<SEC-DOCUMENT>0001144204-15-019048.txt : 20150327
<SEC-HEADER>0001144204-15-019048.hdr.sgml : 20150327
<ACCEPTANCE-DATETIME>20150327172642
ACCESSION NUMBER:		0001144204-15-019048
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20150325
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150327
DATE AS OF CHANGE:		20150327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVAVAX INC
		CENTRAL INDEX KEY:			0001000694
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				222816046
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26770
		FILM NUMBER:		15731954

	BUSINESS ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
		BUSINESS PHONE:		240-268-2000

	MAIL ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v405810_8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 25, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><b>Delaware</b></td>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><b>0-26770</b></td>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><b>22-2816046</b></td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center">(State or Other Jurisdiction</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">(Commission</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">(IRS Employer</td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-size: 10pt">of Incorporation)</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-size: 10pt">File Number)</font></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-size: 10pt">Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>20 Firstfield Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gaithersburg, Maryland 20878</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:&nbsp; <B>(240) 268-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General
Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule&nbsp;425 under
the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule&nbsp;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 25, 2015, Novavax, Inc. (the &ldquo;<U>Company</U>&rdquo;)
entered into an underwriting agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with J.P. Morgan Securities LLC and Citigroup
Global Markets Inc. as representatives of the several underwriters listed on Schedule 1 thereto (the &ldquo;<U>Underwriters</U>&rdquo;),
related to a public offering (the &ldquo;<U>Offering</U>&rdquo;) of 24,137,931 shares of the Company&rsquo;s common stock, $0.01
par value per share, (the &ldquo;<U>Common Stock</U>&rdquo;) at a price to the public of $7.25 per share pursuant to a registration
statement on Form S-3 (File No.&nbsp;333-193549) and a related prospectus supplement. In addition, the Company granted the Underwriters
an option exercisable for 30 days from the date of the Underwriting Agreement to purchase, at the public offering price less any
underwriting discounts and commissions, up to an additional 3,620,689 shares of Common Stock. Subject to customary closing conditions,
the Offering is expected to close on March 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above description of the Underwriting
Agreement is qualified in its entirety by reference to the Underwriting Agreement, which is filed as Exhibit 1.1 hereto and incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An opinion dated March 25, 2015 regarding
the legality of the issuance and sale of the Common Stock in the Offering is filed as Exhibit 5.1 to this Current Report on Form
8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01. Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2015, the Company issued a
press release announcing the launch of the Offering. On March 26, 2015, the Company issued a press release announcing the pricing
of the Offering. Copies of the Company&rsquo;s press releases are attached hereto as Exhibit 99.1 and 99.2 and are incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 9%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Exhibit&nbsp;No.</b></font></td>
    <td style="width: 2%; text-align: center">&nbsp;</td>
    <td style="width: 89%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">1.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-size: 10pt">Underwriting Agreement, dated March 25, 2015, by and among Novavax, Inc. and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the several underwriters listed on Schedule 1 thereto.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">5.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Opinion of Ropes &amp; Gray LLP.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">23.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Consent of Ropes &amp; Gray LLP (included in Exhibit 5.1 above).</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">99.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Launch Press Release of Novavax, Inc. dated March 24, 2015.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">99.2</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Pricing Press Release of Novavax, Inc. dated March 26, 2015.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td colspan="3">&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="3"><B>NOVAVAX,&nbsp;INC.</B></td></tr>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;Date: March 27, 2015</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<tr>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ John A. Herrmann III</TD>
    <TD>&nbsp;</TD></tr>
<tr>
    <TD>&nbsp;</td>
    <TD STYLE="vertical-align: top">Name:</td>
    <td colspan="2" style="vertical-align: top">John A. Herrmann III</td></tr>
<tr>
    <TD>&nbsp;</td>
    <TD STYLE="vertical-align: top">Title:&nbsp;&nbsp;</td>
    <td colspan="2">Senior Vice President, General <BR>
    Counsel &amp; Corporate Secretary</td></tr>
<tr>
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 24%">&nbsp;</td>
    <TD STYLE="width: 20%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 9%; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Exhibit&nbsp;No.</b></font></td>
    <td style="width: 2%; text-align: center">&nbsp;</td>
    <td style="width: 89%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">1.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: justify"><font style="font-size: 10pt">Underwriting Agreement, dated March 25, 2015, by and among Novavax, Inc. and J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representative of the several underwriters listed on Schedule 1 thereto.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">5.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Opinion of Ropes &amp; Gray LLP.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">23.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Consent of Ropes &amp; Gray LLP (included in Exhibit 5.1 above).</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">99.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Launch Press Release of Novavax, Inc. dated March 24, 2015.</font></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">99.2</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-size: 10pt">Pricing Press Release of Novavax, Inc. dated March 26, 2015.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>EXECUTION VERSION</I></B></P>



<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>24,137,931 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>par value $0.01</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3,620,689 Option Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novavax, Inc.<BR>
<BR>
UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 25, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J. P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of<BR>
the several Underwriters listed in<BR>
<U>Schedule 1</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Novavax, Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several underwriters listed in <U>Schedule 1</U> hereto (the &ldquo;<B>Underwriters</B>&rdquo;),
for whom J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are acting as representatives (the &ldquo;<B>Representatives</B>&rdquo;),
an aggregate of 24,137,931 shares common stock, $0.01 par value per share, of the Company (the &ldquo;<B>Underwritten Shares</B>&rdquo;)
and, at the option of the Underwriters, up to an additional 3,620,689 shares common stock, $0.01 par value per share, of the Company
(the &ldquo;<B>Option Shares</B>&rdquo;). The Underwritten Shares and the Option Shares are herein referred to as the &ldquo;<B>Shares</B>&rdquo;.
The shares of common stock, $0.01 par value per share, of the Company to be outstanding after giving effect to the sale of the
Shares are referred to herein as the &ldquo;<B>Stock</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby confirms its agreement
with the several Underwriters concerning the purchase and sale of the Shares, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement</U>. The
Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under the Securities
Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<B>Securities Act</B>&rdquo;),
a registration statement (File No. 333-193549), including a prospectus, relating to the Shares. Such registration statement, as
amended at the time it became effective, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the
Securities Act to be part of the registration statement at the time of its effectiveness (&ldquo;<B>Rule 430 Information</B>&rdquo;),
is referred to herein as the &ldquo;<B>Registration Statement</B>&rdquo;; and as used herein, the term &ldquo;<B>Preliminary Prospectus</B>&rdquo;
means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any prospectus
filed with the Commission pursuant to Rule 424(a) under the Securities Act and the prospectus included in the Registration Statement
at the time of its effectiveness that omits Rule 430 Information, and the term &ldquo;<B>Prospectus</B>&rdquo; means the prospectus
in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection
with confirmation of sales of the Shares. If the Company has filed an abbreviated registration statement pursuant to Rule 462(b)
under the Securities Act (the &ldquo;<B>Rule 462 Registration Statement</B>&rdquo;), then any reference herein to the term &ldquo;<B>Registration
Statement</B>&rdquo; shall be deemed to include such Rule 462 Registration Statement. Any reference in this underwriting agreement
(this &ldquo;<B>Agreement</B>&rdquo;) to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act,
as of the effective date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case
may be, and any reference to &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such
date under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively,
the &ldquo;<B>Exchange Act</B>&rdquo;) that are deemed to be incorporated by reference therein. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At or prior to the Applicable Time (as defined
below), the Company had prepared the following information (collectively, the &ldquo;<B>Pricing Disclosure Package</B>&rdquo;):
a Preliminary Prospectus dated March 24, 2015 and each &ldquo;free-writing prospectus&rdquo; (as defined pursuant to Rule 405 under
the Securities Act) listed on <U>Annex A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Applicable Time</B>&rdquo; means
5:45 P.M., New York City time, on March 25, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase of the Shares by the Underwriters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to issue and sell
the Underwritten Shares to the several Underwriters as provided in this Agreement, and each Underwriter, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to
purchase from the Company the respective number of Underwritten Shares set forth opposite such Underwriter&rsquo;s name in <U>Schedule
1</U> hereto at a price per share of $6.8331 (the &ldquo;<B>Purchase Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Company agrees to issue
and sell the Option Shares to the several Underwriters as provided in this Agreement, and the Underwriters, on the basis of the
representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option
to purchase, severally and not jointly, from the Company the Option Shares at the Purchase Price less an amount per share equal
to any dividends or distributions declared by the Company and payable on the Underwritten Shares but not payable on the Option
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Option Shares are to be purchased,
the number of Option Shares to be purchased by each Underwriter shall be the number of Option Shares which bears the same ratio
to the aggregate number of Option Shares being purchased as the number of Underwritten Shares set forth opposite the name of such
Underwriter in <U>Schedule 1</U> hereto (or such number increased as set forth in Section 10 hereof) bears to the aggregate number
of Underwritten Shares being purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate
any fractional Shares as the Representatives in their sole discretion shall make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriters may exercise the option
to purchase Option Shares at any time in whole, or from time to time in part, on or before the thirtieth day following the date
of the Prospectus, by written notice from the Representatives to the Company. Such notice shall set forth the aggregate number
of Option Shares as to which the option is being exercised and the date and time when the Option Shares are to be delivered and
paid for, which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing
Date nor later than the tenth full business day (as hereinafter defined) after the date of such notice (unless such time and date
are postponed in accordance with the provisions of Section 10 hereof). Any such notice shall be given at least two business days
prior to the date and time of delivery specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company understands that the
Underwriters intend to make a public offering of the Shares as soon after the effectiveness of this Agreement as in the judgment
of the Representatives is advisable, and initially to offer the Shares on the terms set forth in the Prospectus. The Company acknowledges
and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for the Shares shall be made
by wire transfer in immediately available funds to the account specified by the Company to the Representatives in the case of the
Underwritten Shares, at the offices of Ropes &amp; Gray LLP, 800 Boylston Street, Boston, Massachusetts at 10:00 A.M., New York
City time, on March 31, 2015, or at such other time or place on the same or such other date, not later than the fifth business
day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option Shares, on the date
and at the time and place specified by the Representatives in the written notice of the Underwriters&rsquo; election to purchase
such Option Shares. The time and date of such payment for the Underwritten Shares is referred to herein as the &ldquo;<B>Closing
Date</B>&rdquo;, and the time and date for such payment for the Option Shares, if other than the Closing Date, is herein referred
to as the &ldquo;<B>Additional Closing Date</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for the Shares to be purchased on
the Closing Date or the Additional Closing Date, as the case may be, shall be made against delivery to the Representatives for
the respective accounts of the several Underwriters of the Shares to be purchased on such date or the Additional Closing Date,
as the case may be, with any transfer taxes payable in connection with the sale of such Shares duly paid by the Company. Delivery
of the Shares shall be made through the facilities of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) unless the Representatives
shall otherwise instruct. The certificates for the Shares will be made available for inspection and packaging by the Representatives
at the office of DTC or its designated custodian not later than 1:00 P.M., New York City time, on the business day prior to the
Closing Date or the Additional Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees
that the Underwriters are acting solely in the capacity of an arm&rsquo;s length contractual counterparty to the Company with respect
to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a
financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither the Representatives
nor any other Underwriter is advising the Company or any other person as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for
making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have
no responsibility or liability to the Company with respect thereto. Any review by the Underwriters of the Company, the transactions
contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters
and shall not be on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties
of the Company</U>. The Company represents and warrants to each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Preliminary Prospectus.</I>
No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each Preliminary
Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the
Securities Act, and no Preliminary Prospectus, at the time of filing thereof, contained any untrue statement of a material fact
or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; <U>provided</U> that the Company makes no representation and warranty with respect to any
statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use in any Preliminary Prospectus, it being understood
and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section
7(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pricing Disclosure Package</I>.
The Pricing Disclosure Package as of the Applicable Time did not, and as of the Closing Date and as of the Additional Closing Date,
as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U> that
the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity
with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives
expressly for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by
any Underwriter consists of the information described as such in Section 7(b) hereof. No statement of material fact included in
the Prospectus has been omitted from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure
Package that is required to be included in the Prospectus has been omitted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuer Free Writing
Prospectus. </I>Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company (including its
agents and representatives, other than the Underwriters in their capacity as such) has not prepared, used, authorized, approved
or referred to and will not prepare, use, authorize, approve or refer to any &ldquo;written communication&rdquo; (as defined in
Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication
by the Company or its agents and representatives (other than a communication referred to in clause (i) below) an &ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo;) other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of
the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on <U>Annex A</U> hereto, each electronic
road show and any other written communications approved in writing in advance by the Representatives. Each such Issuer Free Writing
Prospectus complied in all material respects with the Securities Act, has been or will be (within the time period specified in
Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict with the information
contained in the Registration Statement or the Pricing Disclosure Package, and, when taken together with the Preliminary Prospectus
filed prior to the first use of such Issuer Free Writing Prospectus, did not, and as of the Closing Date and as of the Additional
Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U>
that the Company makes no representation and warranty with respect to any statements or omissions made in each such Issuer Free
Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in such Issuer Free Writing Prospectus
or Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists
of the information described as such in Section 7(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration Statement
and Prospectus.</I> The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined under Rule
405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof; and no
notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the Securities Act has been received by the Company. No order suspending the effectiveness of the Registration
Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act
against the Company or related to the offering of the Shares has been initiated or threatened by the Commission; as of the applicable
effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such
post-effective amendment complied and will comply in all material respects with the Securities Act, and did not and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as
of the Closing Date and as of the Additional Closing Date, as the case may be, the Prospectus will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; <U>provided</U> that the Company makes no representation and warranty with respect
to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to
the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and the
Prospectus and any amendment or supplement thereto, it being understood and agreed that the only such information furnished by
any Underwriter consists of the information described as such in Section 7(b) hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Incorporated Documents.</I>
The documents incorporated by reference in the Registration Statement, the Prospectus and the Pricing Disclosure Package, when
they were filed with the Commission conformed in all material respects to the requirements of the Exchange Act, and none of such
documents contained any 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; and any further documents so filed and incorporated
by reference in the Registration Statement, the Prospectus or the Pricing Disclosure Package, 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 any 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Statements.</I>
The financial statements (including the related notes thereto) of the Company and its consolidated subsidiaries included or incorporated
by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with
the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly, in all material respects,
the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations
and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with
generally accepted accounting principles in the United States (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout
the periods covered thereby, and any supporting schedules included or incorporated by reference in the Registration Statement present
fairly, in all material respects, the information required to be stated therein; and the other financial information included or
incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus has been derived from
the accounting records of the Company and its consolidated subsidiaries and presents fairly, in all material respects, the information
shown thereby.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Adverse
Change.</I> Since the date of the most recent financial statements of the Company included or incorporated by reference in the
Registration Statement, the Pricing Disclosure Package and the Prospectus, (i) there has not been any material change in the capital
stock (other than the issuance of shares of Common Stock upon exercise of stock options and warrants described as outstanding in,
and the grant of options and awards under existing equity incentive plans described in or incorporated by reference in, the Registration
Statement, the Pricing Disclosure Package and the Prospectus), short-term debt or long-term debt of the Company or any of its subsidiaries,
or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital
stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the
business, properties, management, financial position, stockholders&rsquo; equity, results of operations or prospects of the Company
and its subsidiaries taken as a whole; (ii) neither the Company nor any of its subsidiaries has entered into any transaction or
agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole
or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a
whole; and (iii) neither the Company nor any of its subsidiaries has sustained any loss or interference with its business that
is material to the Company and its subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator
or governmental or regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the Pricing
Disclosure Package and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization and Good
Standing.</I> The Company and each of its subsidiaries have been duly organized and are validly existing and in good standing (where
such concept is recognized) under the laws of their respective jurisdictions of organization, are duly qualified to do business
and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their
respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties
and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have
such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties,
management, financial position, stockholders&rsquo; equity, results of operations or prospects of the Company and its subsidiaries
taken as a whole or on the performance by the Company of its obligations under this Agreement (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).
The subsidiaries listed in <U>Schedule 2</U> to this Agreement are the only significant subsidiaries of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capitalization.</I>
The Company has an authorized capitalization as set forth in the Registration Statement, the Pricing Disclosure Package and the
Prospectus under the heading &ldquo;<B>Capitalization</B>&rdquo;; all the outstanding shares of capital stock of the Company have
been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar
rights; except as described in or expressly contemplated by the Pricing Disclosure Package and the Prospectus, there are no outstanding
rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or
exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract,
commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or
any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock
of the Company conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing
Disclosure Package and the Prospectus; and all the outstanding shares of capital stock or other equity interests of each subsidiary
owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid and non-assessable
and except as otherwise described in or incorporated by reference in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security
interest, restriction on voting or transfer or any other claim of any third party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Options. </I>With
respect to the stock options (the &ldquo;<B>Stock Options</B>&rdquo;) granted pursuant to the stock-based compensation plans of
the Company and its subsidiaries (the &ldquo;<B>Company Stock Plans</B>&rdquo;), (i) each Stock Option intended to qualify as an
&ldquo;incentive stock option&rdquo; under Section 422 of the Code so qualifies, (ii) each grant of a Stock Option was duly authorized
no later than the date on which the grant of such Stock Option was by its terms to be effective (the &ldquo;<B>Grant Date</B>&rdquo;)
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, (iii) each such grant
was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory
rules or requirements, including the rules of the Nasdaq Global Select Market and any other exchange on which Company securities
are traded, and (iv)&nbsp;each such grant was properly accounted for in accordance with GAAP in the financial statements (including
the related notes) of the Company and disclosed in the Company's filings with the Commission in accordance with the Exchange Act
and all other applicable laws. The Company has not knowingly granted, and there is no and has been no policy or practice of the
Company of granting, Stock Options prior to, or otherwise coordinating the grant of Stock Options with, the release or other public
announcement of material information regarding the Company or its subsidiaries or their results of operations or prospects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Authorization.</I>
The Company has the requisite right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder;
and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the
consummation by it of the transactions contemplated hereby have been duly and validly taken.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Underwriting Agreement.
</I> This Agreement has been duly authorized, executed and delivered by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Shares. </I>The
Shares to be issued and sold by the Company hereunder have been duly authorized and, when issued and delivered and paid for as
provided herein, will be duly and validly issued, will be fully paid and nonassessable and will conform to the descriptions thereof
in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject
to any preemptive or similar rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>[Reserved].</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Violation or Default.</I>
Neither the Company nor any of its subsidiaries is (i)&nbsp;in violation of its charter or by-laws or similar organizational documents;
(ii)&nbsp;in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in
the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or
any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject;
or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental
or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not,
individually or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Conflicts. </I>The
execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and the consummation
of the transactions contemplated by this Agreement or the Pricing Disclosure Package and the Prospectus will not (i) 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 or any of its subsidiaries pursuant
to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of
the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or
similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute
or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case
of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not,
individually or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Consents Required.</I>
No consent, approval, authorization, order, license, registration or qualification of or with any court or arbitrator or governmental
or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance
and sale of the Shares and the consummation of the transactions contemplated by this Agreement, except for (i) the registration
of the Shares under the Securities Act, (ii) such consents, approvals, authorizations, orders and registrations or qualifications
as may be required by the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) and under applicable state
securities laws in connection with the purchase and distribution of the Shares by the Underwriters <FONT STYLE="font-size: 10pt">and
(iii) where the failure to obtain or make such consents, approvals, authorizations, orders, licenses and registrations or qualifications
would not, individually or in the aggregate, materially and adversely affect the ability of the Company to perform its obligations
under this Agreement or have a Material Adverse Effect</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal Proceedings.</I>
Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no legal, governmental
or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries is or may be
a party or to which any property of the Company or any of its subsidiaries is or may be the subject that, individually or in the
aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be expected to have a Material Adverse
Effect; no such investigations, actions, suits or proceedings are threatened or, to the knowledge of the Company, contemplated
by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal, governmental
or regulatory actions, suits or proceedings that are required under the Securities Act to be described in the Registration Statement,
the Pricing Disclosure Package or the Prospectus that are not so described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus and (ii) there are no statutes, regulations or contracts or other documents that are required under
the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing
Disclosure Package or the Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Accountants</I>.
Ernst &amp; Young LLP, who have been retained as the Company&rsquo;s independent registered accounting firm beginning with the
fiscal year ending December 31, 2014 and Grant Thornton LLP, who have certified certain financial statements of the Company and
its subsidiaries prior to such fiscal year, is each an independent registered public accounting firm with respect to the Company
and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight
Board (United States) and as required by the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Real and Personal
Property</I>. The Company and its subsidiaries own or have valid rights to lease or otherwise use, all items of real and personal
property that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear of all
liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use
made and proposed to be made of such property by the Company and its subsidiaries<FONT STYLE="font-size: 10pt">, (ii) are described
in the Registration Statement, the Pricing Disclosure Package and the Prospectus or</FONT> (iii) could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Intellectual
Property</I>. The Company owns, possesses, or can acquire on reasonable terms, all Intellectual Property necessary for the conduct
of the Company&rsquo;s business as now conducted or as described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus to be conducted, except as such failure to own, possess, or acquire such rights would not result in a Material
Adverse Effect. Furthermore, (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third
parties of any such Intellectual Property, except as such infringement, misappropriation or violation would not result in a Material
Adverse Effect; (B) there is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others,
for which the Company has been served or notified, challenging the Company&rsquo;s rights in or to any such Intellectual Property,
and the Company is unaware of any facts which would form a reasonable basis for any such claim; (C) 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 threatened action, suit, proceeding or claim by others, for which
the Company has been served or notified, challenging the validity or scope of any such Intellectual Property, and the Company is
unaware of any facts which would form a reasonable basis for any such claim; (D) there is no pending or threatened action, suit,
proceeding or claim by others, for which the Company has been served or notified, that the Company infringes, misappropriates or
otherwise violates any Intellectual Property or other proprietary rights of others, the Company has not received any written notice
of such claim and the Company is unaware of any other fact which would form a reasonable basis for any such claim; and (E) to the
Company&rsquo;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, non-competition agreement, non-solicitation agreement, nondisclosure
agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s
employment with the Company or actions undertaken by the employee while employed with the Company, except as such violation would
not result in a Material Adverse Effect. &ldquo;<B>Intellectual Property</B>&rdquo; shall mean all patents, patent applications,
trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain
names, technology, know-how and other intellectual property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Undisclosed Relationships</I>.
No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the
Securities Act to be described in the Registration Statement and the Prospectus and that is not so described in such documents
and in the Pricing Disclosure Package.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Company Act</I>.
The Company is not and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required to register
as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the
meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively,
the &ldquo;<B>Investment Company Act</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes.</I> <FONT STYLE="font-size: 10pt">The
Company and its subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns required to be paid
or filed through the date hereof, except those being contested in good faith and for which reserves in accordance with GAAP have
been provided and except as would not reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as would not reasonably be expected to have
a Material Adverse Effect, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the
Company or any of its subsidiaries or any of their respective properties or assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Licenses and Permits.</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 self-regulatory body (including, without
limitation, those administered by the Food and Drug Administration of the U.S. Department of Health and Human Services (the &ldquo;<B>FDA</B>&rdquo;)
or by any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA) required for the conduct of its business as currently conducted and as contemplated in the Prospectus; and all such
franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are valid and in full force
and effect, except as would not have a Material Adverse Effect; and the Company has not received notice of any revocation or modification
of any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe
that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed in
the ordinary course, except such revocations, modifications and non-renewals 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clinical Trials.</I>
The clinical trials conducted by or on behalf of or sponsored by the Company or in which the Company or its product candidates
have participated that are described in the Pricing Disclosure Package and Prospectus or the results of which are referred to in
the Pricing Disclosure Package or Prospectus were and, if still pending, are being conducted in all material respects in accordance
with medical and scientific research procedures that the Company reasonably believes are appropriate. The descriptions in the Pricing
Disclosure Package and Prospectus of the results of such clinical trials are accurate and fairly present the data derived from
such clinical trials, and the Company has no knowledge of any studies or tests performed by or on behalf of the Company the results
of which are materially inconsistent with or otherwise materially call into question the results described or referred to in the
Pricing Disclosure Package and Prospectus. Except to the extent disclosed in the Pricing Disclosure Package and the Prospectus,
the Company has not received any notices or other correspondence from the FDA or any other governmental agency requiring the termination,
suspension or material modification of any clinical trials that are described in the Pricing Disclosure Package or Prospectus or
the results of which are referred to in the Pricing Disclosure Package or Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Labor Disputes.</I>
No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the knowledge of the
Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute
with, the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers, except as would not
have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with and
Liability under Environmental Laws.</I> Except as disclosed in the Pricing Disclosure Package and the Prospectus, to the best of
its knowledge, 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 (collectively, &ldquo;<B>Environmental
Laws</B>&rdquo;), does not own or operate any real property on which are present contaminants in concentrations requiring clean
up under any Environmental Laws, is not liable for any costs of clean up required under Environmental Laws at any off-site disposal
site, and is not 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 that
could reasonably be expected to lead to such a claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with ERISA.</I>
No &ldquo;prohibited transaction&rdquo; (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (&ldquo;<B>ERISA</B>&rdquo;), or Section 4975 of the Internal
Revenue Code of 1986, as amended from time to time (the &ldquo;<B>Code</B>&rdquo;)) or &ldquo;accumulated funding deficiency&rdquo;
(as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect
to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably be
expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which could, singly or in
the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its subsidiaries is in compliance
in all material respects with applicable law, including ERISA and the Code. The Company and its subsidiaries have not incurred
and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal
from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have any
liability that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether
by action or by failure to act, which could, singly or in the aggregate, reasonably be expected to cause the loss of such qualification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure Controls</I>.
The Company and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined in
Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed to ensure
that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules and forms, including controls
and procedures designed to ensure that such information is accumulated and communicated to the Company&rsquo;s management as appropriate
to allow timely decisions regarding required disclosure. The Company and its subsidiaries have carried out evaluations of the effectiveness
of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting Controls.</I>
The Company maintains a system of &ldquo;internal control over financial reporting&rdquo; (as defined in Rule 13a-15(f) of the
Exchange Act) that complies with the requirements of the Exchange Act and have been designed by, or under the supervision of, its
principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles, including, but not limited to, internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences and (v) 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&rsquo;s rules and guidelines applicable thereto. Except as
disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no material weaknesses in
the Company&rsquo;s internal controls. The Company&rsquo;s auditors and the Audit Committee of the Board of Directors of the Company
have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company&rsquo;s ability
to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company&rsquo;s internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>eXtensible Business
Reporting Language.</I> 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&rsquo;s rules and guidelines applicable thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance. </I>The
Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as are adequate to protect
the Company and its subsidiaries and their respective businesses; and neither the Company nor any of its subsidiaries has (i) received
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be
made in order to continue such insurance or (ii) any 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 at reasonable cost from similar insurers as may be necessary
to continue its business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Unlawful Payments.</I>
Neither the Company nor any of its subsidiaries nor to the knowledge of the Company, any director, officer, agent, affiliate, employee
or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken
an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign
or domestic government official or employee, including of any government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices
Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any
other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of
any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or
other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will
continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery
and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Anti-Money
Laundering Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries
conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of
its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Conflicts with Sanctions
Laws. </I>Neither the Company nor any of its subsidiaries nor to the knowledge of the Company, any director, officer, agent, affiliate,
employee or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject
or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign
Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;) or the U.S. Department of State and including,
without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United
Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the European Union, Her Majesty&rsquo;s Treasury (&ldquo;<B>HMT</B>&rdquo;)
or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor is the Company, any of its subsidiaries
located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation,
the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria (each, a &ldquo;<B>Sanctioned Country</B>&rdquo;); and the
Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities
of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to
fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation
by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of
Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged
in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions or with any Sanctioned Country.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Restrictions on
Subsidiaries</I>. No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s
capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any
of such subsidiary&rsquo;s properties or assets to the Company or any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Broker&rsquo;s Fees.</I>
Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than
this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any Underwriter for a brokerage
commission, finder&rsquo;s fee or like payment in connection with the offering and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Registration Rights</I>.
Except those rights that have been waived or satisfied, no person has the right to require the Company or any of its subsidiaries
to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission
or the issuance and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Stabilization.</I>
The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result
in any stabilization or manipulation of the price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Margin Rules</I>. The
application of the proceeds received by the Company from the issuance, sale and delivery of the Shares as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus will not violate Regulation T, U or X of the Board of Governors of
the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forward-Looking Statements.</I>
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included
in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Statistical and Market
Data.</I> Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related
data included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus is
not based on or derived from sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sarbanes-Oxley Act</I>.
There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company&rsquo;s directors
or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended,
and the rules and regulations promulgated in connection therewith (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), including Section
402 related to loans and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Status under the Securities
Act</I>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter
that the Company or any offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) under the Securities
Act) of the Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; and is a well-known
seasoned issuer, in each case as defined in Rule 405 under the Securities Act. The Company has paid the registration fee for this
offering pursuant to Rule 456(b)(1) under the Securities Act or will pay such fee within the time period required by such rule
(without giving effect to the proviso therein) and in any event prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Ratings. </I>There
are (and prior to the Closing Date, will be) no debt securities or preferred stock issued or guaranteed by the Company or any of
its subsidiaries that are rated by a &ldquo;nationally recognized statistical rating organization&rdquo;, as such term is defined
in Section 3(a)(62) of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Agreements of the Company</U>.
The Company covenants and agrees with each Underwriter that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Required Filings.</I>
The Company will file the final Prospectus with the Commission within the time periods specified by Rule 424(b) and Rule 430A,
430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the
Securities Act; will file promptly all reports and any definitive proxy or information statements required to be filed by the Company
with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus
and for so long as the delivery of a prospectus is required in connection with the offering or sale of the Shares; and will furnish
copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in
New York City prior to 10:00 A.M., New York City time, on the business day next succeeding the date of this Agreement in such quantities
as the Representatives may reasonably request. The Company will pay the registration fee for this offering within the time period
required by Rule 456(b)(1) under the Securities Act (without giving effect to the proviso therein) and in any event prior to the
Closing Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Copies.</I>
The Company will deliver, without charge, (i) to each of the Representatives upon request by such Representative, two signed copies
of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents
filed therewith and documents incorporated by reference therein; and (ii) to each Underwriter upon request by such Underwriter
(A) a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B) during
the Prospectus Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto
and documents incorporated by reference therein and each Issuer Free Writing Prospectus) as the Representatives may reasonably
request. As used herein, the term &ldquo;<B>Prospectus Delivery Period</B>&rdquo; means such period of time after the first date
of the public offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required
by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the
Shares by any Underwriter or dealer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments or Supplements,
Issuer Free Writing Prospectuses.</I> Before using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus,
and before filing any amendment or supplement to the Registration Statement or the Prospectus, whether before or after the time
that the Registration Statement becomes effective, the Company will furnish to the Representatives and counsel for the Underwriters
a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not use, authorize, approve,
refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives
reasonably objects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice to the Representatives.</I>
The Company will advise the Representatives promptly, and confirm such advice in writing, (i) when any amendment to the Registration
Statement has been filed or becomes effective; (ii) when any supplement to the Prospectus, or any Issuer Free Writing Prospectus,
or any amendment to the Prospectus has been filed or distributed; (iii) of any request by the Commission for any amendment to the
Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating
to the Registration Statement or any other request by the Commission for any additional information; (iv) of the issuance by the
Commission of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary
Prospectus, any of the Pricing Disclosure Package, or the Prospectus, or the initiation or threatening of any proceeding for that
purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence of any event or development within the Prospectus
Delivery Period as a result of which the Prospectus, the Pricing Disclosure Package, or any Issuer Free Writing Prospectus as then
amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure Package,
or any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; (vi) of the receipt by the Company of any
notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the Securities Act; and (vii) of the receipt by the Company of any notice with respect to any suspension
of the qualification of the Shares for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose; and the Company will use its best efforts to prevent the issuance of any such order suspending the effectiveness
of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package
or the Prospectus or suspending any such qualification of the Shares and, if any such order is issued, will obtain as soon as possible
the withdrawal thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ongoing Compliance.</I>
(1) If during the Prospectus Delivery Period (i) any event or development shall occur or condition shall exist as a result of which
the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered
to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Company will
immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission
and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the
Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of
the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply
with law and (2) if at any time prior to the Closing Date (i) any event or development shall occur or condition shall exist as
a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing
when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement
the Pricing Disclosure Package to comply with law, the Company will immediately notify the Underwriters thereof and forthwith prepare
and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to the Underwriters and to such
dealers as the Representatives may designate such amendments or supplements to the Pricing Disclosure Package as may be necessary
so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances
existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package
will comply with law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blue Sky Compliance.</I>
The Company will qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives
shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Shares; <U>provided</U>
that the Company shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in
any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process
in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earning Statement. </I>The
Company will make generally available to its security holders and the Representatives as soon as practicable an earning statement
that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering
a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the &ldquo;effective
date&rdquo; (as defined in Rule 158) of the Registration Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clear Market.</I> For a period
of 60 days after the date of the Prospectus, the Company will not (i) offer, pledge, 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, or file with the Commission a registration statement under the Securities Act relating to,
any shares of Stock or any securities convertible into or exercisable or exchangeable for Stock, or publicly disclose the intention
to make any offer, sale, pledge, disposition or filing, or (ii) enter into any swap or other agreement that transfers, in whole
or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities convertible into or exercisable
or exchangeable for Stock, in cash or otherwise, without the prior written consent of the Representatives, other than (A) the Shares
to be sold hereunder; (B) any shares of Stock of the Company issued upon the exercise of options granted under Company Stock Plans
as are in existence on the date hereof and described in or incorporated by reference in the Prospectus<FONT STYLE="font-size: 10pt">;
(C) shares of restricted stock and options or awards to purchase shares of Stock issued (whether or not pursuant to a Company Stock
Plan)</FONT> to induce personnel to accept employment with the Company in an aggregate amount not to exceed 2% of the outstanding
Common Stock of the Company as of the date hereof<FONT STYLE="font-size: 10pt">; (D) shares of Stock issued or to be issued in
connection with any business combination, acquisition, in-license or strategic investment, <I>provided</I> that (y) such shares
of Stock so issued shall not exceed 5% of the outstanding Common Stock of the Company as of the date hereof and (z) each individual
or entity to whom any such shares of Stock are issued signs and delivers a &ldquo;lock-up&rdquo; agreement substantially in the
form of <U>Exhibit A</U> hereto; and (E) the registration under the Securities Act of securities referenced in clauses (B), (C)
or (D).</FONT> Notwithstanding the foregoing, if (1) during the last 17 days of the 60-day restricted period, the Company issues
an earnings release or material news or a material event relating to the Company occurs; or (2) prior to the expiration of the
60-day restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the
last day of the 60-day period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day
period beginning on the issuance of the earnings release or the occurrence of the material news or material event<FONT STYLE="font-size: 10pt">;
provided, however, that the foregoing clause will only be effective if any of the Underwriters is restricted from publishing or
otherwise distributing a research report or making a public appearance concerning the Company under NASD Rule 2711(f)(4) by virtue
of the last sentence of such rule</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Proceeds.</I>
The Company will apply the net proceeds from the sale of the Shares as described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus under the heading &ldquo;Use of proceeds&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Stabilization.</I>
The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result
in any stabilization or manipulation of the price of the Stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange Listing.</I>
The Company will use its best efforts to list, subject to notice of issuance, effect and maintain the quotation and listing of
the Shares on the Nasdaq Global Select Market (the &ldquo;<B>Nasdaq Market</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reports.</I> During
a period of three years from the date of the Prospectus, the Company will furnish to the Representatives, as the Representatives
may from time to time reasonably request, copies of all reports or other communications (financial or other) furnished to holders
of the Shares, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities
exchange or automatic quotation system; <U>provided</U> the Company will be deemed to have furnished such reports and financial
statements to the Representatives to the extent they are filed on the Commission&rsquo;s Electronic Data Gathering, Analysis, and
Retrieval system.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Record Retention</I>.
The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus
that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Agreements of the Underwriters</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Underwriter hereby represents and agrees that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
has not used, authorized use of, referred to or participated in the planning for use of, and will not use, authorize use of, refer
to or participate in the planning for use of, any &ldquo;free writing prospectus&rdquo;, as defined in Rule 405 under the Securities
Act (which term includes use of any written information furnished to the Commission by the Company and not incorporated by reference
into the Registration Statement and any press release issued by the Company) other than (i) a free writing prospectus that contains
no &ldquo;issuer information&rdquo; (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through
incorporation by reference) in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer
Free Writing Prospectus listed on <U>Annex A</U> or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic
road show), or (iii) any free writing prospectus prepared by such underwriter and approved by the Company in advance in writing
(each such free writing prospectus referred to in clauses (i) or (iii), an &ldquo;<B>Underwriter Free Writing Prospectus</B>&rdquo;).
For purposes of clarification, nothing herein shall prohibit an Underwriter from confirming orders for purchases of the Shares
with a notice in accordance with Rule 134 under the Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It has not and will not,
without the prior written consent of the Company, use any free writing prospectus required to be filed by the Company with the
Commission that contains the final terms of the Shares unless such terms have previously been included in a free writing prospectus
filed with the Commission; <I>provided</I> that Underwriters may use a term sheet substantially in the form of <U>Annex B</U> hereto
without the consent of the Company; <I>provided further</I> that any Underwriter using such term sheet shall notify the Company,
and provide a copy of such term sheet to the Company, prior to, or substantially concurrently with, the first use of such term
sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not subject to any
pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly notify the Company if
any such proceeding against it is initiated during the Prospectus Delivery Period).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions of Underwriters&rsquo;
Obligations.</U> The obligation of each Underwriter to purchase the Underwritten Shares on the Closing Date or the Option Shares
on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company of its covenants
and other obligations hereunder and to the following additional conditions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration Compliance;
No Stop Order.</I> No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for
such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened
by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under
the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act)
and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been complied
with to the reasonable satisfaction of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations and
Warranties.</I> The representations and warranties of the Company contained herein shall be true and correct on the date hereof
and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of the Company and its
officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date
or the Additional Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Adverse
Change.</I> No event or condition of a type described in Section 3(g) hereof shall have occurred or shall exist, which event or
condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus
(excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date,
as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officer&rsquo;s Certificate.</I>
The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, a certificate
of the chief financial officer or chief accounting officer of the Company and one additional senior executive officer of the Company
who is reasonably satisfactory to the Representatives (i) confirming that such officers have carefully reviewed the Registration
Statement, the Pricing Disclosure Package and the Prospectus and, to the knowledge of such officers, the representations set forth
in Sections 3(b) and 3(d) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company
in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all conditions on its
part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date, as the case may be,
and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Comfort Letters.</I>
On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, each of Grant Thornton
LLP and Ernst &amp; Young LLP, as applicable, shall have furnished to the Representatives, at the request of the Company, letters,
dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representatives, containing statements and information of the type customarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained or incorporated
by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided, that the letter delivered
on the Closing Date or the Additional Closing Date, as the case may be, shall use a &ldquo;cut-off&rdquo; date no more than three
business days prior to such Closing Date or such Additional Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinions and 10b-5 Statement
of Counsel for the Company.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i) Ropes &amp; Gray LLP, counsel
for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion and 10b-5 statement,
dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance
reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii) Cooley LLP shall have furnished
to the Representatives such counsel&rsquo;s written opinion, as intellectual property counsel to the Company, addressed to the
Underwriters and dated the Closing Date, and any Additional Closing Date (if such date is other than the Closing Date), in form
and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion and 10b-5 Statement
of Counsel for the Underwriters.</I> The Representatives shall have received on and as of the Closing Date or the Additional Closing
Date, as the case may be, an opinion and 10b-5 statement of Proskauer Rose LLP, counsel for the Underwriters, with respect to such
matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as they
may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Legal Impediment
to Issuance.</I> No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or
issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional
Closing Date, as the case may be, prevent the issuance or sale of the Shares; and no injunction or order of any federal, state
or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be,
prevent the issuance or sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Good Standing</I>. The
Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, satisfactory
evidence of the good standing of the Company and its subsidiaries in their respective jurisdictions of organization and their good
standing as foreign entities in such other jurisdictions as the Representatives may reasonably request, in each case in writing
or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange Listing.</I>
The Shares to be delivered on the Closing Date or Additional Closing Date, as the case may be, shall have been approved for listing
on the Nasdaq Market, subject to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lock-up Agreements</I>.
The &ldquo;lock-up&rdquo; agreements, each substantially in the form of <U>Exhibit A</U> hereto, between you and certain officers
and directors of the Company relating to sales and certain other dispositions of shares of Stock or certain other securities, delivered
to you on or before the date hereof, shall be full force and effect on the Closing Date or Additional Closing Date, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Documents.</I>
On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to the Representatives
such further certificates and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All opinions, letters, certificates and
evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if
they are in form and substance reasonably satisfactory to counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of the Underwriters.</I>
The Company agrees to indemnify and hold harmless each Underwriter, each of its affiliates, and each of its and their respective
directors and officers, members, employees, representatives and selling agents, and each person, if any, who controls such Underwriter,
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses,
claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit,
action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are
based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or
caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order
to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained
in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any &ldquo;issuer information&rdquo;
filed or required to be filed pursuant to Rule 433(d) under the Securities Act, any road show as defined in Rule 433(h) under the
Securities Act (a &ldquo;road show&rdquo;) or any Pricing Disclosure Package (including any Pricing Disclosure Package that has
subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar
as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the
Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that
the only such information furnished by any Underwriter consists of the information described as such in subsection (b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of the Company.</I>
Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who
signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect
to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the
Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any road show or any Pricing Disclosure
Package (including any Pricing Disclosure Package that has subsequently been amended), it being understood and agreed upon that
the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf
of each Underwriter: the concession and reallowance figures appearing in the third paragraph under the caption &ldquo;Underwriting&rdquo;,
and the information contained in the fourth and fifth paragraphs under the caption &ldquo;Underwriting&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice and Procedures.</I> If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person
(the &ldquo;<B>Indemnified Person</B>&rdquo;) shall promptly notify the person against whom such indemnification may be sought
(the &ldquo;<B>Indemnifying Person</B>&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall
not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person
otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person
and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory
to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person)
to represent the Indemnified Person in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding,
as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person
shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may
be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)
the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest
between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred. Any
such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall
be designated in writing by the Representatives and any such separate firm for the Company, its directors, its officers who signed
the Registration Statement and any control persons of the Company shall be designated in writing by the Company. The Indemnifying
Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses
of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of
such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request
prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party
and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability
on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution.</I> If the indemnification
provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such
losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the
Company, on the one hand, and the Underwriters on the other, from the offering of the Shares or (ii) if the allocation provided
by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company, on the one hand, and the Underwriters 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 Underwriters on the other, shall be deemed
to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale
of the Shares and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each
case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Shares. The relative
fault of the Company, on the one hand, and the Underwriters on the other, 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 by the Underwriters and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Liability.</I> The
Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph (d) above were
determined by <U>pro</U> <U>rata</U> allocation (even if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount
paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d)
above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified
Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (d) and (e), in no event shall
an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions
received by such Underwriter with respect to the offering of the Shares exceeds the amount of any damages that such 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 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute pursuant
to paragraphs (d) and (e) are several in proportion to their respective purchase obligations hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Exclusive Remedies.</I> The
remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness of Agreement</U>.
This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement
may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and delivery
of this Agreement and prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing Date (i)
trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq Stock
Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any
over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New
York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial
markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is
material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on
the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement,
the Pricing Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defaulting Underwriter</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on the Closing Date or the Additional
Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the Shares that it has agreed to purchase
hereunder on such date, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Shares by other
persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any
Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Shares, then the Company shall be entitled
to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase
such Shares on such terms. If other persons become obligated or agree to purchase the Shares of a defaulting Underwriter, either
the non-defaulting Underwriters or the Company may postpone the Closing Date or the Additional Closing Date, as the case may be,
for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for
the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and
the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects
any such changes. As used in this Agreement, the term &ldquo;<B>Underwriter</B>&rdquo; includes, for all purposes of this Agreement
unless the context otherwise requires, any person not listed in <U>Schedule 1</U> hereto that, pursuant to this Section 10, purchases
Shares that a defaulting Underwriter agreed but failed to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements
for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing
Date, as the case may be, does not exceed one-eleventh of the aggregate number of Shares to be purchased on such date, then the
Company shall have the right to require each non-defaulting Underwriter to purchase the number of Shares that such Underwriter
agreed to purchase hereunder on such date plus such Underwriter&rsquo;s pro rata share (based on the number of Shares that such
Underwriter agreed to purchase on such date) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements
have not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements
for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing
Date, as the case may be, exceeds one-eleventh of the aggregate amount of Shares to be purchased on such date, or if the Company
shall not exercise the right described in paragraph (b) above, then this Agreement or, with respect to any Additional Closing Date,
the obligation of the Underwriters to purchase Shares on the Additional Closing Date shall terminate without liability on the part
of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 10 shall be without liability on
the part of the Company, except that the Company and the Underwriters will continue to be liable for the payment of expenses as
set forth in Section&nbsp;11 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein shall relieve
a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter for damages caused by its
default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Expenses</U><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the transactions contemplated
by this Agreement are consummated or this Agreement is terminated, the Company will pay or cause to be paid all costs and expenses
incident to the performance of its obligations hereunder, including without limitation, (i)&nbsp;the costs incident to the authorization,
issuance, sale, preparation and delivery of the Shares and any taxes payable in that connection; (ii)&nbsp;the costs incident to
the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer
Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments and supplements
thereto) and the distribution thereof; (iii)&nbsp; the fees and expenses of the Company&rsquo;s counsel and independent accountants;
(iv) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment
of the Shares under the state or foreign securities or blue sky laws of such jurisdictions as the Representatives may designate
and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for
the Underwriters);&nbsp;(v) the cost of preparing stock certificates; (vi)&nbsp;the costs and charges of any transfer agent and
any registrar; (vii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering
by, FINRA; (viii) all expenses incurred by the Company in connection with any &ldquo;road show&rdquo; presentation to potential
investors; and (ix) all expenses and application fees related to the listing of the Shares on the Nasdaq Market; provided, however,
that the fees and disbursements of counsel for the Underwriter pursuant to clauses (iv) and (vii) shall not exceed in the aggregate
$25,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (i) this Agreement is terminated
pursuant to Section 9, (ii) the Company for any reason fails to tender the Shares for delivery to the Underwriters or (iii) the
Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the Company agrees to reimburse the
Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by
the Underwriters in connection with this Agreement and the offering contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons Entitled to Benefit of
Agreement</U>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers and directors and any controlling persons referred to in Section 7 hereof. Nothing in this Agreement is intended
or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision contained herein. No purchaser of Shares from any Underwriter shall be deemed to be a successor merely by reason
of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The respective indemnities,
rights of contribution, representations, warranties and agreements of the Company and the Underwriters contained in this Agreement
or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto
shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination
of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Defined Terms</U>. For
purposes of this Agreement, (a) except where otherwise expressly provided, the term &ldquo;affiliate&rdquo; has the meaning set
forth in Rule 405 under the Securities Act; (b) the term &ldquo;business day&rdquo; means any day other than a day on which banks
are permitted or required to be closed in New York City; (c) the term &ldquo;subsidiary&rdquo; has the meaning set forth in Rule
405 under the Securities Act ; and (d) the term &ldquo;significant subsidiary&rdquo; has the meaning set forth in Rule 1-02 of
Regulation S-X under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Authority of J.P. Morgan Securities
LLC and Citigroup Global Markets Inc.</I> Any action by the Underwriters hereunder may be taken by J.P. Morgan Securities LLC and
Citigroup Global Markets Inc. on behalf of the Underwriters, and any such action taken by J.P. Morgan Securities LLC and Citigroup
Global Markets Inc. shall be binding upon the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices.</I> All notices and other
communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed
by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives: J. P. Morgan Securities
LLC, 383 Madison Avenue, New York, New York 10179 (fax: (212) 622-8358); Attention Equity Syndicate Desk; and Citigroup Global
Markets Inc., 388 Greenwich Street, New York, New York 10013, (Fax no.: (646) 291-1469), Attention General Counsel. Notices to
the Company shall be given to it at: Novavax, Inc., 20 Firstfield Road, Gaithersburg, Maryland 20878, Attention: Barclay A. Phillips,
Chief Financial Officer, with a copy to Ropes &amp; Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199, Attention: Paul
M. Kinsella.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law.</I> This Agreement
and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and to be performed in such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver of Jury Trial.</I> The
Company and the Underwriters each hereby waive all right to trial by jury in any legal proceeding (whether based upon contract,
tort or otherwise) in any way arising out of or relating to this Agreement. The Company agrees that a final judgment in any such
legal proceeding brought in any such court shall be conclusive and binding upon the Company and the Underwriters and may be enforced
in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts.</I> This Agreement
may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which
shall be an original and all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments or Waivers.</I> No
amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event
be effective unless the same shall be in writing and signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Headings.</I> The headings herein
are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of,
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your
understanding, please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3">Very truly yours,</td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3"><B>NOVAVAX, INC.</B></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 5%">By:</td>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Stanley C. Erck</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Name:</td>
    <TD COLSPAN="2">Stanley C. Erck</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Title:</td>
    <TD COLSPAN="2">President and Chief</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2">Executive Officer</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted: As of the date first written above</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>J. P. MORGAN SECURITIES LLC</B><BR>
<B>CITIGROUP GLOBAL MARKETS INC.</B><BR>
As Representatives of the<BR>
several Underwriters listed<BR>
in <U>Schedule 1</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>J. P. MORGAN SECURITIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 5%">By:</td>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Ben Burdett</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>Name:</td>
    <TD COLSPAN="2">Ben Burdett</td></tr>
<tr style="vertical-align: top">
    <TD>Title:</td>
    <TD COLSPAN="2">Executive Director</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CITIGROUP GLOBAL MARKETS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 5%">By:</td>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Kristian Humer</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>Name:</td>
    <TD COLSPAN="2">Kristian Humer</td></tr>
<tr style="vertical-align: top">
    <TD>Title:</td>
    <TD COLSPAN="2">Director</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 46%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>UNDERWRITER</b></font></td>
    <td style="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>NUMBER OF FIRM SHARES PURCHASED</b></font></td>
    <td style="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>NUMBER OF OPTION SHARES</b></font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">J.P. Morgan Securities LLC</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">9,172,415</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">1,375,862</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">CITIGROUP GLOBAL MARKETS INC.</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">9,172,415</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">1,375,862</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">PIPER JAFFRAY &amp; CO.</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">2,413,793</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">362,069</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">WEDBUSH SECURITIES INC.</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">1,810,344</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">271,552</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">JANNEY MONTGOMERY SCOTT LLC</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">784,482</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">117,672</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">LADENBURG THALMANN &amp; CO. INC.</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">784,482</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase">117,672</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>TOTAL</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>24,137,931</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt; text-transform: uppercase"><b>3,620,689</b></font></td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Significant Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Company has no &ldquo;significant subsidiaries&rdquo;
as such term is defined in Section 1.02 of Regulation S-X of the Commission, other than Novavax AB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR CLEAR="ALL">
<B><U>Annex A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Disclosure Package</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annex B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Novavax, Inc.<BR>
<BR>
<U>Pricing Term Sheet</U><BR>
<BR>
[NONE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF LOCK-UP AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March ___, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J. P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, NY 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of<BR>
the several Underwriters listed in<BR>
<U>Schedule 1</U> to the Underwriting<BR>
Agreement referred to below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: left">Novavax, Inc. --- Public Offering</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that you, as
Representatives of the several Underwriters, propose to enter into an underwriting agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;)
with Novavax, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public
Offering</B>&rdquo;) by the several Underwriters named in <U>Schedule 1</U> to the Underwriting Agreement (the &ldquo;<B>Underwriters</B>&rdquo;),
of shares common stock, $0.01 par value per share, of the Company (the &ldquo;<B>Securities</B>&rdquo;). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the Underwriters&rsquo;
agreement to purchase and make the Public Offering of the Securities, and for other good and valuable consideration receipt of
which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of J. P. Morgan Securities
LLC and Citigroup Global Markets Inc. on behalf of the Underwriters, the undersigned will not, during the period ending 60 days
after the date of the prospectus relating to the Public Offering (the &ldquo;Prospectus&rdquo;), (1) offer, pledge, 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, $0.01 per share par value, of
the Company (the &ldquo;<B>Common Stock</B>&rdquo;) or any securities convertible into or exercisable or exchangeable for Common
Stock (including without limitation, Common Stock or such other securities 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), or publicly disclose the intention to make any offer, sale, pledge or disposition,
(2) 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 or such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise or (3) make any demand for or exercise any right with respect
to the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock,
in each case other than (A) transfers of shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock as a bona fide gift or gifts, to any trust for the direct or indirect benefit of the undersigned or the immediate
family of the undersigned, or by will or intestacy to the undersigned&rsquo;s legal representative, heir or legatee, (B) sales
pursuant to any contract, instruction or plan complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended
(the &ldquo;<B>Exchange Act</B>&rdquo;), that has been entered into by the undersigned prior to the date of this agreement and
the date the undersigned was first informed of the Public Offering, (C)&nbsp;distributions of shares of Common Stock to members
or stockholders of the undersigned, or (D) transactions relating to shares of Common Stock or other securities acquired in open
market transactions occurring after the completion of the Public Offering, <U>provided</U> that no filing under Section 16(a) of
the Exchange Act, shall be required or shall be made voluntarily in connection with subsequent sales of Common Stock or other securities
acquired in such open market transactions; <U>provided</U>, <U>further</U>, that in the case of any transfer or distribution pursuant
to clause (A) or (C), each donee or distributee shall execute and deliver to the Representatives a lock-up letter substantially
in the form of this paragraph; and <U>provided</U>, <U>further</U>, that in the case of any transfer or distribution pursuant to
clause (A) or (C), no filing by any party (donor, donee, transferor or transferee) under Section 16(a) of the Exchange Act or other
public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution during the
60 day restricted period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No provision in this agreement shall be
deemed to restrict or prohibit the exercise or exchange by the undersigned of any option or warrant to acquire shares of Common
Stock, the receipt of shares of Common Stock upon the vesting of restricted stock awards, or any other security exchangeable or
exercisable for, or convertible into, Common Stock, provided that the undersigned does not transfer the Common Stock acquired on
such exercise, exchange or vesting during the 60-day restricted period, unless otherwise permitted pursuant to the terms of this
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, if (1) during
the last 17 days of the 60-day restricted period, the Company issues an earnings release or material news or a material event relating
to the Company occurs; or (2) prior to the expiration of the 60-day restricted period, the Company announces that it will release
earnings results during the 16-day period beginning on the last day of the 60-day period, the restrictions imposed by this Letter
Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or
the occurrence of the material news or material event; <U>provided</U>, however, that the foregoing clause will only be effective
if any of the Underwriters is restricted from publishing or otherwise distributing a research report or making a public appearance
concerning the Company under NASD Rule 2711(f)(4) by virtue of the last sentence of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In furtherance of the foregoing, the Company,
and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized
to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Letter 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that, (i) if
the Underwriting Agreement does not become effective, (ii) 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,
(iii) the Company notifies the Representatives in writing that it will not be proceeding with the Public Offering prior to the
execution of the Underwriting Agreement, or (iv) a closing of the Public Offering has not yet occurred as of May 31, 2015, the
undersigned shall be released from, all obligations under this Letter Agreement. The undersigned understands that the Underwriters
are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Letter Agreement and any claim, controversy
or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of
the State of New York, without regard to the conflict of laws principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3">Very truly yours,</td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3">[NAME OF STOCKHOLDER]</td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3">Name:</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3">Title:</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v405810_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Avenir 35 Light; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 9%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 91%; text-align: left; vertical-align: middle; padding-left: -0.125in"><P STYLE="font: 10pt Avenir 35 Light; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 8pt">ROPES
                                         &amp; GRAY LLP</FONT></P>

<P STYLE="font: 10pt Avenir 35 Light; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 8pt">PRUDENTIAL TOWER</FONT></P>

<P STYLE="font: 10pt Avenir 35 Light; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 8pt">800 BOYLSTON STREET</FONT></P>

<P STYLE="font: 10pt Avenir 35 Light; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 8pt">BOSTON, MA 02199-3600</FONT></P>

<P STYLE="font: 10pt Avenir 35 Light; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 8pt">WWW.ROPESGRAY.COM</FONT></P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 25, 2015&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20 Firstfield Road,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">Gaithersburg, Maryland, 20878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">Re: Registration Statement on
Form S-3 (Registration No. 333-<FONT STYLE="font-family: Times New Roman, Times, Serif">193549</FONT>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Novavax, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the issuance and sale of 27,758,620 shares of the
common stock, $0.01 par value (the &ldquo;<U>Shares</U>&rdquo;), of the Company pursuant to the above-referenced registration statement
(as amended through the date hereof, the &ldquo;<U>Registration Statement</U>&rdquo;), filed by the Company with the Securities
and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;). The Shares are being sold pursuant to an underwriting agreement, dated the date hereof (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;), among the Company and the underwriters named therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion letter,
we have examined such certificates, documents, and records and have made such investigation of fact and such examination of law
as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such investigation,
we have relied, without independent verification, upon certificates of officers of the Company, public officials, and other appropriate
persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed below are limited
to the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon and subject to the foregoing,
we are of the opinion that the Shares have been duly authorized and, when issued and delivered pursuant to the Underwriting Agreement
against payment of the consideration set forth therein, will be validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to your filing this opinion
as an exhibit to the Registration Statement and to the use of our name therein and in the related prospectus under the caption
&ldquo;Legal Matters.&rdquo; In giving such consent, we do not thereby admit that we are in the category of persons whose consent
is required under Sections&nbsp;7 of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <U>Ropes &amp; Gray LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&nbsp;</P>



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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>v405810_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="logo1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novavax Announces Proposed Public Offering
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gaithersburg, MD (March 24, 2015)&mdash;Novavax,
Inc. (Nasdaq: NVAX), a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant
nanoparticle vaccines and adjuvants, today announced that it intends to offer to sell, subject to market and other conditions,
$175 million of its common stock in an underwritten public offering. As part of this offering Novavax intends to grant the underwriters
a 30-day option to purchase up to an additional $26.25 million of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J.P. Morgan and Citigroup are acting as
joint book-running managers of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All shares being offered are to be sold
by Novavax with the net proceeds from the offering to be used for the advancement of Novavax&rsquo; lead vaccine candidates, including
the preparation and potential initiation of Phase 3 clinical trials of its elderly RSV and maternal RSV programs, as well as its
other clinical and preclinical research programs and general corporate purposes, including working capital, product development,
manufacturing and process development expenditures and capital expenditures, as well as acquisitions and other strategic purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities described above are being
offered by Novavax pursuant to its registration statement on Form S-3 previously filed and declared effective by the Securities
and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the
securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering may
be made only by means of the preliminary prospectus supplement and the prospectus relating to the proposed offering, copies of
which may be obtained, when available, from J.P. Morgan and Citigroup, Attention: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone: (866) 803-9204; or Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Novavax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax, Inc. <FONT STYLE="background-color: white">(Nasdaq:NVAX)
is a clinical-stage vaccine company committed to delivering novel products to prevent a broad range of infectious diseases. Its
recombinant nanoparticles and Matrix-M&trade; adjuvant technology are the foundation for ground-breaking innovation that improves
global health through safe and effective vaccines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Statements contained in this release,
including those relating to the sale of common stock, and those statements using words such as &ldquo;expects&rdquo; and &ldquo;intends&rdquo;
are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to successfully
complete the offering on terms and conditions satisfactory to us; the possible adverse impact on the market price of our shares
of common stock due to the dilutive effect of the securities to be sold in the offering; our planned use of the proceeds from this
offering; capital market risks; our ability to raise additional capital when needed; and other risk factors identified from time
to time in the reports we file with Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, which are available at www.sec.gov. We caution investors not to place considerable
reliance on the forward-looking statements contained in this press release. The forward-looking statements in this press release
speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business
is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others
should give careful consideration to these risks and uncertainties.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Contact:</TD><TD>Novavax, Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Barclay A. Phillips</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">SVP, Chief Financial Officer and
Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Andrea N. Flynn, Ph.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Senior Manager, Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">ir@novavax.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">240-268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>v405810_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="logo1.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novavax Prices Public Offering of Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gaithersburg, MD (March 26, 2015)&mdash;Novavax,
Inc. (Nasdaq: NVAX), a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant
nanoparticle vaccines and adjuvants, today announced that it has priced an underwritten public offering of 24,137,931 shares of
common stock at a price to the public of $7.25 per share for gross proceeds of approximately $175 million. Novavax expects to receive
net proceeds, after deducting the underwriting discount, of approximately $165 million from the offering. In connection with this
offering, Novavax has granted the underwriters a 30-day option to purchase up to an additional 3,620,689 shares of its common stock.
If the underwriters exercise this option in full, Novavax will have sold 27,758,620 shares of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax intends to use the net proceeds
from this offering for the advancement of its lead vaccine candidates, including the preparation and potential initiation of Phase
3 clinical trials of its elderly RSV and maternal RSV programs, as well as its other clinical and preclinical research programs
and general corporate purposes, including working capital, product development, manufacturing and process development expenditures
and capital expenditures, as well as acquisitions and other strategic purposes. The offering is expected to close on or about March
31, 2015, subject to the satisfaction of customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J.P. Morgan and Citigroup are acting as
joint book-running managers of the offering. Piper Jaffray &amp; Co. and Wedbush PacGrow are acting as Co-Lead Managers, Janney
Montgomery Scott and Ladenburg Thalmann are acting as Co-Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A preliminary prospectus supplement and
the prospectus relating to the proposed offering have been filed with the Securities and Exchange Commission (SEC). The offering
may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be
any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or jurisdiction. When available, copies of the final
prospectus supplement and the prospectus relating to the proposed offering can be obtained at the SEC&rsquo;s website http://www.sec.gov
or from J.P. Morgan and Citigroup, Attention: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Novavax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Novavax, Inc. <FONT STYLE="background-color: white">(Nasdaq:NVAX)
is a clinical-stage vaccine company committed to delivering novel products to prevent a broad range of infectious diseases. Its
recombinant nanoparticles and Matrix-M&trade; adjuvant technology are the foundation for ground-breaking innovation that improves
global health through safe and effective vaccines. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Statements contained in this release,
including those relating to the expected closing of the offering, and those statements using words such as &ldquo;expects&rdquo;
and &ldquo;intends&rdquo; are forward-looking statements that involve a number of risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited
to: our ability to successfully complete the offering; the possible adverse impact on the market price of our shares of common
stock due to the dilutive effect of the securities to be sold in the offering; our planned use of the proceeds from this offering;
capital market risks; our ability to raise additional capital when needed; and other risk factors identified from time to time
in the reports we file with Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K, which are available at www.sec.gov. We caution investors not to place considerable
reliance on the forward-looking statements contained in this press release. The forward-looking statements in this press release
speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business
is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others
should give careful consideration to these risks and uncertainties.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in; text-align: left">Contact:</TD><TD STYLE="text-align: justify">Novavax, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Barclay A. Phillips</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">SVP, Chief Financial Officer and
Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Andrea N. Flynn, Ph.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Senior Manager, Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">ir@novavax.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">240-268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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begin 644 logo.jpg
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