shall be entitled to seek injunctive relief to
            prevent breaches of this Agreement and to specifically enforce the terms and provisions hereof.

        

      

       

      
        6.11             Construction

          

        

      

      (a) For purposes of this Agreement, whenever the context requires:  the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and
          neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders.

       

      (b) The parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or
          interpretation of this Agreement.

       

      (c) As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed
          by the words “without limitation.”

       

      (d) Except as otherwise indicated, all references in this Agreement to “Sections,” “Exhibits” and “Schedules” are intended to refer to Sections of this Agreement and Exhibits or
          Schedules to this Agreement.

       

      (e) The headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection
          with the construction or interpretation of this Agreement.

       

      (f) All references to “dollars” or “$” or “US$” in this Agreement or any Ancillary Document refer to United States dollars, which is the currency used for all purposes in this
          Agreement and any Ancillary Document.

       

      
        6.12            Further Actions.  The parties hereto shall cooperate reasonably with each other and with their respective
            Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, including the timely assignment, conveyance or other Transfer of the Transferred Assets to Purchaser, assumption of
            the Assumed Liabilities by Purchaser, and the consolidation, vesting and recordation of the full ownership thereof.  The parties hereto shall (a) furnish upon reasonable request to each other such further information, (b) execute and deliver to
            each other such other documents and (c) do such other acts and things, all as any other party hereto may reasonably request for the purpose of carrying out the intent of this Agreement.

         

        

       

      [SIGNATURE PAGE FOLLOWS]

       

      
        
          30

        

        
          

        
          

          

        

      

      

      

      IN WITNESS WHEREOF, the parties
        have caused this Agreement to be executed as of the date first above written.

       

      PURCHASER:

      

      

      STRATA SKIN SCIENCES, INC.

      

      

      

      

      By:  /s/ Robert Moccia 

      Name:  Robert Moccia

      Title:  Chief Executive Officer

      

      

      

      

      

      

      COMPANY:

      

      

      RA MEDICAL SYSTEMS, INC.

      

      

      

      

      By:  /s/ Will McGuire 

      Name:  Will McGuire

      Title:  Chief Executive Officer

      

      

      
        
          31

        

        
          

        
          

          

        

      

      
      EXHIBIT A

       

      CERTAIN DEFINITIONS

       

      For purposes of the Agreement (including this Exhibit A),

        the following defined terms shall have the following meanings:

       

      “Affiliate”
        means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person.

       

      “Ancillary Documents” means the Bill of Sale, the Assignment and Assumption Agreement, Trademark Assignment Agreement, the Services Agreement, and the other agreements, instruments and documents required to be delivered at the
        Closing.

       

      “Business IT Systems” means all Software, computer hardware, servers, networks, platforms, peripherals, and similar or related items of automated, computerized, or other information technology (IT) networks and systems (including
        telecommunications networks and systems for voice, data, and video) owned, leased, licensed, or used (including through cloud-based or other third-party service providers) in the conduct of the Business.

       

      “Closing Date” means the Effective Date.

       

      “Code”
        means the Internal Revenue Code of 1986, as amended.

       

      “Competition”
        means engaging, directly or indirectly, in the design, development, production, manufacturing, distribution, provision, licensing, promotion, marketing or sale of any products or services that compete with any products or services (including, but
        not limited to, the Products) in the field of dermatology, including, but not limited to, both the treatment and diagnosis of skin disorders.

       

      “Consent”
        means any notification, authorization, consent, approval or waiver.

       

      “Contract”
        means any note, bond, mortgage, indenture, loan, contract, factoring arrangement, license, agreement, lease or other instrument or obligation, written or oral, to which the party in question is a party or by which it or any of its assets may be
        bound.

       

      “Document
          Deliverables” mean, without duplication, (a) all Regulatory Documentation; (b) books, records, manuals, files, invoices, inventory records, product specifications, customer lists (for the 36 months immediately preceding the date of this
        Agreement, where practical and available), cost and pricing information, physician lists, supplier lists, business plans, catalogs, customer literature, quality control records and credit records of customers; (c) research, design and development
        files, records and laboratory books; (d) all sales, advertising, marketing, promotional and training materials and all other printed or written materials used or held for use primarily in the operation of the Business; (e) all data relevant to the
        manufacturing of the Product; (f) copies of current and former employee and contractor agreements relating to the nonuse and nondisclosure (or the like) of Intellectual Property Assets; (g) copies of current and former employee and contractor
        agreements relating to the nonuse and nondisclosure (or the

       

      
        
          A-1

          

          

        

        
          

        
          

          

        

      

      

      

       

      like) of Intellectual Property with such Person’s former employer; and (h) all other documentation related to the Transferred Assets.

       

      “Effective Date”
        has the meaning set forth in the preamble to this Agreement.

       

      “Employee Plans”
        means all “employee benefit plans” within the meaning of Section 3(3) of Employee Retirement Income Security Act of 1974, as amended, all formal written and informal plans and all other compensation and benefit plans, Contracts, policies, programs
        and arrangements maintained, sponsored, or contributed or required to be contributed to by the Company on behalf of any Business Employee (other than routine administrative procedures), including all pension, profit sharing, savings and thrift,
        bonus, stock bonus, stock option or other cash or equity-based incentive or deferred compensation, severance pay and medical and life insurance plans in which any present or former employees, officers, directors, retirees, independent contractors
        or consultants of Seller or their dependents participate.

       

      “Encumbrance”
        means any charge, claim, community property interest, pledge, condition, equitable interest, Lien, option, security interest, mortgage, easement, encroachment,
        right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

       

      “Environmental Claim” means any Proceeding, Governmental Order, Lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any Person alleging liability of whatever kind or nature (including
        liability or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties,
        contribution, indemnification and injunctive relief) arising out of, based on or resulting from:  (a) the presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non‐compliance with any Environmental Law or term
        or condition of any Environmental Permit.

       

      “Environmental Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Body:  (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or
        threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment,
        storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials.  The term “Environmental Law” includes, without limitation, the following (including their implementing regulations and any state analogs):  the Comprehensive Environmental Response, Compensation, and
        Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous
        and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C.
        §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of

       

      
        
          A-2

          

          

        

        
          

        
          

          

        

      

      

      

       

      1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

       

      “Environmental Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating to actual or alleged non‐compliance with any Environmental Law or any term or condition of
        any Environmental Permit.

       

      “Environmental Permit” means any Governmental Authorization, letter, clearance, consent, waiver, closure, exemption, decision or other action
        required under or issued, granted, given, authorized by or made pursuant to Environmental Law.

       

      “FDA” means
        the United States Food and Drug Administration and any comparable agencies in foreign countries, together in each case, with any successor agencies.

       

      “FDCA”
        means the Federal Food, Drug and Cosmetics Act, as amended, and all related rules, regulations and guidelines promulgated thereunder by the FDA.

       

      “Federal Health
          Care Program” means any plan or program that provides health benefits, whether directly, through insurance, or otherwise, which is funded directly, in whole or in part, by the United States government and any state health care program, as
        defined in 42 U.S.C. § 1320a‐7(h).

       

      “Financial
          Statements” means the segment information relating to the “Dermatology” segment of Seller included in the consolidated financial statements (including all related notes and schedules) of Seller included or incorporated by reference in the
        Seller SEC Documents.

       

      “GAAP”
        means generally accepted accounting principles as in effect from time to time in the United States of America.

       

      “Governmental
          Authorization” means any permit, license, registration, authorization, certificate, franchise, concession, approval, consent, ratification, permission, or clearance for the Product issued, granted, given or otherwise made available by or
        under the authority of any Governmental Body or pursuant to any Law, including (a) pricing or reimbursement approvals, (b) 510(k)s and supplements and amendments thereto, and (c) labeling approvals.

       

      “Governmental Body”
        means any national, federal, regional, state, provincial, local, or foreign or other governmental authority or instrumentality, legislative body, court, administrative agency, regulatory body, commission or instrumentality, including any
        multinational authority having governmental or quasi‐governmental powers, or any other industry self-regulatory authority.

       

      “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Body.

       

      “Health Care Laws”
        means, to the extent applicable, all:  (a) Laws administered by the FDA, including the FDCA, and any other federal, state and foreign Laws governing the manufacturer, distribution, and sale of medical devices; (b) federal fraud and abuse Laws,
        including the federal physician self-referral law, 42 U.S.C. § 1395nn, the federal anti‐kickback

       

      
        
          A-3

          

          

        

        
          

        
          

          

        

      

      

      

       

      statute, 42 U.S.C. § 1320a‐7b, the federal civil monetary penalty statute, 42 U.S.C. § 1320a‐7a, federal laws and regulations governing exclusion
        including 42 U.S.C. § 1320a‐7, the civil false claims act (31 U.S.C. § 3729 et seq.) and the regulations promulgated pursuant to such statutes, as well as similar state laws and regulations; (c) federal and state Laws regarding the submission of
        false claims, false billing and false coding, fee splitting, and health care professional self-referrals; (d) the Health Insurance Portability and Accountability Act of 1996 and all Laws promulgated pursuant thereto or in connection therewith, the
        Health Information Technology for Economic and Clinical Health Act, found in the American Recovery and Reinvestment Act of 2009 at Division A, Title XIII and Division B, Title IV, and any other Law governing; (e) any Law or applicable regulation
        with respect to expulsion, suspension or debarment from any Federal Health Care Program; (f) any other Law applicable to any other aspect of the Business; and (g) with regard to clauses (a) through (f) above, any Law succeeding thereto and all
        amendments and supplements to such Laws.

       

      “Intellectual
          Property” means all of the following in any jurisdiction throughout the world, together with all income, royalties, damages and payments due or payable as of the Closing or thereafter (including damages and payments for past, present or
        future infringements or misappropriations thereof, the right to sue and recover for past infringements or misappropriations thereof and any and all corresponding rights that, now or hereafter, may be secured throughout the world):  (a) patents and
        industrial designs (including utility model rights, design rights and industrial property rights), patent and industrial design applications, patent disclosures and inventions (whether or not patentable and whether or not reduced to practice),
        design specifications and drawings, and any reissue, continuation, continuation-in-part, revision, extension or reexamination thereof (collectively, “Patents”); (b) trademarks, service marks, trade dress, logos, slogans, trade names, Internet domain names, corporate names and other designations and indicia of origin (and all translations, adaptations, derivations
        and combinations of the foregoing and all logos related to any of the foregoing), together with all goodwill associated therewith (collectively, “Trademarks”); (c) copyrights, works of authorship, copyrightable works and mask works; (d) and all registrations, applications and renewals for any of the foregoing referenced in any of (a) through (c), together with
        all moral rights therein; (e) trade secrets and confidential and proprietary information (including ideas, discoveries, formulae, compositions, know-how, related processes and techniques, research and development information, models, drawings,
        specifications, designs, plans, proposals and technical data and manuals, nonclinical and clinical research data and results, regulatory, quality manufacturing and vendor/supplier data, files filings and information, instructions, materials,
        expertise and other technology applicable to formulations, compositions or products or to their manufacture, development, registration, use or marketing or to methods of assaying or testing them or processes for their manufacture, formulations
        containing them or compositions incorporating or comprising them, and including all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, instructions,
        processes, formulae, expertise and information, relevant to the research, development, manufacture, use, importation, offering for sale or sale of, and/or which may be useful in studying, testing, developing, producing or formulating, products, or
        intermediates for the synthesis thereof (“Trade Secrets”); (f) software, computer programs, operating systems, applications,
        firmware and other code, including all source code, object code, application programming interfaces, data files, databases, protocols, specifications, and other documentation thereof, and related flow-charts, programmer notes, updates and data,
        whether in object or source

       

      
        
          A-4

          

          

        

        
          

        
          

          

        

      

      

      

       

      code form and all other documentation associated therewith (“Software”); (g) all other properties recognized as intellectual property anywhere in the world and any similar, corresponding or equivalent rights; and (h) all copies and tangible embodiments of any of the
        foregoing referenced in any of (a) through (g).

       

      “Intellectual Property Agreements” means all licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not to sue, waivers, releases, permissions and other Contracts, whether written or oral,
        relating to any Intellectual Property that is used or held for use in the conduct of the Business as currently conducted to which the Company is a party, beneficiary or otherwise bound.

       

      “Intellectual Property Assets” means all Intellectual Property that is owned by the Company and used or held for use in the conduct of the Business as currently conducted (and not, for example, solely in any other vertical or
        business of the Company), together with all (i) royalties, fees, income, payments, and other proceeds now or hereafter due or payable to the Company with respect to such Intellectual Property; and (ii) claims and causes of action with respect to
        such Intellectual Property, whether accruing before, on, or after the date hereof/accruing on or after the date hereof, including all rights to and claims for damages, restitution, and injunctive and other legal or equitable relief for past,
        present, or future infringement, misappropriation, or other violation thereof.  For the avoidance of doubt, there are no Patents applicable to the Business.

       

      “Intellectual Property Registrations” means all Intellectual Property Assets that are subject to any issuance, registration, or application by or with any Governmental Body or authorized private registrar in any jurisdiction,
        including issued Patents, registered Trademarks, domain names and copyrights, and pending applications for any of the foregoing.

       

      “Knowledge of the
          Company” means the actual knowledge of the Company’s Board of Directors, Chief Executive Officer, Chief Financial Officer, or General Counsel, after conducting a reasonable inquiry and investigation (consistent with such Person’s title).

       

      “Law” means
        any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the
        authority of any Governmental Body.

       

      “Liabilities” means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise.

       

      “Lien”
        means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment, lien (statutory or other), charge, or other encumbrance of any kind or nature whatsoever (including, without limitation, pursuant to any conditional sale or
        other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the UCC or comparable law of any jurisdiction to evidence any of the
        foregoing) on personal or real property or fixtures.

       

      
        
          A-5

          

          

        

        
          

        
          

          

        

      

      

      

       

      “Losses” means losses, damages, liabilities, deficiencies, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to
        indemnification hereunder and the cost of pursuing any insurance providers; provided, however, that “Losses” shall not include punitive
        damages, except to the extent actually awarded to a Governmental Body or other third party.

       

      “Material Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually or in the aggregate, materially adverse to (a) the business, results of operations,
        condition (financial or otherwise) or assets of the Business, (b) the value of the Transferred Assets, or (c) the ability of Seller to consummate the transactions contemplated hereby on a timely basis; provided, however, that “Material Adverse Effect” shall not
        include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to:  (i) general economic or political conditions; (ii) conditions generally affecting the industries in which the Business operates;
        (iii) any changes in financial or securities markets in general; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this Agreement; or (vi) any
        changes in applicable Laws or accounting rules, including GAAP; provided further, however, that any event, occurrence, fact, condition or
        change referred to in clauses (i) through (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact,
        condition or change has a disproportionate effect on the Business compared to other participants in the industries in which the Business operates.

       

      “Person”
        means any individual, entity, trust, other partnership or association, or Governmental Body.

       

      “Proceeding”
        means any action, arbitration, audit, hearing, investigation, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private) commenced, brought, conducted or heard by
        or before, or otherwise involving, any Governmental Body or arbitrator.

       

      “Product”
        means that PHAROS excimer laser product, including any line extensions, modifications, improvements, additions, and successors thereto.

       

      “Record”
        means data and information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form, including data and information used in, generated by, obtained for the benefit of, arising
        out of, related to, or otherwise used in connection with or necessary to the operation of the Business.

       

      “Release” means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through
        the environment (including, without limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).

       

      “Regulatory
          Documentation” means, with respect to the Product, all (a) documentation comprising the Governmental Authorizations, including all submissions, reports and

       

      
        
          A-6

          

          

        

        
          

        
          

          

        

      

      

      

       

      correspondence relating thereto, (b) correspondence and reports necessary to, or otherwise describing the ability to, commercially distribute, sell or
        market such Product, submitted to or received from Governmental Body (including minutes and official contact reports relating to any communications with any Governmental Body) and relevant supporting documents with respect thereto, including all
        advertising and promotion documents, annual and periodic reports, adverse event files and complaint files and (c) data contained in any of the foregoing.  “Regulatory Documentation” shall include all risk analysis reports, Failure Mode and Effects Analyses, Quality management reviews, and Post market surveillance reports.

       

      “Representative”
        shall mean, with respect to any Person, such Person’s directors, officers, employees, advisors, agents, consultants, attorneys, accountants, investment bankers or other representatives.

       

      “Restricted Period”
        means the period commencing on the Closing Date and ending on the seventh anniversary of the Closing Date.

       

      “Restricted
          Territory” means any county in the State of California, each state in the United States and each country in the world.

       

      “Seller SEC
          Documents” means any forms, statements, documents and reports filed or furnished by Seller with the SEC on or after August 15, 2019 and publicly available prior to the date hereof (including exhibits and other information incorporated by
        reference therein but excluding any predictive, cautionary or forward looking disclosures contained under the captions "risk factors", "forward looking statements" or any similar precautionary sections and any other disclosures contained therein
        that are predictive, cautionary or of a forward looking nature).

       

      “Tax” or “Taxes” means (a) any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance,
        stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer,
        registration, value added, alternative or add-on minimum, retailer’s occupation taxes and other taxes commonly understood to be sales or use taxes, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition
        thereto, whether disputed or not, (b) any obligations or liabilities for any amounts or items of the type described in clause (a) above of any other Person whether by Law, Contract or otherwise.

       

      “Tax Authority”
        means any Governmental Body responsible for the administration or collection of any Tax.

       

      “Tax Return”
        means any return (including any information return), report, statement, declaration, estimate, schedule, notice, notification, form, election, certificate or other document or information that is required to be filed with or submitted to, any Tax
        Authority in connection with the determination, assessment, collection or payment of any Tax or in connection with the administration, implementation or enforcement of or compliance with any Law relating to any Tax.

       

      
        
          A-7

          

          

        

        
          

        
          

          

        

      

      
      EXHIBIT B

       

      BILL OF SALE

       

      Dated as of: August 16, 2021

       

      KNOW ALL MEN BY THESE PRESENTS that Ra Medical Systems, Inc., a Delaware corporation (“Seller”), for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, has granted,
        bargained, sold, conveyed, transferred, assigned and delivered, and by this Bill of Sale hereby grants, bargains, sells, conveys, transfers, assigns and delivers, to STRATA Skin Sciences, Inc., a Delaware corporation (“Purchaser”), its successors and assigns, all of Seller’s right, title and interest in and to the “Transferred Assets” (as such term is defined in the Asset Purchase Agreement dated as of August 16, 2021 (together with the Exhibits and Schedules thereto, the “Purchase Agreement”) by and between Seller and Purchaser, which Purchase Agreement is incorporated herein by this reference)
        owned by Seller, to have and to hold the same unto Purchaser, its successors and assigns, forever.

       

      This Bill of Sale is subject in all respects to the terms of the Purchase Agreement, and all of the representations, warranties,
        covenants and agreements contained in the Purchase Agreement, all of which shall survive the execution and delivery of this Bill of Sale in accordance with the terms of the Purchase Agreement.

       

      Seller hereby represents and warrants to Purchaser that Seller (a) has the right to transfer all of its right, title and interest in
        and to the Transferred Assets owned by Seller to Purchaser hereunder and (b) will execute and deliver all such other and further instruments of assignment or transfer as may be reasonably requested by Purchaser, from time-to-time, to effect,
        evidence and complete the aforesaid sale and transfer of the Transferred Assets to Purchaser pursuant hereto.

       

      Signature Page Follows

       

      
        
          B-1

        

        
          

        
          

          

        

      

      IN WITNESS WHEREOF, Seller has executed and delivered this Bill of Sale as of the date first written above.

       

      

      

      

      

      	
              RA MEDICAL SYSTEMS, INC.

               

              By:  

                   Name:

                   Title:

               

            
	 

      

      

      
        
          B-2

        

        
          

        
          

          

        

      

      
      EXHIBIT C

       

      ASSIGNMENT AND ASSUMPTION AGREEMENT

       

      This Assignment and Assumption Agreement (the “Agreement”), effective as of August 16, 2021 (the “Effective Date”), is by
        and between Ra Medical Systems, Inc., a Delaware corporation (“Seller”), and STRATA Skin Sciences, Inc., a Delaware
        corporation (“Purchaser”).

       

      WHEREAS, Seller and Purchaser
        have entered into a certain Asset Purchase Agreement, dated as of August 16, 2021 (the “Purchase Agreement”), pursuant to which, among other
        things, Seller has agreed to assign all of its rights, title and interests in, and Purchaser has agreed to assume all of Seller’s duties and obligations under, the Assigned Contracts (as defined in the Purchase Agreement).

       

      NOW, THEREFORE, in
        consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

       

      1. Definitions.  All capitalized terms used in this Agreement but not
          otherwise defined herein are given the meanings set forth in the Purchase Agreement.

       

      2. Assignment and Assumption.  Seller hereby sells, assigns, grants,
          conveys and transfers to Purchaser all of Seller’s right, title and interest in and to the Assigned Contracts. Purchaser hereby accepts such assignment and assumes all of Seller’s duties and obligations under the Assigned Contracts and agrees to
          pay, perform and discharge, as and when due, all of the obligations of Seller under the Assigned Contracts accruing on and after the Effective Date.

       

      3. Terms of the Purchase Agreement.  The terms of the Purchase
          Agreement, including, but not limited to, the representations, warranties, covenants, agreements and indemnities relating to the Assigned Contracts are incorporated herein by this reference.  The parties hereto acknowledge and agree that the
          representations, warranties, covenants, agreements and indemnities contained in the Purchase Agreement shall not be superseded hereby but shall remain in full force and effect to the full extent provided therein.  In the event of any conflict or
          inconsistency between the terms of the Purchase Agreement and the terms hereof, the terms of the Purchase Agreement shall govern.

       

      4. Governing Law.  This Agreement shall be governed by and construed in accordance with the
          internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

       

      5. Counterparts.  This Agreement may be executed in counterparts,
          each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.  A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to
          have the same legal effect as delivery of an original signed copy of this Agreement.

       

      [SIGNATURE PAGE FOLLOWS]

       

      
        
          C-1

          

          

        

        
          

        
          

          

        

      

      IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date first above written.

       

      RA MEDICAL SYSTEMS, INC.

      

      

      

      

      By: 

      Name:

      Title:

      

      

      

      

      STRATA SKIN SCIENCES, INC.

      

      

      

      

      By: 

      Name:

      Title:

      
        
          C-2

          

          

        

        
          

        
          

          

        

      

      
      EXHIBIT D

       

      TRADEMARK ASSIGNMENT AGREEMENT

       

      This Trademark Assignment Agreement (this

        “Assignment”), dated as of August 16, 2021, is made by and between Ra Medical Systems, Inc., a Delaware corporation (“Assignor”), and Strata Skin Sciences, Inc., a Delaware corporation (“Assignee”).

       

      WHEREAS, Assignor and Assignee have entered into that certain Asset Purchase Agreement, dated as of August 16, 2021 (the “Purchase Agreement”); and

       

      WHEREAS, pursuant to the Purchase Agreement, Assignee has agreed to sell, convey, transfer, assign and deliver to Assignor, free and
        clear of all Liens to Assignor, among other Transferred Assets, the Trademarks of Assignee, and has agreed to execute and deliver this Assignment.

       

      NOW, THEREFORE, in consideration of the mutual representations, warranties, promises, covenants and agreements contained herein and in
        the Purchase Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

       

      1. Definitions.  Capitalized terms used but not otherwise defined herein
          shall have the meanings given to such terms in the Purchase Agreement.

       

      2. Assignment.  Assignor hereby irrevocably transfers, assigns and conveys to
          Assignee, and Assignee hereby accepts, absolutely and forever, throughout the universe, all of Assignor’s right, title and interest, whether statutory or at common law, in and to the Trademarks listed on Schedule 1 attached hereto, together with the goodwill of Assignor’s business symbolized by the Trademarks, including any assets related thereto, and all corresponding registrations and
          applications to register the Trademarks, including the registrations listed on Schedule 1, as well as all causes of action for any and all previously
          occurring infringements of the rights being assigned and the right to receive and retain proceeds relating to those infringements.

       

      3. Further Actions.  Following the date hereof, Assignee and Assignor agree to
          execute any further instruments and to do such other acts as may be necessary and proper to vest title in and to the Trademarks and other corresponding rights in Assignee.

       

      4. Governing Law.  This Assignment shall be governed by, and construed under,
          the laws of the State of Delaware.

       

      5. Counterparts.  This Assignment may be executed in multiple counterparts
          which shall together constitute a single document.  Facsimile and electronic signatures shall be deemed to be the equivalent of original signatures for purposes of this Assignment.

       

       

      

      
        
          D-1

          

          

        

        
          

        
          

          

        

      

      IN WITNESS WHEREOF, the parties have duly executed and delivered this Assignment as of the date first above written.

       

      ASSIGNOR:

      

      

      RA MEDICAL SYSTEMS, INC.

      

      

      

      

      By: 

      Name:

      Title:

      

      

      

      

      

      

      ASSIGNEE:

      

      

      STRATA SKIN SCIENCES, INC.

      

      

      

      

      By: 

      Name:

      Title:

      

      

      
        
          D-2

          

          

        

        
          

        
          

          

        

      

      SCHEDULE 1 TO TRADEMARK ASSIGNMENT AGREEMENT

       

      Trademarks

       

      PHAROS standard character mark, Registration No. 6050533, registered on May 12, 2020.

      

      

      
        
          D-3

          

          

        

        
          

        
          

          

        

      

      
      EXHIBIT E

       

      SERVICES AGREEMENT

       

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      SERVICES AGREEMENT

       

      

      

      

      

      Between

       

      

      

      

      

      RA MEDICAL SYSTEMS, INC.

       

      

      

      

      

      And

       

      

      

      

      

      STRATA SKIN SCIENCES, INC.

       

      

      

      dated as of

       

      August 16, 2021

       

      

      

      
        
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      SERVICES AGREEMENT

       

      This Services Agreement, dated as of August 16, 2021 (this “Agreement”), is entered into between RA MEDICAL SYSTEMS, INC., a Delaware corporation (“Seller”), and STRATA
        SKIN SCIENCES, INC., a Delaware corporation (“Purchaser”).

       

      RECITALS

       

      WHEREAS, Purchaser and Seller have entered into that certain Asset Purchase Agreement, dated as of August 16,
        2021 (the “Purchase Agreement”), pursuant to which Seller has agreed to sell and assign to Purchaser, and Purchaser has agreed to purchase and
        assume from Seller, certain of the assets, and certain specified liabilities, of the Business (as such term is defined in the Purchase Agreement), all as more fully described therein;

       

      WHEREAS, in order to ensure an orderly transition of the Business to Purchaser and as a condition to
        consummating the transactions contemplated by the Purchase Agreement, Purchaser and Seller have agreed to enter into this Agreement, pursuant to which Seller will provide, or cause its Affiliates to provide, Purchaser with certain services, subject
        to the terms and conditions set forth herein; and

       

      WHEREAS, capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms
        in the Purchase Agreement.

       

      NOW, THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth, Purchaser and
        Seller hereby agree as follows:

       

      ARTICLE I

          Services

       

      Section 1.01 Provision of Services.

       

      (a) Seller agrees to provide, or to cause its Affiliates to provide, the services (the “Services”)

          set forth on the exhibits attached hereto (as such exhibits may be amended or supplemented pursuant to the terms of this Agreement, collectively, the “Service

            Exhibits”) to Purchaser for the respective periods and on the other terms and conditions set forth in this Agreement and in the respective Service Exhibits.

       

      (b) Notwithstanding the contents of the Service Exhibits, Seller agrees to respond in good faith to any reasonable request by Purchaser for access to any additional services that
          are necessary for the operation of the Business and which are not currently contemplated in the Service Exhibits, at a price to be agreed upon after good faith negotiations between the parties.  Any such additional services so provided by Seller
          shall constitute Services under this Agreement and be subject in all respect to the provisions of this Agreement as if fully set forth on a Service Exhibit as of the date hereof.

       

      
        
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      (c) Subject to Section 2.03, Section 2.04, and Section 3.02, the obligations of Seller under this Agreement to provide Services shall terminate with respect to
          each Service on the end date specified in the applicable Service Exhibit (the “End Date”).  Notwithstanding the foregoing, the parties
          acknowledge and agree that Purchaser may determine from time to time that it does not require all the Services set out on one or more of the Service Exhibits or that it does not require such Services for the entire period up to the applicable End
          Date.  Accordingly, Purchaser may terminate any Service, in whole and not in part, upon notification to Seller in writing of any such determination.

       

      Section 1.02 Standard of Service.

       

      (a) Seller represents, warrants and agrees that the Services shall be provided in good faith, in accordance with Law and, except as specifically provided in
          the Service Exhibits, in a manner generally consistent with, and subject to warranties (“Seller Warranties”) provided to customers in accordance
          with, the historical provision of the Services and the Products, including, but not limited to, chambers (new or refurbished), other spare parts (new or refurbished), and consumables, to customers and with the same standard of care as
          historically provided.  Seller represents and warrants to Purchaser that Schedule 1.02 sets forth a true and accurate list of all of the Seller Warranties,
          including as to warranty duration, that Seller has historically provided to customers.  The Seller Warranties shall have a duration of one year or such longer period as is set forth with respect to such subject matter as set forth on Schedule 1.02.  Subject to Section 1.03, Seller agrees to assign sufficient resources and qualified personnel as are reasonably required to perform the Services
          in accordance with the standards set forth in the preceding sentence.  Seller must comply and be approved as an approved supplier to Purchaser in accordance to the purchaser quality management system.

       

      (b) Except as expressly set forth in Section 1.02(a) or in any contract entered into hereunder, Seller makes no representations and warranties of any kind, implied or expressed,
          with respect to the Services, including, without limitation, no warranties of merchantability or fitness for a particular purpose, which are specifically disclaimed.  Purchaser acknowledges and agrees that this Agreement does not create a
          fiduciary relationship, partnership, joint venture or relationships of trust or agency between the parties and that all Services are provided by Seller as an independent contractor.

       

      Section 1.03 Third-Party Service Providers.  Seller shall have the right to hire third-party subcontractors to provide all or part of any Service hereunder; provided, however, that in the event such subcontracting is inconsistent with past practices, Seller shall obtain the prior written consent of Purchaser to
            hire such subcontractor, such consent not to be unreasonably withheld.  Seller shall in all cases retain responsibility for the provision to Purchaser of Services to be performed by any third-party service provider or subcontractor or by any of
            Seller’s Affiliates.  Such Third-Party Service Provider should comply with all regulatory mandated regulations and be approved by the Seller and Purchaser.

       

      
        
          E-3

          

          

        

        
          

        
          

          

        

      

       

      

       

      Section 1.04 Access to Premises.

       

      (a) Seller agrees that all of its and its Affiliates’ employees and any third-party service providers and subcontractors, when on the property of Purchaser or when given access to
          any equipment, computer, software, network or files owned or controlled by Purchaser, shall conform to the policies and procedures of Purchaser concerning health, safety and security which are made known to Seller in advance in writing.

       

      ARTICLE II

          Compensation

       

      Section 2.01 Responsibility for Wages and Fees.  For such time as any employees of Seller or any of its Affiliates are providing the Services to Purchaser under this Agreement, (a) such employees will remain employees of Seller or such Affiliate, as applicable, and shall not be
            deemed to be employees of Purchaser for any purpose, and (b) Seller or such Affiliate, as applicable, shall be solely responsible for the payment and provision of all wages, bonuses and commissions, employee benefits, including severance and
            worker’s compensation, and the withholding and payment of applicable Taxes relating to such employment.  Seller represents and warrants to Purchaser that Schedule 2.01(a)
            sets forth a true and accurate list of each employee of Seller who will be providing the Services, on behalf of the Seller, including their annual base salary or hourly wage and fringe and other benefit costs (collectively, for each employee,
            an “Employee Cost”).  Schedule 2.01(b) sets forth the terms of a retention bonus to be offered by Seller to certain of its employees.  When calculating
            the fee for Services provided during the two month period following the date hereof, the Employee Cost included in the monthly fee for each such bundled Service shall not be duplicated when calculating the fee for any other bundled Service
            provided by Seller.

       

      Section 2.02 Terms of Payment and Related Matters.

       

      (a) As consideration for provision of the Services, Purchaser shall pay Seller the amount specified for each Service on such Service’s respective Service Exhibit.  In addition to
          such amount, in the event that Seller or any of its Affiliates incurs, at the direction of Purchaser, reasonable and documented out-of-pocket travel-related expenses in the provision of any Service (such included expenses, collectively, “Travel Costs”), Purchaser shall reimburse Seller for all such Travel Costs in accordance with the invoicing procedures set forth in Section 2.02(b). 
          Except for the fees described in the Service Exhibit and the Travel Costs, Purchaser shall not be liable for any other expenses or costs in the provision of any Service, including, but not limited to, payments made to employees of Seller or any
          of its Affiliates pursuant to Section 2.01, license fees and payments to third-party service providers or subcontractors.

       

      
        
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      (b) As more fully provided in the Service Exhibits and subject to the terms and conditions therein:

       

      (i) Seller shall provide Purchaser, in accordance with Section 5.01 of this Agreement, with monthly invoices (“Invoices”), which shall set forth in reasonable detail, with such supporting documentation as Purchaser may reasonably request with respect to Travel Costs and any other amounts payable under this
          Agreement; and

       

      (ii) payments pursuant to this Agreement shall be made within thirty (30) days after the date of receipt of an Invoice by Purchaser from Seller.

       

      (c) It is the intent of the parties that the compensation set forth in the respective Service Exhibits reasonably approximate the cost of providing the Services, including the cost
          of employee wages and compensation, without any intent to cause Seller to receive profit or incur loss, and the fees shall remain fixed for the term of the Services provided.

       

      Section 2.03 Extension of Services.  The
            parties agree that Seller shall not be obligated to perform any Service after the applicable End Date; provided, however, that if Purchaser desires and Seller agrees to continue to perform any of the Services after the applicable End Date, the parties shall negotiate in good
            faith to determine an amount that compensates Seller for all of its costs for such performance, including the time of its employees and its Travel Costs.  The Services so performed by Seller after the applicable End Date shall continue to
            constitute Services under this Agreement and be subject in all respects to the provisions of this Agreement for the duration of the agreed-upon extension period.

       

      Section 2.04 Terminated Services.  Upon
            termination or expiration of any or all Services pursuant to this Agreement, or upon the termination of this Agreement in its entirety, Seller shall have no further obligation to provide the applicable terminated Services and Purchaser will
            have no obligation to pay any future compensation or Travel Costs relating to such Services (other than for or in respect of Services already provided in accordance with the terms of this Agreement and received by Purchaser prior to such
            termination).

       

      Section 2.05 Invoice Disputes.  In the event of an Invoice
            dispute, Purchaser shall deliver a written statement to Seller no later than five (5) days prior to the date payment is due on the disputed Invoice listing all disputed items and providing a reasonably detailed description of each disputed
            item.  Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in Section 2.02(b).  The parties shall seek to resolve all such disputes expeditiously and in good
            faith.  Seller shall continue performing the Services in accordance with this Agreement pending resolution of any dispute.

       

      
        
          E-5

          

          

        

        
          

        
          

          

        

      

      

      

       

      Section 2.06 No Right of Setoff. 
          Each of the parties hereby acknowledges that it shall have no right under this Agreement to offset any amounts owed (or to become due and owing) to the other party, whether under this Agreement, the Purchase Agreement or otherwise, against any
          other amount owed (or to become due and owing) to it by the other party.

       

      Section 2.07 Taxes.  Purchaser shall be
            responsible for all sales or use Taxes imposed or assessed as a result of the provision of Services by Seller.

       
       

      Section 2.08 Product Insurance. During the term of this Agreement, Purchaser shall
            purchase and maintain an insurance policy sufficient to cover damages to all inventory held by Seller pursuant to this Agreement, including, but not limited to spare parts, the cost of such policy to be borne by Purchaser.  Seller will have no
            liability for loss of inventory to the extent such inventory is underinsured by Purchaser.

       

      ARTICLE III

          Termination

       

      Section 3.01 Termination of Agreement.  This

            Agreement shall terminate in its entirety on the date upon which Seller shall have no continuing obligation to perform any Services as a result of each of their expiration or termination in accordance with Section 1.01(c).

       

      Section 3.02 Effect of Termination.  Upon

            termination of this Agreement in its entirety pursuant to Section 3.01, all obligations of the parties hereto shall terminate, except for the provisions of Section 2.04, Section 2.06, Section 2.07, Section 2.08, Article IV and Article V, which
            shall survive any termination or expiration of this Agreement.

       

      ARTICLE IV

          Confidentiality and Non-Solicitation

       

      Section 4.01                           Confidentiality.

       

      (a) During the term of this Agreement and thereafter, the parties hereto shall, and shall instruct their respective Representatives to, maintain in confidence and not disclose the
          other party’s financial, technical, sales, marketing, development, personnel, and other information, records, or data, including, without limitation, customer lists, supplier lists, trade secrets, designs, product formulations, product
          specifications or any other proprietary or confidential information, however recorded or preserved, whether written or oral (any such information, “Confidential

            Information”).  Each party hereto shall use the same degree of care, but no less than reasonable care, to protect the other party’s Confidential Information as it uses to protect its own Confidential Information of like nature.  Unless
          otherwise authorized in any other agreement between the parties, any party receiving any Confidential Information of the other party (the “Receiving
            Party”) may use Confidential Information only for the purposes of

       

      
        
          E-6

          

          

        

        
          

        
          

          

        

      

       

      

       

      fulfilling its obligations under this Agreement (the “Permitted

          Purpose”).  Any Receiving Party may disclose such Confidential Information only to its Representatives who have a need to know such information for the Permitted Purpose and who have been advised of the terms of this Section 4.01 and the
        Receiving Party shall be liable for any breach of these confidentiality provisions by such Persons; provided, however, that any Receiving Party may disclose such Confidential Information to the extent such Confidential Information is required to be disclosed by a Governmental
        Order, in which case the Receiving Party shall promptly notify, to the extent possible, the disclosing party (the “Disclosing Party”), and take
        reasonable steps to assist in contesting such Governmental Order or in protecting the Disclosing Party’s rights prior to disclosure, and in which case the Receiving Party shall only disclose such Confidential Information that it is advised by its
        counsel in writing that it is legally bound to disclose under such Governmental Order.

       

      (b) Notwithstanding the foregoing, “Confidential Information” shall not include any information that the Receiving Party can demonstrate:  (i) was publicly known at the time of
          disclosure to it, or has become publicly known through no act of the Receiving Party or its Representatives in breach of this Section 4.01; (ii) was rightfully received from a third party without a duty of confidentiality; or (iii) was developed
          by it independently without any reliance on the Confidential Information.

       

      (c) Upon demand by the Disclosing Party at any time, or upon expiration or termination of this Agreement with respect to any Service, the Receiving Party agrees promptly to return
          or destroy, at the Disclosing Party’s option, all Confidential Information.  If such Confidential Information is destroyed, an authorized officer of the Receiving Party shall certify to such destruction in writing.

       

      (d) All schedules and attachments hereto shall be kept confidential, and, if required to be publicly disclosed, shall be redacted to protect any Confidential Information.

       

      Section 4.02 Non-Solicitation. During the term of this Agreement and for a period of
            twelve months thereafter and without the written consent of Seller, Purchaser shall not directly or indirectly solicit any of the Seller’s employees to terminate such employee’s employment with the Seller; provided, however, that the foregoing
            restrictions shall not prevent Purchaser from hiring any employee whose employment was terminated by Seller.

       

      ARTICLE V

          Miscellaneous

       

      Section 5.01 Notices.  All Invoices,
            notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given:  (a) when delivered by hand (with written confirmation of receipt); (b) when received by the
            addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on

       

      
        
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      the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by
        certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in
        accordance with this Section 5.01):

       

      (a) if to Seller:

       

      Ra Medical Systems, Inc.

        2070 Las Palmas Drive

        Carlsbad, California  92011

        E-mail:  wmcguire@ramed.com

        Attention:  Chief Executive Officer

       

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

       

      Diamond Law, Professional Corporation

        5755 Oberlin Drive, Suite 301

        San Diego, CA 92121

        Attention:  Daniel Diamond

        Email:  dan@diamondlawcorp.com

       

      (b) if to Purchaser:

       

      STRATA Skin Sciences, Inc.

        5 Walnut Grove, Suite 140

        Horsham, Pennsylvania  19044

        E-mail:  bmoccia@strataskin.com

        Attention:  Chief Executive Officer

       

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

       

      Stevens & Lee, P.C.

        620 Freedom Business Center Drive, Suite 200

        King of Prussia, Pennsylvania  19406

        E-mail:  ssg@stevenslee.com

        Attention:  Sunjeet S. Gill

       

      Section 5.02 Headings.  The headings in this Agreement are for
            reference only and shall not affect the interpretation of this Agreement.

       

      Section 5.03 Severability.  If any term or provision of this
            Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
            any other jurisdiction.  Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall

       

      
        
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      negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a
        mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

       

      Section 5.04 Entire Agreement.  This Agreement, including all
            Service Exhibits, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements, both written and oral,
            with respect to such subject matter.  In the event and to the extent that there is a conflict between the provisions of this Agreement and the provisions of the Purchase Agreement as it relates to the Services hereunder, the provisions of this
            Agreement shall control.

       

      Section 5.05 Successors and Assigns.  This Agreement shall be
            binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Subject to the following sentence, neither party may assign its rights or obligations hereunder without the prior written
            consent of the other party, which consent shall not be unreasonably withheld or delayed.  Notwithstanding the foregoing sentence, Purchaser may, without the prior written consent of Seller, assign all or any portion of its right to receive
            Services to any of its Affiliates that participate in the operation of the Business; provided, that such Affiliate shall receive such
            Services from Seller in the same place and manner as described in the respective Service Exhibit as Purchaser would have received such Service.  No assignment shall relieve the assigning party of any of its obligations hereunder.

       

      Section 5.06 No Third-Party Beneficiaries.  This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or
            shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

       

      Section 5.07 Amendment and Modification; Waiver.  This
            Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.  No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the
            party so waiving.  No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,
            remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

       

      Section 5.08 Governing Law; Submission to Jurisdiction.  This
            Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
            that would cause the application of Laws of any

       

      
        
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      jurisdiction other than those of the State of Delaware.  Any legal suit, action or proceeding arising out of or based upon this
        agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the state of Delaware in each case located in the city of Wilmington and county of New Castle, and each party
        irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective service of process
        for any suit, action or other proceeding brought in any such court.  The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to
        plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

       

      Section 5.09 Waiver of Jury Trial.  Each
            party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this agreement or the transactions contemplated hereby.  Each party to this agreement certifies
            and acknowledges that (a) no representative of any other party has represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (b) such party has considered the
            implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such party has been induced to enter into this agreement by, among other things, the mutual waivers and certifications in this Section 5.09.

       

      Section 5.10 Counterparts.  This Agreement may be executed in
            counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.  A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall
            be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

       

      [SIGNATURE PAGE FOLLOWS]

       

      
        
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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their
        respective officers thereunto duly authorized.

       

      

      

      STRATA SKIN SCIENCES, INC.

      

      

      

      

      By: 

      Name:

      Title:

      

      

      RA MEDICAL SYSTEMS, INC.

      

      

      

      

      By: 

      Name:

      Title

      

      

      
        
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      EXHIBIT F

       

      POWER OF ATTORNEY

       

      August 16, 2021

       

      KNOW ALL MEN BY THESE PRESENTS that RA MEDICAL SYSTEMS, INC., a Delaware corporation, with an office located at 2070 Las Palmas Drive,
        Carlsbad, CA 92011 (the “Company”), hereby constitutes and appoints STRATA Skin Sciences, Inc., a Delaware corporation, with
        an office located at 5 Walnut Grove Drive, Suite 140, Horsham, PA 19044 (the “Purchaser”) and each officer or employee of the
        Purchaser, acting singly, with full power of substitution, in the name and on behalf of the Company to assign and transfer to the Purchaser all right, title and interest of the Company in, to and under each and every agreement, instrument and
        document coming within the purview of the agreements, instruments and documents which are necessary to effectuate the purchase by the Purchaser of the Transferred Assets pursuant to: (i) that certain Asset Purchase Agreement, dated as of August 16,
        2021 (the “Purchase Agreement”), by and between the Purchaser and the Company; (ii) that certain Assignment and Assumption
        Agreement, dated as of the date hereof, by and between the Purchaser and the Company; and (iii) that certain Bill of Sale, dated as of the date hereof, which has been executed by the Company and delivered to the Purchaser.  Capitalized terms used
        but not defined herein shall have the meaning stated in the Purchase Agreement.

       

      This power is coupled with an interest, is irrevocable.

       

      [Signature Page Follows]

       

      
        
          F-1

           S

        

        
          

        
          

          

        

      

      IN WITNESS WHEREOF, the Company has executed and delivered this Power of Attorney, effective as of the date first written above.

       

      RA MEDICAL SYSTEMS, INC.

      

      

      

      

      

      

      By:  __________________________

      Name:

      Title:

      
        
          F-2

        

        
          

        
          

          

        

      

      
      EXHIBIT X

       

      DESCRIPTION OF BUSINESS

       
        

        

        
          
            	
                    A.

                  	
                    Transferred Assets:

                  

          

          
            	
                    1.

                  	
                    The Product and all (i) prototypes thereof, (ii) Documents, including but not limited to supplier lists, design records, design history
                      files, dossiers, manufacturing processes, product specifications, device usage guides, quality measurement criteria, levels of compliance with Governmental Bodies and quality standards, and, if required, servicing and installation
                      records, related thereto, and (iii) clinical data and works related to the Product (clauses (i)‐(iii), the “Product
                        Documents”).

                  

          

          
            	
                    2.

                  	
                    All Intellectual Property Assets listed on Schedule 1.1(b),
                      including Trademarks for PHAROS and PHAROS Optimized.

                  

          

          
            	
                    3.

                  	
                    All Contracts, with regard to the Business, relating to (i) the supply, manufacturing, sales and distribution, (ii) customer service
                      agreements for the Products, (iii) restrictive covenant agreements (including employee non‐competition agreements), (iv) warranty, extended warranty, rental, distribution and finance agreements, and (v) all Intellectual Property
                      Agreements, all such contracts listed on Schedule 1.1(c) (the “Assigned Contracts”).

                  

          

          
            	
                    4.

                  	
                    All inventory, finished goods, raw materials, work in progress, packaging, supplies, parts and other inventories used, or designated by the
                      Company for use in the Business (“Business Inventory”).

                  

          

          
            	
                    5.

                  	
                    All customer lists (which will contain contact information including email addresses, where available and practical), charge rates, and
                      other documentation regarding customers including, but not limited to, the customers listed on Schedule Z.

                  

          

          
            	
                    6.

                  	
                    All printed and digital files of approved marketing materials including product literature, training manuals, clinical training and
                      reference materials, service manuals, product logos, and other creative and written content related to the Business. All materials are to be provided in editable formats, where available and practical.

                  

          

          
            	
                    7.

                  	
                    All Governmental Authorizations held by the Company relating to the Business or the Product, including any 510(k) Premarket Notifications
                      and other Governmental Authorizations, all as listed on Schedule 1.1(e).

                  

          

          
            	
                    8.

                  	
                    All Regulatory Documentation.

                  

          

          
            	
                    9.

                  	
                    All rights to any Proceedings of any nature available to or being pursued by the Company to the extent related to the Business, the
                      Transferred Assets or the Assumed Liabilities, whether arising by way of counterclaim or otherwise.

                  

          

          
            	
                    10.

                  	
                    All prepaid expenses, credits, advance payments, claims, securities, refunds, rights of recovery, rights of set-off, rights of recoupment,
                      deposits, charges, sums and fees (including any such item relating to the payment of Taxes).

                  

          

          
            	
                    11.

                  	
                    All of the Company’s rights under warranties, indemnities and all similar rights against third party to the extent related to the
                      Transferred Assets.

                  

          

          
            	
                    12.

                  	
                    All insurance benefits, including rights and proceeds, arising from or relating to the Business, the Transferred Assets or the Assumed
                      Liabilities.

                  

          

          
            	
                    13.

                  	
                    All goodwill and going concern value of the Business.

                  

          

          
            	
                    14.

                  	
                    Product tooling and molds used exclusively in the Business (excluding tooling and molds otherwise used by the Company in connection with
                      any of its other lines of business).

                  

          

        

        

        
          
            X-1

            

            

          

          
            

          
            

            

          

        

         

        

        	
                15.

              	
                All tools, documentation, service manuals, and any other materials used in servicing the Products.

              

      

      
        	
                16.

              	
                To the extent legally transferable to Purchaser, all rights of the Company or any Affiliate of the Company to enforce any agreement with any
                  employee, consultant or contractor of such Person involving the Intellectual Property Assets.

              

      

      
        	
                17.

              	
                List of physician consultants and/or past or present Pharos advisory board participants including, but not limited to, dermatologists,
                  dermatology physician assistants, and nurse practitioners.

              

      

      
        	
                18.

              	
                All social media accounts related to the Business.

              

      

      
         

        

        	
                B.

              	
                Excluded Assets

              

      

      
        	
                1.

              	
                All rights, deliverables or interests under any existing Contract between the Seller and any third party under which the Seller purchases or
                  receives spare parts or other materials and supplies relating to the Business (the “Vendor Purchase Agreements”).

              

      

      
        	
                2.

              	
                All cash, cash equivalents (other than security deposits), accounts receivable and marketable securities of the Company.

              

      

      
        	
                3.

              	
                All furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones and other Company tangible
                  personal property.

              

      

      
        	
                4.

              	
                Contracts that are not Assigned Contracts (the “Excluded Contracts”).

              

      

      
        	
                5.

              	
                All Employee Plans and assets attributable thereto.

              

      

      
        	
                6.

              	
                Any interest in or right to any refund or credit of Taxes relating to the Business, the Transferred Assets, or applicable to, any taxable
                  period (or portion thereof) ending on or prior to the Closing Date, any Tax assets and loss carry forwards, and any net operating losses of the Company.

              

      

      
        	
                7.

              	
                All rights which exist, accrue or will accrue to Seller or stockholder of Seller under this Agreement and the Ancillary Documents.

              

      

      
        	
                8.

              	
                All rights, claims and causes of action relating to any Excluded Asset or any Excluded Liability.

              

      

      
        	
                9.

              	
                All real estate or leases related to real property to which the Company is a party.

              

      

      
        	
                10.

              	
                Agreements, products, materials, documentation and services relating solely to other Company business lines, including DABRA lasers and
                  catheters.

              

      

      
        	
                11.

              	
                DABRA-specific inventory and inventory retained for DABRA-related business purposes per Schedule AB.

              

      

      
        	
                12.

              	
                The assets, properties and rights specifically set forth on Schedule 1.2(j).

              

      

      
        	
                13.

              	
                Corporate seals, organization documents, minute books, stock books, tax returns, and corporate records of Seller.

              

      

      
        	
                14.

              	
                Anything not specifically detailed as a Transferred Asset in subsection A, including, without limitation, the assets of the Company which do
                  not relate to the Business.

              

      

      
        	
                15.

              	
                All social media accounts that do not relate to the Business.

              

      

      
        	
                16.

              	
                There are no Patents applicable to the Business.

              

      

      

      

       

      
        

          

        

        
          

        

        
          X-2Exhibit 4.1

​
DEPOSIT AGREEMENT
​
among
​
BRIDGEWATER BANCSHARES, INC.,
​
COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A.,
 as Depositary
​
and
​
COMPUTERSHARE TRUST COMPANY, N.A.,
 AS REGISTRAR AND TRANSFER AGENT
​
and
​
THE HOLDERS FROM TIME TO TIME OF
THE DEPOSITARY RECEIPTS DESCRIBED HEREIN
​
Dated as of August 17, 2021
​
​

​

​

TABLE OF CONTENTS
​
	​

	​

	​
	Page

	ARTICLE I DEFINED TERMS
	1

	Section 1.1 Definitions.
	1

	ARTICLE II FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK,  EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION  OF RECEIPTS
	3

	Section 2.1 Form and Transfer of Receipts.
	3

	Section 2.2 Deposit of Series A Preferred Stock; Execution and Delivery of Receipts in  Respect Thereof.
	5

	Section 2.3 Registration of Transfer of Receipts.
	6

	Section 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and  Withdrawal of Series A Preferred Stock.
	6

	Section 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of  Receipts.
	7

	Section 2.6 Lost Receipts, Etc.
	7

	Section 2.7 Cancellation and Destruction of Surrendered Receipts.
	8

	Section 2.8 Redemption of Series A Preferred Stock.
	8

	Section 2.9 Bank Accounts.
	9

	ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE  CORPORATION
	9

	Section 3.1 Filing Proofs, Certificates and Other Information.
	9

	Section 3.2 Payment of Taxes or Other Governmental Charges.
	10

	Section 3.3 Warranty as to Series A Preferred Stock.
	10

	Section 3.4 Warranty as to Receipts.
	10

	ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	10

	Section 4.1 Dividends and Other Cash Distributions.
	10

	Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges.
	11

	Section 4.3 Subscription Rights, Preferences or Privileges.
	11

	Section 4.4 Notice of Dividends, Etc.; Fixing Record Date for Holders of Receipts.
	12

	Section 4.5 Voting Rights.
	12

	Section 4.6 Changes Affecting Deposited Securities and Reclassifications,  Recapitalizations, Etc.
	13

	Section 4.7 Delivery of Reports.
	13

	Section 4.8 Lists of Receipt Holders.
	13

	ARTICLE V THE DEPOSITARY, DEPOSITARY AGENTS, THE REGISTRAR  AND THE CORPORATION
	14

​
​

​

​

​
	​

	​

	Section 5.1 Appointment, Maintenance of Offices, Agencies and Transfer Books by the  Depositary; Registrar.
	14

	Section 5.2 Prevention of or Delay in Performance by the Depositary, Depositary Agents,  the Registrar or the Corporation.
	14

	Section 5.3 Obligations of the Depositary, Depositary Agents, the Registrar and the  Corporation.
	15

	Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor  Depositary.
	18

	Section 5.5 Corporate Notices and Reports.
	19

	Section 5.6 Indemnification by the Corporation.
	19

	Section 5.7 Fees, Charges and Expenses.
	20

	Section 5.8 Tax Compliance.
	20

	Section 5.9 Corporate Existence and Authority of the Depositary.
	20

	ARTICLE VI AMENDMENT AND TERMINATION
	21

	Section 6.1 Amendment.
	21

	Section 6.2 Termination.
	21

	ARTICLE VII MISCELLANEOUS
	22

	Section 7.1 Counterparts; Electronic Signatures.
	22

	Section 7.2 Exclusive Benefit of Parties.
	22

	Section 7.3 Invalidity of Provisions.
	22

	Section 7.4 Notices.
	22

	Section 7.5 Depositary Agents.
	23

	Section 7.6 Appointment of Registrar, Transfer Agent, Dividend Disbursing Agent and  Redemption Agent in Respect of the Series A Preferred Stock.
	23

	Section 7.7 Governing Law.
	24

	Section 7.8 Inspection of Deposit Agreement.
	24

	Section 7.9 Headings.
	24

	Section 7.10 Confidentiality.
	24

	Section 7.11 Holders of Receipts Are Parties.
	24

​
​
​

​

​

DEPOSIT AGREEMENT
This DEPOSIT AGREEMENT, dated as of August 17, 2021, is entered into among (i) BRIDGEWATER BANCSHARES, INC., a Minnesota corporation, (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary (as hereinafter defined), and (iii) the Holders (as hereinafter defined) from time to time of the Receipts described herein.
WHEREAS, the Corporation (as hereinafter defined) desires to appoint Computershare and the Trust Company jointly as Depositary;
WHEREAS, Computershare and the Trust Company each desires to accept such appointment and perform the services related to such appointment;
WHEREAS, the Corporation desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series A Preferred Stock from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing fractional interests in the Series A Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares in respect of the Series A Preferred Stock so deposited; and
WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement;
NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:
ARTICLE I
DEFINED TERMS
Section 1.1  Definitions.
The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement and the Receipts:
“Computershare” shall have the meaning set forth in the Preamble hereto.
“Corporation” shall mean Bridgewater Bancshares, Inc., a Minnesota corporation, and its successors.
“Deposit Agreement” shall mean this Deposit Agreement, as amended, modified or supplemented from time to time in accordance with the terms hereof.
“Depositary” shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder.
“Depositary Shares” shall mean the depositary shares, each representing one one-hundredth of one share of the Series A Preferred Stock, evidenced by a Receipt.
“Depositary Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.
​

- 1 -

​

“Depositary’s Office” shall mean the principal office of the Depositary, or such other office at which, at any particular time, its depositary receipt business shall be administered, which as at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02010.
“DTC” shall mean The Depository Trust Company, a New York corporation.
“DTC Participant” shall mean any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC.
“DTC Receipt” shall have the meaning assigned to it in Section 2.1.
“Funds” shall have the meaning set forth in Section 2.10.
“Moody’s” shall have the meaning set forth in Section 2.10.
“Officer’s Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series A Preferred Stock to be issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof.
“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series A Preferred Stock held of record by the Record Holder of such Depositary Shares.
“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depositary maintained for such purpose.
“Redemption Date” shall have the meaning set forth in Section 2.8.
“Registrar” shall mean Computershare, or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts, Depositary Shares or the deposited Series A Preferred Stock, as the case may be, as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose.
“S&P” shall have the meaning set forth in Section 2.10.
“Securities Act” shall mean the Securities Act of 1933, as amended.
“Series A Preferred Stock” shall mean the shares of the Corporation’s 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share, with a liquidation preference of $2,500 per share, designated in the Statement of Designation and described in the Officer’s Certificate delivered pursuant to Section 2.2 hereof.
“Statement of Designation” shall mean the statement of designation filed or to be filed with the Minnesota Secretary of State establishing the Series A Preferred Stock as a series of preferred stock of the Corporation, and setting forth the rights, preferences and privileges of the Series A Preferred Stock, and as such certificate may be amended or restated from time to time.
​

- 2 -

​

“Transfer Agent” shall mean the Trust Company, or such other successor bank or trust company that shall be appointed by the Corporation to transfer the Receipts or the deposited Series A Preferred Stock, as the case may be, as herein provided.
“Trust Company” shall have the meaning set forth in the Preamble hereto.
ARTICLE II
FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK,
 EXECUTION AND DELIVERY, TRANSFER, SURRENDER
AND REDEMPTION OF RECEIPTS
Section 2.1  Form and Transfer of Receipts.
The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the Nasdaq Capital Market. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts, which may be printed, lithographed, typewritten, mimeographed or otherwise evidenced, substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depository), as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. Notwithstanding anything in this Deposit Agreement to the contrary, Receipts may be issued electronically or in book-entry format.
Receipts shall be executed by the Depositary by the manual, facsimile or electronic signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile or electronic signature of a duly authorized officer of the Depositary. If a Registrar for the Receipts (other than the Depositary) shall have been appointed, Receipts shall be countersigned by the manual, facsimile or electronic signature of a duly authorized officer of the Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual, facsimile, or electronic signature of a duly authorized officer of the Depository who at the time of signing was a proper signatory of the Depository shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.
Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.
Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any
​

- 3 -

​

regulation thereunder or with the rules and regulations of any securities exchange upon which the Series A Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.
Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes.
Notwithstanding the foregoing, upon request by the Corporation, the Depositary and the Corporation will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Corporation hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded on the Nasdaq Capital Market with book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC.
If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Corporation within ninety (90) days of the date the Corporation is so informed in writing, (ii) DTC notifies the Corporation at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Corporation within ninety (90) days of the date the Corporation is so informed in writing, (iii) the Corporation executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable, or (iv) a DTC Participant has made a request to DTC on behalf of a beneficial owner, following any administrative procedures (which the Corporation shall also be obligated to follow upon such request being made) in place at such time with DTC, to exchange an interest in the Depositary Shares for a definitive Receipt evidencing such Depositary Shares being exchanged. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii), (iii) or (iv) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Corporation shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement through DTC, delivery of shares of Series A Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures,
​

- 4 -

​

unless the Holder of the relevant Receipt requests otherwise and such request is reasonably acceptable to the Depositary and the Corporation.
Section 2.2  Deposit of Series A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.
Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deliver to the Depositary shares of Series A Preferred Stock, including via electronic book-entry, for such Series A Preferred Stock to be deposited (or in such other manner as may be agreed to by the Corporation and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement,(ii) an executed Officer’s Certificate attaching the Statement of Designation and all other information required to be set forth therein, and (iii)  a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Series A Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates.
The shares of Series A Preferred Stock that are deposited shall be held by the Depositary in an account to be established by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the deposited Series A Preferred Stock and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares of deposited Series A Preferred Stock held by it by notation, book-entry or other appropriate method. The Depositary shall not lend any shares of Series A Preferred Stock deposited hereunder.
Upon receipt by the Depositary of shares of Series A Preferred Stock deposited in accordance with the provisions of this Section 2.2, together with the other documents required as specified above, and upon recordation of the Series A Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the shares of Series A Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. To the extent that the Corporation issues shares of Series A Preferred Stock in excess of the amount set forth in the Corporation’s articles of incorporation, as amended (including the Statement of Designation) as of the date hereof (which shares have been validly authorized by the Corporation), the Corporation shall notify the Depositary of such issuance in writing.
The Depositary shall be permitted to rely on applicable opinion of counsel delivered by the Corporation on the date hereof stating that  (i) the Depositary Shares and Series A Preferred Stock have been registered under the Securities Act of 1933, as amended; (ii) the shares of Series A Preferred Stock have been validly issued and are fully paid and non-assessable; and (iii) upon due issuance by the Depositary of the Receipts evidencing the Depositary Shares against the deposit of Series A Preferred Stock in accordance with the provisions of this Deposit Agreement and payment therefor, the Receipts will entitle the persons in whose names the Receipts are registered to the rights specified therein and in this Deposit
​

- 5 -

​

Agreement, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
The Corporation shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement.
Section 2.3  Registration of Transfer of Receipts.
The Corporation hereby appoints the Trust Company as the Registrar, Transfer Agent and disbursing agent for the Receipts, and the Trust Company hereby accepts such appointments, subject to the express terms and conditions of this Deposit Agreement. Subject to the terms and conditions of this Deposit Agreement, the Transfer Agent shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder, properly endorsed or accompanied by a properly executed instrument of transfer and appropriate evidence of authority, including a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other evidence of authority that may be reasonably required by the Transfer Agent, together with (if applicable) evidence of the payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.
With respect to the appointment of the Trust Company as Registrar, Transfer Agent and disbursing agent in respect of the Receipts, the Trust Company shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision. The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business fifteen (15) days prior to any selection of Depositary Shares and Series A Preferred Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8.
Section 2.4  Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock.
Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered.
Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series A Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals; provided, that upon surrender, any such Holder makes payment of any charges or expenses payable by such Holder pursuant to Section 5.7 hereof. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series A Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series A Preferred Stock will not thereafter be entitled to deposit such Series A Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of
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the number of Depositary Shares representing the number of whole shares of Series A Preferred Stock, Depositary shall at the same time, in addition to such number of whole shares of Series A Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such excess number of Depositary Shares.
In no event will fractional shares of Series A Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Any fraction of a share of Series A Preferred Stock that would be required to satisfy such an obligation shall be disregarded. Delivery of the Series A Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate.
If shares of the Series A Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such shares of Series A Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series A Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank.
Delivery of shares of the Series A Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.
Section 2.5  Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.
As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary Agents or the Corporation may require (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence will include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and (iii) any other reasonable evidence of authority that may be required by the Depositary, and may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law and as may be required by any securities exchange on which the Series A Preferred Stock, the Depositary Shares or the Receipts may be listed.
The deposit of shares of the Series A Preferred Stock may be refused, the delivery of Receipts against shares of Series A Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement.
Section 2.6  Lost Receipts, Etc.
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In case any Receipt shall be mutilated and surrendered to the Depositary, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his her or its ownership thereof and (ii) the Holder thereof furnishing of the Depositary with an affidavit and an open penalty surety bond satisfactory to the Depositary and holding it harmless. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York.
Section 2.7  Cancellation and Destruction of Surrendered Receipts.
All Receipts surrendered to the Depositary or any Depositary Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled.
Section 2.8  Redemption of Series A Preferred Stock.
Whenever the Corporation shall be permitted and shall elect to redeem shares of Series A Preferred Stock in accordance with the terms of the Statement of Designation (including on account of a regulatory capital treatment event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than thirty (30) days and not more than sixty (60) days prior to the Redemption Date (as defined below), written notice of the date of such proposed redemption of Series A Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, and the place or places where the certificates evidencing such shares, if any, are to be surrendered for payment of the redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series A Preferred Stock is in accordance with the provisions of the Statement of Designation. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to the Depositary the redemption price of the Series A Preferred Stock to be redeemed, as determined in accordance with the provisions of the Statement of Designation, the Depositary shall redeem the number of Depositary Shares representing such Series A Preferred Stock. Notice of the Corporation’s redemption of Series A Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Series A Preferred Stock to be redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or (2) transmitted by such other method approved by the Depositary, in its reasonable discretion, in either case not less than twenty-five (25) days and not more than sixty (60) days prior to the date fixed for redemption of such Series A Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed; but neither the failure to mail nor the failure to transmit any such notice of redemption of Depositary Shares to one or more such Record Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Record Holders shall affect the sufficiency of the proceedings for redemption as to the other Record Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Record Holder are to be redeemed, the number of such Depositary Shares held by such Record Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series A Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. If fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary shall select the Depositary Shares to be so redeemed,
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either pro rata or by lot, or by any other equitable method, in each case as the Corporation may determine and permitted by the rules of DTC and any stock exchange on which the Depositary Shares are listed.
Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the shares of Series A Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series A Preferred Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one one-hundredth of the redemption price per share of Series A Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Series A Preferred Stock to be so redeemed and have not theretofore been paid, in all cases without interest on such amounts.
If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption.
Section 2.9  Bank Accounts.
All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this Deposit Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Global Ratings (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or any other party.
ARTICLE III
CERTAIN OBLIGATIONS OF
HOLDERS OF RECEIPTS AND THE CORPORATION
Section 3.1  Filing Proofs, Certificates and Other Information.
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Any Holder of a Receipt may be required from time to time to file such proof of residence, guarantee of signature or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Series A Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made.
Section 3.2  Payment of Taxes or Other Governmental Charges.
Holders of Receipts shall be obligated to make payments to Computershare, as service provider on behalf of the Depositary, of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Depositary Shares or Series A Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends or other distributions may be withheld or any part of or all the Series A Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency.
Section 3.3  Warranty as to Series A Preferred Stock.
The Corporation hereby represents and warrants that the Series A Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of shares of the Series A Preferred Stock and the issuance of the related Receipts.
Section 3.4  Warranty as to Receipts.
The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in shares of the Series A Preferred Stock. Such representation and warranty shall survive the deposit of shares of the Series A Preferred Stock and the issuance of the Receipts.
ARTICLE IV
THE DEPOSITED SECURITIES; NOTICES
Section 4.1  Dividends and Other Cash Distributions.
Whenever Computershare shall receive any cash dividend or other cash distribution on the Series A Preferred Stock, Computershare shall, subject to Section 3.1 and Section 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Record Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series A Preferred Stock an amount on account of taxes or other governmental charges, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount the Depositary shall distribute to such Record Holder shall be rounded up to the next highest
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whole cent; otherwise, such fractional amount shall be disregarded by the Depositary; provided, however, upon the Depositary’s request, the Corporation shall pay the otherwise disregarded amount to the Depositary for distribution. Each Record Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Record Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distributions to be made to such Record Holder hereunder.
Section 4.2  Distributions Other than Cash, Rights, Preferences or Privileges.
Whenever the Depositary shall receive any distribution on the Series A Preferred Stock other than in cash, the Depositary shall, at the direction of the Corporation, subject to Section 3.1 and Section 3.2, distribute to Record Holders of Receipts on the applicable record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Record Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders in accordance with the direction of the Corporation, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (public or private) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Record Holders of Receipts unless the Corporation shall have provided an opinion of counsel as set forth in Section 2.2 above stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.
Section 4.3  Subscription Rights, Preferences or Privileges.
If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series A Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall reasonably direct and the Depositary may agree in writing, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Record Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Record Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges through a public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2, be
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distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash.
The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until the Corporations shall have provided to the Depositary an opinion of counsel stating that such registration statement shall have become effective, or that the offering and sale of such securities to the Holders are exempt from the registration requirements of the Securities Act.
The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges.
The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive notification under any section of this Deposit Agreement unless and until it has received such notification in writing.
Section 4.4  Notice of Dividends, Etc.; Fixing Record Date for Holders of Receipts.
Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series A Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series A Preferred Stock are entitled to vote or of which holders of the Series A Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series A Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.
Section 4.5  Voting Rights.
Subject to the provisions of the Statement of Designation, upon receipt of notice of any meeting at which the holders of the Series A Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series A Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person
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designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall insofar as practicable vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series A Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary to enable the Depositary to vote such Series A Preferred Stock or cause such Series A Preferred Stock to be voted as instructed. In the absence of specific instructions from Holders of Receipts, the Depositary will not vote the Series A Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such Holders.
Section 4.6  Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, Etc.
Upon any change in par or stated value, split-up, combination or any other reclassification of the Series A Preferred Stock, subject to the provisions of the Statement of Designation, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series A Preferred Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series A Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series A Preferred Stock, or of such recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series A Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series A Preferred Stock. In any such case, the Depositary shall, upon the receipt of written instructions of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series A Preferred Stock or any such recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series A Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series A Preferred Stock represented by such Receipts might have been converted or for which such Series A Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.
Section 4.7  Delivery of Reports.
The Depositary shall furnish to Holders of Receipts any reports, notices and communications received from the Corporation that are delivered to the Depositary and that the Corporation is required to furnish to the holders of the Series A Preferred Stock.
Section 4.8  Lists of Receipt Holders.
Promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all Record Holders of Receipts.
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ARTICLE V
THE DEPOSITARY, DEPOSITARY AGENTS,
 THE REGISTRAR AND THE CORPORATION
Section 5.1  Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.
The Corporation hereby appoints Computershare and the Trust Company jointly as Depositary for the Series A Preferred Stock, and Computershare and the Trust Company jointly hereby accept such appointment as Depositary for the Series A Preferred Stock, on the terms and conditions set forth in this Deposit Agreement. The Corporation acknowledges and agrees that Computershare shall act as service provider to the Trust Company and as processor of all payments received from or made by or on behalf of the Corporation under this Deposit Agreement. Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of any Depositary Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement.
The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books at all reasonable times during regular business hours shall be made available for inspection by the Record Holders of Receipts as provided by applicable law; provided that any such Record Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such Record Holder’s interest as an owner of Depositary Shares evidenced by the Receipts.
The Depositary or Registrar may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder, or because of any requirement of law or any government, governmental body or commission, stock exchange or any applicable self-regulatory body.
If the Receipts or the Depositary Shares evidenced thereby or the Series A Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Corporation will appoint a Registrar for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Corporation. If the Receipts, Depositary Shares or Series A Preferred Stock are listed on one or more other securities exchanges, the Depositary will, at the request and expense of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series A Preferred Stock as may be required by law or applicable securities exchange regulation.
Section 5.2  Prevention of or Delay in Performance by the Depositary, Depositary Agents, the Registrar or the Corporation.
None of (i) the Depositary (ii) any Depositary Agent; (iii) any Registrar;  (iv) any Transfer Agent; or (v) the Corporation shall incur any liability to any Holder of Receipts if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, any Depositary Agent or the Registrar or any Transfer Agent, by reason of any provision, present or future, of the Corporation’s articles of incorporation, as amended (including the Statement of Designation) or by reason of any act of God, pandemics, epidemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer
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facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, civil unrest, war, or other circumstance beyond the control of the relevant party, the Depositary, any Depositary Agent, any Registrar, any Transfer Agent or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary Agent, any Registrar, any Transfer Agent or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement.
Section 5.3  Obligations of the Depositary, Depositary Agents, the Registrar and the Corporation.
None of (i) the Depositary; (ii) any Depositary Agent; (iii) any Transfer Agent; (iv) any Registrar; or (v) the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts or any other person other than for its gross negligence, willful misconduct, bad faith or fraud (which gross negligence, willful misconduct, bad faith or fraud must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent jurisdiction). Notwithstanding anything in this Deposit Agreement to the contrary, none of (a) the Depositary; (b) any Depositary Agent; (c) any Registrar; (d) any Transfer Agent; or (e) the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if that party has been advised of or has foreseen the possibility of such damages and regardless of the form of action. Notwithstanding anything contained herein to the contrary, the aggregate liability of (i) the Depositary; (ii) any Depositary Agent; (iii) any Transfer Agent; or (iv) any Registrar during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all Services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to Depositary as fees and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for which recovery is being sought.
None of (i) the Depositary; (ii) any Depositary Agent; (iii) any Registrar; (iv) any Transfer Agent; or (v) the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series A Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be reasonably required.
None of (i) the Depositary; (ii) any Depositary Agent; (iii) any Registrar; (iv) any Transfer Agent; or (v) the Corporation shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information from any person presenting Series A Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary Agent, any Registrar or Transfer Agent and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series A Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith or due to the willful misconduct or gross negligence of the Depositary (which bad faith, willful misconduct or gross negligence must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent jurisdiction). The Depositary
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undertakes, and any Registrar and Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement (or as may subsequently be agreed to in writing by the parties), and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or any Transfer Agent.
The Depositary, any Depositary Agents, and any Registrar or Transfer Agent may own and deal in any class of securities of the Corporation and its affiliates and in Receipts or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or freely as if the Depositary, any Depositary’s Agent, the Transfer Agent, or the Registrar were not in such role hereunder. The Depositary may also act as transfer agent or registrar of any of the other securities of the Corporation and its affiliates.
The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series A Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.
Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Series A Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its own representations in this Deposit Agreement.
In the event the Depositary, any Depositary Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary, such Depositary Agent, such Registrar or such Transfer Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, such Depositary Agent, such Registrar or such Transfer Agent, as applicable. may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary, such Depositary Agent, such Registrar or such Transfer Agent, as applicable, receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, such Depositary Agent, such Registrar or such Transfer Agent, as applicable, or which proves or establishes the applicable matter to its satisfaction.
In the event the Depositary, any Depositary Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, such Depositary Agent, such Registrar or such Transfer Agent, as applicable, shall be entitled to act on such claims, requests or instructions received from the Corporation, and shall be entitled to the indemnification set forth in Section 5.6 hereof in connection with any action so taken.
From time to time, the Corporation may provide the Depositary, any Depositary Agent, any Registrar or any Transfer Agent with instructions concerning the services performed by the Depositary under this Deposit Agreement. In addition, at any time, the Depositary, any Depositary Agent, any Registrar or any Transfer Agent may apply to any officer of the Corporation for instruction, and may consult with
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legal counsel for the Depositary or the Corporation with respect to any matter arising in connection with the services to be performed by the Depositary, such Depositary Agent, such Registrar or such Transfer Agent, as applicable, under this Deposit Agreement. The Depositary, such Depositary Agent, such Registrar, such Transfer Agent and their respective agents and subcontractors, as applicable, shall not be liable and shall be indemnified by the Corporation for any action taken, suffered or omitted to be taken by them in reliance upon any instructions from the Corporation or upon the advice or opinion of such counsel. None of (i) the Depositary; (ii) any Depositary Agent; (iii) any Registrar; or (iv) any Transfer Agent shall be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation.
Whenever in the performance of its duties under this Deposit Agreement, the Depositary, Transfer Agent, or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Corporation prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by the Corporation and delivered to the Depositary, Transfer Agent, or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, Transfer Agent, or Registrar and the Depositary, the Transfer Agent, or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such certificate.
The Depositary, Transfer Agent, or Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Series A Preferred Stock or Depositary Shares.
The Depositary, any Depositary Agent, any Transfer Agent, and any Registrar hereunder:
(i)shall have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently be agreed to in writing by the parties;
(ii)shall not be obligated to take any legal or other action hereunder; if, however, such party determines to take any legal or other action hereunder, and, where the taking of such action might in such party’s judgment subject or expose it to any expense or liability, such party shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it;
(iii)may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by such party hereunder in accordance with the advice of such counsel;
(iv)shall have no obligation to make any payment hereunder unless the Corporation shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full the amounts due and payable with respect thereto;
(v)may rely on and shall be authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining the accuracy thereof;
(vi)may rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions given in accordance with this Deposit Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar covered by this Deposit Agreement (or supplementing or qualifying any such actions), of officers of the Corporation;
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(vii)shall not be called upon at any time to advise any person with respect to the Preferred Stock, Depositary Shares or Receipts;
(viii)except as provided for herein, shall not be liable or responsible for any recital or statement contained in any documents relating hereto or to the Preferred Stock, the Depositary Shares or Receipts; and
(ix)shall not be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary, any Depositary Agent, any Transfer Agent or Any Registrar, as applicable) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement.
The obligations of the Corporation and the rights of the Depositary, any Depositary Agent, any Transfer Agent or any Registrar set forth in this Section 5.3 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary Agent or termination of this Deposit Agreement.
It is intended that neither the Depositary nor any Depositary Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary Agent are acting only in a ministerial capacity as Depositary for the deposited Series A Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary.
The Depositary, any Depositary Agent, any Transfer Agent or any Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Series A Preferred Stock, Depositary Shares or Receipts.
Section 5.4  Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided.
The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Corporation shall send notice thereof to the Holders of Receipts.
In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within sixty (60) days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be (i) a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, including that of its affiliates, of at least $50,000,000 or (ii) an affiliate of a person specified in clause (i). If no successor Depositary shall have been so appointed and have accepted appointment within sixty (60) days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor Depositary and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor Depositary and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor Depositary, upon payment of all sums due it and on the written
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request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor Depositary all rights and powers of such predecessor Depositary hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series A Preferred Stock and any moneys or property held hereunder to such successor Depositary, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts.
Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary.
The provisions of this Section 5.4 as they apply to the Depositary apply to any Registrar and any Transfer Agent as if specifically enumerated herein.
Section 5.5  Corporate Notices and Reports.
The Corporation agrees that it will deliver to the Depositary, and the Depositary, if requested in writing by the Corporation will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series A Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s articles of incorporation, as amended (including the Statement of Designation), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Unless otherwise required by law, the requirements set forth in this Section 5.5 with respect to notice to the Record Holders of Receipts (but not to the Depositary) may be satisfied by publicly filing or furnishing such information with or to the U.S. Securities and Exchange Commission.
From time to time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of its obligations under the provisions of this Deposit Agreement.
Section 5.6  Indemnification by the Corporation.
Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary Agent and any Registrar (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of actions taken, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar, any Transfer Agent or any of their respective agents (including any Depositary Agent) and any transactions or documents contemplated hereby, including the Depositary’s reliance on any instructions of the Corporation delivered to the Depositary hereunder, except for any liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of the Depositary or any Registrar or any of their respective agents (including any Depositary Agent) (which gross negligence, willful misconduct or bad faith must be determined by a final, non-appealable order, judgement, decree or ruling
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of a court of competent jurisdiction). The obligations of the Corporation and the rights of the Depositary set forth in this Section 5.6 shall survive the termination of this Deposit Agreement and any resignation or replacement, removal, succession of any Depositary, Registrar, Transfer Agent or Depositary Agent.
Section 5.7  Fees, Charges and Expenses.
The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without gross negligence, willful misconduct or bad faith on the part of the Depositary (or on the part of any agent or Depositary Agent) (which gross negligence, willful misconduct or bad faith must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent jurisdiction) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series A Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series A Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series A Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Depositary Agreement. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay to the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree.
Section 5.8  Tax Compliance.
The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting, and withholding (including “backup withholding”) requirements imposed by applicable tax laws, regulations, or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption, or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. The Depositary shall comply with any direction received from the Corporation with respect to the application of such requirements to particular payments or holders or in other particular circumstances and may, for purposes of this Deposit Agreement, rely on any such direction in accordance with the provisions of Section 5.3 hereof. The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on request to the Corporation or to its authorized representatives.
Section 5.9  Corporate Existence and Authority of the Depositary.
The Depositary hereby represents and warrants that (i) Computershare has been duly incorporated and is validly existing in good standing as a corporation under the laws of the State of Delaware; (ii) the Trust Company has been duly incorporated and is validly existing in good standing as a national banking association under the laws of the United States of America; (iii) each of Computershare and the Trust Company has full power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iv) Computershare has been duly qualified as a foreign
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entity for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and (v) the Trust Company is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, including that of its affiliates, of at least $150,000,000. The Depositary hereby agrees to promptly inform the Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in all material respects.
This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against the Depositary in accordance with its terms and this Deposit Agreement will be maintained continuously as part of the Depositary’s official records, in accordance with law and its records management policy. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with all applicable laws, rules and regulations.
ARTICLE VI
AMENDMENT AND TERMINATION
Section 6.1  Amendment.
The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Section 2.5 and Section 2.6 and Article III, of any Holder of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to such Holder the Series A Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1.
Section 6.2  Termination.
This Deposit Agreement may be terminated by the Corporation or the Depositary only (i) if all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8, (ii) if there shall have been made a final distribution in respect of the Series A Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or Section 4.2, as applicable, (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding or (iv) by any party upon a material breach of a representation, covenant or term of this Deposit Agreement by the other party which is not cured within a period not to exceed thirty (30) days after the date of written notice thereof by the non-breaching party.
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Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary Agent and any Registrar under Section 5.6 and Section 5.7 (including as to any services of the Depositary, any Depositary Agent, and any Registrar that are necessary following and in connection with the termination of this Deposit Agreement); provided further that Section 5.2, Section 5.3, Section 5.6, Section 7.4, Section 7.7 and Section 7.10 and the respective rights and obligations of the Company and the Depositary, Registrar, Transfer Agent or Depositary Agent set forth therein shall survive the termination of this Deposit Agreement and any resignation or succession of any Depositary, Registrar, Transfer Agent or Depositary Agent.
ARTICLE VII
MISCELLANEOUS
Section 7.1  Counterparts; Electronic Signatures.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original signature.
Section 7.2  Exclusive Benefit of Parties.
This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.
Section 7.3  Invalidity of Provisions.
In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately.
Section 7.4  Notices.
Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, overnight delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at
Bridgewater Bancshares, Inc.
4450 Excelsior Boulevard, Suite 100
St. Louis Park, Minnesota 55416
Attention: Jerry Baack
​
or at any other address of which the Corporation shall have notified the Depositary in writing.
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Any and all notices to be given to the Depositary, Transfer Agent, or Registrar hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent
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by mail, overnight delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at the Depositary’s Office at
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	Computershare Trust Company, N.A.
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	c/o Computershare Inc.
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	150 Royall Street
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	Canton, Massachusetts 02021
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	Attention: General Counsel
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	Facsimile: 781-575-4210
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	Email: Courtney.Lamb@computershare.com
	​

​
or at any other address of which the Depositary shall have notified the Corporation in writing.
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Except as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, overnight delivery or facsimile transmission confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box or in the case of an overnight delivery service, when deposited with such service, delivery fees prepaid; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.
Section 7.5  Depositary Agents.
The Depositary may from time to time appoint Depositary Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary Agents and vary or terminate the appointment of such Depositary Agents. The Depositary will promptly notify the Corporation of any such action.
Section 7.6  Appointment of Registrar, Transfer Agent, Dividend Disbursing Agent and Redemption Agent in Respect of the Series A Preferred Stock.
Unless otherwise set forth on the Officer’s Certificate delivered pursuant to Section 2.2 hereof, the Corporation hereby appoints the Trust Company as Registrar and Transfer Agent in respect of the Series A Preferred Stock deposited with the Depositary hereunder, and the Trust Company hereby accepts such appointments on the express terms and conditions set forth in this Deposit Agreement. With respect to the appointment of the Trust Company as Registrar and Transfer Agent in respect of the Series A Preferred Stock, the Trust Company, in performance of its duties acting as Registrar and Transfer Agent hereunder, shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision.
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Section 7.7  Governing Law.
This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.
Section 7.8  Inspection of Deposit Agreement.
Copies of this Deposit Agreement and the Corporation’s articles of incorporation, as amended (including the Statement of Designation) shall be filed with the Depositary and any Depositary Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt.
Section 7.9  Headings.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.
Section 7.10  Confidentiality.
The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process. However, each party may disclose relevant aspects of the other party’s confidential information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Deposit Agreement and such disclosure is not prohibited by applicable law. To avoid doubt, the parties hereto shall not be required to keep the terms of this Deposit Agreement confidential.
Section 7.11  Holders of Receipts Are Parties.
The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts and of the Officer’s Certificate by acceptance of delivery thereof to the same extent as though they had executed and delivered this Deposit Agreement.
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- 24 -

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IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit Agreement as of the day and year first above set forth.
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	BRIDGEWATER BANCSHARES, INC.

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	By:
	/s/ Joe Chybowski

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	Name:
	Joe Chybowski

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	Title:
	Chief Financial Officer

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	COMPUTERSHARE INC. and 
COMPUTERSHARE TRUST COMPANY, N.A. 
and COMPUTERSHARE TRUST COMPANY, 
N.A., as Registrar and Transfer Agent

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	By:
	/s/ Rachel Fisher

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	Name:
	Rachel Fisher

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	Title:
	Sr. Contract Negotiation Specialist

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[Signature Page to Deposit Agreement

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EXHIBIT A
[FORM OF FACE OF RECEIPT]
THE DEPOSITARY SHARES REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BRIDGEWATER BANCSHARES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.
DEPOSITARY SHARES
DR – 1
DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH
REPRESENTING ONE ONE-HUNDREDTH OF ONE SHARE OF
5.875% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A,
 OF
BRIDGEWATER BANCSHARES, INC.
 INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA
CUSIP 108621 301
SEE REVERSE FOR CERTAIN DEFINITIONS
Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered national association jointly, acting as Depositary (the “Depositary”), hereby certify that CEDE & Co. is the registered owner of TWO MILLION FOUR HUNDRED THOUSAND (2,400,000) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one one-hundredth of one share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share, with a liquidation preference of $2,500 per share, (the “Series A Preferred Stock”), of Bridgewater Bancshares, Inc., a Minnesota corporation (the “Corporation”), on
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deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of August 17, 2021 (the “Deposit Agreement”), between the Corporation and the Depositary, Computershare Trust Company, N.A., as Registrar and Transfer Agent and the holders from time to time of Depositary Receipts for Depositary Shares. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by either the manual or facsimile signature of a duly authorized officer. To the extent a Registrar (other than the Depositary) is also appointed, such Registrar may countersign by either the manual or facsimile signature of a duly authorized officer thereof.
	Dated:
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	Computershare Inc. and Computershare Trust Company, N.A., acting as Depositary

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	By: 
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	Authorized Officer
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[FORM OF REVERSE OF RECEIPT]
BRIDGEWATER BANCSHARES, INC.
BRIDGEWATER BANCSHARES, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE STATEMENT OF DESIGNATION RELATING TO THE 5.875% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A OF BRIDGEWATER BANCSHARES, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.
The Corporation will furnish without charge to each receipt holder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar.
EXPLANATION OF ABBREVIATIONS
The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.
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	Abbreviation
	  
	Equivalent Phrase
	  
	Abbreviation
	  
	Equivalent Phrase

	JT TEN
	  
	As joint tenants, with right of survivorship and not as tenants in common
	  
	TEN BY ENT
	  
	As tenants by the entireties

	TEN IN COM
	  
	As tenants in common
	  
	UNIF GIFT MIN ACT
	  
	Uniform Gifts to Minors Act

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	Abbreviation
	  
	Equivalent Word
	  
	Abbreviation
	  
	Equivalent Word
	  
	Abbreviation
	  
	Equivalent Word

	ADM
	  
	Administrator(s), Administratrix
	  
	EX
	  
	Executor(s), Executrix
	  
	PAR
	  
	Paragraph

	AGMT
	  
	Agreement
	  
	FBO
	  
	For the benefit of
	  
	PL
	  
	Public Law

	ART
	  
	Article
	  
	FDN
	  
	Foundation
	  
	TR
	  
	(As) trustee(s), for, of

	CH
	  
	Chapter
	  
	GDN
	  
	Guardian(s)
	  
	U
	  
	Under

	CUST
	  
	Custodian for
	  
	GDNSHP
	  
	Guardianship
	  
	UA
	  
	Under agreement

	DEC
	  
	Declaration
	  
	MIN
	  
	Minor(s)
	  
	UW
	  
	Under will of, Of will of, Under last will & testament

	EST
	  
	Estate, of Estate of
	  
		  
		  
		  
	

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For value received,               hereby sell(s), assign(s) and transfer(s) unto               (INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)                    (PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint                    Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.
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	Dated:
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	Signature:
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	Signature:
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NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt, in every particular, without alteration or enlargement, or any change whatsoever.
SIGNATURE GUARANTEED
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NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.
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EXHIBIT B
FORM OF OFFICER’S CERTIFICATE
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I, [name]                , [title]                 of Bridgewater Bancshares, Inc., a Minnesota corporation (the “Corporation”), hereby certify that pursuant to the terms of the Statement of Designation filed with the Minnesota Secretary of State on August 13, 2021 (the “Statement of Designation”), and pursuant to resolutions adopted at a meeting of the Board of Directors of the Corporation (the “Board”) on June 22, 2021, and resolutions adopted at a meeting of the Pricing Committee of the Board on August 11, 2021, the Corporation has established the 5.875% Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value per share, with a liquidation preference of $2,500 per share, which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as August 17, 2021, by and between the Corporation, on the one hand, and Computershare Inc. and Computershare Trust Company, N.A. jointly, as Depositary, on the other hand (the “Deposit Agreement”). In connection therewith, the Board of Directors or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series A Preferred Stock as described in the Statement of Designation attached as Annex A hereto. Any terms of the Series A Preferred Stock that are not so described in the Statement of Designation and any terms of the Receipts representing such Series A Preferred Stock that are not described in the Deposit Agreement are described below:
Aggregate Number of shares of Series A Preferred Stock issued on the day hereof: 24,000
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CUSIP Number for Receipt: 108621 301
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Denomination of Depositary Share per share of Series A Preferred Stock (if different than 1/100th of a share of Series A Preferred Stock):
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Redemption Provisions (if different than as set forth in the Deposit Agreement):
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Name of Global Receipt Depositary: The Depository Trust Company.
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Name of Registrar with respect to the Receipts (if other than Computershare Trust Company, N.A.):
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Name of Registrar, Transfer Agent and Redemption Agent with respect to the Series A Preferred Stock (if other than Computershare Trust Company, N.A.):
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Name of Dividend Disbursing Agent with respect to the Series A Preferred Stock (if other than Computershare Trust Company, N.A.)
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Special terms and conditions:
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Closing date:
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All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement.
Date:                  , 2021.
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	By:
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	Name:
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	Title:
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ANNEX A
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STATEMENT OF DESIGNATION
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[See attached]

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