Document:

Exhibit 10.1

 

TRINITY PLACE HOLDINGS INC.

 

Common Stock

(par value $0.01 per share)

 

At Market Issuance Sales Agreement

 

August 13, 2021

 

B. Riley Securities, Inc.

299 Park Avenue, 21st Floor

New York, NY 10171

 

Ladies and Gentlemen:

 

Trinity Place Holdings Inc.,
a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with B. Riley
Securities, Inc. (the “Agent”) as follows:

 

1.                     Issuance
and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to
the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent or principal, shares (the
 “Placement Shares”) of the Company’s common stock, par value $0.01 per share (the “Common
Stock”); provided however, that in no event shall the Company issue or sell through the Agent such number of
Placement Shares that (a) exceeds the number of shares or dollar amount of Common Stock registered on the effective Registration
Statement (as defined below) pursuant to which the offering is being made, (b) exceeds the number of shares or dollar amount
registered on the Prospectus Supplement (as defined below), or (c) that exceeds the dollar amount of Common Stock permitted to be
sold under Form S-3, including General Instruction I.B.6 of Form S-3, to the extent it remains applicable (the lesser of (a), (b) or
(c) the “Maximum Amount”) and provided further, however, that in no event shall the aggregate number of
Placement Shares sold pursuant to this Agreement exceed the number of authorized but unissued shares of Common Stock.
Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth
in this Section 1 on the number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of
the Company and that the Agent shall have no obligation in connection with such compliance. The issuance and sale of Placement
Shares through the Agent will be effected pursuant to the Registration Statement (as defined below), although nothing in this
Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares.

 

     

     

    

 

The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended and the rules and regulations thereunder (the
 “Securities Act”), with the Securities and Exchange Commission (the “Commission”), a registration
statement on Form S-3 (File No. 333-235276), including a base prospectus, relating to certain securities including the Placement
Shares to be issued from time to time by the Company, and which incorporates or shall incorporate by reference documents that the
Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended and the rules
and regulations thereunder (the “Exchange Act”). The Company has prepared a prospectus supplement to the base
prospectus included as part of such registration statement specifically relating to the Placement Shares (the “Prospectus
Supplement”). The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part
of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the
context otherwise requires, such registration statement, and any post-effective amendment thereto, including all documents filed as
part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below)
subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration
statement pursuant to Rule 430B of the Securities Act, or any subsequent registration statement on Form S-3 filed pursuant to
Rule 415(a)(6) under the Securities Act by the Company to cover any Placement Shares, is herein called the “Registration
Statement.” The base prospectus, including all documents incorporated or deemed incorporated therein by reference to the
extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by
Rule 430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement,
in the form in which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the
Commission pursuant to Rule 424(b) under the Securities Act is herein called the “Prospectus.” Any reference
herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the
filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the
 “Incorporated Documents”).

 

For purposes of this Agreement,
all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include the
most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable,
the Interactive Data Electronic Application system when used by the Commission (collectively, “EDGAR”).

 

2.                     Placements.
Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a “Placement”), it will
notify the Agent by electronic mail (or other written method mutually agreed to in writing by the parties) of the number of
Placement Shares, the time period during which sales are requested to be made, any limitation on the number of Placement Shares that
may be sold in any one day and any minimum price below which sales may not be made (a “Placement Notice”), the
form of which is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the
Company set forth on Schedule 3 (with a copy to each of the other individuals from the Company listed on such schedule), and
shall be addressed to each of the individuals from the Agent set forth on Schedule 3, as such Schedule 3 may be
amended from time to time. The Placement Notice shall be effective immediately upon receipt by the Agent unless and until (i) the
Agent declines to accept the terms contained therein for any reason, in its sole discretion by email notice to the Company within
one Business Day (as defined below) from the time the Placement Notice is received, (ii) the entire amount of the Placement Shares
thereunder has been sold, (iii) the Company suspends or terminates the Placement Notice, which suspension and termination rights may
be exercised by the Company in its sole discretion, or (iv) this Agreement has been terminated under the provisions of Section
13. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the
sale of the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 2. It is expressly
acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or
any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such
Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a
conflict between the terms of Sections 2 or 3 of this Agreement and the terms of a Placement Notice, the terms of the
Placement Notice will control.

 

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3.                    
Sale of Placement Shares by the Agent. Subject to the terms and conditions of this Agreement, for the period specified in
a Placement Notice, the Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and
applicable state and federal laws, rules and regulations and the rules of the NYSE American (the “Exchange”), to sell
the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will
provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the
Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the
compensation payable by the Company to the Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined
below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in Section 5(b)) from the
gross proceeds that it receives from such sales. Subject to the terms of a Placement Notice, the Agent may sell Placement Shares by any
method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act. Notwithstanding
the foregoing, no sale may be made in a privately negotiated transaction by the Agent pursuant to this Agreement without the prior written
consent of the Company. “Trading Day” means any day on which shares of Common Stock are purchased and sold on the Exchange.

 

4.                    
Suspension of Sales. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on Schedule 3, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 3), suspend
any sale of Placement Shares (a “Suspension”); provided, however, that such Suspension shall not affect or impair
any party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. While a Suspension
is in effect, any obligation under Sections 7(l), 7(m), and 7(n) with respect to the delivery of certificates, opinions,
or comfort letters to the Agent, shall be waived. Each of the parties agrees that no such notice under this Section 4 shall be
effective against any other party unless it is made to one of the individuals named on Schedule 3 hereto, as such Schedule may
be amended from time to time in accordance with the terms hereof.

 

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5.                    
Sale and Delivery to the Agent; Settlement.

 

a.                   Sale
of Placement Shares. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon the Agent’s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares
described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent,
for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading
and sales practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to sell such
Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Company
acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Shares, (ii) the
Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for
any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to sell such Placement Shares
as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement Shares on a principal basis
pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.

 

b.                 
Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading)
following the date on which such sales are made (each, a “Settlement Date”). The Agent shall notify the Company of
each sale of Placement Shares no later than the opening of the Trading Day following the Trading Day that the Agent sold Placement Shares.
The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net
Proceeds”) will be equal to the aggregate sales price received by the Agent for the Placement Shares, after deduction for (i)
the Agent’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii)
any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.

 

c.                  
Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
electronically transfer the Placement Shares being sold by crediting the Agent’s or its designee’s account (provided the Agent
shall have given the Company written notice of such designee and such designee’s account information at least one Trading Day prior
to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means
of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered
shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date. Upon request by the Company, the Agent will provide DWAC instructions
or other instructions for delivery by other means with respect to the transfer of the Placement Shares being sold. The Company agrees
that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date
through no fault of the Agent, then in addition to and in no way limiting the rights and obligations set forth in Section 11(a)
hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and
documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent
(if applicable) and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would
otherwise have been entitled absent such default.

 

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d.                 
 Limitations on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement
Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement
would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount, (B) the amount available
for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and
sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive
officer, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement
Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s board of
directors, a duly authorized committee thereof or a duly authorized executive officer, and notified to the Agent in writing.

 

6.                    
Representations and Warranties of the Company. Except as disclosed in the Registration Statement or Prospectus (including
the Incorporated Documents), the Company represents and warrants to, and agrees with the Agent that as of the date of this Agreement and
as of each Applicable Time (as defined below), unless such representation, warranty or agreement specifies a different date or time:

 

a.                  
Registration Statement and Prospectus. Assuming no act or omission on the part of the Agent that would make such statement
untrue, the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form S-3
under the Securities Act. The Registration Statement has been filed with the Commission and has been declared effective under the Securities
Act. The Prospectus Supplement will name the Agent as the agent in the section entitled “Plan of Distribution.” The Company
has not received, and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or
threatening or instituting proceedings for that purpose. The Registration Statement and, assuming no act or omission on the part of the
Agent that would make such statement untrue, the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule
415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents
that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement
have been so described or filed, as applicable. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements
thereto and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement
have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior to the later
to occur of each Settlement Date and completion of the distribution of the Placement Shares, will not distribute any offering material
in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer
Free Writing Prospectus (as defined below) to which the Agent has consented, which consent will not be unreasonably withheld, conditioned
or delayed, or that is required by applicable law or the listing maintenance requirements of the Exchange. The Common Stock is currently
quoted on the Exchange under the trading symbol “TPHS.” The Company has not, in the 12 months preceding the date hereof,
received notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements of
the Exchange. To the Company’s knowledge, it is in compliance in all material respects with all such listing and maintenance requirements.

 

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b.                 
 No Misstatement or Omission. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will
conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective,
did not, and will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof
and at each Applicable Time (defined below), did not or will not include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however,
that the Company makes no representation or warranty with respect to any statement made in reliance upon and in conformity with information
furnished in writing from the Agent to the Company expressly for use in the Prospectus or any amendment or supplement thereto (it being
acknowledged and agreed that such information furnished to the Company by or on behalf of the Agent consists solely and exclusively of
the name of B. Riley Securities, Inc. acting in its capacity as the Agent). The documents incorporated by reference in the Prospectus
or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with
the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document
or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing
shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished
to the Company by the Agent specifically for use in the preparation thereof (it being acknowledged and agreed that such information furnished
to the Company by or on behalf of the Agent consists solely and exclusively of the name of B. Riley Securities, Inc. acting in its capacity
as the Agent).

 

c.                  
Conformity with Securities Act and Exchange Act. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus
or any amendment or supplement thereto, and the Incorporated Documents, when such documents were or are filed with the Commission under
the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform
in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

 

d.                  Financial
Information. The consolidated financial statements of the Company included or incorporated by reference in the Registration
Statement and the Prospectus, together with the related notes and schedules, present fairly, in all material respects, the
consolidated financial position of the Company and the Subsidiaries (as defined below) as of the dates indicated and the
consolidated results of operations, cash flows and changes in stockholders’ equity of the Company and the Subsidiaries for the
periods specified (subject, in the case of unaudited statements, to normal year-end audit adjustments) and have been prepared in all
material respects in compliance with the published requirements of the Securities Act and Exchange Act, as applicable, and in
conformity with generally accepted accounting principles in the United States (“GAAP”), in each case as in effect
at the relevant time, applied on a consistent basis (except (i) for such adjustments to accounting standards and practices as are
noted therein and (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or
summary statements) during the periods involved; the other financial and statistical data with respect to the Company and the
Subsidiaries contained or incorporated by reference in the Registration Statement and the Prospectus, are accurately and fairly
presented in all material respects and prepared on a basis materially consistent with the financial statements and books and records
of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by
reference in the Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the
Company and the Subsidiaries, on a consolidated basis, do not have any material liabilities or obligations, direct or contingent
(including any off balance sheet obligations), not described in the Registration Statement, and the Prospectus which are required to
be described in the Registration Statement or Prospectus; and all disclosures contained or incorporated by reference in the
Registration Statement and the Prospectus, if any, regarding “non-GAAP financial measures” (as such term is defined by
the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10(e) of
Regulation S-K under the Securities Act, to the extent applicable.

 

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e.                  
Conformity with EDGAR Filing. The Prospectus delivered to the Agent for use in connection with the sale of the Placement
Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission for
filing via EDGAR, except to the extent permitted by Regulation S-T.

 

f.                   
Organization. The Company and any subsidiary that is a significant subsidiary (as such term is defined in Rule 1-02 of Regulation
S-X promulgated by the Commission) (each, a “Subsidiary,” collectively, the “Subsidiaries”), are,
and will be, duly organized, validly existing and in good standing under the laws of their respective jurisdictions of organization. The
Company and the Subsidiaries are duly licensed or qualified as a foreign corporation or limited liability companies (as applicable) for
transaction of business and in good standing under the laws of each other jurisdiction in which their respective ownership or lease of
property or the conduct of their respective businesses requires such license or qualification, and have all corporate or limited liability
company (as applicable) power and authority necessary to own or hold their respective properties and to conduct their respective businesses
as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or have
such power or authority would not, individually or in the aggregate, be reasonably expected to have a material adverse effect on the assets,
business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity or results of operations
of the Company and the Subsidiaries taken as a whole (a “Material Adverse Effect”).

 

g.                 
Subsidiaries. The Company owns directly or indirectly, all of the equity interests of the Subsidiaries free and clear of
any lien, charge, security interest, encumbrance, right of first refusal or other restriction (collectively, “Liens”),
except for such Liens under the agreements set forth on Schedule 6(g), and all the equity interests of the Subsidiaries are validly issued
and are fully paid, nonassessable and free of preemptive and similar rights. The Company does not own or control, directly or indirectly,
any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Company’s Annual Report on
Form 10-K for the most recently ended fiscal year and other than (i) those subsidiaries not required to be listed on Exhibit 21.1 by Item
601 of Regulation S-K under the Exchange Act and (ii) those subsidiaries formed since the last day of the most recently ended fiscal year.

 

h.                  No
Violation or Default. Neither the Company nor any Subsidiary is (i) in violation of its charter or by-laws or similar
organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed
of trust, loan agreement or other similar material agreement or instrument to which the Company or any Subsidiary is a party or by
which the Company or any Subsidiary is bound or to which any of the property or assets of the Company or any Subsidiary is subject;
or (iii) in violation of any applicable law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority having jurisdiction over the Company or any Subsidiary, except, in the case of each of clauses
(ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, be reasonably expected to
have a Material Adverse Effect. To the Company’s knowledge, no other party under any material contract or other material
agreement to which it or any Subsidiary is a party is in default in any respect thereunder where such default would be reasonably
expected to have a Material Adverse Effect.

 

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i.                   
No Material Adverse Effect. Since the date of the most recent financial statements of the Company included or incorporated
by reference in the Registration Statement and Prospectus, there has not been (i) any Material Adverse Effect, or any development that
would be reasonably expected to result in a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries
taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the
Company or the Subsidiaries, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the Company’s
capital stock (other than (A) the grant of additional restricted stock units under the Company’s existing stock incentive plan,
(B) changes in the number of outstanding shares of Common Stock of the Company outstanding on the date hereof due to the issuance of shares
upon the exercise or conversion of securities exercisable for or convertible into, shares of Common Stock or upon the vesting of restricted
stock units outstanding on the date hereof, (C) as a result of the issuance of Placement Shares, (D) any repurchases of capital stock
of the Company, (E) as described in a proxy statement filed on Schedule 14A or a Registration Statement on Form S-4, or (F) otherwise
publicly announced) or outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of any
kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course
of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document incorporated by reference therein).

 

j.                    Capitalization.
The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and non-assessable and,
other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first
refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration
Statement and the Prospectus as of the dates referred to therein (other than (i) the grant of additional restricted stock units
under the Company’s existing stock incentive plan, (ii) changes in the number of outstanding shares of Common Stock of the
Company outstanding on the date hereof due to the issuance of shares upon the exercise or conversion of securities exercisable for
or convertible into, shares of Common Stock or upon the vesting of restricted stock units outstanding on the date hereof or issued
pursuant to clause (i), (iii) as a result of the issuance of Placement Shares, (iv) any repurchases of capital stock of the Company
or (v) as otherwise publicly announced) and such authorized capital stock conforms in all material respects to the description
thereof set forth in the Registration Statement and the Prospectus. The description of the Common Stock in the Registration
Statement and the Prospectus is complete and accurate in all material respects. Except as disclosed in or contemplated by the
Registration Statement or the Prospectus, the Company did not have outstanding any options to purchase, or any rights or warrants to
subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or
sell, any shares of capital stock or other securities.

 

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k.                 
S-3 Eligibility. At the time the Registration Statement was or will be declared effective, and at the time the Company’s
most recent Annual Report on Form 10-K was filed with the Commission, the Company met or will meet the then applicable requirements for
the use of Form S-3 under the Securities Act, including, but not limited to, General Instruction I.B.6 of Form S-3, if applicable. As
of the close of trading on the Exchange on July 22, 2021, the aggregate market value of the outstanding voting and non-voting
common equity (as defined in Rule 405) of the Company held by persons other than affiliates of the Company (pursuant to Rule 144 of the
Securities Act, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common
control with, the Company)  (the “Non-Affiliate Shares”), was approximately $67,886,755 (calculated by multiplying
(x) the price at which the common equity of the Company was last sold on the Exchange on July 22, 2021 times (y) the number of Non-Affiliate
Shares). The Company is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at
least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as
defined in General Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as
an entity that is not a shell company.

 

l.                   
Authorization; Enforceability. The Company has full legal right, power and authority to enter into this Agreement and perform
the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid
and binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that (i) enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by
general equitable principles and (ii) the indemnification and contribution provisions of Section 11 hereof may be limited by federal
or state securities laws and public policy considerations in respect thereof.

 

m.               
Authorization of Placement Shares. The Placement Shares, when issued and delivered pursuant to the terms approved by the
board of directors of the Company, a duly authorized committee thereof, or a duly authorized executive officer, against payment therefor
as provided herein, will be duly and validly authorized and issued and fully paid and nonassessable, free and clear of any Lien (other
than any Lien arising from an act or omission of the Agent or a purchaser), including any statutory or contractual preemptive rights,
resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The
Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the
Prospectus.

 

n.                  No
Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator
or any governmental or regulatory authority is required for the execution, delivery and performance by the Company of this
Agreement, and the issuance and sale by the Company of the Placement Shares as contemplated hereby, except for such consents,
approvals, authorizations, orders and registrations or qualifications (i) as may be required under applicable state securities laws
or by the by-laws and rules of the Financial Industry Regulatory Authority (“FINRA”) or the Exchange, including
any notices that may be required by the Exchange, in connection with the sale of the Placement Shares by the Agent, (ii) as may be
required under the Securities Act and (iii) as have been previously obtained by the Company or the absence of which would not,
individually or in the aggregate, have a Material Adverse Effect.

 

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o.                 
No Preferential Rights. (i) No person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities
Act (each, a “Person”), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person
any Common Stock or shares of any other capital stock or other securities of the Company (other than upon the exercise of warrants to
purchase Common Stock or upon the vesting of restricted stock units that may be granted from time to time under the Company’s stock
incentive plan), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (whether pursuant to a “poison
pill” provision or otherwise) to purchase any Common Stock or shares of any other capital stock or other securities of the Company
from the Company which have not been duly waived with respect to the offering contemplated hereby, (iii) no Person has the right to act
as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Placement Shares, and (iv) no
Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares
of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement
or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of
the Placement Shares as contemplated thereby or otherwise, except in each case for such rights as have been waived on or prior to the
date hereof.

 

p.                 
Independent Public Accountant. BDO USA, LLP (the “Accountant”), whose report on the consolidated financial
statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with
the Commission and incorporated into the Registration Statement, are and, during the periods covered by their report, were independent
public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States) (the “PCAOB”).
To the Company’s knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act
of 2002 (the “Sarbanes-Oxley Act”) with respect to the Company.

 

q.                 
Enforceability of Agreements. All agreements between the Company and third parties expressly referenced in the Prospectus,
other than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR,
are legal, valid and binding obligations of the Company and, to the Company’s knowledge, enforceable in accordance with their respective
terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification provisions of certain
agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability
that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

r.                    No
Litigation. There are no legal or governmental proceedings pending, or to the Company’s knowledge, threatened, to which
the Company or any Subsidiary is a party or to which any of the properties of the Company or any Subsidiary is subject (i) other
than proceedings accurately described in all material respects in the Prospectus and proceedings that would not reasonably be
expected to have a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole, or on the power or ability of the
Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii)
that are required to be described in the Registration Statement or the Prospectus and are not so described; and there are no
statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required.

 

    10

     

    

 

s.                  
Licenses and Permits. The Company and the Subsidiaries possess or have obtained, all licenses, certificates, consents, orders,
approvals, permits and other authorizations issued by, and, to the Company’s knowledge, have made all declarations and filings with,
the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease
of their respective properties or the conduct of their respective businesses as currently conducted, as described in the Registration
Statement and the Prospectus (the “Permits”), except where the failure to possess, obtain or make the same would not,
individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has
received written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to believe that
such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not, individually or
in the aggregate, have a Material Adverse Effect.

 

t.                   
No Material Defaults. Neither the Company nor any Subsidiary has defaulted on any installment on indebtedness for borrowed
money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the
filing of its last Annual Report on Form 10-K (other than the Incorporated Documents), indicating that it (i) has failed to pay any dividend
or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental
on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

u.                 
Certain Market Activities. Neither the Company, nor any Subsidiary, nor, to the knowledge of the Company, any of their respective
directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would reasonably
be expected to cause or result in, under the Exchange Act or other applicable law, the stabilization or manipulation of the price of the
Common Stock to facilitate the sale or resale of the Placement Shares.

 

v.                 
Broker/Dealer Relationships. Neither the Company nor any Subsidiary or any related entities (i) is required to register
as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly
through one or more intermediaries, controls or is a “person associated with a member” or “associated person of a member”
(within the meaning set forth in the FINRA Manual).

 

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

 

    11

     

    

 

x.                 
Taxes. The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns which have been required
to be filed through the date hereof, subject to permitted extensions, and paid all taxes shown thereon through the date hereof, to the
extent that such taxes have become due and are not being contested in good faith, except where the failure to do so would not be reasonably
expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus,
no tax deficiency has been determined adversely to the Company or any Subsidiary which has had, or would be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental
tax deficiency, penalty or assessment which has been or might be asserted or threatened against it, in each case, which could be reasonably
expected to have a Material Adverse Effect.

 

y.                 
Title to Real and Personal Property. The Company and the Subsidiaries have good and valid title in fee simple to all items
of real property and good and valid title to all personal property (excluding intellectual property, which is addressed below) described
in the Registration Statement or Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary,
in each case free and clear of all Liens, except those that (i) do not materially interfere with the use made and proposed to be made
of such property by the Company and the Subsidiaries or (ii) would not, individually or in the aggregate, be reasonably expected to have
a Material Adverse Effect. Any real property described in the Registration Statement or Prospectus as being leased by the Company and
the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with
the use made or proposed to be made of such property by the Company or the Subsidiaries or (B) would not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect.

 

z.                   Intellectual
Property. The Company and the Subsidiaries own or possess adequate enforceable rights to use all patents, patent applications,
trademarks (both registered and unregistered), trade names, trademark registrations, service marks, service mark registrations,
Internet domain name registrations, copyrights, copyright registrations, licenses and know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures) (collectively, the
 “Intellectual Property”), necessary for the conduct of their respective businesses as conducted as of the date
hereof, except to the extent that the failure to own or possess adequate rights to use such Intellectual Property would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have
not received any written notice of any claim of infringement or conflict which asserted Intellectual Property rights of others,
which infringement or conflict, if the subject of an unfavorable decision, would reasonably be expected to result in a Material
Adverse Effect. There are no pending, or to the Company’s knowledge, threatened judicial proceedings or interference
proceedings against the Company or its Subsidiaries challenging the Company’s or any Subsidiary’s rights in or to or the
validity of the scope of any of the Company’s or its Subsidiaries’ patents, patent applications or proprietary
information, except for such proceedings that would not, individually or in the aggregate, result in a Material Adverse Effect. To
the Company’s knowledge, no other entity or individual has any right or claim in any of the Company’s or any of its
Subsidiaries’ patents, patent applications or any patent to be issued therefrom by virtue of any contract, license or other
agreement entered into between such entity or individual and the Company or any Subsidiary or by any non-contractual obligation,
other than by written licenses granted by the Company or any Subsidiary, except as would not, individually or in the aggregate, be
reasonably expected to have a Material Adverse Effect. The Company has not received any written notice of any claim challenging the
rights of the Company or its Subsidiaries in or to any Intellectual Property owned, licensed or optioned by the Company or any
Subsidiary which claim, if the subject of an unfavorable decision, would be reasonably expected to result in a Material Adverse
Effect.

 

    12

     

    

 

aa.              
Compliance with Applicable Laws. The Company has not been advised, and has no reason to believe, that it and each of its
Subsidiaries are not conducting business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it
is conducting business, except where failure to be so in compliance would not reasonably be expected to result in a Material Adverse Effect.

 

bb.             
Environmental Laws. The Company and the Subsidiaries (i) are in compliance with any and all applicable federal, state, local
and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous
or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (ii) have received
and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses as described in the Registration Statement and the Prospectus; and (iii) have not received any written notice of
any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or
wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or
failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, be reasonably
expected to have a Material Adverse Effect.

 

cc.               Disclosure
Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii)
access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. The Company is not aware of any material weaknesses in its internal control over financial reporting (other than
as set forth in the Registration Statement or the Prospectus). Since the date of the latest audited financial statements of the
Company included in the Prospectus, there has been no change in the Company’s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting
(other than as set forth in the Registration Statement or the Prospectus). The Company has established disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) that comply in all material respects with the requirements of the
Exchange Act. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls
and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such
date, the “Evaluation Date”). The Company presented in its Form 10-K for the fiscal year most recently ended
the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the most recent Evaluation Date, and the “disclosure controls and procedures” were effective as of the
most recent Evaluation Date.

 

    13

     

    

 

dd.             
Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any
of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions
of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal
financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer
of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all
reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past
12 months. For purposes of the preceding sentence, “principal executive officer” and “principal financial officer”
shall have the meanings given to such terms in the Exchange Act Rules 13a-15 and 15d-15.

 

ee.              
Finder’s Fees. Neither the Company nor any Subsidiary has incurred any liability for any finder’s fees, brokerage
commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to
the Agent pursuant to this Agreement.

 

ff.                
Labor Disputes. No labor disturbance by or dispute with employees of the Company or any Subsidiary exists or, to the knowledge
of the Company, is threatened which would be reasonably expected to result in a Material Adverse Effect.

 

gg.             
Investment Company Act. Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the
Placement Shares, will be required to register as an “investment company” or an entity “controlled” by an “investment
company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

hh.             
Operations. The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with
applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering statutes of all jurisdictions to which the Company or the Subsidiaries are subject, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction
over the Company (collectively, the “Money Laundering Laws”), except where the failure to be in such compliance would
not be reasonably expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.

 

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

 

    14

     

    

 

jj.                 
Underwriter Agreements. Other than with respect to this Agreement, the Company is not a party to any agreement with an agent
or underwriter for any other “at the market” or continuous equity transaction.

 

kk.             
ERISA. To the knowledge of the Company, (i) each material employee benefit plan, within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is maintained, administered or contributed
to by the Company or any of its affiliates for employees or former employees of the Company and the Subsidiaries has been maintained in
material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited
to ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); (ii) no prohibited transaction, within the
meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with
respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and (iii) for each such
plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency”
as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan
(excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits accrued under such
plan determined using reasonable actuarial assumptions, other than, in the case of (i), (ii) and (iii) above, as would not be reasonably
expected to have a Material Adverse Effect.

 

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

 

mm.         
Margin Rules. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof
by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System.

 

nn.             
Insurance. The Company and the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks
as the Company and the Subsidiaries reasonably believe are adequate for the conduct of their business as currently conducted as described
in the Registration Statement or the Prospectus.

 

    15

     

    

 

oo.             
No Improper Practices. (i) Neither the Company nor, to the Company’s knowledge, the Subsidiaries, nor to the Company’s
knowledge, any of their respective executive officers (in their capacity as such) has, in the past five years, made any unlawful contributions
to any candidate for any political office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution
or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with
similar public or quasi-public duty in violation of any applicable law or of the character required to be disclosed in the Prospectus;
(ii) no relationship, direct or indirect, exists between or among the Company or, to the Company’s knowledge, the Subsidiaries
or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or, to the Company’s
knowledge, the Subsidiaries, on the other hand, that is required by the Securities Act to be described in the Registration Statement
and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or the Subsidiaries
or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or, to the Company’s
knowledge, the Subsidiaries, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement
and the Prospectus that is not so described; (iv) there are no material outstanding loans or advances or material guarantees of indebtedness
by the Company or, to the Company’s knowledge, the Subsidiaries to or for the benefit of any of their respective officers or directors
or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common
Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the
customer’s or supplier’s level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication
to write or publish favorable information about the Company or the Subsidiaries or any of their respective products or services, and,
(vi) neither the Company nor the Subsidiaries nor, to the Company’s knowledge, any employee or agent of the Company or the Subsidiaries
has made any payment of funds of the Company or the Subsidiaries or received or retained any funds in violation of any applicable law,
rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of
funds is of a character required to be disclosed in the Registration Statement or the Prospectus.

 

pp.             
Status Under the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities
Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.

 

qq.             
No Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus, as of its issue date
and as of each Applicable Time (as defined in Section 25 below), did not, does not and will not, through the completion of the
Placement or Placements for which such Issuer Free Writing Prospectus is issued, include any material information that conflicted, conflicts
or will conflict with, in each case, in any material respect, the information contained in the Registration Statement or the Prospectus,
including any Incorporated Document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does
not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information
furnished to the Company by the Agent specifically for use therein.

 

rr.                 No
Conflicts. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the
consummation of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof
will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a
default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any
of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived
and (ii) such conflicts, breaches and defaults that would not be reasonably expected to have a Material Adverse Effect; nor will
such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or
(y) to the Company’s knowledge, in any material violation of the provisions of any statute or any order, rule or
regulation applicable to the Company or of any court or of any federal, state or other regulatory authority or other government body
having jurisdiction over the Company, except where such violation would not be reasonably expected to have a Material Adverse
Effect.

 

    16

     

    

 

ss.               
OFAC.

 

(i)                    
Neither the Company nor any Subsidiary (collectively, the “Entity”) nor, to the Company’s knowledge, any
director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph
(uu), “Person”) that is, or is owned or controlled by a Person that is currently:

 

(a)              
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control
(“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”),
Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”),
nor

 

(b)              
located, organized or resident in a country or territory that is the subject of Sanctions.

 

(ii)               
The Entity will not, directly or indirectly, knowingly use the proceeds of the offering contemplated hereby, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(a)              
to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such
funding or facilitation, is the subject of Sanctions; or

 

(b)              
in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).

 

(iii)              
The Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years,
it has not knowingly engaged in and is not now knowingly engaged in any dealing or transactions with any Person, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

 

tt.                 
Stock Transfer Taxes. On each Settlement Date, all material stock transfer or other taxes (other than income taxes) which
are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been,
fully paid or provided for by the Company and all applicable laws imposing such taxes on the Company will be or will have been fully complied
with by the Company in all material respects.

 

uu.              IT
Systems. (i)(x) To the knowledge of Company, there has been no security breach or other compromise of any Company’s
information technology and computer systems, networks, hardware, software, data (including the data of their respective customers,
employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively,
 “IT Systems and Data”), which, individually or in the aggregate, would result in a Material Adverse Effect and
(y) the Company has not been notified of, and have no knowledge of any event or condition that would reasonably be expected to
result in, any security breach or other compromise to their IT Systems and Data, which, individually or in the aggregate, would
result in a Material Adverse Effect; (ii) the Company is presently in material compliance with all applicable laws or statutes and
all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies
and contractual obligations relating to the privacy and security of its IT Systems and Data and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii),
individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; and (iii) the Company has implemented
backup and disaster recovery technology consistent with industry standards and practices.

 

    17

     

    

 

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

 

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

 

a.                   Registration
Statement Amendments. After the date of this Agreement, until the termination of this Agreement pursuant to Section 13, and
during any period in which a prospectus relating to any Placement Shares is required to be delivered by the Agent under the
Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act)
(the “Prospectus Delivery Period”) (i) the Company will notify the Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement,
has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus (other than documents
incorporated by reference) has been filed and of any request by the Commission for any amendment or supplement to the Registration
Statement or Prospectus related to the Placement or for additional information related to the Placement, (ii) the Company will
prepare and file with the Commission, promptly upon the Agent’s request, any amendments or supplements to the Registration
Statement or Prospectus that, upon the advice of the Company’s legal counsel, may be necessary or advisable in connection with
the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent to make such request
shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the
representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall
have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or
supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus
relating to the Placement Shares or a security convertible into the Placement Shares (other than an Incorporated Document) unless a
copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably
objected thereto within two Business Days of receiving such copy (provided, however, that (A) the failure of the Agent to
make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to
rely on the representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide
the Agent any advance copy of such filing or to provide the Agent an opportunity to object to such filing if the filing does not
name the Agent or does not relate to the transaction herein provided; and provided, further, that the only remedy the Agent shall
have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the
Company will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated
by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company
will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable
paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed
with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not
file any amendment or supplement with the Commission under this Section 7(a), based on the Company’s reasonable opinion
or reasonable objections, shall be made exclusively by the Company).

 

    18

     

    

 

b.                 
Notice of Commission Stop Orders. The Company will advise the Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement,
of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening
of any proceeding for any such purpose; and it will use its commercially reasonable efforts to prevent the issuance of any stop order
or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent promptly after it receives any request
by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free
Writing Prospectus or for additional information related to the offering of the Placement Shares or for additional information related
to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.

 

c.                   Delivery
of Prospectus; Subsequent Changes. During the Prospectus Delivery Period, the Company will comply in all material respects with
all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due
dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any
information from the Registration Statement pursuant to Rule 430A under the Securities Act, it will use its commercially reasonable
efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430A and to notify
the Agent promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a result of which the
Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such
Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the
Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement Shares during such period and the
Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct
such statement or omission or effect such compliance; provided, however, that the Company may delay the filing of any
amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.

 

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d.                 
Listing of Placement Shares. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts
to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such
jurisdictions in the United States as the Agent reasonably designates and to continue such qualifications in effect so long as required
for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith
to qualify as a foreign corporation or dealer in securities, file a general consent to service of process, or subject itself to taxation
in any jurisdiction if it is not otherwise so subject.

 

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

 

f.                   
Earnings Statement. The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act. The Company shall be deemed to satisfy this
Section 7(f) through public filings made by the Company using the EDGAR system. The Company and the Agent acknowledge and agree that the
Company’s timely-filed periodic filings with the Commission pursuant to the Exchange Act may be used to satisfy this obligation
to the extent consistent with the requirements set forth herein.

 

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

 

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h.                  Notice
of Other Sales. The Company shall provide the Agent written notice as promptly as practicable before it offers to sell, sells,
contracts to sell, grants any option to sell or otherwise disposes of any Common Stock (other than the Placement Shares offered
pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or
acquire, Common Stock during the period beginning on the date on which any Placement Notice is delivered to the Agent hereunder and
ending on the third (3rd) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant
to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares
covered by a Placement Notice, the date of such suspension or termination); and the Company will not, without the prior written
consent of the Agent (which such consent shall not be unreasonably withheld, conditioned or delayed) directly or indirectly in any
other “at the market” or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell
or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior to the
termination of this Agreement; provided, however, that such restrictions set forth above in this Section 7(h) will not apply
in connection with the Company’s issuance or sale of (i) Common Stock, restricted stock units, options to purchase Common
Stock or Common Stock issuable upon the vesting of restricted stock units or the exercise of options or other equity awards,
pursuant to any stock incentive plan or employee or director compensation plan of the Company whether now in effect or hereafter
implemented; (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect
or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to the Agent, (iii) Common
Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a privately negotiated transaction to
vendors, lenders, customers, strategic partners or potential strategic partners or other investors conducted in a manner so as not
to be integrated with the offering of Common Stock hereby and (iv) Common Stock or securities convertible into or exercisable for
Common Stock, offered in connection with any acquisition, strategic investment or other similar transaction (including any joint
venture, strategic alliance or partnership). Notwithstanding the foregoing provisions, nothing herein shall be construed to restrict
the Company’s ability, or require the consent of the Agent, to file a registration statement under the Securities Act.

 

i.                   
Change of Circumstances. The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material
respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement and applicable
to the transactions contemplated by such Placement Notice.

 

j.                   
Due Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable due diligence
review conducted by the Agent or its representatives in connection with the transactions contemplated hereby, including, without limitation,
providing information and making available documents and senior corporate officers, during regular business hours, upon reasonable prior
notice, and at the Company’s principal offices or such other location (including by remote or virtual meeting or teleconference)
as mutually agreed upon by the parties, as the Agent may reasonably request.

 

k.                 
Required Filings Relating to Placement of Placement Shares. The Company agrees that on such dates as the Securities Act
shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under
the Securities Act (each and every date a filing under Rule 424(b) is made, a “Filing Date”), which prospectus supplement
will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and
the compensation payable by the Company to the Agent with respect to such Placement Shares (provided that the Company may satisfy its
obligations under this Section 7(k) by making a filing in accordance with the Exchange Act including such information), and (ii)
deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be
required by the rules or regulations of such exchange or market.

 

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l.                   
Representation Dates; Certificate. Each time during the term of this Agreement that the Company:

 

(i)                    
amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement
Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker,
or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to
the Placement Shares;

 

(ii)                  
files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended audited financial information
or a material amendment to the previously filed Form 10-K);

 

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

 

(iv)                  
files a current report on Form 8-K containing amended financial information (other than information “furnished” pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain
properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act;

(Each date of filing of one or more of the documents
referred to in clauses (i) through (iv) shall be a “Representation Date.”)

the Company shall furnish the Agent (but in the
case of clause (iv) above only if the Agent reasonably determines that the information contained in such Form 8-K is material) with a
certificate, in the form attached hereto as Exhibit 7(1) within three (3) Trading Days of any Representation Date. The requirement
to provide a certificate under this Section 7(1) shall be automatically waived for any Representation Date occurring at a time
at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement
Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date
on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, (i) upon the delivery of the first Placement
Notice hereunder and (ii) if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company
relied on such waiver and did not provide the Agent with a certificate under this Section 7(1), then before the Agent sells any
Placement Shares, the Company shall provide the Agent with a certificate, in the form attached hereto as Exhibit 7(1), dated the
date of the Placement Notice.

 

m.                Legal
Opinion. On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished to the
Agent a written opinion and a negative assurance letter of Kramer Levin Naftalis & Frankel LLP (“Company
Counsel”), or other counsel reasonably satisfactory to the Agent, each in form and substance reasonably satisfactory to
the Agent. Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to
deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable, the Company shall cause to be
furnished to the Agent a negative assurance letter of Company Counsel in form and substance reasonably satisfactory to the
Agent; provided that, in lieu of such negative assurance for subsequent periodic filings under the Exchange Act, counsel may furnish
the Agent with a letter (a “Reliance Letter”) to the effect that the Agent may rely on the negative
assurance letter previously delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except
that statements in such prior letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented as of the date of the Reliance Letter).

 

    22

     

    

 

n.                 
Comfort Letter. On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after
each subsequent Representation Date, other than pursuant to Section 7(l)(iii), the Company shall cause its independent accountants to
furnish the Agent letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, which shall meet
the requirements set forth in this Section 7(n). The Comfort Letter from the Company’s independent accountants shall be in
a form and substance reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the
meaning of the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to
the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in
connection with registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating
the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such
date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of
such Comfort Letter.

 

o.                 
Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of Regulation M, or pay anyone any compensation
for soliciting purchases of the Placement Shares other than the Agent; provided, however, that nothing herein shall prevent the Company
from filing or submitting reports under the Exchange Act or issuing press releases in the ordinary course of business.

 

p.                 
Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it
nor the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as
such term is defined in the Investment Company Act.

 

q.                 
No Offer to Sell. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity
as agent hereunder pursuant to Section 23, neither of the Agent nor the Company (including its agents and representatives, other
than the Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined
in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of
an offer to buy Placement Shares hereunder.

 

r.                    Sarbanes-Oxley
Act. The Company will use commercially reasonable efforts to maintain and keep accurate books and records reflecting its assets
and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those
policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as
necessary to permit the preparation of the Company’s consolidated financial statements in accordance with GAAP, (iii) provide
reasonable assurance that receipts and expenditures of the Company are being made only in accordance with management’s and the
Company’s directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial
statements. The Company will maintain disclosure controls and procedures that comply with the requirements of the Exchange Act.

 

    23

     

    

 

8.                    
Representations and Covenants of the Agent. The Agent represents and warrants that it is duly registered as a broker-dealer
under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required. The Agent
shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable
statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which it is exempt
from registration or such registration is not otherwise required, during the term of this Agreement. The Agent shall comply with all applicable
laws and regulations in connection with the transactions contemplated by this Agreement, including the issuance and sale through the Agent
of the Placement Shares.

 

9.                    
Payment of Expenses. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including
financial statements and exhibits) as originally filed and of each amendment and supplement thereto and each Free Writing Prospectus,
in such number as the Agent shall deem reasonably necessary, (ii) the printing and delivery to the Agent of this Agreement and such other
documents as may be reasonably required in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares,
(iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the Agent, including any stock or
other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the
Placement Shares to the Agent, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the
reasonable and documented out-of-pocket fees and disbursements of counsel to the Agent (x) not to exceed $50,000 in the aggregate in connection
with the execution of this Agreement and entering into the transactions contemplated by this Agreement and (y) not to exceed $10,000 per
year thereafter in connection with updates at the time of Representation Dates; (vi) the fees and expenses of the transfer agent and registrar
for the Common Stock, (vii) the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares, and (viii)
the fees and expenses incurred in connection with the listing of the Placement Shares on the Exchange. The parties agree that except to
the extent expressly provided in this Section 9 and Section 11 hereof, the Agent shall pay all of its own costs and expenses, including
fees of its counsel.

 

10.                   Conditions
to the Agent’s Obligations. The obligations of the Agent hereunder with respect to a Placement will be subject to the
continuing accuracy and completeness in all material respects of the representations and warranties made by the Company herein
(other than those representations and warranties made as of a specified date or time), to the due performance in all material
respects by the Company of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in
its reasonable judgment, and to the continuing reasonable satisfaction (or waiver by the Agent in its sole discretion) of the
following additional conditions:

 

    24

     

    

 

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

 

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

 

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

 

d.                  Material
Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there
shall not have been any Material Adverse Effect (or, solely in respect of each Representation Date, any Material Adverse Effect
which is continuing as of such Representation Date), or any development that would reasonably be expected to cause a Material
Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company’s securities (other than asset
backed securities) by any “nationally recognized statistical rating organization,” as such term is defined by the
Commission for purposes of Rule 436(g)(2) under the Securities Act (a “Rating Organization”), or a public
announcement by any Rating Organization that it has under surveillance or review its rating of any of the Company’s securities
(other than asset backed securities), the effect of which, in the case of any such action by a Rating Organization described above,
in the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so
material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus.

 

    25

     

    

 

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

 

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

 

g.                 
Representation Certificate. The Agent shall have received the certificate required to be delivered pursuant to Section
7(1) on or before the date on which delivery of such certificate is required pursuant to Section 7(1).

 

h.                 
Secretary’s Certificate. On or prior to the first Representation Date, the Agent shall have received a certificate,
signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to the Agent and its counsel.

 

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

 

j.                   
Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(1),
the Company shall have furnished to the Agent such appropriate further information, certificates and documents as the Agent may reasonably
request and which are usually and customarily furnished by an issuer of securities in connection with a securities offering of the type
contemplated hereby. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof.

 

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

 

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

 

m.               
No Termination Event. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant
to Section 13(a).

 

    26

     

    

 

11.                  
Indemnification and Contribution.

 

(a)       Company
Indemnification. The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors, officers,
employees and agents and each person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act as follows:

 

(i)          
against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of
or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment
thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related
Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading;

 

(ii)        
against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 11(d) below) any such settlement is effected with the written consent of the Company, which
consent shall not unreasonably be delayed or withheld; and

 

(iii)       
against any and all expense whatsoever, as incurred (including the reasonable and documented out-of-pocket fees and disbursements
of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above,

 

provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished to the Company
by or on behalf of the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer Free
Writing Prospectus or the Prospectus (or any amendment or supplement thereto) (it being acknowledged and agreed that such information
furnished to the Company by or on behalf of the Agent consists solely and exclusively of the name of B. Riley Securities, Inc. acting
in its capacity as the Agent).

 

    27

     

    

 

(b)       Indemnification
by the Agent. The Agent agrees to indemnify and hold harmless the Company and its directors and officers, and each person, if
any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii)
is controlled by or is under common control with the Company, in each case, against any and all loss, liability, claim, damage and
expense described in the indemnity contained in Section 11(a), as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or in any
related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity
with information relating to the Agent and furnished to the Company in writing by the Agent expressly for use therein (it being
acknowledged and agreed that such information furnished to the Company by or on behalf of the Agent consists solely and exclusively
of the name of B. Riley Securities, Inc. acting in its capacity as the Agent).

 

(c)       Procedure.
Any party that proposes to assert the right to be indemnified under this Section 11 will, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties
under this Section 11, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers
served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it
might have to any indemnified party otherwise than under this Section 11 and (ii) any liability that it may have to any
indemnified party under the foregoing provisions of this Section 11 unless, and only to the extent that, such omission
results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any
indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate
in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the
commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the
defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party
to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party
for any legal or other reasonable expenses except as provided below and except for the reasonable costs of investigation
subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ
its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such
indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to
it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict
or potential conflict of interest exists (based on advice of counsel to the indemnified party) between the indemnified party and the
indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of
the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a
reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable and documented
out-of-pocket fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is
understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable and documented out-of-pocket fees, disbursements and other charges of more than one
separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such
reasonable and documented out-of-pocket fees, disbursements and other charges will be reimbursed by the indemnifying party promptly
after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An
indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent.
No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the
entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section
11 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or
claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

 

    28

     

    

 

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

 

    29

     

    

 

12.                  
Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 11 of
this Agreement and all representations and warranties of the Company and the Agent herein or in certificates delivered pursuant hereto
shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons,
or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.

 

13.                  
Termination.

 

a.                   The
Agent may terminate this Agreement, by written notice to the Company, as hereinafter specified at any time (1) if there has been,
since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material
Adverse Effect, or any development that would be reasonably expected to have a Material Adverse Effect that, in the reasonable
judgment of the Agent, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce
contracts for the sale of the Placement Shares, (2) if there has occurred, and there is continuing at the time of such termination,
any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of
hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in
national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in
the reasonable judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the
sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited by the Commission or the Exchange and
such suspension or limitation remains in effect at the time of such termination, or if trading generally on the Exchange has been
suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any
securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing at the time of
such termination, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred
and be continuing at the time of such termination, or (6) if a banking moratorium has been declared by either U.S. Federal or
New York authorities and shall be continuing at the time of such termination. Any such termination shall be without liability of any
party to any other party except that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification
and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and
Time; Waiver of Jury Trial), Section 19 (Consent to Jurisdiction) and Section 20 (Use of Information) hereof shall
remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in
this Section 13(a), the Agent shall provide the required notice as specified in Section 14 (Notices).

 

    30

     

    

 

b.                 
The Company shall have the right, by giving five (5) days’ notice as hereinafter specified to terminate this Agreement in
its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution),
Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial),
Section 19 (Consent to Jurisdiction) and Section 20 (Use of Information) hereof shall remain in full force and effect notwithstanding
such termination. Nothing in this Section 13(b) shall limit the ability of the Company to suspend offers and sales of Placement
Shares pursuant to the provisions of Section 4.

 

c.                  
The Agent shall have the right, by giving five (5) days’ notice as hereinafter specified to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution),
Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial),
Section 19 (Consent to Jurisdiction) and Section 20 (Use of Information) hereof shall remain in full force and effect notwithstanding
such termination.

 

d.                 
Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically terminate upon the issuance and
sale of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions
of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12 (Representations and
Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial), Section 19 (Consent to Jurisdiction)
and Section 20 (Use of Information) hereof shall remain in full force and effect notwithstanding such termination.

 

e.                  
This Agreement shall remain in full force and effect unless terminated pursuant to Sections 13(a), (b), (c),
or (d) above or otherwise by mutual written agreement of the parties; provided, however, that any such written termination
by mutual agreement shall in all cases be deemed to provide that Section 9 (Payment of Expenses), Section 11 (Indemnification
and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time;
Waiver of Jury Trial), Section 19 (Consent to Jurisdiction) and Section 20 (Use of Information) shall remain in full force
and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or
other compensation with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.

 

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

 

    31

     

    

 

14.                  
Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant
to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:

 

B. Riley Securities, Inc.

299 Park Avenue, 7th Floor

New York, NY 10171

	Attention:	General Counsel
	Telephone: 	(212) 457-9947
	Email: 	atmdesk@brileyfin.com

 

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

Clifford Chance US LLP

31 West 52nd Street

New York, NY 10019

	Attention: 	Jason D. Myers
	Telephone: 	(212) 878-8324
	Email:	jason.myers@cliffordchance.com

 

and if to the Company, shall be delivered to:

 

Trinity Place Holdings Inc.

340 Madison Avenue

New York, NY, 10173

	Attention: 	Steven Kahn
	Telephone: 	(212) 235-2195
	Email:	steven.kahn@tphs.com

 

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

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036

	Attention:	John Bessonette
	Telephone: 	(212) 715-9182
	Email: 	jbessonette@kramerlevin.com

 

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

 

    32

     

    

 

15.                  
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their
respective successors and the affiliates, controlling persons, officers and directors referred to in Section 11 hereof. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement. Neither the Company nor the Agent may assign its rights or obligations under this Agreement without the prior written
consent of the other party.

 

16.                  
Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event
effected with respect to the Placement Shares.

 

17.                  
Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings,
both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may
be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent
jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof
shall be in accordance with the intent of the parties as reflected in this Agreement.

 

18.                  
GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE
COMPANY AND THE AGENT EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

19.                   CONSENT
TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION
CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS
NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF
PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES
THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE
DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

 

    33

     

    

 

20.                  
Use of Information. The Agent may not use or disclose any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved by the
Company.

 

21.                  
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be
made by facsimile transmission or email of a .pdf attachment.

 

22.                  
Effect of Headings. The section, Schedule and Exhibit headings herein are for convenience only and shall not affect the
construction hereof.

 

23.                  
Permitted Free Writing Prospectuses. The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed), and the Agent represents, warrants and agrees
that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Placement Shares
that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus,” as
defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the Company,
as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants
that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,”
as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus,
including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto
agree that all free writing prospectuses, if any, listed in Exhibit 23 hereto are Permitted Free Writing Prospectuses.

 

    34

     

    

 

24.                  
 Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

 

a.                  
the Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each
transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on
the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether or not the Agent has advised or is advising the Company on other matters, and the Agent has no obligation
to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;

 

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

 

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

 

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

 

e.                  
it waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not have
any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person
asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect
of the Agent’s obligations under this Agreement and to keep information provided by the Company to the Agent and its counsel confidential
to the extent not otherwise publicly-available.

 

25.                  
Definitions. As used in this Agreement, the following terms have the respective meanings set forth below:

 

“Applicable Time”
means (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this Agreement.

 

“Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Placement Shares
that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a “written communication”
within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant
to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms,
in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company’s records pursuant to Rule 433(g) under the Securities Act.

 

    35

     

    

 

“Company’s
knowledge”, “knowledge of the Company” and similar expressions means the actual knowledge of an executive
officer of the Company as of the relevant date.

 

“Rule 172,”
 “Rule 405,” “Rule 415,” “Rule 424,” “Rule 424(b),” “Rule
430B,” and “Rule 433” refer to such rules under the Securities Act.

 

All references in this Agreement
to financial statements and schedules and other information that is “contained,” “included” or “stated”
in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus,
as the case may be.

 

All references in this Agreement
to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy
filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer
Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the
copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to the Prospectus
shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering,
sale or private placement of any Placement Shares by the Agent outside of the United States.

 

[Remainder of the page intentionally left blank]

 

    36

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	TRINITY PLACE HOLDINGS INC.
	 	 
	 	 
	 	By:	/s/ Steven Kahn
		 	Name:	Steven Kahn
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	ACCEPTED as of the date first-above written:
	 	 	 	 
	 	B. RILEY SECURITIES, INC.
	 	 	 	 
	 	 	 	 
		By:	/s/ Patrice McNicoll
	 	 	Name:	Patrice McNicoll
	 	 	Title:	Co-Head of Investment Banking

 

    37

     

    

 

SCHEDULE 1

 

 

 

FORM OF PLACEMENT NOTICE

 

 

 

	From:	Trinity Place Holdings Inc.
	To:	B. Riley Securities, Inc.
	Attention: 	[•]
	Subject:	At Market Issuance--Placement Notice

 

Ladies and Gentlemen:

 

Pursuant to the terms and
subject to the conditions contained in the At Market Issuance Sales Agreement between Trinity Place Holdings Inc., a Delaware corporation
(the “Company”), and B. Riley Securities, Inc. (the “Agent”), dated August 13, 2021, the Company
hereby requests that the Agent sell up to [____] of the Company’s Common Stock, par value $0.01 per share, at a minimum market price
of $per share, during the time period beginning [month, day, time] and ending [month, day, time].

 

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

 

    38

     

    

 

SCHEDULE 2

 

 

 

Compensation

 

 

 

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

 

    39

     

    

 

EXHIBIT 7(1)

 

Form of Representation Date Certificate 

 

___________, 20___

 

This Representation Date
Certificate (this “Certificate”) is executed and delivered in connection with Section 7(1) of the At Market
Issuance Sales Agreement (the “Agreement”), dated August 13, 2021, and entered into between Trinity Place Holdings
Inc. (the “Company”) and B. Riley Securities, Inc. All capitalized terms used but not defined herein shall have the
meanings given to such terms in the Agreement.

 

The Company hereby certifies
as follows:

 

1.                    
As of the date of this Certificate (i) the Registration Statement does not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii) neither
the Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Prospectus in order to make
the statements therein not untrue or misleading for this paragraph 1 to be true.

 

2.                    
Each of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of
the date of this Certificate, true and correct in all material respects, except for those representations and warranties that speak solely
as of a specific date, which were as of such date, and are, as of the date of this Certificate, true and correct in all material respects.

 

3.                    
Except as waived by the Agent in writing, each of the covenants required to be performed by the Company in the Agreement on or
prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement,
has been duly, timely and fully performed in all material respects and each condition required to be complied with by the Company on or
prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement
has been duly, timely and fully complied with in all material respects.

 

4.                    
Subsequent to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including
Incorporated Documents, there has been no Material Adverse Effect.

 

5.                    
No stop order suspending the effectiveness of the Registration Statement or of any part thereof has been issued, and no proceedings
for that purpose have been instituted or are pending or to the Company’s knowledge threatened by any securities or other governmental
authority (including, without limitation, the Commission).

 

6.                     No
order suspending the effectiveness of the Registration Statement or the qualification or registration of the Placement Shares under
the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or
threatened, to the Company’s knowledge or in writing by, any securities or other governmental authority (including, without
limitation, the Commission).

 

    40

     

    

 

The undersigned has executed
this Representation Date Certificate as of the date first written above.

 

	 	TRINITY PLACE HOLDINGS INC.
	 	 	 
	 	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT 23

 

Permitted Issuer Free Writing Prospectuses

 

None.Document

Exhibit 10.1
EASTERN BANKSHARES, INC. 
MANAGEMENT INCENTIVE PLAN
The Eastern Bankshares, Inc. Management Incentive Plan (“MIP” or “the Plan”) is the short-term incentive plan for designated Named Executive Officers (“NEOs”) of Eastern Bankshares, Inc. (“Company”) and other Plan participants from Eastern Bank and Eastern Insurance Group, LLC as outlined below. The Company’s Compensation Committee administers the Plan, which is designed to reward success as determined by measuring performance against established Company Performance Measures (e.g., Net Income) and individual performance goals.  The Plan is also designed to align annual cash compensation with market competitive levels when performance expectations are met.
Plan Effective Date
The Plan is effective as of January 1, 2021, as approved by the Compensation Committee.  
Plan Year
Performance is measured annually over the Plan Year.  The Plan Year is the performance measurement period from January 1 through December 31.
Plan Eligibility
All NEOs (designated pursuant to applicable SEC rules), members of the Management Committee and select employees in management positions who significantly influence the profitability of the Company, are eligible to participate in the Plan as Plan participants (altogether, “Participants”).  Except with respect to the NEOs and Management Committee members, the CEO is the sole determinant of Participant eligibility, which is then communicated to Participants.  
MIP Target 
Each Participant is assigned a MIP target (“MIP Target”) for the Plan Year, based on the job responsibilities contained in their role and appropriate market data, as determined by the Chief Human Resources Officer and approved by the CEO.  MIP Targets are expressed as a percent of base salary and communicated to Participants upon becoming eligible as a Plan Participant (or, in certain cases, at the time of a job change, as contemplated in Calculation Rules for Participants with Changes or Partial Year Participation below). 
Determination of MIP Funding Pool 
Each year, Management will establish specific Company performance measures (“Company Performance Measures”) for the Plan Year, such as Net Income and other key measures, as deemed appropriate. The Company Performance Measures will be approved by the Compensation Committee, which may also establish a minimum performance threshold which must be met in order for any MIP award to be payable.
The Target MIP Funding Pool is the sum of all Participants’ target awards for the year. Actual funding of the MIP Pool (“Actual MIP Funding Pool”) is based on actual performance against the Company Performance Measures. The Actual MIP Funding Pool will equate to 100% of the Target MIP Funding Pool if actual performance meets all of the established Company Performance Measures for the Plan Year. If actual performance is less than the established Company Performance Measures for the Plan Year, then the Actual MIP Funding Pool may be less than Target MIP Funding Pool, and if actual performance for the year exceeds the Company Performance Measures, then the Actual MIP Funding Pool may be more than the Target MIP Funding Pool. The CEO shall have discretion to allocate a portion of the Actual MIP Funding Pool among participants, however, any award payable to an NEO and Management Committee member is subject to Compensation Committee approval.
The Compensation Committee may, at its sole discretion, adjust (upward or downward) the amount of the Target MIP Funding Pool and/or the Actual MIP Funding Pool for any year. Examples of situations that may cause the Compensation Committee to exercise this discretion include, but are not limited to, unanticipated business, economic or market changes, the outlook for future performance, management of significant workforce issues or 

other unanticipated financial charges or events, and any situation in which the Compensation Committee concludes will result in a windfall payment not commensurate with the Participant’s performance during the assessment period. Company Performance Measures may also be adjusted for such events as acquisitions and additional capital expenditures which were not envisioned when Company Performance Measures were first set. 
Determination of MIP Awards 
Generally, the determination of MIP awards ( “Awards”) involves a two-step process: 
1.The Actual MIP Funding Pool is approved by the Compensation Committee, taking into consideration the results achieved for the Plan Year against Company Performance Measures determined annually by the Compensation Committee at its sole discretion. 
2.At the beginning of each year, Participants set annual individual Performance Goals that are approved by their manager.  Performance against those goals is evaluated by Participants’ managers following the end of the Plan Year. Managers will use discretion to allocate funds from their Actual MIP Funding Pool to individual Participants based on each Participant’s individual performance against these established goals.
Award recommendations/allocations made by managers are subject to review by the appropriate Management Committee member. Final Awards are approved by the CEO for Participants below the Management Committee level, as further outlined in Plan Administration.
Calculation Rules for Participants with Changes or Partial Year Participation
For Participants who are hired or have a salary or job change during the Plan Year, the following rules apply:
•New Participants hired:
◦Prior to October 1: The Award is pro-rated for time in position
◦October 1 or later:  participation will begin in the following Plan Year
•Existing employees who become MIP Participants: 
◦Prior to April 1:  The Award will be calculated using the new base salary and MIP Target
◦April 1 to September 30: The Award will be pro-rated to reflect time in position during the Plan Year
◦October 1 or later:  participation will begin the following Plan Year
•Existing MIP Participants who have a salary change:
◦Prior to April 1:  The Award will be calculated using the new base salary for the full year
◦April 1 to September 30: The Award will be pro-rated based on the time spent at each salary level
◦October 1 or later:  Prior base salary will be used to calculate the Award
•Existing MIP Participants who have a job change resulting in a different MIP Target:
◦Prior to April 1:  The Award will be calculated using the new base salary and new MIP Target
◦April 1 to September 30: The Award will be prorated based on time spent at each salary and MIP Target level
◦October 1 or later:  MIP Target change will apply in the following Plan Year and prior base salary will be used to calculate Award
•Existing Participants who have a job change and are no longer eligible under the MIP:
◦Prior base salary and MIP Target will be used to calculate partial year Award, for period prior to job change that then made them ineligible for MIP participation
Performance Expectations
Employees who do not meet performance expectations or who are under corrective action at the time an Award would otherwise be payable, may not be eligible for consideration for an Award as indicated below.  

•Participants must achieve a minimum performance rating of  a “2” or “Threshold Performance” on his/her annual performance assessment to be eligible for consideration to receive an Award under the MIP. 
•Participants on written warning or corrective action may not be eligible to receive an Award until performance has improved to a satisfactory level, as determined by the CEO.  The CEO may, in his sole discretion, authorize payment of a full or partial Award to a Participant during a period in which the Participant was subject to corrective action, after the Participant’s performance has improved to a satisfactory level.
Award Calculation and Payment
MIP Awards will be calculated and paid after Company year-end financial information has been reviewed and Corporate results are certified, no later than March 15th following the end of the Plan Year.  Except to the extent set forth in the Plan Administration section below, no Award is considered earned, due or payable under this Plan until approved in accordance with this Plan.  All applicable taxes (i.e., federal, state, FICA) will be withheld when the Award is paid.  If the Participant is eligible and elects to defer the Award under the 409A Deferred Compensation Plan, the FICA portion and Medicare will be withheld from the amount deferred, however, other taxes (i.e., state and federal) will be deferred until the compensation is paid.
Termination of Employment
A Participant must be actively employed by the Company at the time of payment of the Award in order to be eligible for consideration for an Award under this Plan. MIP Awards are forfeited if employment terminates voluntarily or involuntary before the date the Award is paid, even if the Participant was employed on the last day of the relevant Plan Year or after the Performance Period but before payments are made.  
Participants who have (1) retired, (2) died, (3) become permanently disabled, or (4)  are affected by a Reduction in Force due to position elimination during the Plan Year or after the Plan Year and before payments are made, may be eligible to receive a portion of their Award.
•Retirement includes employees leaving the Company who are eligible for retirement as defined by the Eastern Pension Plan, but excludes those going to work for a competitor in our region, as determined in the sole discretion of the CEO.
•Disability is defined as a disability that qualifies an employee for long-term disability benefits under Eastern’s long-term disability plan.
Participants who have terminated as a result of any of the four events noted in this section will be eligible for consideration for a prorated Award based on the Company’s performance during the entire Year and the applicable individual performance achievement as of the date of retirement, death, disability, or termination due to a Reduction in Force.  Payment will be made on the regular payment schedule.
Plan Administration
In General
The CEO provides the final approval for all Awards to be paid to Participants, except for NEOs and members of Management Committee.  Awards for NEOs and Management Committee are approved by the Compensation Committee, except the CEO’s Award is approved by the independent members of the Board of Directors, after recommendation by the Compensation Committee. 
The Compensation Committee retains the right to determine whether the criteria for Awards is satisfied and deemed payable under the Plan.  In addition, except with respect to Awards to the NEOs and members of the Management Committee, the CEO may adjust the actual Awards earned based on other relevant performance criteria or business conditions if circumstances warrant an adjustment, within the limitations set forth in the Determination of MIP Funding Pool section above.  The Chief Human Resources Officer may adjust awards to correct errors prior to or after payment.
Nothing in the description of this Plan should be interpreted as a guarantee of payment, of future participation, or of official performance. The Company reserves the right to amend, suspend or terminate this Plan at any time, and from time to time, for any reason or no reason. This Plan is not intended to and does not create an expressed or 

implied contract between the Company and any of its employees. Specifically, it does not create any promise, agreement, or contractual obligation to pay wages or compensation under any federal or state wage laws.
Payment of an Award in one Plan Year does not guarantee payment in future years; nor does it guarantee continuation of the Plan or that an employee will continue to be eligible to participate in the Plan.
Awards paid under the Plan are considered as bonus payments for purposes of the Company’s employee benefit plans and are taken into account under the Company’s Defined Benefit Pension and Employee Stock Ownership Plan (ESOP). Awards will not be considered compensation for purposes of the group life and disability insurance plans or the 401(k) Plan.    Refer to the plan documents for the foregoing plans for more specific information.
In the event of the Participant’s death, any Award due will be paid to the beneficiary of record on the Participant’s group life insurance plan.
In the event of a merger, acquisition, consolidation, dissolution, or liquidation in which the Company is not the surviving entity (“Transaction”), eligible Participants shall be paid a full annual Award based on achievement at Target as soon as possible after the Transaction.  If the Transaction occurs during the Plan Year, the Award shall not be prorated and shall be applied with respect to annualized base compensation in effect at the Transaction date, and performance and other relevant factors during the period ending on the Transaction date. 
The Compensation Committee shall have the discretion and authority to make final decisions regarding the application and interpretation of the Plan, eligibility for an Award and other situations not specifically covered by the Plan.  Such decisions shall be final and binding on Participants and are not subject to any type of appeal or review.  No Participant has a “vested” right to any Award before it is paid.
No member of the Board of Directors and no Officer or employee of the Company shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his/her own fraud or willful misconduct; nor shall the Company be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a Director, Officer, or employee of the Company.
The Plan may be changed, amended or suspended at any time without advance written or verbal notice at the sole discretion of the Compensation Committee.  The Compensation Committee reserves the right to terminate this Plan at any time and for any reason or no reason.
The Plan will be governed in accordance with the laws of the Commonwealth of Massachusetts.  The Plan is considered a payroll practice and is not an employee benefit plan under ERISA.
Employment is “at-will” and is not guaranteed for any definite period of time and no provision of this document shall create or imply a contract of employment or a guarantee of employment such as through a Plan Year or until any Award is paid.  The Company reserves the right to terminate employees at any time and for any reason, with or without cause. 
Plan Administration 
The Board of Directors or its designated Committee shall:
•Determine the Corporate Performance targets for Annual Net Income and other Company Performance Measures; 
•Determine prior to the Plan Year, the MIP Award budget;
•Determine the Actual MIP Funding Pool after the performance period, annually; and
•Consider and approve any Award for the CEO (independent Directors only).
The Compensation Committee, which administers the Plan, is authorized to:
•Approve, terminate or amend the Plan;
•Review materials and recommend to the Board the Actual MIP Funding Pool, annually; 
•Modify the design features of the Plan including target levels, eligibility criteria, and the Company Performance Measures; and
•Consider and approve Awards for members of Management Committee, including NEOs (except for the CEO, whose Award shall be ratified by the Board of Directors (with non-independent Directors abstaining).

The CEO is authorized to:
•Except with respect to eligibility of NEOs, determine eligibility for participation in the Plan and approve and disqualify Participants;
•Ensure that performance objectives are established for each Participant in each Plan Year and communicated to Participants;
•Monitor performance against objectives and report to the Board periodically on such matters;
•Inform eligible Participants of the operational features of the Plan; 
•Approve Award recommendations for participants below the Management Committee level;
•Inform the Compensation Committee as to the overall Company performance at least annually; and 
•Recommend modifications to the Plan.
The Chief Human Resources Officer is authorized to:
•Support the CEO and the Compensation Committee in the design, implementation, interpretation and communication of the Plan;
•Perform administrative duties associated with the plan including Award adjustments acting as the CEO’s assigned designee and/or as agent for the Compensation Committee;
•Interpret the Plan and remedy any ambiguities or omissions;
•Prepare Award recommendations for review; and
•Process approved Award payments to Participants.

Appendix – Eastern Bank MIP Participants

Performance and Payout Range Guidelines

												
	Overall Achievement Rating	Definition	Payout Range as Percent of Target
	EXCEPTIONAL	(5)	A rating of a “5” describes a level of performance that goes well beyond the stated performance objective, especially in the critical areas of responsibility. The degree of accomplishment, its difficulty, and impact on the entire Company are major factors in awarding this performance rating.	Up to 175%
	VERY STRONG	(4)	A rating of a “4” describes a level of performance that is substantially above the expected performance objective. Key objectives have been achieved. Individuals rated at this level will have made a significant contribution in key areas of responsibility.	Up to 137.5%
	STRONG (TARGET)	(3)	To achieve a “3” rating requires a level of performance which has essentially and substantially met all aspects of the objective (e.g., timeframes, cost savings, revenue enhancements, etc.).	Up to 100%
	THRESHOLD	(2)	A rating of a “2” describes a level of performance which did not achieve all aspects of the objective, but did satisfy the core requirements.	Up to 50%
	BELOW THRESHOLD	(1)	A rating of a “1” describes a level of performance at which the core requirements have not been satisfied nor has the desired impact been realized. Participants will not receive an Incentive Award for performance at this level.	0%

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