<SEC-DOCUMENT>0001193125-17-254665.txt : 20170810
<SEC-HEADER>0001193125-17-254665.hdr.sgml : 20170810
<ACCEPTANCE-DATETIME>20170810172408
ACCESSION NUMBER:		0001193125-17-254665
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170810
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170810
DATE AS OF CHANGE:		20170810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROVISION, INC.
		CENTRAL INDEX KEY:			0000065770
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				911600822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34170
		FILM NUMBER:		171022350

	BUSINESS ADDRESS:	
		STREET 1:		6244 185TH AVENUE NE, SUITE 100
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
		BUSINESS PHONE:		425-936-6847

	MAIL ADDRESS:	
		STREET 1:		6244 185TH AVENUE NE, SUITE 100
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROVISION INC
		DATE OF NAME CHANGE:	19960724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d438744d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): August 10, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MICROVISION, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-34170</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">91-1600822</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6244 185th Ave NE, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Redmond, Washington 98052 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (425) <FONT STYLE="white-space:nowrap">936-6847</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:71%; font-size:10pt; font-family:Times New Roman">Emerging&nbsp;growth&nbsp;company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August 10, 2017, MicroVision, Inc. (the
&#147;Company&#148;) entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Ladenburg Thalmann&nbsp;&amp; Co. Inc. (the &#147;Underwriter&#148;). The Underwriting Agreement provides for the sale of 4,761,905 shares of
common stock, par value $0.001 per share (&#147;Common Stock&#148;), at a public offering price of $2.10 per share, less an underwriting discount of $0.13125 per share. The Company also granted the Underwriter a
<FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to an additional 714,286 shares of Common Stock to cover over-allotments, if any. The sale of the shares of Common Stock pursuant to the Underwriting Agreement is expected to close
on or about August 15, 2017, subject to the satisfaction of customary closing conditions. The Shares are being offered and sold pursuant to the Company&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (Registration <FONT
STYLE="white-space:nowrap">No.&nbsp;333-211869)</FONT> declared effective by the Securities and Exchange Commission (the &#147;SEC&#148;) on June&nbsp;22, 2016 and the related registration statement filed on August&nbsp;10, 2017 pursuant to Rule
462(b) under the Securities Act of 1933. A prospectus supplement relating to the sale of the shares of Common Stock will be filed with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company expects to receive net proceeds from the offering of approximately $9.2 million, or approximately $10.6 million if the Underwriter exercises its option to purchase additional shares in full, after deducting the underwriting discount and
estimated offering expenses payable by the Company. The Company intends to use the net proceeds of the offering for general corporate purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of
the opinion of Ropes&nbsp;&amp; Gray LLP relating to the legality of the issuance and sale of the securities is attached as Exhibit 5.1 hereto. A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and incorporated herein by
reference. The foregoing description of the offering by the Company and the documentation related thereto does not purport to be complete and is qualified in its entirety by reference to such exhibits. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has terminated the Purchase Agreement dated September&nbsp;22, 2016 (the
&#147;Common Stock Purchase Agreement&#148;) between the Company and Lincoln Park Capital Fund, LLC. The Common Stock Purchase Agreement is terminable without penalty at the Company&#146;s election. As a result of the termination of the Common Stock
Purchase Agreement, there will be no further sales of Common Stock thereunder. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) <I>Exhibits</I>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d438744dex11.htm">Underwriting Agreement by and between MicroVision, Inc. and Ladenburg Thalmann&nbsp;&amp; Co. Inc., dated August&nbsp;10, 2017. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d438744dex51.htm">Opinion of Ropes&nbsp;&amp; Gray LLP. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>23.1</TD>
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<TD VALIGN="top"><A HREF="d438744dex51.htm">Consent of Ropes&nbsp;&amp; Gray LLP (contained in Exhibit 5.1 above). </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">MICROVISION, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ David J. Westgor</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">David J. Westgor</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Vice President, General Counsel</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: August&nbsp;10, 2017 </P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d438744dex11.htm
<DESCRIPTION>EX-1.1
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<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4,761,905 Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ICRO</SMALL>V<SMALL>ISION</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock, par value $0.001 per share </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">August&nbsp;10,&nbsp;2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LADENBURG
THALMANN&nbsp;&amp; CO. INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">277 Park Avenue, 26th floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10172 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MicroVision, Inc., a Delaware corporation (the <B><I>&#147;Company&#148;</I></B>), proposes to sell to Ladenburg Thalmann&nbsp;&amp; Co. Inc.
(<B><I>&#147;you&#148;</I></B> or the <B><I>&#147;Underwriter&#148;</I></B>) an aggregate of 4,761,905 shares (the <B><I>&#147;Firm Shares&#148;</I></B>) of Common Stock, par value $0.001 per share (the <B><I>&#147;Common Stock&#148;</I></B>), of
the Company. The Firm Shares consist of authorized but unissued shares of Common Stock to be issued and sold by the Company. The Company also has granted to the Underwriter an option to purchase up to 714,286 additional shares of Common Stock on the
terms and for the purposes set forth in Section&nbsp;3 hereof (the <B><I>&#147;Option Shares&#148;</I></B>). The Firm Shares and any Option Shares purchased pursuant to this Underwriting Agreement (this <B><I>&#147;Agreement&#148;</I></B>) are
herein collectively called the <B><I>&#147;Securities</I></B><I>.</I><B><I>&#148;</I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the Underwriter hereby confirm
their agreement with respect to the sale of the Securities by the Company to the Underwriter as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Registration Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the <B><I>&#147;Commission&#148;</I></B>) a registration statement on Form
<FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-211869)</FONT> under the Securities Act of 1933, as amended (the <B><I>&#147;Securities Act&#148;</I></B> or the <B><I>&#147;Act&#148;</I></B>), and the
rules and regulations (the <B><I>&#147;Rules and Regulations&#148;</I></B>) of the Commission thereunder. Such registration statement has been declared effective by the Commission.<B> </B>Each part of such registration statement, including the
amendments, exhibits and any schedules thereto, the documents incorporated by reference therein pursuant to Item 12 of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act and the documents and information otherwise deemed to be
a part thereof or included therein by Rule 430B under the Securities Act (the <B><I>&#147;Rule 430B Information&#148;</I></B>) or otherwise pursuant to the Rules and Regulations, as of the time the Registration Statement became effective, is herein
called the <B><I>&#147;Registration Statement.&#148;</I></B> Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the <B><I>&#147;Rule 462(b) Registration Statement&#148;</I></B> and, from and
after the date and time of filing of the Rule 462(b) Registration Statement, the term &#147;Registration Statement&#148; shall include the Rule 462(b) Registration Statement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The prospectus in the form in which it has most recently been filed with the Commission on or
prior to the date of this Agreement is herein called the <B><I>&#147;Base Prospectus.&#148;</I></B> Each preliminary prospectus supplement to the Base Prospectus (including the Base Prospectus as so supplemented), that describes the Securities and
the offering thereof, that omitted the Rule 430B Information and that was used prior to the filing of the final prospectus supplement referred to in the following sentence is herein called a <B><I>&#147;Preliminary Prospectus.&#148;</I></B> The
final prospectus supplement to the Base Prospectus relating to the Securities and the offering thereof (including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant to Rule 424(b), is herein called the
<B><I>&#147;Prospectus.&#148;</I></B> Any reference herein to the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to include the documents incorporated by reference therein pursuant to Item 12 of Form <FONT
STYLE="white-space:nowrap">S-3</FONT> under the Securities Act as of the date of such prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to
financial statements and schedules and other information which is &#147;described,&#148; &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the
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, any Preliminary Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the Base
Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include any document filed under the Securities Exchange Act of 1934, as amended (the <B><I>&#147;Exchange Act&#148;</I></B>), which is deemed to be incorporated by
reference therein or otherwise deemed by the Rules and Regulations to be a part thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Representations
and Warranties of the Company</I></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Representations and Warranties of the Company</U></I>. The
Company represents and warrants to the Underwriter as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Registration Statement
and Prospectuses</U></I>. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus (or any supplement thereto) has been issued by the Commission and no proceeding for that purpose has been initiated or is pending or,
to the knowledge of the Company, threatened by the Commission. As of the time each part of the Registration Statement (or any <FONT STYLE="white-space:nowrap">post-effective</FONT> amendment thereto) became or becomes effective (including each
deemed effective date with respect to the Underwriter pursuant to Rule 430B or otherwise under the Securities Act), such part conformed or will conform in all material respects to the requirements of the Act and the Rules and Regulations. Upon the
filing or first use within the meaning of the Rules and Regulations, the Preliminary Prospectus and the Prospectus conformed or will conform in all material respects to the requirements of the Act and the Rules and Regulations. The Registration
Statement and any post-effective amendment thereto have become effective under the Securities Act. The Company has complied to the Commission&#146;s satisfaction with all requests of the Commission for additional or supplemental information. No stop
order suspending the effectiveness of the Registration Statement, any post-effective amendment or any part thereof is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are
threatened by the Commission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Accurate Disclosure</U></I>. Each Preliminary
Prospectus, at the time of filing thereof or the time of first use within the meaning of the Rules and Regulations, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Registration Statement nor any amendment thereto, at the effective time of each part thereof, at the First Closing Date (as
defined below) or at the Second Closing Date (as defined below), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading. As of the Time of Sale (as defined below), neither (A)&nbsp;the Time of Sale Disclosure Package (as defined below) nor (B)&nbsp;any issuer free writing prospectus (as defined below), when considered together
with the Time of Sale Disclosure Package, included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. Neither the Prospectus nor any supplement thereto, as of its date, at the First Closing Date or at the Second Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state
a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The representations and warranties in this Section&nbsp;2(a)(ii) shall not apply to statements in or
omissions from any Preliminary Prospectus, the Registration Statement (or any amendment thereto), the Time of Sale Disclosure Package or the Prospectus (or any supplement thereto) made in reliance upon, and in conformity with, written information
furnished to the Company by you specifically for use in the preparation of such document, it being understood and agreed that the only such information furnished by the Underwriter consists of the information described as such in Section&nbsp;6(e).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each reference to an <B><I>&#147;issuer free writing prospectus&#148;</I></B> herein means an issuer free writing prospectus as defined in
Rule 433 of the Rules and Regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Time of Sale Disclosure Package&#148;</I></B> means the Preliminary Prospectus dated
August 9, 2017, any free writing prospectus set forth on Schedule I and the information on Schedule II, all considered together. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each
reference to a <B><I>&#147;free writing prospectus&#148;</I></B> herein means a free writing prospectus as defined in Rule 405 of the Rules and Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Time of Sale&#148;</I></B> means 8:30<B> </B>a.m. (New York City time) on the date of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Issuer Free Writing Prospectuses</U></I>. (A)&nbsp;Each issuer free writing prospectus does
not include any information that conflicts with the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus. The foregoing sentence does not apply to statements in or omissions from any issuer free writing
prospectus based upon and in conformity with written information furnished to the Company by you specifically for use therein; it being understood and agreed that the only such information furnished by the Underwriter consists of the information
described as such in Section&nbsp;6(e). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;(1) At the earliest time after the filing of the
Registration Statement that the Company or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (2)&nbsp;at the date hereof, the Company was not and is not
an &#147;ineligible issuer,&#148; as defined in Rule 405 under the Securities Act, including the Company in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or
administrative decree or order as described in Rule 405 of the Rules and Regulations (without taking account of any determination by the Commission pursuant to Rule 405 of the Rules and Regulations that it is not necessary that the Company be
considered an ineligible issuer), nor an &#147;excluded issuer&#148; as defined in Rule 164 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;Each issuer free writing prospectus satisfied, as of its issue date and at all subsequent times to
the Time of Sale, all other conditions to use thereof as set forth in Rules 164 and 433 under the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I> </I><I><U>No Other Offering Materials</U></I>. The Company has not distributed and will not
distribute any prospectus or other offering material in connection with the offering and sale of the Securities other than any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, the roadshow (as defined in Rule 433 under
the Securities Act) or investor presentations or other materials permitted by the Act to be distributed by the Company (the <B><I>&#147;Marketing Materials&#148;</I></B>); <I>provided, however,</I> that, except as set forth on Schedule I, the
Company has not made and will not make any offer relating to the Securities that would constitute a free writing prospectus, except in accordance with the provisions of Section&nbsp;4(a)(xvi) of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Financial Statements</U></I>. The financial statements of the Company, together with the
related notes, set forth or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly
present, in all material respects, the financial condition of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with generally accepted accounting principles
in the United States (<B><I>&#147;GAAP&#148;</I></B>) consistently applied throughout the periods involved (in the case of unaudited interim financial statements, subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments); and
the supporting schedules included in the Registration Statement present fairly, in all material respects, the information required to be stated therein; and, except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and
the Prospectus, there are no material <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements (as defined in Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Act, Item 303(a)(4)(ii)) that have a material current or, to
the Company&#146;s knowledge, are reasonably likely to have a material future effect on the Company&#146;s financial condition, results of operations, liquidity, capital expenditures, capital resources or significant components of revenue or
expenses. No other financial statements or schedules are required to be included in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus. To the Company&#146;s knowledge, Moss Adams LLP, which has expressed its opinion
with respect to the financial statements and schedules filed as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, is (x)&nbsp;an independent public accounting
firm within the meaning of the Act and the Rules and Regulations, (y)&nbsp;a registered public accounting firm (as defined in Section&nbsp;2(a)(12) of the Sarbanes-Oxley Act of 2002 (the <B><I>&#147;Sarbanes-Oxley Act&#148;</I></B>)) and
(z)&nbsp;not in violation of the auditor independence requirements of the Sarbanes-Oxley Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Organization and Good Standing</U></I>.<I>
</I>The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware. The Company has full corporate power and authority to own its properties and conduct its business as currently
being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases
real property or in which the conduct of its business makes such qualification necessary, except where the failure to so qualify would have a material adverse effect upon the business, prospects, properties, financial condition or results of
operations of the Company, taken as a whole (<B><I>&#147;Material Adverse Effect&#148;</I></B>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Absence of</U></I><U> </U><I><U>Certain Events</U></I>. Except as contemplated in the Time
of Sale Disclosure Package and in the Prospectus, subsequent to the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, the Company has not 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 has not been any change in the capital stock (other than a change in
the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants, vesting of restricted stock units, or conversion of convertible securities), or any material change in the <FONT
STYLE="white-space:nowrap">short-term</FONT> or <FONT STYLE="white-space:nowrap">long-term</FONT> debt (other than as a result of the conversion of convertible securities), or any issuance of options, warrants, convertible securities or other rights
to purchase the capital stock, of the Company, or any material adverse change in the financial condition, business, prospects, properties or results of operations of the Company, taken as a whole (<B><I>&#147;Material Adverse Change&#148;</I></B>).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Absence of</U></I><U> </U><I><U>Proceedings</U></I>. Except as set forth in the
Registration Statement, the Time of Sale Disclosure Package and the Prospectus, there is not pending or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding (a)&nbsp;to which the Company is a party or
(b)&nbsp;which has as the subject thereof any officer or director of the Company (in such capacity) or (c)&nbsp;to which any property or assets of the Company is the subject before or by any court or Governmental Authority (as defined below), which,
individually or in the aggregate, would reasonably be likely to result in a Material Adverse Change, or would materially and adversely affect the ability of the Company to perform its obligations under this Agreement. There are no current or, to the
knowledge of the Company, pending, legal, governmental or regulatory actions, suits or proceedings (x)&nbsp;to which the Company is party or (y)&nbsp;which has as a party thereof any officer or director of the Company (in such capacity) or
(z)&nbsp;of which any property or assets of the Company is the subject that are required to be described in the Registration Statement, Time of Sale Disclosure Package and Prospectus by the Act or by the Rules and Regulations and that have not been
so described. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Disclosure of Legal Matters</U></I>. There are
no statutes, regulations, contracts or documents that are required to be described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus or required to be filed as exhibits to the Registration Statement by the
Securities Act or by the Rules and Regulations that have not been so described or filed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;
<I><U>Authorization; No Conflicts; Authority</U></I>. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms,
except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and
subject to general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not (A)&nbsp;conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to any indenture, mortgage, deed of trust, loan agreement or other material
agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, (B)&nbsp;result in any violation of the provisions of the Company&#146;s charter or <FONT
STYLE="white-space:nowrap">by-laws</FONT> or (C)&nbsp;result in the violation of any law or statute or any judgment, order, rule, regulation or decree of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory
authority having jurisdiction over the Company or any of its properties or assets (each, a <B><I>&#147;Governmental Authority&#148;</I></B>), except in the case of clauses (A)&nbsp;and (C) as would not result in a Material Adverse Effect. No
consent, approval, authorization or order of, or registration or filing with any Governmental Authority is required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby,
including the issuance or sale of the Securities by the Company, except such as may be required under the Act, the NASDAQ Stock Market Rules or state securities or blue sky laws or would not have a Material Adverse Effect; and the Company has full
power and authority to enter into this Agreement and to consummate the transactions contemplated hereby, including the authorization, issuance and sale of the Securities as contemplated by this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Capitalization; the Securities; Registration
Rights</U></I>. All of the issued and outstanding shares of capital stock of the Company, including the outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all
federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing (a copy of which has been delivered to counsel to the
Underwriter), and the holders thereof are not subject to personal liability by reason of being such holders; the Securities which may be sold hereunder by the Company have been duly authorized and, when issued, delivered and paid for in accordance
with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the Company,
including the Common Stock, conforms to the description thereof in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus. Except as otherwise stated in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus, (A)&nbsp;there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock pursuant to the Company&#146;s charter, <FONT
STYLE="white-space:nowrap">by-laws</FONT> or any agreement or other instrument to which the Company is a party or by which the Company is bound; and (B)&nbsp;neither the filing of the Registration Statement nor the offering or sale of the Securities
as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other securities of the Company (collectively <B><I>&#147;Registration Rights&#148;</I></B>). The Company has an
authorized and outstanding capitalization as set forth in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus. The Common Stock (including the Securities) conforms in all material respects to the description
thereof contained in the Time of Sale Disclosure Package and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Stock
Options</U></I>. Except as would not have a Material Adverse Effect, (A)&nbsp;except as described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus, there are no options, warrants, agreements, contracts or
other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company, (B)&nbsp;the description of the Company&#146;s stock option, stock bonus and other stock plans or arrangements (the <B><I>&#147;Company
Stock Plans&#148;</I></B>), and the options or other rights granted thereunder (collectively, the <B><I>&#147;Awards&#148;</I></B>), set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus accurately and
fairly presents the information required to be shown with respect to such plans, arrangements and Awards, (C)&nbsp;each grant of an Award (i)&nbsp;was duly authorized no later than the date on which the grant of such Award was by its terms to be
effective by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes
or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto and (ii)&nbsp;was made in accordance with the terms of the applicable Company Stock Plan, and all applicable laws and
regulatory rules or requirements, including all applicable federal securities laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Compliance with Laws</U></I>. The Company holds, and is operating in compliance in all
material respects with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority or <FONT STYLE="white-space:nowrap">self-regulatory</FONT> body required for the conduct of
its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are valid and in full force and effect, except where <FONT STYLE="white-space:nowrap">non-compliance</FONT> would not
have a Material Adverse Effect; the Company has not received notice of any revocation or modification of any such franchise, grant, authorization, license, permit, easement, consent, certification or order, except as would not have a Material
Adverse Effect; and the Company is in compliance in all material respects with all applicable federal, state, local and foreign laws, regulations, orders and decrees, except where <FONT STYLE="white-space:nowrap">non-compliance</FONT> would not have
a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Ownership of Assets</U></I>. The Company has
good and marketable title to, or has valid rights to lease or otherwise use, all property (whether real or personal) described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus as being owned, leased or used
by them (other than Intellectual Property, which is covered by subsection <U>(xv)</U>&nbsp;below), in each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration
Statement, in the Time of Sale Disclosure Package and in the Prospectus, except as would not have a Material Adverse Effect. The property held under lease by the Company is held by them under valid, subsisting and enforceable leases with only such
exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company, except as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Intellectual Property</U></I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;The Company owns or has the right to use pursuant to a valid and enforceable written license or
other legally enforceable right, all Intellectual Property necessary for the conduct of the Company&#146;s business as now conducted or as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus to be
conducted (the <B><I>&#147;Company IP&#148;</I></B>), except as would not have a Material Adverse Effect. <B><I>&#147;Intellectual Property&#148;</I></B> means all patents, patent applications, trade and service marks, trade and service mark
registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, <FONT STYLE="white-space:nowrap">know-how</FONT> and other intellectual property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;(i) To the knowledge of the Company, there is no infringement, misappropriation or violation by
third parties of any Company IP, (ii)&nbsp;there is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&#146;s rights in or to any Company IP, and the Company is unaware of
any facts which would form a reasonable basis for any such claim, (iii)&nbsp;the Intellectual Property owned by the Company, and to the knowledge of the Company, the Intellectual Property licensed to the Company, has not been adjudged invalid or
unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Company IP, and the Company is unaware of any facts
which would form a reasonable basis for any such claim, (iv)&nbsp;there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any
Intellectual Property or other proprietary rights of others, and the Company has not received any notice of such claim and the Company is unaware of any other fact which would form a reasonable basis for any such claim, except, in each case, as
would not have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C)&nbsp;&nbsp;&nbsp;&nbsp;To the Company&#146;s knowledge, no employee of the
Company is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, <FONT STYLE="white-space:nowrap">non-competition</FONT> agreement,
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&#146;s employment with the Company or
actions undertaken by the employee while employed with the Company, except, in each case, as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(D)&nbsp;&nbsp;&nbsp;&nbsp;The Company has taken reasonable security measures to protect the secrecy, confidentiality and value
of all of its material Intellectual Property. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(E)&nbsp;&nbsp;&nbsp;&nbsp;All patent applications owned by the Company and
filed with the U.S. Patent and Trademark Office (the <B><I>&#147;PTO&#148;</I></B>) or any foreign or international patent authority that have resulted in patents or currently pending applications that describe inventions necessary to conduct the
business of the Company as now conducted or as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus to be conducted (collectively, the <B><I>&#147;Company Patent Applications&#148;</I></B>) have been or
were duly and properly filed, except, in each case, as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(F)&nbsp;&nbsp;&nbsp;&nbsp;The Company has complied in all material respects with its duty of candor and disclosure to the PTO
for the Company Patent Applications. Except as would not have a Material Adverse Effect, (a)&nbsp;to the Company&#146;s knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude the
grant of a patent for the Company Patent Applications and (b)&nbsp;the Company has no knowledge of any facts which would preclude it from having clear title to the Company Patent Applications that have been identified by the Company as being
exclusively owned by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>No Violations or Defaults</U></I>. The Company is
not (i)&nbsp;in violation of its charter or <FONT STYLE="white-space:nowrap">by-laws,</FONT> or (ii)&nbsp;in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in
the performance of any material obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement or any other material contract, lease or other instrument to which it is subject or by which it may be bound, or to
which any of the material property or assets of the Company is subject, other than, in the case of clause (ii)&nbsp;above, any conflict, breach or violation that would not have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Taxes</U></I>. Except as would not have a
Material Adverse Effect, the Company has timely filed all federal, state, local and foreign income and franchise tax returns required to be filed and are not in default in the payment of any taxes which were payable pursuant to said returns or any
assessments with respect thereto, other than any which the Company is contesting in good faith. There is no material pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed material
liability for any tax to be imposed upon the properties or assets of the Company for which there is not an adequate reserve reflected in the Company&#146;s financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xviii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Exchange Listing and Exchange Act Registration</U></I>.
The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act and is included or approved for listing on the Nasdaq Global Market and the Company has not taken any action designed to, or likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Nasdaq Global Market, and the Company has not received any notification that the Commission or the Nasdaq Global Market is contemplating terminating
such registration or listing. The Company is in compliance in all material respects with the applicable requirements of the Nasdaq Global Market for maintenance of inclusion of the Common Stock thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xix)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Ownership of Other Entities</U></I>. The Company, directly or indirectly, owns no capital
stock or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity that constitutes a &#147;Subsidiary&#148; of the Company as such term in defined in Rule
<FONT STYLE="white-space:nowrap">1-02(x)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> under the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xx)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Internal Controls</U></I>. The Company maintains a system of internal accounting controls
that have been designed to provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; (iv)&nbsp;the recorded accountability for
assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&nbsp;interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
Registration Statement fairly presents the information called for in all material respects and is prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. Except as disclosed in the Registration Statement, in the
Time of Sale Disclosure Package and in the Prospectus, the Company&#146;s internal control over financial reporting is effective and none of the Company, its board of directors and audit committee is aware of any &#147;significant deficiencies&#148;
or &#147;material weaknesses&#148; (each as defined by the Public Company Accounting Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves management or other employees of the Company
who have a significant role in the Company&#146;s internal controls which have adversely affected or are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and since the
end of the latest audited fiscal year, there has been no change in the Company&#146;s internal control over financial reporting (whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting. The Company&#146;s board of directors has, subject to the exceptions, cure periods and the phase in periods specified in the applicable stock exchange rules (<B><I>&#147;Exchange
Rules&#148;</I></B>), validly appointed an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange Rules and the Company&#146;s board of directors and/or the audit committee has
adopted a charter that satisfies the requirements of the Exchange Rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>No Brokers or Finders</U></I>. Other than as
contemplated by this Agreement and other than financial advisory fees, if any, up to an aggregate of $100,000 disclosed in the Prospectus, the Company has not incurred any liability for any finder&#146;s or broker&#146;s fee or agent&#146;s
commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Insurance</U></I>. The Company carries, or is covered by, insurance in such amounts and
covering such risks as in its reasonable determination is adequate for the conduct of its business and as is customary for companies engaged in similar businesses in similar industries; there are no material claims by the Company under any such
policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Investment Company Act</U></I>. The Company is not and, after giving effect to the
offering and sale of the Securities, will not be an &#147;investment company,&#148; as such term is defined in the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Eligibility to Use Form <FONT STYLE="white-space:nowrap">S-3</FONT></U></I>. The
conditions for use of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3,</FONT> in connection with the offer and sale of the Securities, as set forth in the General Instructions thereto, including General Instruction I.B.1, have been satisfied.<B> </B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Incorporated Documents</U></I>. The documents incorporated by reference in the
Registration Statement, the Time of Sale Disclosure Package and the Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and were filed on a timely basis with the Commission and none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading; any further documents so filed and incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or in the Prospectus, when such documents are filed with
the Commission, will conform in all material respects to the requirements of the Exchange Act, and will not contain 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 under which they were made, not misleading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Sarbanes-Oxley Act</U></I>. The Company is
in compliance with all applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Disclosure Controls</U></I>. The Company has established and maintains disclosure
controls and procedures (as defined in Rules <FONT STYLE="white-space:nowrap">13a-14</FONT> and <FONT STYLE="white-space:nowrap">15d-14</FONT> under the Exchange Act) and such controls and procedures are effective in ensuring that material
information relating to the Company is made known to the principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration
Statement, in the Time of Sale Disclosure Package and in the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;<I>
</I><I><U>Anti-Bribery and Anti-Money Laundering Laws</U></I>. Neither the Company nor, to the Company&#146;s knowledge, any other person associated with or acting on behalf of the Company, including without limitation any director, officer, agent
or employee of the Company has, directly or indirectly, while acting on behalf of the Company (i)&nbsp;used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity or failed to
disclose fully any contribution in violation of law, (ii)&nbsp;made any payment to any federal or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted
by the laws of the United States or any jurisdiction thereof, (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom or any applicable law or
regulation implementing the OECD Convention on Combating Bribery of Foreign Public Official in International Business Transactions or (iv)&nbsp;made any bribe, rebate, payoff, influence payment, kickback or other unlawful payments. The Company has
instituted and maintains policies and procedures designed to ensure continued compliance with applicable anti-money laundering laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxix)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>OFAC</U></I>. Except as would not have a Material Adverse Effect, neither the Company nor,
to the knowledge of the Company, any director, officer, agent, or employee of the Company is currently subject to any U.S. sanctions (the <B><I>&#147;Sanctions&#148;</I></B>) administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (&#147;<B><I>OFAC</I></B>&#148;); 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: (i)&nbsp;to fund or facilitate any activities or business of or with any individual or entity or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (ii)&nbsp;in any other manner
that will result in a violation of Sanctions by any individual or entity (including any individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise). The Company is not now knowingly engaged in any
dealings or transactions with any individual or entity, or in any country or territory, that is the subject of Sanctions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxx)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Compliance with Environmental Laws</U></I>.
Except as disclosed in the Registration Statement, the Time of Disclosure Package and the Prospectus, the Company is not in violation of any statute, any rule, regulation, decision or order of any Governmental Authority or any court, domestic or
foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances, in each case which are applicable to its business
(collectively, <B><I>&#147;Environmental Laws&#148;</I></B>), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any <FONT STYLE="white-space:nowrap">off-site</FONT> disposal
or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect; and the
Company is not aware of any pending investigation which might lead to such a claim, except as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Compliance with Occupational Laws</U></I>. Except as would not have a Material Adverse
Effect, the Company (A)&nbsp;is in compliance with any and all applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities (including pursuant to the
Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace (<B><I>&#147;Occupational Laws&#148;</I></B>); (B) has received all permits, licenses or other approvals required of it under applicable
Occupational Laws to conduct its business as currently conducted; and (C)&nbsp;is in compliance with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or,
to the Company&#146;s knowledge, threatened against the Company relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that would
reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings, except, in each case, as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;<I> </I><I><U>Defined Benefit Plans</U></I><I>.</I> The Company has not maintained or
contributed to a defined benefit plan as defined in Section&nbsp;3(35) of Employee Retirement Income Security Act of 1974, as amended (&#147;<B><I>ERISA</I></B>&#148;). No plan maintained or contributed to by the Company that is subject to ERISA (an
&#147;<B><I>ERISA Plan</I></B>&#148;) (or any trust created thereunder) has engaged in a &#147;prohibited transaction&#148; within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code that could subject the Company to any tax
penalty on prohibited transactions and that has not adequately been corrected except as would not have a Material Adverse Effect. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the
Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be &#147;qualified&#148; within the
meaning of Section&nbsp;401(a) of the Code, either (i)&nbsp;a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii)&nbsp;the remedial amendment
period under Section&nbsp;401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period.
The Company has never completely or partially withdrawn from a &#147;multiemployer plan,&#148; as defined in Section&nbsp;3(37) of ERISA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Business Arrangements</U></I>. Except as
disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and except for grants that are not material, the Company has not granted exclusive rights to develop, manufacture, produce, assemble, distribute,
license, market or sell its products to any other person and is not bound by any agreement that materially affects the exclusive right of the Company to develop, manufacture, produce, assemble, distribute, license, market or sell its products. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;<I> </I><I><U>Labor Matters</U></I>. No labor problem or dispute with the employees of the
Company exists or, to the Company&#146;s knowledge, is threatened or imminent, which would reasonably be expected to have a Material Adverse Effect. The Company is not aware of any existing or imminent labor disturbance by the employees of any of
its principal suppliers, contractors or customers, except as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Statistical Information</U></I>. Any third-party statistical and market-related data
included in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus and the Marketing Materials are based on or derived from sources that the Company believes to be reasonably current and reliable and accurate in all material
respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Minute Books</U></I>. The minute books of the Company, representing all
existing records of all meetings and actions of the board of directors (including, Audit, Compensation and Nomination/Corporate Governance Committees) and stockholders of the Company (collectively, the &#147;<B><I>Corporate Records</I></B>&#148;)
through the date of the latest meeting and action have been made available to the Underwriter or counsel for the Underwriter. All such Corporate Records are substantially complete and&nbsp;accurately reflect, in all material respects, all
transactions referred to in such Corporate Records. There are no material transactions, agreements or other actions that have been consummated by the Company that are not properly approved and/or recorded in the Corporate Records of the Company.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxvii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>No Undisclosed Relationships</U></I>. No relationship, direct or indirect, exists
between or among the Company on the one hand and the directors, officers, stockholders, customers or suppliers of the Company or any of its affiliates on the other hand, which is required to be described in the Registration Statement, the Time of
Sale Disclosure Package or the Prospectus or a document incorporated by reference therein and which has not been so described. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxviii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Shareholder Approval</U></I>. No approval
of the stockholders of the Company under the applicable requirements of the Exchange Rules is required for the Company to issue and deliver the Securities to the Underwriter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxxix)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>FINRA Matters</U></I>. The Company satisfies the
<FONT STYLE="white-space:nowrap">pre-October</FONT> 21, 1992 eligibility requirements for the use of a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> in connection with the offering of the Securities, including, without
limitation: (i)&nbsp;having an aggregate market value of the voting and <FONT STYLE="white-space:nowrap">non-voting</FONT> common equity held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> of the Company (determined in accordance with
Form <FONT STYLE="white-space:nowrap">S-3</FONT> without giving effect to the sale of the Securities hereunder) (&#147;<B><I>public float</I></B>&#148;) of at least $150&nbsp;million within sixty (60)&nbsp;days prior to the date of this Agreement,
(ii)&nbsp;having a public float of at least $100&nbsp;million within sixty (60)&nbsp;days prior to the date of this Agreement and annual trading volume of at least three million shares of Common Stock for the continuous twelve-month period ended on
the date of this Agreement, and (iii)&nbsp;having been subject to the Exchange Act reporting requirements for a period of at least 36 months immediately preceding the date of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xl)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Forward-looking Statements</U></I>. No forward-looking statement (within the meaning of
Section&nbsp;27A of the Act and Section&nbsp;21E of the Exchange Act) contained in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus or the Marketing Materials has been made or reaffirmed without a reasonable basis or
has been disclosed other than in good faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xli)&nbsp;&nbsp;&nbsp;&nbsp; <U>eXtensible Business Reporting Language</U>.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the
Commission&#146;s rules and guidelines applicable thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Effect of Certificates</U></I>. Any
certificate signed by any officer of the Company and delivered to you or to counsel for the Underwriter shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Purchase, Sale and Delivery of Securities</I></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Firm Shares</U></I>. On the basis of the representations, warranties and agreements herein contained, but
subject to the terms and conditions herein set forth, the Company agrees to issue and sell the Firm Shares to the Underwriter, and the Underwriter agrees to purchase from the Company the Firm Shares. The purchase price for each Firm Share shall be
$1.96875 per share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Firm Shares, in book-entry form in such authorized denominations and registered in such names
as you may request upon at least forty-eight hours&#146; prior notice to the Company, shall be delivered by or on behalf of the Company to you, through the facilities of the Depository Trust Company (&#147;<B><I>DTC</I></B>&#148;), for your account,
with any transfer taxes payable in connection with the transfer of the Firm Shares to you duly paid, against payment by you of the purchase price therefor by wire transfer of Federal <FONT STYLE="white-space:nowrap">(same-day)</FONT> funds to the
account specified by the Company to you at least forty-eight hours in advance. The time and date of such delivery and payment shall be 9:00&nbsp;a.m. New York City time on August 15, 2017, or at such other time and date as you and the Company
determine pursuant to Rule <FONT STYLE="white-space:nowrap">15c6-1(a)</FONT> under the Exchange Act, such time and date of delivery being herein referred to as the <B><I>&#147;First Closing Date.&#148;</I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Option Shares</U></I>. On the basis of the representations, warranties and agreements herein contained, but
subject to the terms and conditions herein set forth, the Company hereby grants to the Underwriter an option to purchase all or any portion of the Option Shares at the same purchase price as the Firm Shares, for use solely in covering any
over-allotments made by the Underwriter in the sale and distribution of the Firm Shares. The option granted hereunder may be exercised in whole or in part at any time (but not more than once) within 30 days after the date of this Agreement upon
notice (confirmed in writing) by the Underwriter to the Company setting forth the aggregate number of Option Shares as to which the Underwriter is exercising the option, the names and denominations in which the certificates for the Option Shares are
to be registered and the date and time, as determined by you, when the Option Shares are to be delivered, such time and date being herein referred to as the <B><I>&#147;Second Closing&#148;</I></B> and <B><I>&#147;Second Closing Date&#148;</I></B>,
respectively; provided, however, that the Second Closing Date shall not be earlier than the First Closing Date nor earlier than the second business day after the date on which the option shall have been exercised. No Option Shares shall be sold and
delivered unless the Firm Shares previously have been, or simultaneously are, sold and delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Option Shares to be purchased by
the Underwriter hereunder, in book-entry form in such authorized denominations and registered in such names as you may request upon at least forty-eight hours&#146; prior notice to the Company, shall be delivered by or on behalf of the Company to
you, through the facilities of DTC, for your account, with any transfer taxes payable in connection with the transfer of the Option Shares to you duly paid, against payment by you of the purchase price therefor by wire transfer of Federal <FONT
STYLE="white-space:nowrap">(same-day)</FONT> funds to the account specified by the Company to you at least forty-eight hours in advance. The time and date of such delivery and payment shall be 9:00 a.m. New York City time on the Second Closing Date.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Covenants</I></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Covenants of the Company</U></I>. The Company covenants and agrees with the Underwriter as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Required Filings</U></I>. During the period beginning on the date hereof and ending on the
later of the Second Closing Date or such date, as in the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered (assuming the absence of Rule 172 under the Securities Act), in connection with sales by the
Underwriter or a dealer (the <B>&#147;</B><B><I>Prospectus Delivery Period&#148;</I></B>), prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration Statement), the Time of Sale Disclosure Package or the
Prospectus, the Company shall furnish to the Underwriter for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriter or counsel to the Underwriter
reasonably object. Subject to this Section&nbsp;4(a)(i), following execution of this Agreement, the Company will prepare the Prospectus containing the Rule 430B Information and other selling terms of the Securities, 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 Underwriter and the Company may deem appropriate, and if requested by the Underwriter, an issuer free writing prospectus containing the
selling terms of the Securities and such other information as the Company and the Underwriter 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 and each issuer free writing prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Notification of Certain Commission
Actions</U></I>. After the date of this Agreement, the Company shall promptly advise the Underwriter in writing (A)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B)&nbsp;of the
time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any Preliminary Prospectus, the Time of Sale Disclosure Package or the Prospectus, (C)&nbsp;of the time and date that any
post-effective amendment to the Registration Statement becomes effective, (D)&nbsp;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 Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer free writing prospectus, or (E)&nbsp;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 will use its best efforts to obtain as soon as possible the withdrawal of such order. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430B, 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)).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Continued Compliance with Securities Laws</U></I>. (A)&nbsp;During the Prospectus
Delivery Period, the Company will comply 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 Securities as contemplated by the provisions hereof, the Time of Sale Disclosure Package and the Prospectus. If during such period any event occurs as a result of which the Prospectus (or if the
Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is necessary to amend the Registration Statement or supplement the Prospectus (or, if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) 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 (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale
Disclosure Package) in order to comply with the Securities Act or the Exchange Act, the Company promptly will (x)&nbsp;notify you of such untrue statement or omission, (y)&nbsp;amend the Registration Statement or supplement the Prospectus (or, if
the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance, and (z)&nbsp;notify you
when any amendment to the Registration Statement is filed or becomes effective or when any supplement to the Prospectus (or, if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package) is filed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B) If at any time following issuance of an issuer free writing prospectus there
occurred or occurs an event or development as a result of which such issuer free writing prospectus conflicted or would conflict with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus or included
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 (x)&nbsp;will promptly notify you of such conflict, untrue statement or omission, (y)&nbsp;will promptly amend or supplement, at its own expense, such issuer free writing prospectus to eliminate or correct such conflict, untrue statement or
omission, and (z)&nbsp;will promptly notify you when such amendment or supplement was or is filed with the Commission where so required to be filed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Blue Sky Qualifications</U></I>. The Company will use reasonable efforts, in cooperation
with you, to take or cause to be taken all necessary action required by law to qualify the Securities for sale under the securities laws of such jurisdictions as you reasonably designate and to continue such qualifications in effect so long as
required for the distribution of the Securities, 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Provision of Documents</U></I>. The Company will furnish, at its own expense, to the
Underwriter and counsel for the Underwriter copies of the Registration Statement, and to the Underwriter and any dealer each Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus, and all
amendments and supplements to such documents, in each case as soon as available and in such quantities as you may from time to time reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Rule 158</U></I>. The Company will make generally available to its security holders as soon
as practicable, but in no event later than 15 months after the end of the Company&#146;s current fiscal quarter, an earnings statement (which need not be audited) covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that shall satisfy
the provisions of Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 of the Rules and Regulations, provided that the Company will be deemed to have complied with such requirement by filing such earning statement on the Commission&#146;s
Electronic Data Gather, Analysis and Retrieval System (or any successor system). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Payment and Reimbursement of
Expenses</U></I>. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be paid (A)&nbsp;all expenses (including transfer taxes allocated to the respective
transferees) incurred in connection with the delivery to the Underwriter of the Securities, (B)&nbsp;all expenses and fees (including, without limitation, fees and expenses of the Company&#146;s accountants and counsel but, except as otherwise
provided below, not including fees of the Underwriter&#146;s 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 Securities, each Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus and any amendment thereof or supplement thereto, and the printing, delivery, and
shipping of this Agreement and other underwriting documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions), (C) all filing fees incurred in connection with the qualification of the Securities for offering and
sale by the Underwriter or by dealers under the securities or blue sky laws of the states and other jurisdictions which you shall designate, (D)&nbsp;the fees and expenses of the transfer agent or registrar, (E)&nbsp;the filing fees incident to any
required review and approval by the Financial Industry Regulatory Authority, Inc. (&#147;<B><I>FINRA</I></B>&#148;), if any, of the terms of the sale of the Securities, (F)&nbsp;listing fees, if any, (G)&nbsp;the cost and expenses of the Company
relating to investor presentations or any &#147;roadshow&#148; undertaken in connection with marketing of the Securities, (H)&nbsp;all reasonable and documented,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Underwriter (including, but not limited to, travel, databases, fees and disbursements of counsel, and of other consultants and
advisors retained by the Underwriter) incurred in connection with the Underwriter&#146;s investigation of the Company, preparing to market and marketing the Securities, sale of the Securities or in contemplation of performing its obligations
hereunder, which amount will not exceed $100,000 in the aggregate (less the advance to the Underwriter in the amount of $40,000 (the &#147;<B><I>Advance</I></B>&#148;), the receipt of which the Underwriter hereby acknowledges),<B> </B>and
(I)&nbsp;all other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein. The Underwriter shall promptly reimburse the Company for the portion, if any, of
the Advance not used for actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses if the offering contemplated hereby is not consummated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Use of Proceeds</U></I>. The Company will apply the net proceeds from the sale of the
Securities to be sold by it hereunder for the purposes set forth in the Time of Sale Disclosure Package and in the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Company Lock Up</U></I>. The Company will not,
without the prior written consent of the Underwriter, from the date of execution of this Agreement and continuing to and including the date ninety (90)&nbsp;days after the date of the Prospectus (the
<B><I><FONT STYLE="white-space:nowrap">&#147;Lock-Up</FONT> Period&#148;</I></B>), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (B)&nbsp;enter into any swap or other
agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (A)&nbsp;or (B) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise, except, in each case, for (v)&nbsp;the sale of the Securities as contemplated by this Agreement, (w)&nbsp;issuances of shares of Common Stock upon the exercise or conversion of options, warrants or convertible
securities disclosed or vesting of restricted stock units as outstanding in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, (x)&nbsp;the sale of Common Stock to cover the exercise price of stock options or tax
liability in connection with the exercise of stock vesting or settlement of stock options, restricted stock or restricted stock units, and (y)&nbsp;the issuance of employee stock options or other equity-based awards not exercisable during the <FONT
STYLE="white-space:nowrap">Lock-Up</FONT> Period pursuant to the Company&#146;s stock option, stock bonus and other stock plans or arrangements, as in effect on the date hereof in the ordinary course of business consistent with past practices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp; [RESERVED] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Stockholder <FONT STYLE="white-space:nowrap">Lock-Ups</FONT></U></I>. The Company has caused
to be delivered to you prior to the date of this Agreement a letter, in the form of Exhibit A hereto (the <B><I><FONT STYLE="white-space:nowrap">&#147;Lock-Up</FONT> Agreement&#148;</I></B>), from each individual listed on Schedule III. The Company
will enforce the terms of each <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement and issue stop-transfer instructions to the transfer agent for the Common Stock with respect to any transaction or contemplated transaction that would
constitute a breach of or default under the applicable <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>No Market Stabilization or Manipulation</U></I>. 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, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or
resale of the Securities in violation of applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>SEC Reports</U></I>. During
the Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic and special reports as required by the Rules and Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Internal Controls</U></I>. During the Prospectus Delivery Period, the Company will maintain
such controls and other procedures, including without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act 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&#146;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&#146;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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Sarbanes-Oxley</U></I>. During the Prospectus
Delivery Period, the Company will comply with all applicable provisions of the Sarbanes-Oxley Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Free Writing Prospectuses</U></I>. The Company represents and agrees that, unless it
obtains the prior written consent of the Underwriter, it has not made and will not make any offer relating to the Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a free writing prospectus
required to be filed with the Commission; provided that the prior written consent of the Underwriter shall be deemed to have been given in respect of the free writing prospectuses included in Schedule I. Any such free writing prospectus consented to
by the Underwriter is hereinafter referred to as a <B><I>&#147;Permitted Free Writing Prospectus.&#148;</I></B> The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an issuer free writing
prospectus and has complied and will comply with the requirements of Rule 164 and Rule 433 applicable to any Permitted Free Writing Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Conditions of Underwriter&#146;s Obligations</I></B>. The obligations of the Underwriter hereunder are
subject to the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Representations, Warranties and Agreements</U></I>. The
representations and warranties of the Company in this Agreement shall be true and correct as if made at and as of the First Closing Date and the Second Closing Date, as applicable, and the Company shall have complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>
</I><I><U>Required Filings; Absence of Certain Commission Actions</U></I>. If filing of the Prospectus, or any amendment or supplement thereto, or any issuer 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 issuer 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 Time of Sale Disclosure Package, the Prospectus or any issuer free writing prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or, the Company&#146;s knowledge threatened, by the
Commission; any request of the Commission for additional information (to be included in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus or otherwise) shall have been complied with
to your satisfaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I> <U>Absence of Certain Events</U></I>. Except as contemplated in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus, there shall not have occurred any Material Adverse Change, the effect of which, in your judgment, makes it impractical or inadvisable to offer or deliver the Securities on the terms
and in the manner contemplated in the Time of Sale Disclosure Package and in the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Opinion of Company Counsel</U></I>. On each Closing Date, there
shall have been furnished to you (i)&nbsp;the opinion and negative assurance letter of Ropes&nbsp;&amp; Gray LLP, counsel for the Company, and (ii)&nbsp;the opinion of Kevin Wills, the Company&#146;s internal Patent Counsel, each dated such Closing
Date and addressed to you, in the form and substance satisfactory to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I> </I><I><U>Opinion of
Underwriter&#146;s Counsel</U></I>. On each Closing Date, there shall have been furnished to you the opinion and negative assurance letter of Lowenstein Sandler LLP, counsel for the Underwriter, dated such Closing Date and addressed to you, with
respect to such matters as you reasonably may request, and such counsel shall have received such papers and information as they request to enable them to pass upon such matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I> <U>Comfort Letter</U></I>. On the date hereof and on each Closing Date you shall have received an
accountant&#146;s &#147;comfort&#148; letter of Moss Adams LLP, dated such date and addressed to you, in form and substance satisfactory to you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Officers&#146; Certificate</U></I>. On each Closing Date, there shall have been furnished to you a
certificate, dated such Closing Date and addressed to you, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties of the Company in this Agreement are true and correct as if made
at and as of such Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp; 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 Securities for offering or sale nor suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus or any issuer 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; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp; Affirms the accuracy of the matters set forth in subsection (c)&nbsp;of this Section&nbsp;5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp; <I><U><FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement</U></I>. The Underwriter shall have received all
of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreements referenced in Section&nbsp;4(x) and the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreements shall remain in full force and effect </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Equity Line Termination</U></I>. On or prior to the execution and delivery of this Agreement, the
Underwriter shall have received written evidence reasonably satisfactory to it that the Company shall have terminated its &#147;equity line&#148; with Lincoln Park Capital Fund, LLC, including without limitation, the related Purchase Agreement dated
September&nbsp;22, 2016. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Other Documents</U></I>. The Company shall have furnished to
you and counsel for the Underwriter such additional documents, certificates and evidence as you or they may have reasonably requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Exchange Listing</U></I>. The Securities to be delivered on such Closing Date have been approved for listing
on the Nasdaq Global Market, subject to official notice of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All such opinions, certificates, letters and other documents will be
in compliance with the provisions hereof only if they are satisfactory in form and substance to you and counsel for the Underwriter. The Company will furnish you with such conformed copies of such opinions, certificates, letters and other documents
as you shall reasonably request. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Indemnification and Contribution</I></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Indemnification by the Company</U></I>. The Company agrees to indemnify and hold harmless the Underwriter,
its affiliates, directors and officers, and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, from and against any losses, claims, damages or liabilities, joint
or several, to which the Underwriter may become subject, under the Act or otherwise (including any reasonable investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
or any claim asserted), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
including the 430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the
Time of Sale Disclosure Package, the Prospectus, or any amendment or supplement thereto, any issuer free writing prospectus, the Marketing Materials or any issuer information that the Company has filed or is required to file pursuant to Rule 433(d)
of the Rules and Regulations, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the
Underwriter for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such loss, claim, damage, liability or action as such expenses are incurred; <I>provided, however,</I> that the Company will
not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in
conformity with written information furnished to the Company by you specifically for use in the preparation thereof, it being understood and agreed that the only information furnished by the Underwriter consists of the information described as such
in Section&nbsp;6(e). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Indemnification by the Underwriter</U></I>. The Underwriter
will indemnify and hold harmless the Company, its affiliates, directors and officers and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act and Section&nbsp;20 of the Exchange Act, from and against any
losses, claims, damages or liabilities, joint or several, to which the Company may become subject, under the Act or otherwise (including any reasonable investigation, legal and other expenses incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claim asserted), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, including the 430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to the Rules and Regulations,
if applicable, any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, or any amendment or supplement thereto, or any issuer free writing prospectus, or any issuer information that the Company has filed or is required to
file pursuant to Rule 433(d) of the Rules and Regulations, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by you
specifically for use in the preparation thereof (it being understood and agreed that the only information furnished by the Underwriter consists of the information described as such in Section&nbsp;6(e)), and will reimburse the Company for any legal
or other expenses reasonably incurred by the Company in connection with investigating or defending against any such loss, claim, damage, liability or action as such expenses are incurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I></I><I></I><I></I><I></I><I> <U>Notice and Procedures</U></I>. Promptly after receipt by an indemnified party
under subsection (a)&nbsp;or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in
writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been
materially prejudiced by such failure (through the forfeiture of substantive rights or defenses). In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&#146;s election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. The indemnified party shall have the right to employ its counsel in any such action, but the fees and
expenses of such counsel shall be at the expense of such indemnified party unless the employment of counsel by such indemnified party has been authorized in writing by the indemnifying party. An indemnifying party shall not be obligated under any
settlement agreement relating to any action under this Section&nbsp;6 to which it has not agreed in writing. In addition, no indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not be
unreasonably withheld or delayed), effect any settlement of any pending or threatened proceeding unless such settlement includes an unconditional release of such indemnified party for all liability on claims that are the subject matter of such
proceeding and does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. Notwithstanding the foregoing, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel pursuant to this Section&nbsp;6(c), such indemnifying party agrees that it shall be liable for any settlement effected without its written consent if
(i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such
settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement; provided that an indemnifying party shall not be liable for
any such settlement effected without its consent if such indemnifying party, prior to the date of such settlement, (1)&nbsp;reimburses such indemnified party in accordance with such request for the amount of such fees and expenses of counsel as the
indemnifying party believes in good faith to be reasonable and (2)&nbsp;provides written notice to the indemnified party that the indemnifying party disputes in good faith the reasonableness of the unpaid balance of such fees and expenses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Contribution; Limitations on Liability; <FONT
STYLE="white-space:nowrap">Non-Exclusive</FONT> Remedy</U></I>. If the indemnification provided for in Section&nbsp;6(a) or (b)&nbsp;is due in accordance with its terms but for any reason is unavailable or insufficient to hold harmless an
indemnified party under subsection&nbsp;(a) or (b)&nbsp;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&nbsp;(a) or (b)&nbsp;above, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter on the other from the offering of the Securities or (ii)&nbsp;if the
allocation provided by clause&nbsp;(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&nbsp;(i) above but also the relative fault of the Company on the
one hand and the Underwriter 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 Underwriter 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 bear to the total underwriting discount received by
the Underwriter, in each case as set forth in the table on the cover page of the Prospectus. 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 Underwriter and the parties&#146; relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The Company and the Underwriter agree that it would not be just and equitable if contributions pursuant to this subsection&nbsp;(d) were to be determined by pro rata allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the first sentence of this subsection&nbsp;(d). 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&nbsp;(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject of this subsection&nbsp;(d).
Notwithstanding the provisions of this subsection&nbsp;(d), the Underwriter shall not be required to contribute any amount in excess of the amount by which the total underwriting discount received by the Underwriter with respect to the Securities
purchased by it hereunder exceeds the amount of any damages that the Underwriter 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&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. No party shall be liable for contribution with respect to any action,
suit, proceeding or claim settled without its written consent. The remedies provided for in this Section&nbsp;6 are not exclusive and shall not limit any rights or remedies that might otherwise be available to any indemnified party at law or in
equity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Information Provided by the Underwriter</U></I>. The
Underwriter confirms and the Company acknowledges that the statements with respect to the public offering of the Securities by the Underwriter set forth under the caption &#147;Underwriting&#148; in the Time of Sale Disclosure Package and in the
Prospectus only insofar as such statements relate to the amount of selling concession and <FONT STYLE="white-space:nowrap">re-allowance,</FONT> if any, or to over-allotment, stabilization and related activities that may be undertaken by the
Underwriter are correct and constitute the only information concerning the Underwriter furnished in writing to the Company by the Underwriter specifically for inclusion in the Registration Statement, any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus or any issuer free writing prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Representations and Agreements
to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company and the Underwriter herein or in certificates delivered pursuant hereto, including but not limited to the agreement of the Company and the Underwriter
contained in Section&nbsp;6 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriter 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 Securities to and by the Underwriter hereunder and any termination of this Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Termination of this Agreement.</I></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Right to Terminate</U></I>. You shall have the right to terminate this Agreement by giving notice to the
Company as hereinafter specified at any time at or prior to the First Closing Date, and the option referred to in Section&nbsp;3(b), if exercised, may be cancelled at any time prior to the Second Closing Date, if (i)&nbsp;the Company shall have
failed, refused or been unable, at or prior to such Closing Date, to perform any agreement on its part to be performed hereunder (other than, prior to the First Closing Date or the Second Closing Date, agreements that are intended to be performed on
such date), (ii)&nbsp;any condition of the Underwriter&#146;s obligations hereunder is not fulfilled (other than, prior to the First Closing Date or the Second Closing Date, conditions that are intended to be satisfied on such date),
(iii)&nbsp;trading in the Company&#146;s Common Stock shall have been suspended by the Commission or the Nasdaq Global Market or&nbsp;trading in securities generally on the NYSE American, NASDAQ Stock Market or New York Stock Exchange shall have
been suspended, (iv)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the NYSE American, NASDAQ Stock Market or New York Stock Exchange, by such Exchange or by
order of the Commission, FINRA or any other Governmental Authority having jurisdiction, (v)&nbsp;a banking moratorium shall have been declared by federal or New York state authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States, or (vi)&nbsp;there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration by the United States of a national
emergency or war, any material adverse change in financial markets, any substantial change or development involving a prospective substantial change in United States or international political, financial or economic conditions, or any other calamity
or crisis that, in your judgment, is material and adverse and makes it impractical or inadvisable to proceed with the completion of the sale of and payment for the Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-26- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Notice of Termination</U></I>. If you elect to terminate this
Agreement as provided in this Section, the Company shall be notified promptly by you by telephone, confirmed by letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp; <I><U>Effect of Termination</U></I>. No party shall be relieved of any liability under this Agreement arising from
any breach of its obligations hereunder occurring prior to termination of this Agreement as a result of the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Notices</I></B>. Except as otherwise provided herein, all communications hereunder shall be in writing and,
if to the Underwriter, shall be mailed via overnight delivery service or hand delivered via courier to Ladenburg Thalmann&nbsp;&amp; Co. Inc., 277 Park Avenue, 26th floor, New York, NY 10172 Attention: General Counsel; if to the Company, shall be
mailed or delivered to it at 6244 185th Avenue NE, Suite 100, Redmond, Washington 98052, Attention: General Counsel, with a copy to Ropes&nbsp;&amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, Attention: Joel F.
Freedman, Esq.; or in each case to such other address as the person to be notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new
address for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Persons Entitled to Benefit of Agreement</I></B>. 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&nbsp;6. 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 &#147;successors and assigns&#148; as herein used shall not include any purchaser,
as such purchaser, of any of the Securities from the Underwriter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Absence of Fiduciary
Relationship</I></B>. The Company acknowledges and agrees that: (a)&nbsp;the Underwriter has been retained solely to act as an underwriter in connection with the sale of the Securities and that no fiduciary, advisory or agency relationship between
the Company and the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriter has advised or is advising the Company on other matters; (b)&nbsp;the price and other
terms of the Securities set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriter 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)&nbsp;it has been advised that the Underwriter 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 Underwriter has no obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d)&nbsp;it has been advised that the Underwriter is acting, in respect of
the transactions contemplated by this Agreement, solely for the benefit of the Underwriter, and not on behalf of the Company; (e)&nbsp;it waives to the fullest extent permitted by law, any claims it may have against the Underwriter 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 Underwriter 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Governing Law; Waiver of Jury Trial</I></B>. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Underwriter hereby irrevocably
waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Counterparts</I></B>. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<B><I> General Provisions.</I></B> This Agreement constitutes the entire agreement of the parties to this Agreement
and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including that certain engagement letter, dated August&nbsp;7, 2017, by and between the
Company and the Underwriter, except as to the provisions contained in Sections 2, 5 and 6 and Exhibit A thereto that shall survive and remain in full force and effect. This Agreement may not be amended or modified unless in writing by all of the
parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings herein are for the convenience of the parties only and shall not affect
the construction or interpretation of this Agreement. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If
any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page intentionally left blank. Signature page follows.] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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 Underwriter in accordance with its terms. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>M<SMALL>ICRO</SMALL>V<SMALL>ISION</SMALL>, I<SMALL>NC</SMALL>.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephen Holt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephen Holt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Confirmed as of the date first</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">above mentioned</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LADENBURG THALMANN&nbsp;&amp; CO. INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Barry Steiner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Barry Steiner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Underwriting Agreement] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certain Permitted Free Writing Prospectuses </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Firm
Shares: 4,761,905 shares </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Option Shares: 714,286 shares </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Price to the public: $2.10 per share </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Price to the Underwriter: $1.96875 per share </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>List of Individuals Executing <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert P. Carlile </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Col. Yalon Farhi </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slade Gorton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen P. Holt </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Perry Mulligan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sumit Sharma </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alexander Y. Tokman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian Turner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas M. Walker </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David J. Westgor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dale E. Zimmerman </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Common Stock <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladenburg Thalmann&nbsp;&amp; Co. Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">277 Park Avenue, 26th
floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10172 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As an inducement to Ladenburg Thalmann&nbsp;&amp; Co. Inc. (the &#147;<B><I>Underwriter</I></B>&#148;) to execute an underwriting agreement
(the <I>&#147;</I><B><I>Underwriting Agreement</I></B><I>&#148;</I>) providing for a public offering (the <I>&#147;</I><B><I>Offering</I></B><I>&#148;</I>) of common stock, par value $0.001 per share (the <I>&#147;</I><B><I>Common
Stock</I></B><I>&#148;</I>), or other securities, of MicroVision, Inc., a Delaware corporation (the <I>&#147;</I><B><I>Company</I></B><I>&#148;</I>), the undersigned hereby agrees that, without the prior written consent of the Underwriter,<B>
</B>during the period commencing on the date of this Agreement and ending on the date ninety (90)&nbsp;days after the date of the final prospectus used to sell Common Stock in the Offering pursuant to the Underwriting Agreement (the
<I>&#147;</I><B><I><FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period</I></B><I>&#148;</I>), the undersigned will not: (1)&nbsp;offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any shares of the Company&#146;s Common Stock or any securities convertible
into, exercisable or exchangeable for or that represent the right to receive Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the
Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) whether now owned or hereafter acquired (the <I>&#147;</I><B><I>Undersigned&#146;s Securities</I></B><I>&#148;</I>); (2) enter into any
swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Undersigned&#146;s Securities, whether any such transaction described in clause (1)&nbsp;or (2) above is to be settled by delivery of
Common Stock or such other securities, in cash or otherwise; (3)&nbsp;make any demand for or exercise any right with respect to, the registration of any Common Stock or any security convertible into or exercisable or exchangeable for Common Stock;
or (4)&nbsp;publicly disclose the intention to do any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the undersigned may transfer the
Undersigned&#146;s Securities (i)&nbsp;as a <I>bona fide</I> gift or gifts, (ii)&nbsp;to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, (iii)&nbsp;if the undersigned is a corporation,
partnership, limited liability company, trust or other business entity (1)&nbsp;transfers to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405
promulgated under the Securities Act of 1933, as amended) of the undersigned or (2)&nbsp;distributions of shares of Common Stock or any security convertible into or exercisable for Common Stock to limited partners, limited liability company members
or stockholders of the undersigned, (iv)&nbsp;if the undersigned is a trust, transfers to the beneficiary of such trust, (v)&nbsp;transfers by testate succession or intestate succession, or (vi)&nbsp;pursuant to the Underwriting Agreement;
<I>provided,</I> in the case of clauses (i)&nbsp;through (v), that (x)&nbsp;such transfer shall not involve a disposition for value, (y)&nbsp;the transferee agrees in writing with the Underwriter to be bound by the terms of this Agreement, and
(z)&nbsp;no filing by any party under Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended (the <I>&#147;</I><B><I>Exchange Act</I></B><I>&#148;</I>), shall be required or shall be made voluntarily (in either case, during the <FONT
STYLE="white-space:nowrap">Lock-Up</FONT> Period) in connection with such transfer. For purposes of this Agreement, &#147;immediate family&#148; shall mean any relationship by blood, marriage or adoption, no more remote than first cousin. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the foregoing restrictions shall not apply to (i)&nbsp;the exercise of stock options
granted pursuant to the Company&#146;s equity incentive plans; <I>provided</I> that they shall apply to any of the Undersigned&#146;s Securities issued upon such exercise, (ii)&nbsp;the sale of Common Stock to the Company to cover the exercise price
of stock options or tax liability in connection with the exercise of stock vesting or settlement of stock options, restricted stock or restricted stock units, or (iii)&nbsp;the establishment of any contract, instruction or plan (a
<I>&#147;</I><B><I>Plan</I></B><I>&#148;</I>) that satisfies all of the requirements of Rule <FONT STYLE="white-space:nowrap">10b5-1(c)(1)(i)(B)</FONT> under the Exchange Act; <I>provided</I> that no sales of the Undersigned&#146;s Securities shall
be made pursuant to such a Plan prior to the expiration of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period, and such a Plan may only be established if no public announcement of the establishment or existence thereof and no filing with the
Securities and Exchange Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the undersigned or the Company, shall be required, and no such announcement or filing is made voluntarily, by
the undersigned or the Company, prior to the expiration of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In furtherance of
the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Common Stock if such transfer would constitute a violation or breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that upon
request, the undersigned will execute any additional documents necessary to ensure the validity or enforcement of this Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon
the successors, assigns, heirs or personal representatives of the undersigned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that the undersigned shall be
released from all obligations under this Agreement if (i)&nbsp;the Company notifies the Underwriter that it does not intend to proceed with the Offering, (ii)&nbsp;the Underwriting Agreement does not become effective, or if the Underwriting
Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, or (iii)&nbsp;the Offering is not completed by August 31, 2017.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that the Underwriter is entering into the Underwriting Agreement and proceeding with the Offering in reliance
upon this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Printed Name of Holder</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Printed Name and Title of Person Signing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>(if signing as custodian, trustee, or on behalf of an entity)</I></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d438744dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<IMG SRC="g438744g0808144027774.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ROPES&nbsp;&amp; GRAY LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PRUDENTIAL TOWER</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">800 BOYLSTON STREET</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BOSTON, MA 02199-3600</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WWW.ROPESGRAY.COM</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 10, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MicroVision,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6244 185th Ave NE, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Redmond, WA 98052 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-211869)</FONT> and the
Registration Statement filed on August&nbsp;10, 2017 pursuant to Rule 462(b) under the Securities Act of 1933 relating thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is furnished to you in connection with the above-referenced registration statements (the &#147;Registration Statements&#148;), the base
prospectus dated June&nbsp;22, 2016 (the &#147;Base Prospectus&#148;) and the prospectus supplement dated August 10, 2017 (collectively with the Base Prospectus, the &#147;Prospectus&#148;). The Prospectus relates to the offering by MicroVision,
Inc. (the &#147;Company&#148;) of up to 5,476,191 shares (the &#147;Shares&#148;) of the Company&#146;s common stock, par value $0.001 per share (the &#147;Common Stock&#148;). We understand that the Shares are to be offered and sold in the manner
described in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have acted as counsel for the Company in connection with the issuance of the Shares. For purposes of this opinion, we
have examined and relied upon such documents, records, certificates and other instruments as we have deemed necessary. The opinions expressed below are limited to the Delaware General Corporation Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and, when issued and paid for as described in the
Prospectus, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to your filing this opinion
as an exhibit to a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> to be incorporated by reference in the Registration Statements and to the use of our name under the caption &#147;Legal Matters&#148; in the Prospectus contained
therein. Our consent shall not be deemed an admission that we are experts whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ropes&nbsp;&amp; Gray LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ropes&nbsp;&amp; Gray LLP </P>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g438744g0808144027774.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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