Document:

Exhibit 4.5

NEXGEL, INC.

  

ISSUER

 

AND

 

[TRUSTEE],

 

TRUSTEE

 

INDENTURE

 

DATED
AS OF    , 20

 

SUBORDINATED DEBT SECURITIES

 

 

     

     

    

  

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS	3
	Section 1.1 Definitions of Terms	3
	ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section 2.1 Designation and Terms of Securities	5
	Section 2.2 Form of Securities and Trustee’s Certificate	7
	Section 2.3 Denominations: Provisions for Payment	7
	Section 2.4 Execution and Authentications	8
	Section 2.5 Registration of Transfer and Exchange	8
	Section 2.6 Temporary Securities	9
	Section 2.7 Mutilated, Destroyed, Lost or Stolen Securities	9
	Section 2.8 Cancellation	9
	Section 2.9 Benefits of Indenture	9
	Section 2.10 Authenticating Agent	10
	Section 2.11 Global Securities	10
	ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	11
	Section 3.1 Redemption	11
	Section 3.2 Notice of Redemption	11
	Section 3.3 Payment Upon Redemption	11
	Section 3.4 Sinking Fund	12
	Section 3.5 Satisfaction of Sinking Fund Payments with Securities	12
	Section 3.6 Redemption of Securities for Sinking Fund	12
	ARTICLE IV COVENANTS	12
	Section 4.1 Payment of Principal, Premium and Interest	12
	Section 4.2 Maintenance of Office or Agency	12
	Section 4.3 Paying Agents	13
	Section 4.4 Appointment to Fill Vacancy in Office of Trustee	13
	Section 4.5 Compliance with Consolidation Provisions	13
	ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	13
	Section 5.1 Company to Furnish Trustee Names and Addresses of Securityholders	13
	Section 5.2 Preservation Of Information; Communications With Securityholders	14
	Section 5.3 Reports by the Company	14
	Section 5.4 Reports by the Trustee	14
	ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	14
	Section 6.1 Events of Default	14
	Section 6.2 Collection of Indebtedness and Suits for Enforcement by Trustee	15
	Section 6.3 Application of Moneys Collected	16
	Section 6.4 Limitation on Suits	16
	Section 6.5 Rights and Remedies Cumulative; Delay or Omission Not Waiver	17
	Section 6.6 Control by Securityholders	17
	Section 6.7 Undertaking to Pay Costs	17
	ARTICLE VII CONCERNING THE TRUSTEE	18
	Section 7.1 Certain Duties and Responsibilities of Trustee	18
	Section 7.2 Certain Rights of Trustee	18
	Section 7.3 Trustee Not Responsible for Recitals or Issuance or Securities	19
	Section 7.4 May Hold Securities	19
	Section 7.5 Moneys Held in Trust	19
	Section 7.6 Compensation and Reimbursement	19
	Section 7.7 Reliance on Officer’s Certificate	20
	Section 7.8 Disqualification; Conflicting Interests	20
	Section 7.9 Corporate Trustee Required; Eligibility	20
	Section 7.10 Resignation and Removal; Appointment of Successor	20
	Section 7.11 Acceptance of Appointment By Successor	21
	Section 7.12 Merger, Conversion, Consolidation or Succession to Business	22

 

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	Section 7.13 Preferential Collection of Claims Against the Company	22
	Section 7.14 Notice of Default	22
	ARTICLE VIII CONCERNING THE SECURITYHOLDERS	22
	Section 8.1 Evidence of Action by Securityholders	22
	Section 8.2 Proof of Execution by Securityholders	22
	Section 8.3 Who May be Deemed Owners	23
	Section 8.4 Certain Securities Owned by Company Disregarded	23
	Section 8.5 Actions Binding on Future Securityholders	23
	ARTICLE IX SUPPLEMENTAL INDENTURES	23
	Section 9.1 Supplemental Indentures Without the Consent of Securityholders	23
	Section 9.2 Supplemental Indentures With Consent of Securityholders	24
	Section 9.3 Effect of Supplemental Indentures	24
	Section 9.4 Securities Affected by Supplemental Indentures	24
	Section 9.5 Execution of Supplemental Indentures	24
	ARTICLE X SUCCESSOR ENTITY	25
	Section 10.1 Company May Consolidate, Etc	25
	Section 10.2 Successor Entity Substituted	25
	Section 10.3 Evidence of Consolidation, Etc	25
	ARTICLE XI SATISFACTION AND DISCHARGE	25
	Section 11.1 Satisfaction and Discharge of Indenture	25
	Section 11.2 Discharge of Obligations	26
	Section 11.3 Deposited Moneys to be Held in Trust	26
	Section 11.4 Payment of Moneys Held by Paying Agents	26
	Section 11.5 Repayment to Company	26
	ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	26
	Section 12.1 No Recourse	26
	ARTICLE XIII MISCELLANEOUS PROVISIONS	27
	Section 13.1 Effect on Successors and Assigns	27
	Section 13.2 Actions by Successor	27
	Section 13.3 Surrender of Company Powers	27
	Section 13.4 Notices	27
	Section 13.5 Governing Law	27
	Section 13.6 Treatment of Securities as Debt	27
	Section 13.7 Certificates and Opinions as to Conditions Precedent	27
	Section 13.8 Payments on Business Days	27
	Section 13.9 Conflict with Trust Indenture Act	28
	Section 13.10 Counterparts	28
	Section 13.11 Separability	28
	Section 13.12 Compliance Certificates	28
	ARTICLE XIV SUBORDINATION OF SECURITIES	28
	Section 14.1 Subordination Terms	28

 

 

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INDENTURE

 

INDENTURE, dated as of [●], among NexGel, Inc., a
Delaware corporation, and [TRUSTEE], as trustee:

 

WHEREAS, for
its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance
of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount
to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated
by the certificate of the Trustee;

 

WHEREAS, to provide the terms and
conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and

 

WHEREAS, all things necessary to
make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and
ratable benefit of the holders of Securities:

 

ARTICLE I DEFINITIONS

 

Section 1.1 Definitions of Terms.

 

The terms defined in this Section
(except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section
and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act
of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture
supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent”
means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S. Code,
or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board of Directors
of the Company or any duly authorized committee of such Board.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in
the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated
by law, executive order or regulation to close.

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.7.

 

“Company”
means NexGel, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article X, shall also include its successors and assigns.

 

“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which
office at the date hereof is located at .

 

“Custodian” means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

 

“Default” means any event, act or condition
that with notice or lapse of time, or both, would constitute an Event of Default. “Defaulted Interest” has the meaning set
forth in Section 2.3.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act,
or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11.

 

 

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“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period
of time, if any, therein designated.

 

“Exchange Act” means the Securities and Exchange
Act of 1934, as amended.

 

“Global
Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name
of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its full
faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States
of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity
of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such
Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for
the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“herein,”
 “hereof” and “hereunder,” and other words of similar import, refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

 

“Interest
Payment Date,” when used with respect to any installment of interest on a Security of a particular series, means the date specified
in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which
an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any
assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section
13.7, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for
the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided
for in Section 13.7, if and to the extent required by the provisions thereof.

 

“Outstanding,”
when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time, all
Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously
been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary
amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside
and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities
or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided
in Article III, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or
in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7.

 

“Person”
means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated
organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in
lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

 

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“Responsible
Officer” when used with respect to the Trustee means the chairman of its board of directors, the chief executive officer, the president,
any vice president, the secretary, the treasurer, any trust officer, any corporate trust officer or any other officer or assistant officer
of the Trustee customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities authenticated
and delivered under this Indenture.

 

“Securityholder,”
 “holder of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name
or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this
Indenture.

 

“Security Register” and “Security Registrar”
shall have the meanings as set forth in Section 2.5.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii)
any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall
at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and
(iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee”
means , and, subject to the provisions of Article VII, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as
used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended.

 

“Voting
Stock,” as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE II

ISSUE, DESCRIPTION, TERMS,
EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.1 Designation and Terms of Securities.

 

(a) 
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by
or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental hereto:

 

(i) 
the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(ii) 
any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of that series);

 

(iii) 
the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply
to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(iv)
the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(v) 
the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the
manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders
to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(vi)
the right, if any, to extend the interest payment periods and the duration of such extension;

 

(vii) 
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company;

 

 

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(viii) 
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(ix)
the form of the Securities of the series including the form of the Certificate of Authentication for such series;

 

(x) 
if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which
the Securities of the series shall be issuable;

 

(xi)  
any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of
that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms
shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be
required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(xii)  
whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such
series;

 

(xiii) 
whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities
of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable,
including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional
(at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange
period;

 

(xiv) 
if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;

 

(xv) 
any additional or different Events of Default or restrictive covenants (which may include, among other restrictions, restrictions
on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional
securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company or the Company’s Subsidiaries;
redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer
assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage
in transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or
merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided for
with respect to the Securities of the series;

 

(xvi) 
if other than dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited to,
foreign currency);

 

(xvii)  
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any
and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
tax purposes;

 

(xviii)
any restrictions on transfer, sale or assignment of the Securities of the series; and

 

(xix)
the subordination terms of the Securities of the series.

 

All Securities
of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or
in any indentures supplemental hereto.

 

If any of the
terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of
such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates
on which such interest may be payable and with different redemption dates.

 

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Section
2.2 Form of Securities and Trustee’s Certificate.

 

The Securities
of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor
and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s
Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

Section
2.3 Denominations: Provisions for Payment.

 

The Securities
shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.1(a)(x).

 

The Securities
of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section
2.1(a)(xvi), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof
prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public
and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication.
Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The interest
installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities
of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion
thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date
and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided
in Section 3.3.

 

Any interest
on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided
in clause (i) or clause (ii) below:

 

(i) 
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which
shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for
the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his
or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date.
Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such
special record date.

 

(ii) 
The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

Unless otherwise
set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any
Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest
Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first day of
a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall
occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the
foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or
in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by
such other Security.

 

 

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Section 2.4 Execution and Authentications.

 

The Securities
shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company
may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date
of its authentication by the Trustee.

 

A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature
shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder
is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order
of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written
order shall authenticate and deliver such Securities.

 

In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, if requested, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The Trustee
shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to
the Trustee.

 

Section 2.5 Registration of Transfer and Exchange.

 

(a) 
Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such
purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a
sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities
so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange
therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

 

(b) 
The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein
referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open
for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall
be appointed as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender
for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of
the same series as the Security presented for a like aggregate principal amount.

 

All Securities
presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by
the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)  
Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or
established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6, Section
3.3(b) and Section 9.4 not involving any transfer.

 

(d) 
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of
the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities
of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part.
The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.

  

    	 	-8-	 

     

    

 

Section 2.6 Temporary Securities.

 

Pending the
preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary
Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in
the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company
and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and
thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the
office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company.
Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series authenticated and delivered hereunder.

 

Section 2.7 Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any
temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in
lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of
the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted
Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In case any
Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save
them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction,
loss or theft of such Security and of the ownership thereof.

 

Every replacement
Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether
or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder.
All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

 

Section
2.8 Cancellation.

 

All Securities
surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying
agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall
be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such
request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition
to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section
2.9 Benefits of Indenture.

 

Nothing in
this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto
and the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness of the Company
to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit
of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness
of the Company to which the Securities of any series are subordinated).

 

    	 	-9-	 

     

    

 

Section
2.10 Authenticating Agent.

 

So long as any
of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which
the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating
Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital
and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized
or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be
eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and
upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint
an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating
Agent pursuant hereto.

 

Section 2.11 Global Securities.

 

(a)  
If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities
of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except
as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) 
Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and
in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such
series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c) 
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the
Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition,
the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the
provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject
to Section 2.4, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary
for delivery to the Persons in whose names such Securities are so registered.

 

 

    	 	-10-	 

     

    

 

ARTICLE III

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.1 Redemption.

 

The Company
may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such
series pursuant to Section 2.1 hereof.

 

Section 3.2 Notice of Redemption.

 

(a) 
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that
series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in
the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security
of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings
for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each such notice
of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company,
upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in
said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the
case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed
in part shall specify the particular Securities to be so redeemed.

 

In case any
Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of
such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b) 
If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal
amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall
deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer,
instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice
of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or
such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent,
the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be,
such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or
such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

Section 3.3 Payment Upon Redemption.

 

(a) 
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of
the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at
the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions
of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities
on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed
at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the
date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.3).

 

(b)  
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee
shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security
so presented.

 

 

    	 	-11-	 

     

    

 

Section 3.4 Sinking Fund.

 

The provisions
of Sections 3.4, 3.5 and 3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
specified as contemplated by Section 2.1 for Securities of such series.

 

The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.5 Satisfaction of Sinking Fund Payments with
Securities.

 

The Company (i)
may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at
the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to
the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series,
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly.

 

Section 3.6 Redemption of Securities for Sinking Fund.

 

Not less than
45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officer’s Certificate,
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.

 

ARTICLE
IV

COVENANTS

 

Section 4.1 Payment of Principal, Premium and Interest.

 

The Company
will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series
at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the
Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed
to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer
to, a U.S. dollar account (such wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the
applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions to the Trustee no
later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the time provided herein
and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such
address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made
only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only
if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days
prior to the relevant payment date.

 

Section 4.2 Maintenance of Office or Agency.

 

So long as any
series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at
such other location or locations as may be designated as provided in this Section 4.2, where (i) Securities of that series may be presented
for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and
(iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served,
such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized
to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of
them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate
Trust Office of the Trustee as its paying agent with respect to the Securities.

  

    	 	-12-	 

     

    

 

Section 4.3 Paying Agents.

 

(a)  
If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:

 

(i) 
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the
Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust
for the benefit of the Persons entitled thereto;

 

(ii) 
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(iii) 
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(iv)
that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b) 
If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall
have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest,
and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(c) 
Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is
subject to the provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company
or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by
the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying
agent shall be released from all further liability with respect to such money.

 

Section 4.4 Appointment to Fill Vacancy in Office of
Trustee.

 

The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

Section 4.5 Compliance with Consolidation Provisions.

 

The Company will
not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company
is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions
of Article X hereof are complied with.

 

ARTICLE V 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE

 

Section 5.1 Company to Furnish Trustee Names and Addresses
of Securityholders.

 

The Company
will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.3) a list,
in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such
regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list
shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee
may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished
for any series for which the Trustee shall be the Security Registrar.

 

    	 	-13-	 

     

    

 

Section 5.2 Preservation Of Information; Communications
With Securityholders.

 

(a) 
The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of
the holders of Securities contained in the most recent list furnished to it as provided in Section 5.1 and as to the names and addresses
of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)
The Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished.

 

(c) 
Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect
to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy
its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture
Act.

 

Section 5.3 Reports by the Company.

 

The Company
covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee, after the Company files the same with the
Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that
the Company files with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however,
the Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment
by the Securities and Exchange Commission; and provided further, so long as such filings by the Company are available on the Securities
and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), such filings shall be deemed to have
been filed with the Trustee for purposes of this Section 5.3 without any further action required by the Company.

 

Section 5.4 Reports by the Trustee.

 

(a) 
If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit
by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief
report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)  
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission.
The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT
OF DEFAULT

 

Section 6.1 Events of Default.

 

(a)  
Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of
the following events that has occurred and is continuing:

 

(i) 
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;

 

(ii) 
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when
the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by
any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal
or premium, if any;

 

(iii)  
the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this
Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or
agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such
series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating
that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or
certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series
at the time Outstanding;

 

    	 	-14-	 

     

    

 

(iv) 
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(v) 
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 90 days.

 

(b) 
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest
on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued
and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or
other act on the part of the Trustee or the holders of the Securities.

 

(c) At any
time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been
so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has
paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under the Indenture with respect to such
series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series
that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6.

 

No such rescission and annulment shall extend to or shall
affect any subsequent default or impair any right consequent thereon.

 

(d) 
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and
the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the
Company and the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.2 Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

(a) 
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same
shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in
the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be,
with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable
law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under
Section 7.6.

 

(b) 
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the
manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

  

    	 	-15-	 

     

    

 

(c)  
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take
any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution
of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive
any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable
to the Trustee under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of
the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the
making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6.

 

(d) All rights
of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.6, be for the
ratable benefit of the holders of the Securities of such series.

 

In case of
an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at
law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture
or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.

 

Nothing contained
herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof
or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 6.3 Application of Moneys Collected.

 

Any moneys
collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium,
if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid,
and upon surrender thereof if fully paid:

 

FIRST: To the
payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Section 7.6 and
Article XIV;

 

SECOND: To the
payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

THIRD: To the payment of the remainder, if any, to the Company
or any other Person lawfully entitled thereto.

 

Section 6.4 Limitation on Suits.

 

No holder of
any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default
and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder
or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to
be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have
failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount
of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

    	 	-16-	 

     

    

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates
expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such
payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and
by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such
series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any
right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights
of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or
to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders
of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and
the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 6.5 Rights and Remedies Cumulative; Delay or
Omission Not Waiver.

 

(a)   
Except as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b) 
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any
such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article or
by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders.

 

Section 6.6 Control by Securityholders.

 

The holders
of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section
8.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be
in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine
that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal
liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.4,
may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment
of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by
the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured
installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.1(c)). Upon any
such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and
the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 6.7 Undertaking to Pay Costs.

 

All parties to this Indenture agree,
and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders,
holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder
for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this Indenture.

 

    	 	-17-	 

     

    

 

ARTICLE VII

CONCERNING
THE TRUSTEE

 

Section 7.1 Certain Duties and Responsibilities of Trustee.

 

(a) 
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of
all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to
the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

 

(b) 
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(1) 
prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all
such Events of Default with respect to that series that may have occurred: (A) the duties and obligations of the Trustee shall with respect
to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and (B) in the absence
of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture;

 

(2) 
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of
the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(3) 
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(4)  
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or
adequate indemnity against such risk is not reasonably assured to it.

 

Section 7.2 Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.1:

 

(a)  
The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties;

 

(b)  
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or
an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is
specifically prescribed herein);

 

(c) 
The Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance
thereon;

 

(d) 
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights
and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs;

 

 

    	 	-18-	 

     

    

 

(e) 
The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f)  
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4); provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable
indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination
shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(g)  
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

 

In addition,
the Trustee shall not be deemed to have knowledge of any Default or Event of Default except (1) any Event of Default occurring pursuant
to Sections 6.1(a)(i) and 6.1(a)(ii) or (2) any Default or Event of Default of which the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. Delivery of reports,
information and documents to the Trustee under Section 5.3 is for informational purposes only and the information and the Trustee’s
receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information
contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer’s Certificate).

 

Section 7.3 Trustee Not Responsible for Recitals or
Issuance or Securities.

 

(a) 
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.

 

(b)
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) 
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or
established pursuant to Section 2.1, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.4 May Hold Securities.

 

The Trustee
or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with
the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.5 Moneys Held in Trust.

 

Subject to
the provisions of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

Section 7.6 Compensation and Reimbursement.

 

(a) 
The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee
may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of
its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence
or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the
Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of
this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

  

    	 	-19-	 

     

    

 

(b)  
The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
reasonable expenses, disbursements and advances shall constitute indebtedness of the Company to which the Securities are subordinated.
Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.

 

Section 7.7 Reliance on Officer’s Certificate.

 

Except as otherwise
provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary
or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part
of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.8 Disqualification; Conflicting Interests.

 

If the Trustee
has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee
and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.9 Corporate Trustee Required; Eligibility.

 

There shall
at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation
or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation
or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not,
nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case
at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.

 

Section 7.10 Resignation and Removal; Appointment of
Successor.

 

(a) 
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice
of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with
respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities
for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)
In case at any time any one of the following shall occur:

 

(1) 
the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(2) 
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or

 

(3) 
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such
case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may,
on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove
the Trustee and appoint a successor trustee.

 

 

    	 	-20-	 

     

    

 

(c) 
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time
remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such
series with the consent of the Company.

 

(d) 
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in
Section 7.11.

 

(e) 
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series
or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11 Acceptance of Appointment By Successor.

 

(a)  
In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to
such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor trustee all property and money held by such retiring Trustee hereunder.

 

(b) 
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver
an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee
relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates.

 

(c) 
Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as
the case may be.

 

(d) 
No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article.

 

(e) 
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be transmitted at the expense of the Company.

 

 

    	 	-21-	 

     

    

 

Section 7.12 Merger, Conversion, Consolidation or Succession
to Business.

 

Any corporation
into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the
Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided
that such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential Collection of Claims Against
the Company.

 

The Trustee
shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein.

 

Section 7.14 Notice of Default

 

If any Default
or any Event of Default occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice
of the Default or Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer
of the Trustee or written notice of it is received by the Trustee, unless such Default or Event of Default has been cured; provided, however,
that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of
the Securityholders.

 

ARTICLE VIII

CONCERNING
THE SECURITYHOLDERS

 

Section 8.1 Evidence of Action by Securityholders.

 

Whenever in
this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of
a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or
the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders
of Securities of that series in person or by agent or proxy appointed in writing.

 

If the Company
shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action,
the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company
shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.2 Proof of Execution by Securityholders.

 

Subject to the
provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or
his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a) 
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee.

 

(b)  
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The Trustee may require such additional proof of any matter
referred to in this Section as it shall deem necessary.

 

 

    	 	-22-	 

     

    

 

Section 8.3 Who May be Deemed Owners.

 

Prior to the
due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may
deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such
Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone
other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject
to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor
any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.4 Certain Securities Owned by Company Disregarded.

 

In determining
whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction,
consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other
obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver,
only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have
been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.5 Actions Binding on Future Securityholders.

 

At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of
which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made
upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a
particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series.

 

ARTICLE IX

SUPPLEMENTAL
INDENTURES

 

Section 9.1 Supplemental Indentures Without the Consent
of Securityholders .

 

In addition
to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a) 
to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)
to comply with Article X;

 

(c) 
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d) 
to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or
any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series
of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e) 
to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of
issue, authentication, and delivery of Securities, as herein set forth;

 

(f)
to make any change that does not adversely affect the rights of any Securityholder in any material respect; 

 

    	 	-23-	 

     

    

 

(g) 
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
2.1, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(h)
to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)  
to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification
of this Indenture under the Trust Indenture Act.

 

The Trustee
is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental
indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

Section 9.2 Supplemental Indentures With Consent of
Securityholders.

 

With the consent
(evidenced as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each
series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution,
and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section
9.1 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any
Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are
required to consent to any such supplemental indenture.

 

It shall not
be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.3 Effect of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of Section 10.1, this Indenture shall, with respect to such
series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.

 

Section 9.4 Securities Affected by Supplemental Indentures.

 

Securities of
any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant
to the provisions of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the
requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors,
to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.5 Execution of Supplemental Indentures.

 

Upon the request
of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the
Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into
such supplemental indenture. The Trustee, subject to the provisions of Section 7.1, may receive an Officer’s Certificate or, if
requested, an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized
or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article
to join in the execution thereof; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided
in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section
2.1 hereof.

 

Promptly after
the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall
transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture,
to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the
Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

    	 	-24-	 

     

    

 

ARTICLE
X

SUCCESSOR ENTITY

 

Section 10.1 Company May Consolidate, Etc.

 

Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more
indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company
with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company
or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the
property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether
or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a)
the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor
of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due
and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established
with respect to such series pursuant to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the
Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged,
or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible
into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture,
make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange
of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred
immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

 

Section 10.2 Successor Entity Substituted.

 

(a)  
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set
forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) 
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form
(but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)  
Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person
into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of
all or any part of the property of any other Person (whether or not affiliated with the Company).

 

Section 10.3 Evidence of Consolidation, Etc.

 

The Trustee,
subject to the provisions of Section 7.1, may receive an Officer’s Certificate and, if requested, an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the
provisions of this Article.

 

ARTICLE XI

SATISFACTION
AND DISCHARGE

 

Section 11.1 Satisfaction and Discharge of Indenture.

 

If at any time:
(a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered
to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced
or paid as provided in Section 2.7 and Securities for whose payment money or Governmental Obligations have theretofore been deposited
in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided
in Section 11.5); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to
be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as
the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by
the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of
Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be,
and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and
expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such
series.

 

    	 	-25-	 

     

    

 

Section 11.2 Discharge of Obligations.

 

If at any time
all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable
as described in Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an
amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore
delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be,
are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further
effect except for the provisions of Sections 2.3, 2.5, 2.7, 4,01, 4.2, 4,03, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities
shall mature and be paid.

 

Thereafter, Sections 7.6 and 11.5 shall survive.

 

Section 11.3 Deposited Moneys to be Held in Trust.

 

All moneys or
Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available for
payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of
the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

 

Section 11.4 Payment of Moneys Held by Paying Agents.

 

In connection
with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions
of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys or Governmental Obligations.

 

Section 11.5 Repayment to Company.

 

Any moneys
or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal
of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of
such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities
shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed
property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company)
shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with
respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter,
as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

 

Section 12.1 No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such,
of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no
such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors
as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director
as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

 

    	 	-26-	 

     

    

 

ARTICLE
XIII

MISCELLANEOUS PROVISIONS

 

Section 13.1 Effect on Successors and Assigns.

 

All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether
so expressed or not.

 

Section 13.2 Actions by Successor.

 

Any act or
proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation
that shall at the time be the lawful successor of the Company.

 

Section 13.3 Surrender of Company Powers.

 

The Company
by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers
reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.4 Notices.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given,
made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may
be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the
Company with the Trustee), as follows:

 

Any notice,
election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of
the Trustee.

 

Section 13.5 Governing Law.

 

This Indenture
and each Security shall be deemed to be a contract made under the internal laws of the State of Delaware, and for all purposes shall be
construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

Section 13.6 Treatment of Securities as Debt.

 

It is intended
that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

 

Section 13.7 Certificates and Opinions as to Conditions
Precedent.

 

(a)  
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture
(other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except
that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(b)  
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant
or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
complied with.

 

Section 13.8 Payments on Business Days.

 

Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more
indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date
of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on
the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest
shall accrue for the period after such nominal date.

  

    	 	-27-	 

     

    

 

Section 13.9 Conflict with Trust Indenture Act.

 

If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
such imposed duties shall control.

 

Section 13.10 Counterparts.

 

This Indenture may be executed
in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument.

 

Section 13.11 Separability.

 

In case any
one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

 

Section 13.12 Compliance Certificates.

 

The Company
shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding,
an officer’s certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal
year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this
Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12,
such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the
officer of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any
such Default or Event of Default and its status.

 

ARTICLE XIV

SUBORDINATION
OF SECURITIES

 

Section 14.1 Subordination Terms.

 

The payment by the Company of the
principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth
in an indenture supplemental hereto relating to such series.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	NEXGEL, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	[TRUSTEE], as Trustee
	 	 	 
	 	By:	
	 	Name:
	 	Title:

 

 

    	 	-28-Exhibit 10.1 

 

NexGel, Inc.

Up to $2,700,000 Shares of Common Stock

 

Equity Distribution Agreement

April 13, 2022

 

Maxim Group LLC

300 Park Avenue, 16th Floor

New York, New York 10022

 

Ladies and Gentlemen:

 

NexGel, Inc., a Delaware corporation
(the "Company"), proposes to issue and sell through Maxim Group LLC (the "Agent"), as
exclusive sales agent, shares of common stock, par value $0.001 per share ("Common Stock"), of the Company (the
 "Shares") having an aggregate offering price of up to $2,700,000 on terms set forth herein. The Shares consist
entirely of authorized but unissued shares of Common Stock to be issued and sold by the Company.

 

The Company hereby confirms
its agreement with the Agent (this "Agreement") with respect to the sale of the Shares.

 

		1.	Representations and Warranties of the Company.

 

(a)       The
Company represents and warrants to, and agrees with, the Agent as follows:

 

(i)                
The Company has filed, or shall file, in accordance with the provisions of the Securities Act of 1933, as amended and the
rules and regulations thereunder (the "Rules and Regulations"
and collectively with the Securities Act of 1933, the "Securities Act"), with the Securities and Exchange
Commission (the “Commission”), a registration statement on Form S-3, including a base prospectus, relating to
certain securities including the Shares to be issued from time to time by the Company, and which incorporates by reference documents that
the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended and the rules
and regulations thereunder (the “Exchange Act”). The Company has prepared a Prospectus Supplement to the Base
Prospectus included as part of such registration statement specifically relating to the Shares. The 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 Shares.. Except where the context otherwise requires,
 "Registration Statement," as used herein, means the registration statement referred to herein, as amended at the
time of such registration statement's effectiveness for purposes of Section 11 of the Securities Act, as such section applies to the Agent,
including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information
contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act, to
the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Securities Act, to be part of the registration statement
at such time, and (3) any registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities
Act (the "462(b) Registration Statement"). Except where the context otherwise requires, "Base Prospectus,"
as used herein, means the base prospectus filed as part of the Registration Statement, together with any amendments or supplements thereto
as of the date of this Agreement. Except where the context otherwise requires, "Prospectus Supplement," as used
herein, means the most recent prospectus relating to the Shares, filed or to be filed by the Company with the Commission as part of the
Base Prospectus pursuant to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement. Except where the
context otherwise requires, "Prospectus," as used herein, means the Prospectus Supplement together with the Base
Prospectus attached to or used with the Prospectus Supplement, as may be amended or supplemented from time to time. "Permitted
Free Writing Prospectus," as used herein, means the documents, if any, listed on Schedule A attached hereto and, after
the date hereof, any "issuer free writing prospectus" as defined in Rule 433 of the Securities Act, that is expressly agreed
to by the Company and the Agent in writing to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement,
the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and
include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 12 of Form
S-3 (the "Incorporated Documents"), including, unless the context otherwise requires, the documents, if any, filed
as exhibits to such Incorporated Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b)
Registration Statement, the Base Prospectus, 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 its Electronic Data Gathering, Analysis and Retrieval System ("EDGAR").
All references in this Agreement to financial statements and schedules and other information which is "described," "contained,"
 "included" or "stated" in the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other
information which is incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the
Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be. Any reference herein
to the terms "amend," "amendment" or "supplement" with respect
to the Registration Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free Writing Prospectus
shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder (collectively, the "Exchange Act") on or after the initial effective date of the Registration
Statement, or the date of such Base Prospectus, the Prospectus, the Prospectus Supplement or such Permitted Free Writing Prospectus, if
any, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3. "Time
of Sale" means each time a Share is purchased pursuant to this Agreement.

 

     

     

    

 

(ii)             
(A)The
Registration Statement complies as of the date hereof, and will comply upon the effectiveness of the Registration Statement and any amendment
thereto and at each Time of Sale and each Settlement Date (as applicable), in all material respects, with the requirements of the Securities
Act; at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the "Prospectus Delivery
Period"), the Registration Statement, as may be amended, will comply, in all material respects, with the requirements of
the Securities Act; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby
(the "Offering") have been satisfied, subject to the limitations required by General Instruction I.B.6 of Form
S-3, if applicable; the Registration Statement meets, and the Offering complies with, the requirements of Rule 415 under the Securities
Act (including, without limitation, Rule 415(a)(5)); the Registration Statement did not, as of the date hereof, and will not, as of the
effective date of the Registration Statement or any amendment thereto, at each Time of Sale, if any, and at all times during a Prospectus
Delivery Period, 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.

 

(B)       The
Prospectus, as of the date of the Prospectus Supplement, as of the date hereof (if filed with the Commission on or prior to the date hereof),
at each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, complied, complies or
will comply, in all material respects, with the requirements of the Securities Act; and the Prospectus, and each supplement thereto, as
of their respective dates, at each Settlement Date or Time of Sale (as applicable), and at all times during a Prospectus Delivery Period,
did not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

 

     

     

    

 

(C)
       Each Permitted Free Writing Prospectus, if any, as of its
date and as of each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period (when taken
together with the Prospectus at such time) will not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

The representations and warranties set
forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in the Registration Statement, the Base Prospectus,
the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Agent that
is furnished in writing by or on behalf of the Agent expressly for use in the Registration Statement, the Base Prospectus, the Prospectus
or such Permitted Free Writing Prospectus, if any, it being understood and agreed that only such information furnished by the Agent as
of the date hereof consists of the information described in Section 5(b)(ii).

 

(iii)           
 Prior to the execution of this Agreement, the Company has not,
directly or indirectly, offered or sold any Shares by means of any "prospectus" (within the meaning of the Securities Act) or
used any "prospectus" (within the meaning of the Securities Act) in connection with the Offering, in each case other than the
Base Prospectus or any Permitted Free Writing Prospectus; the Company has not, directly or indirectly, prepared, used or referred to any
Permitted Free Writing Prospectus except in compliance with Rules 164 and 433 under the Securities Act; assuming that a Permitted Free
Writing Prospectus, if any, is sent or given after the Registration Statement was filed with the Commission (and after such Permitted
Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission), the Company
will satisfy the provisions of Rule 164 or Rule 433 necessary for the use of a free writing prospectus (as defined in Rule 405) in connection
with the Offering; the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities
Act are satisfied, and the registration statement relating to the Offering, as initially filed with the Commission, includes a prospectus
that, other than by reason of Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities
Act; neither the Company nor the Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from
using, in connection with the Offering, "free writing prospectuses" (as defined in Rule 405 under the Securities Act) pursuant
to Rules 164 and 433 under the Securities Act; the Company is not an "ineligible issuer" (as defined in Rule 405 under the Securities
Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities Act with respect to the offering
of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and all "road
shows" (as defined in Rule 433 under the Securities Act) related to the Offering is solely the property of the Company.

 

     

     

    

 

(iv)            
Each Permitted Free Writing Prospectus, as of its issue date, each
Time of Sale and each Settlement Date occurring after such issue date and at all subsequent times through the Prospectus Delivery Period
(as defined below) or until any earlier date that the Company notified or notifies the Agent as described in Section 3(c)(iii),
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the
Registration Statement, any Base Prospectus or the Prospectus. The foregoing sentence does not apply to statements in or omissions from
any Permitted Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically
for use therein, it being understood and agreed that the only such information furnished by the Agent as of the date hereof consists of
the information described in Section 5(b) (ii).

 

(v)              
The financial statements, including the notes thereto, and the
supporting schedules incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the
requirements of the Securities Act, the Exchange Act and the Rules and Regulations, and present fairly the financial condition of the
Company and its subsidiaries (as identified in the Registration Statement and Prospectus, the “Subsidiaries”)
and financial position as of the dates indicated and the cash flows and results of operations for the periods specified of the Company.
Except as otherwise stated in the Registration Statement and the Prospectus, said financial statements have been prepared in conformity
with United States generally accepted accounting principles ("GAAP") applied on a consistent basis throughout
the periods involved. Any selected financial data and summary financial information included in the documents in the Registration Statement
and in the Prospectus constitute or will constitute a fair summary of the information purported to be summarized and have been compiled
on a basis consistent with that of the audited financial statements included in the Registration Statement. No other financial statements
or supporting schedules are required to be included or incorporated by reference in the Registration Statement or the Prospectus. All
disclosures, if any, contained in the Registration Statement or the Prospectus or incorporated by reference therein regarding “non-GAAP
financial measures” (as such term is defined by the applicable rules and regulations of the Commission) comply, in all material
respects, with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act to the extent applicable. The other
financial information included in the Registration Statement and the Prospectus present fairly the information included therein and have
been prepared on a basis consistent with that of the financial statements that are included in the Registration Statement and the Prospectus
and the books and records of the Company. 

 

     

     

    

 

(vi)            
The Company and each of its Subsidiaries has been duly incorporated
and validly exists as a corporation in good standing under the laws of its jurisdiction of incorporation. The Company and each of its
Subsidiaries has all requisite corporate power and authority to own, lease and operate its respective properties and carry on its business
as it is currently being conducted and as described in the Registration Statement and the Prospectus. The Company and each of its Subsidiaries
is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the character or location
of its properties (owned, leased or licensed) or the nature or conduct of its business makes such qualification necessary, except, in
each case, for those failures to be so qualified or in good standing which (individually or in the aggregate) would not reasonably be
expected to have a Material Adverse Effect (as defined below).

 

(vii)         
All of the issued shares of capital stock of the Company have been
duly authorized and validly issued and are fully paid and nonassessable, have been issued in compliance in all material respects with
all applicable federal and state securities laws and none of those shares was issued in violation of any preemptive rights, rights of
first refusal or other similar rights to the extent any such rights were not waived; the Shares have been duly authorized and, when issued
and delivered against payment therefor as provided in this Agreement, will be validly issued, fully paid and non-assessable, and the issuance
of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights that have not heretofore been waived
(with copies of such waivers provided or made available to the Agent). The Shares conform in all material respects to the descriptions
thereof contained in the Registration Statement and the Prospectus under the heading "Description of Capital Stock."

 

(viii)       
Turner, Stone & Company, L.L.P. (the "Auditor"),
whose reports relating to the Company are incorporated by reference into the Registration Statement and the Prospectus, is an independent
registered public accounting firm as required by the Securities Act, the Exchange Act and the Rules and Regulations and the Public Company
Accounting Oversight Board (the "PCAOB"). To the Company's knowledge, the Auditor is not in violation of the auditor
independence requirements of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") as such requirements pertain to
the Auditor's relationship with the Company. Except as disclosed in the Registration Statement and the Prospectus, and except for any
such non-audit services that were pre-approved by the Audit Committee of the Company's Board of Directors in accordance with Sections
10A(h) and (i) of the Exchange Act, the Auditor has not, during the periods covered by the financial statements included in the Registration
Statement and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.

 

     

     

    

 

(ix)            
Subsequent to the respective dates as of which information is presented
in the Registration Statement and the Prospectus, and except as disclosed in the Registration Statement and the Prospectus: (i) the Company
(including its Subsidiaries) has not declared, paid or made any dividends or other distributions of any kind on or in respect of its capital
stock, and (ii) there has been no material adverse change or, to the Company's knowledge, any development which could reasonably be expected
to result in a material adverse change in the future, whether or not arising from transactions in the ordinary course of business, in
or affecting: (A) the business, condition (financial or otherwise), results of operations, stockholders' equity, properties or prospects
of the Company or its Subsidiaries; (B) the long-term debt or capital stock of the Company or its Subsidiaries; or (C) the Offering or
consummation of any of the other transactions contemplated by this Agreement, the Registration Statement and the Prospectus (a "Material
Adverse Effect"). Since the date of the latest balance sheet included in the Registration Statement and the Prospectus, the
Company (including its Subsidiaries) has not incurred or undertaken any liabilities or obligations, whether direct or indirect, liquidated
or contingent, matured or unmatured, or entered into any transactions, including any acquisition or disposition of any business or asset,
which are material to the Company, except (I) for liabilities, obligations and transactions which are disclosed in the Registration Statement
and the Prospectus and (II) as would not be reasonably expected (individually or in the aggregate) to result in a Material Adverse Effect.

 

(x)              
There are no statutes, regulations, contracts or documents that are required to be described in the Registration Statement
and the Prospectus or to be filed as exhibits to the Registration Statement by the Securities Act that have not been so described or filed.

 

(xi)            
Neither the Company nor any of its Subsidiaries is: (i) in violation
of its certificate of incorporation or bylaws or other organizational documents, (ii) in default under any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its property
or assets is subject; and no event has occurred which, with notice or lapse of time or both, would constitute a default under or result
in the creation or imposition of any lien, security interest, charge or other encumbrance (a "Lien") upon any
of its property or assets pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
it is a party or by which it is bound or to which any of its property or assets is subject, or (iii) in violation in any respect of any
applicable law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental
agency or body, foreign or domestic, except, in the case of subsections (ii) and (iii) above, for such violations, defaults or Liens which
(individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect.

 

     

     

    

 

(xii)         
The Company has all requisite corporate power and authority to
execute and deliver this Agreement and all other agreements, documents, certificates and instruments required to be delivered pursuant
to this Agreement. The Company's execution, delivery and performance under this Agreement and each of the transactions contemplated hereby
have been duly authorized by all necessary corporate action. This Agreement has been duly and validly executed and delivered by the Company
and constitutes the legal, valid and binding obligation of the Company and is enforceable against the Company in accordance with its terms,
except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights
generally; (ii) as enforceability of any indemnification or contribution provision may be limited under federal and state securities laws;
and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses
and to the discretion of the court before which any proceeding therefor may be brought.

 

(xiii)       
The execution, delivery and performance of this Agreement and all
other agreements, documents, certificates and instruments required to be delivered pursuant to this Agreement and the consummation of
the transactions contemplated hereby do not and will not: (i) conflict with, require consent under or result in a breach of any of the
terms and provisions of, or constitute a default (or an event which with notice or lapse of time, or both, would constitute a default)
under, or result in the creation or imposition of any Lien upon any property or assets of the Company pursuant to, any indenture, mortgage,
deed of trust, loan agreement or other agreement, instrument, franchise, license or permit to which the Company is a party or by which
the Company or any of its properties, operations or assets may be bound, (ii) violate or conflict with any provision of the certificate
of incorporation, bylaws or other organizational documents of the Company, or (iii) violate or conflict with any applicable law, rule,
regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body,
domestic or foreign, except in the case of subsections (i) and (iii) for any default, conflict, violation or Lien for which the Company
has received a waiver or that would not reasonably be expected to result in a Material Adverse Effect.

 

     

     

    

 

(xiv)        
Except as disclosed in the Registration Statement and the Prospectus,
the Company and each of its Subsidiaries has all consents, approvals, authorizations, orders, registrations, qualifications, licenses,
filings, grants, certificates and permits of, with and from all judicial, regulatory and other legal or governmental agencies, self-regulatory
agencies, authorities and bodies and all third parties, foreign and domestic, including, without limitation, the U.S. Food and Drug Administration
("FDA") or equivalent in non-U.S. jurisdictions (collectively, the "Consents"), to own,
lease and operate its properties and conduct its business as it is now being conducted and as disclosed in the Registration Statement
and the Prospectus, and each such Consent is valid and in full force and effect, except which (individually or in the aggregate), in each
such case, would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received
notice of any investigation or proceedings which results in or, if decided adversely to the Company or such Subsidiary, could reasonably
be expected to result in, the revocation of, or imposition of a restriction on, any Consent, except such restriction or revocation of
such Consent which (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. No Consent contains
any material restriction not adequately disclosed in the Registration Statement and the Prospectus.

 

(xv)          
The Company and each of its Subsidiaries are in compliance with
all applicable laws, rules, regulations, ordinances, directives, judgments, decrees and orders, foreign and domestic, except for any non-compliance
the consequences of which would not have a Material Adverse Effect.

 

(xvi)        
The Company hereby agrees to use reasonable best efforts to obtain
approval of the Shares for listing on the NASDAQ Capital Market, subject to official notice of issuance (the "Exchange").
The Company has taken no action designed to, or likely to have the effect of, delisting the Shares nor, except as disclosed in the Registration
Statement and the Prospectus, has the Company received any notification that the Exchange is contemplating terminating such listing.

 

(xvii)     
No consents, approvals, authorizations, orders, registrations,
qualifications, licenses, filings, grants, certifications and permits of, with or from any judicial, regulatory or other legal or governmental
agency or body or any third party, foreign or domestic is required for the execution, delivery and performance of this Agreement or consummation
of each of the transactions contemplated by this Agreement, including the issuance, sale and delivery of the Shares to be issued, sold
and delivered hereunder, except (i) such as may have previously been obtained (with copies of such consents provided to the Agent), each
of which is in full force and effect as of the date hereof, (ii) the registration under the Securities Act of the Shares, which has become
effective and which remains in full force and effect as of the date hereof, (iii) such consents as may be required under state securities
or blue sky laws or the bylaws and rules of the Exchange, and (iv) by the Financial Industry Regulatory Authority, Inc. ("FINRA")
in connection with the purchase and distribution of the Shares by the Agent.

 

     

     

    

 

(xviii)   
Except as disclosed in the Registration Statement and the Prospectus,
there is no judicial, regulatory, arbitral or other legal or governmental proceeding or other litigation or arbitration, domestic or foreign,
pending to which the Company or any of its Subsidiaries is a party or of which any property, operations or assets of the Company or its
Subsidiaries is the subject which (i) individually or in the aggregate, if determined adversely to the Company or applicable Subsidiary
would reasonably be expected to have a Material Adverse Effect, or (ii) is reasonably likely to materially and adversely affect the consummation
of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder. To the Company's knowledge,
no such proceeding, litigation or arbitration is threatened or contemplated against the Company or its Subsidiaries.

 

(xix)        
The statistical, industry-related and market-related data included
in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes
are reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources, to the extent required,
except for such failures to obtain written consent which (individually or in the aggregate) would not reasonably be expected to have a
Material Adverse Effect.

 

(xx)          
Except as disclosed in the Registration Statement and the Prospectus,
the Company has established and maintains disclosure controls and procedures over financial reporting (as defined in Rules 13a-15 and
15d-15 under the Exchange Act) and such controls and procedures are designed to ensure that information relating to the Company required
to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management,
including its principal executive and financial officer, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the
Registration Statement and in the Prospectus.

 

(xxi)        
Except as disclosed in the Registration Statement and the Prospectus,
neither the board of directors nor the audit committee has been informed, nor is the Company aware, of: (i) any significant deficiencies
or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the Company's ability to record, process, summarize and report financial information; or (ii) any fraud, whether or not material,
that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

 

     

     

    

(xxii)     
The Company has not taken, directly or indirectly, any action which
constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization
or manipulation of the price of any security to facilitate the sale or resale of the Shares.

 

(xxiii)   
Neither the Company nor any of its Affiliates (within the meaning
of the Securities Act) has, prior to the date hereof, made any offer or sale of any securities which are required to be "integrated"
pursuant to the Securities Act or the Rules and Regulations with the offer and sale of the Shares pursuant to the Registration Statement.
Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Affiliates has sold or issued
any securities during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule
144A, Regulation D or Regulation S under the Securities Act, other than shares of Common Stock issued pursuant to equity incentive plans,
employee stock purchase plans, employee benefit plans, qualified stock option plans or employee compensation plans or pursuant to outstanding
options, convertible notes, convertible preferred stock, rights or warrants to purchase shares of Common Stock.

 

(xxiv)    
To the knowledge of the Company, the biographies of the Company's
officers and directors incorporated into the Registration Statement are true and correct in all material respects and the Company has
not become aware of any information which would cause the information disclosed in the questionnaires previously completed by the directors
and officers of the Company to become inaccurate and incorrect in any material respect.

 

(xxv)      
To the knowledge of the Company, no director or officer of the
Company is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially
affect his or her ability to be and act in his or her respective capacity of the Company.

 

(xxvi)    
The Company is not and, at all times up to and including the consummation
of the transactions contemplated by this Agreement, and after giving effect to application of the Net Proceeds (as defined below), will
not be, subject to registration as an "investment company" under the Investment Company Act of 1940, as amended, and is not
and will not be an entity "controlled" by an "investment company" within the meaning of such act.

 

     

     

    

 

(xxvii) 
No relationship, direct or indirect, exists between or among any
of the Company or, to the Company's knowledge, any Affiliate of the Company, on the one hand, and any director, officer, stockholder,
customer or supplier of the Company or, to the Company's knowledge, any Affiliate of the Company, on the other hand, which is required
by the Securities Act, the Exchange Act or the Rules and Regulations to be described in the Registration Statement or the Prospectus which
is not so described as required. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary
course of business) or guarantees of indebtedness by the Company to or for the benefit of any of the officers or directors of the Company
or any of their respective family members, except as described in the Registration Statement and the Prospectus. The Company has not,
in violation of Sarbanes-Oxley, directly or indirectly extended or maintained credit, arranged for the extension of credit, or renewed
an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company.

 

(xxviii)                       
Except as disclosed in the Registration Statement and the Prospectus,
the Company is in compliance with the rules and regulations promulgated by The NASDAQ Stock Market LLC or any other governmental or self-regulatory
entity or agency having jurisdiction over the Company, except for such failures to be in compliance which (individually or in the aggregate)
would not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing: (i) all members
of the Company's board of directors who are required to be "independent" (as that term is defined under the rules of The NASDAQ
Stock Market LLC), including, without limitation, all members of the audit committee of the Company's board of directors, meet the qualifications
of independence as set forth under applicable laws, rules and regulations and (ii) the audit committee of the Company's board of directors
has at least one member who is an "audit committee financial expert" (as that term is defined under applicable laws, rules and
regulations).

 

(xxix)    
The Company and each of its Subsidiaries owns or leases all such
properties (other than intellectual property, which is covered below) as are necessary to the conduct of its business as presently operated
and as described in the Registration Statement and the Prospectus. The Company and each of its Subsidiaries has good and marketable title
in fee simple to all real property and good and marketable title to all personal property owned by it, in each case free and clear of
all Liens except such as are described in the Registration Statement and the Prospectus or such as would not (individually or in the aggregate)
have a Material Adverse Effect. Any real property and buildings held under lease or sublease by the Company or its Subsidiaries are held
by it under valid, subsisting and, to the Company's knowledge, enforceable leases with such exceptions as are not material to, and do
not materially interfere with, the use made and proposed to be made of such property and buildings by the Company or its Subsidiaries.
Neither the Company nor its Subsidiaries has received any written notice of any claim adverse to its ownership of any real or material
personal property or of any claim against the continued possession of any real property, whether owned or held under lease or sublease
by the Company or its Subsidiaries, except for such claims that, if successfully asserted against the Company or its Subsidiaries, would
not (individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.

 

     

     

    

 

(xxx)      
The Company (including all of its Subsidiaries): (i) owns, possesses
or has the right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark
registrations, copyrights, licenses, formulae, customer lists and know-how and other intellectual property (including trade secrets and
other unpatented and/or unpatentable proprietary or confidential information, systems or procedures, "Intellectual Property")
necessary for the conduct of its businesses as being conducted and as described in the Registration Statement and the Prospectus, except
as disclosed in the Registration Statement or the Prospectus, and (ii) has no knowledge that the conduct of its business conflicts or
will conflict with the rights of others, and it has not received any written notice of any claim of conflict with, any right of others.
To the Company's knowledge, there is no infringement by third parties of any such Intellectual Property. There is no pending or, to the
Company's knowledge, threatened, action, suit, proceeding or claim by others challenging the Company's rights in or to any such Intellectual
Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; and there is no pending or,
to the Company's knowledge, threatened, action, suit, proceeding or claim by others that the Company infringes or otherwise violates any
patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any other fact which would
form a reasonable basis for any such claim. Except as set forth in the Registration Statement and the Prospectus, the Company has not
received any claim for royalties or other compensation from any person, including any employee of the Company who made inventive contributions
to Company's technology or products that are pending or unsettled, and except as set forth in the Registration Statement and the Prospectus
the Company does not and will not have any obligation to pay royalties or other compensation to any person on account of inventive contributions.

 

     

     

    

 

(xxxi)    
The agreements and documents described in the Registration Statement
and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other
documents required by the applicable provisions of the Securities Act to be described in the Registration Statement or the Prospectus
or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement
or other instrument (however characterized or described) to which the Company (or its Subsidiaries) is a party or by which its property
or business is or may be bound or affected and (i) that is referred to in the Registration Statement or the Prospectus or attached as
an exhibit thereto, or (ii) is material to the Company's business, has been duly and validly executed by the Company, is in full force
and effect in all material respects and is enforceable against the Company in accordance with its terms, except (x) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability
of any indemnification or contribution provision may be limited under the foreign, federal and state securities laws, and (z) that the
remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought, and none of such agreements or instruments has been assigned
by the Company (including any Subsidiaries), and neither the Company nor, to the Company's knowledge, any other party is in material breach
or default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or
both, would constitute a breach or default thereunder, in any such case, which would result in a Material Adverse Effect.

 

(xxxii) 
The disclosures in the Registration Statement and the Prospectus
concerning the effects of foreign, federal, state and local regulation on the Company's business as currently contemplated are correct
in all material respects.

 

(xxxiii)                       
The Company has accurately prepared and filed all federal, state,
foreign and other tax returns that are required to be filed by it through the date hereof, or has received timely extensions thereof,
except where the failure to so file would not (individually or in the aggregate) reasonably be expected to have a Material Adverse Effect,
and has paid or made provision for the payment of all material taxes, assessments, governmental or other similar charges, including without
limitation, all sales and use taxes and all taxes which the Company is obligated to withhold from amounts owing to employees, creditors
and third parties, with respect to the periods covered by such tax returns, whether or not such amounts are shown as due on any tax return
(except as currently being contested in good faith and for which reserves required by GAAP have been created in the financial statements
of the Company) and except for such taxes, assessments, governmental or other similar charges the nonpayment of which would not (individually
or in the aggregate) reasonably be expected to have a Material Adverse Effect. No deficiency assessment with respect to a proposed adjustment
of the Company's federal, state, local or foreign taxes is pending or, to the Company's knowledge, threatened. The accruals and reserves
on the books and records of the Company in respect of tax liabilities for any taxable period not finally determined are adequate to meet
any assessments and related liabilities for any such period and, since the date of the Company's most recent audited financial statements,
the Company has not incurred any material liability for taxes other than in the ordinary course of its business. There is no tax lien,
whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of the
Company.

 

     

     

    

 

(xxxiv)
No labor disturbance or dispute by or with the employees of the Company which,
individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, currently exists or, to the Company's
knowledge, is threatened. The Company is in compliance in all material respects with the labor and employment laws and collective bargaining
agreements and extension orders applicable to its employees.

 

(xxxv)  
Except as would not be reasonably expected, individually or in
the aggregate, to have a Material Adverse Effect, the Company (and its Subsidiaries) is in compliance with all material Environmental
Laws (as hereinafter defined), and, to the Company's knowledge, no future material expenditures are or will be required in order to comply
therewith. The Company has not received any written notice or communication that relates to or alleges any actual or potential violation
or failure to comply with any Environmental Laws that would, individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect. As used herein, the term "Environmental Laws" means all applicable laws and regulations, including
any licensing, permits or reporting requirements, and any action by a federal, state or local government entity, pertaining to the protection
of the environment, protection of public health, protection of worker health and safety, or the handling of hazardous materials, including
without limitation, the Clean Air Act, 42 U.S.C. § 7401, et seq., the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, 42 U.S.C. § 9601, et seq., the Federal Water Pollution Control Act, 33 U.S.C. § 1321, et seq., the Hazardous Materials
Transportation Act, 49 U.S.C. § 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. § 690-1, et seq., and the
Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.

 

(xxxvi)
As to each product or product candidate subject to the jurisdiction of the U.S.
Food and Drug Administration (FDA) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder ("FDCA")
and/or the jurisdiction of the non-U.S. counterparts thereof that is currently being tested by the Company (or any of its Subsidiaries)
(each such product, a "Product"), such Product is being tested by the Company in compliance with all applicable
requirements under FDCA and/or and similar laws, rules and regulations relating to registration, investigational use, premarket clearance,
licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing,
quotas, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse
Effect. Except as disclosed in the Registration Statement and the Prospectus, the Company currently has no products that have been approved
by the FDA or any non-U.S. counterparts thereof to be manufactured, packaged, labeled, distributed, sold and/or marketed. Except as disclosed
in the Registration Statement or the Prospectus, there is no pending, completed or, to the Company's knowledge, threatened, action (including
any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company
and the Company has not received any written notice, warning letter or other communication from the FDA or any other governmental entity
or any non-U.S. counterparts thereof, in either case which (i) contests the premarket clearance, licensure, registration or approval of,
the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any
Product, (ii) imposes a clinical hold on any clinical investigation by the Company, (iii) enters or proposes to enter into a consent decree
of permanent injunction with the Company, or (iv) otherwise alleges any violation of any laws, rules or regulations by the Company, and
which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA and
non-U.S. counterparts thereof. The Company has not been informed by the FDA or any non-U.S. counterparts thereof that such agency will
prohibit the marketing, sale, license or use of any Product nor has the FDA or a non-U.S. counterpart thereof provided any written notice
that could reasonably be expected to preclude the approval or the clearing for marketing of any Product.

 

     

     

    

 

(xxxvii)  The clinical, pre-clinical and other studies and tests ("Studies")
conducted by or on behalf of or sponsored by the Company (including its Subsidiaries) that are described or referred to in the Registration
Statement and the Prospectus were and, if still pending, are, being conducted in accordance with all applicable statutes, laws, rules
and regulations (including, without limitation, those administered by the FDA or by any foreign, federal, state or local governmental
or regulatory authority performing functions similar to those performed by the FDA), as well as the protocols, procedures and controls
designed and approved for such Studies and with standard medical and scientific research procedures, except where the failure to be so
conducted would not have a Material Adverse Effect. The descriptions of the results of such Studies that are described or referred to
in the Registration Statement and the Prospectus are accurate and complete in all material respects and fairly present the data derived
from such Studies. Except as disclosed in the Registration Statement and the Prospectus, the Company has not received any written notices
or other correspondence from the FDA or any other foreign, federal, state or local governmental or regulatory authority performing functions
similar to those performed by the FDA requiring the termination or suspension of such Studies, other than ordinary course communications
with respect to modifications in connection with the design and implementation of such Studies.

 

(xxxviii) Except as would not result in a Material Adverse Effect, the Company
(including its Subsidiaries) has not failed to file with the applicable regulatory authorities (including the FDA or any foreign, federal,
state or local governmental or regulatory authority performing functions similar to those performed by the FDA and having jurisdiction
over the Company) any filing, declaration, listing, registration, report or submission that is required to be so filed for the Company's
business operation as currently conducted. All such filings were in material compliance with applicable laws when filed and no material
deficiencies have been asserted in writing by any applicable regulatory authority (including, without limitation, the FDA or any foreign,
federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA) with respect
to any such filings, declarations, listings, registrations, reports or submissions.

 

(xxxix)
The Registration Statement and the Prospectus identify each employment, severance
or other similar agreement, arrangement or policy and each material arrangement providing for insurance coverage, benefits, bonuses, stock
options or other forms of incentive compensation, or post-retirement insurance, compensation or benefits which: (i) is entered into, maintained
or contributed to, as the case may be, by the Company and (ii) covers any officer or director or former officer or former director of
the Company, in each case to the extent required by the Rules and Regulations. These contracts, plans and arrangements are referred to
collectively in this Agreement as the "Benefit Arrangements." Each Benefit Arrangement has been maintained in
material compliance with its terms and with requirements prescribed by any and all statutes, orders, rules and regulations that are applicable
to that Benefit Arrangement in each case except where the failure to comply is not reasonably likely to have a Material Adverse Effect.

 

     

     

    

 

(xl)  Except as set forth in the Registration Statement or the Prospectus,
the Company is not a party to or subject to any employment contract or arrangement providing for annual future compensation, or the opportunity
to earn annual future compensation (whether through fixed salary, bonus, commission, options or otherwise) of more than $120,000 to any
executive officer or director.

 

(xli) The conditions for use of Form S-3 to register the Offering under
the Securities Act, as set forth in the General Instructions to such Form, have been satisfied.

 

(xlii) Except as disclosed in the Registration Statement and the Prospectus,
neither the execution of this Agreement nor the consummation of the Offering, constitutes a triggering event under any Benefit Arrangement
or any other employment contract, whether or not legally enforceable, which (either alone or upon the occurrence of any additional or
subsequent event) will or may result in any payment (of severance pay or otherwise), acceleration, increase in vesting or increase in
benefits to any current or former participant, employee or director of the Company other than an event that is not material to the financial
condition or business of the Company.

 

(xliii)  Neither the Company nor, to the Company's knowledge, any of its
employees or agents, has at any time during the last three (3) years: (i) made any unlawful contribution to any candidate for foreign
office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state governmental
officer or official or other person charged with similar public or quasi-public duties in the United States, other than payments that
are not prohibited by the laws of the United States or any jurisdiction thereof.

 

(xliv)  The Company has not offered, or caused the Agent to offer, any
Shares to any person or entity with the intention of unlawfully influencing: (i) a supplier of the Company to alter the supplier's level
or type of business with the Company or (ii) a journalist or publication to write or publish favorable information about the Company.

 

(xlv)  The operations of the Company are and have been conducted at all
times in compliance in all material respects with applicable financial record keeping and reporting requirements and money laundering
statutes of the United States and, to the Company's knowledge, all other applicable jurisdictions to which the Company is subject, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
applicable governmental agency (collectively, the "Money Laundering Laws"), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering
Laws is pending or, to the Company's knowledge, threatened.

 

     

     

    

 

(xlvi)     
Neither the Company nor, to the Company's knowledge, any director,
officer, agent, employee or Affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department ("OFAC"); and the Company will not directly or indirectly use the
proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or
entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

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

 

(xlviii) 
None of the Company, its directors or officers or, to the Company's
knowledge, any agent, employee, affiliate or other person acting on behalf of the Company has engaged in any activities sanctionable under
the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Sanctions Act of 1996, the National Defense Authorization
Act for Fiscal Year 2012, the Iran Threat Reduction and Syria Human Rights Act of 2012 or any Executive Order relating to any of the foregoing
(collectively, and as each may be amended from time to time, the "Iran Sanctions"); and the Company will not directly
or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of engaging in any activities sanctionable under the Iran Sanctions.

 

     

     

    

 

(xlix)     
Except as described in the Registration Statement and the Prospectus,
there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination
fee by the Company or any officer, director or stockholder of the Company (each, an "Insider") with respect to
the sale of the Shares hereunder or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge,
any of its stockholders that may affect the Agent's compensation, as determined by FINRA. Except as described in the Registration Statement
and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as
a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company
persons who raised or provided capital to the Company; (ii) to any FINRA member; or (iii) to any person or entity that has any direct
or indirect affiliation or association with any FINRA member, within the 180 days prior to the Effective Date. None of the Net Proceeds
will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein. No officer,
director or, to the Company's knowledge, any beneficial owner of 5% or more of the Company's securities (whether debt or equity, registered
or unregistered, regardless of the time acquired or the source from which derived) (any such individual or entity, a "Company
Affiliate") has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with
the rules and regulations of FINRA); no Company Affiliate is an owner of stock or other securities of any member of FINRA (other than
securities purchased on the open market); no Company Affiliate has made a subordinated loan to any member of FINRA; and no Net Proceeds
from the sale of the Shares will be paid to any FINRA member, or any persons associated with or affiliated with any member of FINRA. Except
as disclosed in the Registration Statement and the Prospectus, the Company has not issued any warrants or other securities or granted
any options, directly or indirectly, to anyone who is a potential underwriter in the Offering or a related person (as defined by FINRA
rules) of such an underwriter within the 180-day period prior to the initial filing date of the Registration Statement; no person to whom
securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Registration Statement
has any relationship or affiliation or association with any member of FINRA; and no FINRA member participating in the offering has a conflict
of interest with the Company. For this purpose, a "conflict of interest" has the meaning ascribed to such term in FINRA Rule
5121(f)(5).

 

     

     

    

 

(l)                
The Company has not distributed and will not distribute any prospectus
or other offering material in connection with the Offering other than the Registration Statement and the Prospectus or other materials
permitted by the Securities Act to be distributed by the Company; provided, however, that the Company has not made and will not make any
offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Securities Act,
except any Permitted Free Writing Prospectus.

 

(b) Any certificate signed
by any officer of the Company and delivered to the Agent or the Agent's counsel shall be deemed a representation and warranty by the Company
to Agent as to the matters covered thereby.

 

(c) At the effective date
of the Registration Statement, each Bringdown Date (as hereinafter defined) and each Time of Sale, the Company shall be deemed to have
affirmed each representation and warranty contained in or made pursuant to this Agreement as of such date as though made at and as of
such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus
as amended and supplemented relating to such Shares on such date).

 

(d) As used in this Agreement,
references to matters being "material" with respect to the Company shall mean a material event, change, condition,
status or effect related to the condition (financial or otherwise), properties, assets (including intangible assets), liabilities, business,
prospects, operations or results of operations of the Company, either individually or taken as a whole, as the context requires.

 

(e) As used in this Agreement,
the term "to the Company's knowledge" (or similar language) shall mean the knowledge of the executive officers
and directors of the Company who are named in the Prospectus, with the assumption that such executive officers and directors shall have
made reasonable and diligent inquiry of the matters presented (with reference to what is customary and prudent for the applicable individuals
in connection with the discharge by the applicable individuals of their duties as executive officers or directors of the Company).

 

2.
Purchase, Sale and Delivery of Shares.

 

(a) At the Market Sales.
On the basis of the representations, warranties and agreements herein the Company agrees that, from time to time after the effective date
of the Registration Statement on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting
as sales agent, Shares having an aggregate offering price of up to $2,700,000 (the "Offering Size"); provided,
however, that in no event shall the Company issue or sell through the Agent such number of Shares that (a) exceeds the number or dollar
amount of shares of Common Stock registered on the Registration Statement pursuant to which the Offering is being made, (b) exceeds the
number of authorized but unissued shares of Common Stock under the Company’s Restated Certificate of Incorporation, as amended or
(c) would cause the Company or the Offering to not satisfy the eligibility and transaction requirements for use of Form S-3 (including,
if then applicable, General Instruction I.B.6 of Form S-3) (the lesser of (a), (b) and (c), the "Maximum Amount").
Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in
this Section 2(a) on the number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility
of the Company and the Agent shall have no obligation in connection with such compliance. Notwithstanding the foregoing, the Company agrees
that it will provide the Agent with written notice no less than one (1) business day prior to the date on which it makes the initial sale
of Shares under this Agreement.

 

     

     

    

 

(i)    For purposes of selling the Shares through the Agent, the Company hereby appoints the Agent as exclusive agent of the Company
(including in the event the Company increases the Offering Size) for the purpose of soliciting purchases of the Shares from the Company
pursuant to this Agreement and the Agent agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject
to the conditions stated herein.

 

(ii)   Each time the Company wishes to issue and sell the Shares hereunder (each, a "Transaction"), it
will notify the Agent by telephone (confirmed promptly by e-mail to the appropriate individual listed on Schedule D hereto, using
a form substantially similar to that set forth on Schedule C hereto) (a "Transaction Notice") as to the
maximum number of Shares to be sold by the Agent on such day and in any event not in excess of the amount available for issuance under
the Prospectus and the currently effective Registration Statement, the time period during which sales are requested to be made, any limitation
on the number of shares that may be sold in any one Trading Day (as defined below), and any minimum price below which sales may not be
made. The Transaction Notice shall originate from any of the individuals from the Company set forth on Schedule B (with a copy
to each of the other individuals from the Company listed on such Schedule), and shall be addressed to each of the individuals from the
Agent set forth on Schedule D, as such Schedule D may be amended from time to time. Subject to the terms and conditions
hereof and unless the sale of the Shares described therein has been declined, suspended, or otherwise terminated in accordance with the
terms of this Agreement, the Agent shall promptly acknowledge the Transaction Notice by e-mail (or by some other method mutually agreed
to in writing by the parties) and shall use its commercially reasonable efforts to sell all of the Shares so designated by the Company
in the Transaction Notice and in accordance with the terms set forth herein; provided, however, that any obligation of the Agent to use
such commercially reasonable efforts shall be subject to the continuing accuracy of the representations and warranties of the Company
herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions
specified in Section 4 of this Agreement. The gross sales price of the Shares sold under this Section 2(a) shall be equal
to the market price for the Common Stock sold by the Agent under this Section 2(a) on the NASDAQ Capital Market at the time of
such sale. For the purposes hereof, "Trading Day" means any day on which shares of Common Stock are purchased
and sold on the principal market on which the Common Stock is listed or quoted.

 

     

     

    

 

(iii)  The Company or the Agent may, upon notice to the other party hereto by telephone (confirmed promptly by e-mail to the respective
individuals of the other party set forth on Schedule D hereto, which confirmation shall be promptly acknowledged by the other party),
suspend the Offering for any reason and at any time, whereupon the Agent shall so suspend the offering of Shares until further notice
is provided by the other party to the contrary; provided, however, that such suspension or termination shall not affect
or impair the parties' respective obligations with respect to the Shares sold hereunder prior to the receipt by the Agent of such notice.
Each of the parties agrees that no such notice under this Section 2(a)(iii) shall be effective against the other unless it is made
to one of the individuals named on Schedule D hereto, as such Schedule may be amended from time to time. Notwithstanding the foregoing,
if the Agent suspends the Offering for any three (3) consecutive business days or on more than three (3) separate occasions (in each instance
other than as a result of the Company’s breach of its obligations hereunder), the Company, in its sole discretion, may elect to
terminate this Agreement.

 

(iv)  The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in selling the
Shares, (B) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for
any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices
and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Agent shall be under no obligation
to purchase shares on a principal basis pursuant to this Agreement.

 

(v)   The Agent may sell Shares by any method permitted by law to be an “at-the-market offering” as defined in Rule
415 of the Securities Act including without limitation sales made directly on the NASDAQ Capital Market, on any other existing trading
market for the Common Stock or to or through a market maker. With the prior written consent of the Company, which may be provided in a
Transaction Notice, the Agent may also sell Shares in privately negotiated transactions.

 

     

     

    

 

(vi)    The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be 3.00% (the “Transaction
Fee”) of the gross sales price of all of Shares sold pursuant to this Section 2(a). The remaining proceeds, after
further deduction for any transaction or other fees imposed by any governmental or self-regulatory organization in respect of such sales,
shall constitute the net proceeds to the Company for such Shares (the "Net Proceeds"). The Agent shall notify
the Company as promptly as practicable if any deduction referenced in the preceding sentence will be required.

 

(vii)   In addition, Maxim shall be entitled to a Transaction Fee with respect to any public or private offering or other financing
or capital-raising transaction of any kind (a “Tail Financing”) to the extent such financing or capital is provided
to the Company by investors introduced by Maxim, directly or indirectly, to the Company during the term of this Agreement if such Tail
Financing is consummated at any time within the twelve (12) month period following the expiration or termination of this Agreement. For
the avoidance of doubt, this provision is not intended to and does not extend the right of first refusal period set forth in either Section
14 of that certain Engagement Agreement, dated June 10, 2021 by and between the Company and Maxim or Section 4.20 of that certain Underwriting
Agreement, dated December 21, 2021, by and between the Company and Maxim.

 

(viii)  The Agent shall provide written confirmation to the Company following the close of trading on the NASDAQ Capital Market
each day in which the Shares are sold under this Section 2(a) setting forth the number of the Shares sold on such day, the aggregate
gross sale proceeds, the Net Proceeds to the Company, and the compensation payable by the Company to the Agent with respect to such sales.

 

(ix)     All Shares sold pursuant to this Section 2(a) will be delivered by the Company to Agent for the accounts of the Agent
on the second full business day following the date on which such Shares are sold, or at such other time and date as Agent and the Company
determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery being herein referred to as a "Settlement
Date." On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered
by the Company to the Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be
effected by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee's account (provided the
Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company ("DTC")
or (ii) 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, in return for payment in same day funds delivered to an account designated by
the Company. If the Company or its transfer agent (if applicable) shall default on its obligation to deliver the Shares on any Settlement
Date, the Company shall (A) indemnify and hold the Agent harmless against any loss, claim or damage arising from or as a result of such
default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default. If the Agent
breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares delivered by the Company, the Agent
will pay the Company interest based on the effective prime rate until such proceeds, together with such interest, have been fully paid.

 

     

     

    

 

(x)   Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the
sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all
sales of 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 committee, and notified to the Agent in writing. Under no circumstances
shall the Company cause or request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time
by the Company's board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent
in writing. Further, under no circumstances shall the aggregate offering amount of Shares sold pursuant to this Agreement, including any
separate underwriting or similar agreement covering principal transactions, exceed the Maximum Amount.

 

(xi)  The Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares shall only be effected
by or through the Agent; provided, however, that the foregoing limitation shall not apply to the exercise of any outstanding option or
warrant or conversion of any outstanding convertible preferred stock or convertible notes described in the Registration Statement and
the Prospectus.

 

(b)  Nothing
herein contained shall constitute the Agent an unincorporated association or partner with the Company. Under no circumstances shall any
Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement was first declared effective
by the Commission.

 

     

     

    

 

(c)  Notwithstanding
any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place, and the Company shall not request
the sale of any Shares, and the Agent shall not be obligated to sell, during any period in which the Company is, or could be deemed to
be, in possession of material non-public information.

 

(d)  Unless
the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied with respect to the
Shares, the Company shall give the Agent at least one Business Day’s prior notice of its intent to sell any Shares in order to allow
the Agent time to comply with Regulation M.

 

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

 

(a)  After
the date hereof and through any Prospectus Delivery Period, prior to amending or supplementing the Registration Statement (including any
Rule 462(b) Registration Statement), Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, the Company shall furnish
to the Agent for review a copy of each such proposed amendment or supplement, allow the Agent a reasonable amount of time to review and
comment on such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the
Agent or counsel to the Agent reasonably object; provided that the foregoing shall not apply with regards to the filing by the Company
of any Form 10-K, 10-Q, 8-K, proxy statement or other Incorporated Document. Subject to this Section 3(a), immediately following
execution of this Agreement, if not previously prepared, the Company will prepare a prospectus supplement describing the selling terms
of the Shares hereunder, the plan of distribution thereof and such other information as may be required by the Securities Act or the Rules
and Regulations or as the Agent and the Company may deem appropriate, and if requested by the Agent, a Permitted Free Writing Prospectus
containing the selling terms of the Shares hereunder and such other information as the Company and the Agent may deem appropriate, and
will file or transmit for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus
as supplemented and each such Permitted Free Writing Prospectus.

 

(b)  After
the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any comments of, or requests
for additional or supplemental information from, the Commission (including, for the avoidance of doubt, as it relates to the effectiveness
of the Registration Statement) or for any amendments or supplements to the Registration Statement, the Base Prospectus, the Prospectus
or any Permitted Free Writing Prospectus (excluding any Incorporated Documents), (ii) of the time and date of any filing of any post-effective
amendment to the Registration Statement or any amendment or supplement to any Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus (excluding any Incorporated Documents), (iii) of the time and date that any post-effective amendment to the Registration Statement
becomes effective, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus
or any Permitted Free Writing Prospectus, or (v) of any proceedings to remove, suspend or terminate from listing or quotation the Common
Stock from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening
or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company
may terminate this Agreement. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430B and 430C,
as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule
424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

 

     

     

    

 

(c)  From
the date hereof through the later of (A) the termination of this Agreement and (B) the end of any applicable Prospectus Delivery Period,
the Company will comply in all material respects with all requirements imposed upon it by the Securities Act, as now and hereafter amended,
and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary to permit the continuance
of sales of or dealings in the Shares as contemplated by the provisions hereof, the Base Prospectus, the Prospectus and any Permitted
Free Writing Prospectus. If during any applicable Prospectus Delivery Period any event occurs as a result of which the Base Prospectus,
the Prospectus, or any Permitted Free Writing Prospectus 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 any applicable
Prospectus Delivery Period it is necessary or appropriate in the opinion of the Company or its counsel or in the reasonable opinion of
the Agent or counsel to the Agent to amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted
Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be
incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company will promptly
notify Agent (or the Agent will notify the Company, as applicable), and the Agent shall suspend the offering and sale of any such Shares,
and the Company will amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing
Prospectus or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance
within the time period prescribed by the Securities Act or the Exchange Act.

 

(i)
   In case the Agent is required to deliver (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule), in connection with the sale of the Shares, a Prospectus
after the nine-month period referred to in Section 10(a)(3) of the Securities Act, or after the time a post-effective amendment to the
Registration Statement is required pursuant to Item 512(a) of Regulation S-K under the Securities Act, the Company will prepare, at its
expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be necessary to permit
compliance with the requirements of Section 10(a)(3) of the Securities Act or Item 512(a) of Regulation S-K under the Securities Act,
as the case may be. The Company shall cause each amendment or supplement to any Base Prospectus or 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 which
would be deemed to be incorporated by reference therein, to be filed with the Commission as required pursuant to the Exchange Act, within
the time period prescribed. The Company shall promptly notify the Agent if any Material Contract is terminated or if the other party thereto
gives written notice of its intent to terminate any such Material Contract.

 

(ii)
 If at any time following issuance of a Permitted Free Writing
Prospectus there occurs an event or development as a result of which such Permitted Free Writing Prospectus would conflict with the information
contained in the Registration Statement, the Base Prospectus or the Prospectus, or would include an untrue statement of a material fact
or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
prevailing at that subsequent time, not misleading, the Company promptly will notify the Agent and will promptly amend or supplement,
at its own expense, such Permitted Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

 

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

 

     

     

    

 

(e)  The
Company will furnish to the Agent and counsel for the Agent, to the extent requested, copies of the Registration Statement, the Base Prospectus,
the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available
and in such quantities as the Agent may from time to time reasonably request.

 

(f)   The
Company will make generally available to its security holders as soon as practicable an earnings statement (which need not be audited)
covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.
If the Company makes any public announcement or release disclosing its results of operations or financial condition for a completed quarterly
or annual fiscal period (each, an "Earnings Release") and the Company has not yet filed an Annual Report on Form
10-K or a Quarterly Report on Form 10-Q or a Form 8-K with respect to such information, as applicable, then, prior to any sale of Shares,
the Company shall be obligated to (x) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b),
which prospectus supplement shall include the applicable financial information or (y) file a Report on Form 8-K, which Form 8-K shall
include the applicable financial information.

 

(g)  The
Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to
be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred
in connection with the registration, issue, sale and delivery of the Shares, (ii) all reasonable expenses and fees (including, without
limitation, fees and expenses of the Company's accountants and counsel) in connection with the preparation, printing, filing, delivery,
and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto),
the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement thereto, and the
producing, word-processing, printing, delivery, and shipping of this Agreement and other closing documents, including blue sky memoranda
(covering the states and other applicable jurisdictions) and including the cost to furnish copies of each thereof to the Agent, (iii)
all filing fees, (iv) listing fees, if any, and (v) all other costs and expenses of the Company incident to the performance of its obligations
hereunder that are not otherwise specifically provided for herein (including the costs and expenses related to any investor presentations
or “roadshow” undertaken in connection with marketing of the Shares as agreed to by the Company and expenses and disbursements
relating to background checks of the Company’s officers and directors). The Company shall reimburse the Agent upon request for its
actual, reasonable and documented costs and out-of-pocket expenses incurred in connection with this Agreement, whether or not the transactions
contemplated hereunder are consummated or this Agreement is terminated, including the actual, reasonable and documented fees and out-of-pocket
expenses of its legal counsel, up to $35,000. In addition, the Company shall pay the Agent $2,500 for its legal fees for each Bringdown
Date.

 

     

     

    

 

(h)  The
Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption "Use of Proceeds"
in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.

 

(i)   The
Company will not, without (1) giving the Agent at least five business days' prior written notice specifying the nature of the proposed
sale and the date of such proposed sale, and (2) the Agent suspending activity under this Agreement for such period of time as requested
by the Company or as reasonably deemed appropriate by the Agent in light of the proposed sale, offer for sale, sell, contract to sell,
pledge, grant any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result
in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company
or any Subsidiary, or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to make any such offer,
sale, pledge, grant, issuance or other disposition), of any Common Stock or any securities convertible into or exchangeable for, or any
options or rights to purchase or acquire, Common Stock, or permit the registration under the Securities Act of any Common Stock, such
securities, options or rights, except for (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement,
(ii) the issuance of securities issuable upon exercise or conversion of any options, convertible preferred stock, convertible notes and
warrants that are outstanding as of the date of this Agreement and described in the Registration Statement and the Prospectus, and (iii)
the issuance of securities pursuant to any employee stock incentive plan, stock ownership plan or employee stock purchase plan of the
Company in effect at the time of this Agreement or any compensatory inducement grants made by the Company and approved by the Board consistent
with past practice.

 

(j)   The
Company shall not, at any time at or after the execution of this Agreement, offer or sell any of the Shares by means of any "prospectus"
(within the meaning of the Securities Act), or use any "prospectus" (within the meaning of the Securities Act) in connection
with the offer or sale of the Shares, in each case other than the Prospectus or any Permitted Free Writing Prospectus.

 

(k)  The Company has not taken and will not take, directly or indirectly, any action designed to or which might reasonably be expected to cause
or result in, or which has constituted, (i) the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Shares or (ii) a violation of Regulation M. The Company shall notify the Agent of any violation of Regulation
M by the Company or any of its officers or directors promptly after the Company has received notice or obtained knowledge of any such
violation.

 

     

     

    

 

(l)   The
Company will not incur any liability for any finder's or broker's fee or agent's commission in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby or thereby, except as contemplated herein.

 

(m)  During any applicable
Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic and current reports as required
by the Rules and Regulations.

 

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

 

(o)  Intentionally
omitted.

 

(p)  Each
of the Company and Agent hereby represent and agree that, neither the Company nor the Agent has made and will make any offer relating
to the Shares that would constitute an "issuer free writing prospectus," as defined in Rule 433 under the Securities Act, or
that would otherwise constitute a "free writing prospectus," as defined in Rule 405 under the Securities Act, required to be
filed with the Commission other than a Permitted Free Writing Prospectus. The Company represents that it has treated or agrees that it
will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has complied
and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing
where required, legending and record keeping.

 

     

     

    

 

(q)  (1)
On or prior to the delivery of the first Transaction Notice issued hereunder, the Company shall cause Quick Law Group, P.C., counsel for
the Company, to furnish to the Agent its written opinion and negative assurance letter, in form and substance reasonably acceptable to
the Agent.

 

(2) On each date that the Company
(i) amends or supplements after the effective date of the Registration Statement the Registration Statement or the Prospectus (other than
by means of incorporation by reference); (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files its quarterly reports
on Form 10-Q under the Exchange Act; (iv) files a report under Item 4.02 of Form 8-K under the Exchange Act containing amended financial
information; or (v) otherwise after each reasonable request by Agent (each of such date referred to herein as a "Bringdown
Date"), the Company shall cause Quick Law Group, P.C, counsel for the Company, to furnish to the Agent its negative assurance
letter, in form and substance reasonably acceptable to the Agent, dated as of a date within ten (10) days after the applicable Bringdown
Date, addressed to the Agent and modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented
to the time of delivery of such opinions. With respect to this Section 3(q)(2), in lieu of delivering such opinions or letters
for Bringdown Dates subsequent to the date of effectiveness of the Registration Statement, such counsel may furnish agent with a letter
(a "Reliance Letter") to the effect that Agent may rely upon a prior opinion or letter delivered under Section
3(q)(1) or this Section 3(q)(2) to the same extent as if it were dated the date of such letter (except that statements in such
prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of
Reliance Letter). Provided, however, the requirement to provide opinions and letters under this Section 3(q)(2) is hereby waived
for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to
occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing,
if the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide
Agent with opinions and letters under this Section 3(q)(2), then before the Company delivers the Transaction Notice or Agent sells
any Shares, the Company shall cause Quick Law Group, P.C to furnish to the Agent a written opinion and negative assurance letter, dated
the date of the Transaction Notice.

 

(r)   On
or prior to the delivery of the first Transaction Notice issued hereunder and within ten (10) days after each Bringdown Date, the Company
shall cause the Auditor, or other independent accountants satisfactory to the Agent, to deliver to the Agent (x) a customary comfort letter
(the initial letter, the "Initial Comfort Letter," and each subsequent letter, a "Bringdown
Comfort Letter") addressed to Agent, in form and substance satisfactory to Agent, confirming that they are independent public
accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications
of accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect
to the financial information and other matters and (y) a letter 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 as modified as necessary to relate to the date of such
letter. Provided, however, the requirement to provide a Bringdown Comfort Letter under this Section 3(r) is hereby waived for any
Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue until the earlier to occur of
the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if
the Company subsequently decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide
Agent with a Bringdown Comfort Letter under this Section 3(r), then before the Company delivers the Transaction Notice or Agent
sells any Shares, the Company shall cause the Auditor, or other independent accountants satisfactory to the Agent, to deliver to the Agent
a Bringdown Comfort Letter dated the date of the Transaction Notice.

 

     

     

    

 

(s)  On
or prior to the delivery of the first Transaction Notice issued hereunder and each Bringdown Date, the Company shall furnish to the Agent
an officer's certificate, dated as of a date within ten (10) days after the applicable Bringdown Date and addressed to Agent, signed by
the chief executive officer and by the chief financial officer of the Company, to the effect that:

 

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

 

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

 

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

 

(iv)   Subsequent to the respective dates as of which information is given in the Base Prospectus, the Prospectus or any Permitted
Free Writing Prospectus, as amended and supplemented, and except for pending transactions disclosed therein, the Company has not incurred
any material liabilities or obligations, direct or contingent, or entered into any material transactions, not in the ordinary course of
business, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock, and there has not
been any change in the capital stock or any issuance of options, warrants, convertible securities or other rights to purchase the capital
stock (other than as a result of the exercise of any currently outstanding options, warrants, preferred stock and notes that are disclosed
in the Registration Statement or the Prospectus or the issuance of securities pursuant to the Company's equity incentive plans or employee
stock purchase plans described in the Registration Statement or the Prospectus), or any material change in the short-term or long-term
debt, of the Company, or any Material Adverse Effect or any development that would reasonably be likely to result in a Material Adverse
Effect (whether or not arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident
or other calamity, whether or not covered by insurance, incurred by the Company; and

 

(v)   Except as stated in the Prospectus and any Permitted Free Writing Prospectus, as amended and supplemented, there is not
pending, or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party
before or by any court or governmental agency, authority or body, or any arbitrator, which would reasonably be likely to result in any
Material Adverse Effect;

 

provided, however, the requirement
to provide a certificate under this Section 3(s) is hereby waived for any Bringdown Date occurring at a time at which no Transaction
Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder
and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown
Date when the Company relied on such waiver and did not provide Agent with a certificate under this Section 3(s), then before the
Company delivers the Transaction Notice or Agent sells any Shares, the Company shall provide Agent with a certificate dated the date of
the Transaction Notice.

 

(t)  A
reasonable time prior to each Bringdown Date, the Company, if so requested by the Agent, shall conduct a due diligence session, in form
and substance, satisfactory to the Agent, which shall include representatives of the management and the accountants of the Company.

 

     

     

    

 

(u)  The
Company shall disclose in its annual report on Form 10-K and its quarterly reports on Form 10-Q the number of Shares sold through the
Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares
pursuant to this Agreement.

 

(v)  The
Company shall ensure that there are at all times sufficient shares of Common Stock to provide for the issuance, free of any preemptive
rights, out of its authorized but unissued Common Stock, of the maximum aggregate number of Shares authorized for issuance by the Board
pursuant to the terms of this Agreement. The Company will use its reasonable best efforts to cause the Shares to be listed on the NASDAQ
Capital Market, and to maintain such listing. The Company shall cooperate with Agent and use its reasonable efforts to permit Shares to
be eligible for clearance and settlement through the facilities of DTC.

 

(w)  At
any time during the term of this Agreement, the Company will advise the Agent promptly after it receives notice or obtains knowledge of
any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Agent pursuant
to Section 3.

 

(x)   Subject
to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with applicable securities laws,
the Company consents to the Agent trading in the Common Stock for the Agent's own account and for the account of its clients (in compliance
with all applicable laws) at the same time as sales of the Shares occur pursuant to this Agreement.

 

(y)  If
to the knowledge of the Company, any condition set forth in Section 4 shall not have been satisfied on the applicable Settlement
Date or will not be satisfied on or prior to the date required by this Agreement, the Company will offer to any person who has agreed
to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited by the Agent the right
to refuse to purchase and pay for such Shares.

 

(z)   On
or prior to the delivery of the first Transaction Notice issued hereunder and each Bringdown Date, the Company shall furnish to the Agent
an incumbency certificate, dated as of such date and addressed to Agent, signed by the secretary of the Company.

 

(aa)Each
acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Agent that the representations
and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as
though made at and as of such date, and an undertaking that such representations and warranties will be true and correct as of the Settlement
Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties
shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).

 

     

     

    

 

(bb)During any period
when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied
pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, the Company will file all documents required
to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the regulations
thereunder.

 

(cc)The Company shall
cooperate with Agent and use its reasonable efforts to permit the Shares to be eligible for clearance and settlement through the facilities
of DTC.

 

(dd)The Company will apply
the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(ee)To the extent that
the Registration Statement is not available for the sales of the Shares as contemplated by this Agreement, the Company shall file a new
registration statement with respect to any additional shares of Common Stock necessary to complete such sales of the Shares and shall
cause such registration statement to become effective as promptly as practicable. After the effectiveness of any such registration statement,
all references to “Registration Statement” included in this Agreement shall be deemed to include such new registration statement,
including all documents incorporated by reference therein pursuant to Item 12 of Form S-3, and all references to “Base Prospectus”
included in this Agreement shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference,
included in any such registration statement at the time such registration statement became effective.

 

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

 

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

 

     

     

    

 

(b)   The
Agent shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or any amendment or supplement
thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in the Agent's opinion, is material, or
omits to state a fact which, in the Agent's opinion, is material and is required to be stated therein or is necessary to make the statements
therein (i) with respect to the Registration Statement, not misleading and (ii) with respect to the Base Prospectus, the Prospectus or
any Permitted Free Writing Prospectus, in light of the circumstances under which they were made, not misleading.

 

(c)   Except
as set forth or contemplated in the Prospectus and any Permitted Free Writing Prospectus, subsequent to the respective dates as of which
information is given therein, the Company shall not have incurred any material liabilities or obligations, direct or contingent, or entered
into any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock
and there shall not have been any change in the capital stock, or any issuance of options, warrants, convertible securities or other rights
to purchase the capital stock (other than as a result of the exercise of any currently outstanding options, preferred stock, notes or
warrants that are disclosed in the Registration Statement or the Prospectus or the issuance of securities pursuant to the Company's equity
incentive plans or employee stock purchase plans described in the Registration Statement or the Prospectus), or any material change in
the short-term or long-term debt, of the Company, or any Material Adverse Effect or any development that would be reasonably likely to
result in a Material Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike, fire,
flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company, the effect of which, in any
such case described above, in the Agent's judgment, makes it impractical or inadvisable to offer or deliver the Shares.

 

(d)   The Company shall have performed each of its obligations under Section 3(q).

 

(e)   The
Company shall have performed each of its obligations under Section 3(r).

 

     

     

    

 

(f)    The Company shall have performed each of its obligations under Section 3(s).

 

(g)   FINRA
shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

 

(h)   All
filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement Date shall have been made
within the applicable time period prescribed for such filing by Rule 424.

 

(i)    The
Company shall have furnished to Agent and the Agent's counsel such additional documents, certificates and evidence as they may have reasonably
requested.

 

(j)    Trading
in the Common Stock shall not have been suspended on the NASDAQ Capital Market.

 

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

 

5.
Indemnification and Contribution.

 

(a)   The
Company agrees to indemnify and hold harmless the Agent and each of the other Indemnified Parties (as defined below) from and against
any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all
actions suits proceedings and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving
testimony or furnishing documents in response to subpoena or otherwise (including, without limitation, the costs, expenses and disbursements,
as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation (whether or
not in connection with litigation in which any Indemnified Party is a party)) (collectively, "Losses"), directly
or indirectly, caused by, relating to, based upon, arising out of, or in connection with this Agreement, including, without limitation,
any act or omission by the Agent in connection with its acceptance of or the performance or non-performance of its obligations under the
Agreement, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument,
document or agreement relating thereto, including any agency agreement), or the enforcement by the Agent of its rights under the Agreement
or these indemnification provisions, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction
(not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified
Party seeking indemnification hereunder. The Company also agrees that no Indemnified Party shall have any liability (whether direct or
indirect, in contract or tort or otherwise) to the Company for or in connection with this Agreement for any other reason, except to the
extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have
resulted primarily and directly from such Indemnified Party's gross negligence or willful misconduct This indemnity agreement will be
in addition to any liability that the Company otherwise might have.

 

     

     

    

 

(i)
  These indemnification provisions shall extend to the following
persons (collectively, the "Indemnified Parties"): the Agent, its present and former affiliated entities, managers,
members, officers, employees, legal counsel, agents and controlling persons (within the meaning of the federal securities laws), and the
officers, directors, partners, stockholders, members, managers, employees, legal counsel, agents and controlling persons of any of them.
These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified Party.

 

(ii)
 If any action, suit, proceeding or investigation is commenced,
as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable promptness; provided,
however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder
except to the extent that the Company is actually and materially prejudiced by such failure to notify. An Indemnified Party shall have
the right to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall be borne
by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and
any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified Party made
with the Company's written consent. The Company shall not, without the prior written consent of the Agent, settle or compromise any claim,
or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes,
as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability
in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse
statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of
any Indemnified Party.

 

(iii)  In
order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made
but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may
not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the Company shall
contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company
and its stockholders, Subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only
if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only
the relative benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection
with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable considerations. No person found
liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent
misrepresentation. The relative benefits received (or anticipated to be received) by the Company and its stockholders, Subsidiaries and
affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction
or transactions to which the Agreement relates relative to the amount of fees actually received by the Agent in connection with such transaction
or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount
of fees previously received by the Agent pursuant to the Agreement.

 

     

     

    

 

(b) (i)
The Agent will indemnify and hold harmless the Company and its affiliates and directors and each officer of the Company who signed the
Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act (the "Company Indemnified Parties") from and against any Losses to which the Company or
the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in settlement of any litigation,
if such settlement is effected with the written consent of the Agent), insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission of a material
fact contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted
Free Writing Prospectus, to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made
in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing
Prospectus in reliance upon and in conformity with written information furnished to the Company by Agent expressly for use in the preparation
thereof, it being understood and agreed that the only information furnished by the Agent consists of the information described as such
in Section 5(b)(ii), by the Company in connection with investigating or defending against any such loss, claim, damage, liability
or action. (ii) The Agent confirms and the Company acknowledges that as of the date hereof no information
has been furnished in writing to the Company by or on behalf of the Agent specifically for inclusion in the Registration Statement, any
Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, other than information about the Agent included in the Prospectus
Supplement under the heading "Plan of Distribution".

 

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

 

     

     

    

 

(d)   Neither
the termination of this Agreement nor completion of the Offering shall affect these indemnification provisions, which shall remain operative
and in full force and effect. The indemnification provisions shall be binding upon the Company and the Agent and their respective successors
and assigns and shall inure to the benefit of the Indemnified Parties and the Company Indemnified Parties and their respective successors,
assigns, heirs and personal representatives.

 

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

 

7.
Termination of this Agreement. The term of this Agreement shall begin on the date hereof, and shall continue until the earlier
of (i) the sale of Shares having an aggregate offering price of $2,700,000, or (ii) the termination by either the Agent or the Company
upon the provision of fifteen (15) days written notice. Any such termination by mutual agreement shall in all cases be deemed to provide
that Section 3(g), Section 5 and Section 6 shall remain in full force and effect. Notwithstanding the foregoing,
the Agent shall have the right, in its sole discretion, to terminate this Agreement if at any time from the date of this Agreement to
the effectiveness of the Registration Statement, the Agent is not fully satisfied, in its sole discretion, with the results of its and
its representatives' review of the Company and the Company's business.

 

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

 

9.
Notices. Except as otherwise provided herein, all communications
under this Agreement shall be in writing and, if to the Agent, shall be mailed, delivered or telecopied to Maxim Group LLC, 300 Park Avenue,
16th Floor, New York, New York 10022, Attention: Clifford A. Teller and James Siegel, with a required copy (which shall not
constitute notice) to Ellenoff Grossman & Schole LLP, counsel for the Agent, at 1345 Avenue of the Americas, New York, New York 10105
Attention: Sarah Williams, Esq. Notices to the Company shall be given to it at 2150 Cabot Blvd West, Suite B, Langhorne, PA 19047
Attention: Adam Levy, with required copies (which shall not constitute notice)
to Quick Law Group, P.C., 1035 Pearl Street, Suite 403 Boulder, CO 80302 Attention: Jeffrey Quick, Esq.. Any party to this Agreement may
change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

 

     

     

    

 

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

 

11.
Absence of Fiduciary Relationship. The Company acknowledges and agrees that: (a) the Agent has been retained solely to act
as an sales agent and/or principal in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between
the Company and the Agent has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether
the Agent has advised or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement
were established by the Company following discussions and arms-length negotiations with the Agent and the Company is capable of evaluating
and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c)
it has been advised 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 that the Agent has no obligation to disclose such interest and transactions to the Company by virtue of
any fiduciary, advisory or agency relationship; (d) it has been advised that the Agent is acting, in respect of the transactions contemplated
by this Agreement, solely for the benefit of the Agent, and not on behalf of the Company; 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 respect of any of
the transactions contemplated by this Agreement and agrees that the Agent shall have no liability (whether direct or indirect) to the
Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors
of the Company.

 

12.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including
Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules that would
apply the laws of any other jurisdiction.

 

13.
Counterparts. This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart,
the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same
instrument.

 

14.
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 stock split, stock dividend or similar event effected with respect to the Shares.

 

15.
Entire Agreement; Amendment; Severability; Headings. This Agreement (including all schedules and exhibits attached hereto
and transaction 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. The section headings
used in this Agreement are for convenience only and shall not affect the construction hereof.

 

16.
Waiver of Jury Trial. Each of the Company and the Agent hereby waives any right it may have to a trial by jury in respect
of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.

 

     

     

    

 

  

 

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

 

Very truly yours, 

NEXGEL, INC.

 

	By:	 /s/ Adam Levy	 

Name: Adam Levy

Title: Chief Executive Officer

 

MAXIM GROUP LLC

 

	By:	/s/ Clifford Teller	 

Name: Clifford Teller

Title: Executive Managing Director & Head of Investment Banking.

 

     

     

    

 

 

 

 

Schedule A

 

Permitted Free Writing Prospectus

 

None.

 

 

 

 

 

 

     

     

    

 

 

 

 

 

Schedule B

 

Individuals Permitted to Authorize Sales of Shares 

Adam Levy

Adam E. Drapczuk III

 

 

 

 

 

     

     

    

 

 

Schedule C

 

Form of E-mail or Telecopy Confirmation

 

[COMPANY LETTERHEAD]

 

 

Date: ______________

 

Maxim Group LLC

300 Park Ave, 16th Floor

New York, NY 10022

Attn:

 

RE: E-mail Confirmation to Sell Stock Utilizing the Equity Distribution
Agreement

 

Maxim Equity Trading Team:

 

Pursuant to the terms and subject to the conditions
contained in the Equity Distribution Agreement between NexGel, Inc. (the "Company") and Maxim Group LLC ("Maxim")
dated April 13, 2022 (the "Agreement"), we hereby confirm our request by e-mail transmission on behalf of the
Company that Maxim is authorized to sell for a period of up to _________ business days, up to ______________ shares of the Company's Common
Stock at a minimum market price of $________ per share.

 

Thanks for all your help and please contact us
with any questions,

 

Sincerely,

 

NexGel, Inc.

 

	 	 

By:

Name:

 

 

     

     

    

 

 

Schedule D

 

Individuals to Which Notice Can Be Given

 

For Maxim Group LLC:

 

Cliff Teller

Brad Hoffman

Michael Quintavalla

Joe Daneshgar

For NexGel, Inc.:

 

Adam Levy

Adam E. Drapczuk III

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