<SEC-DOCUMENT>0001554795-21-000251.txt : 20210719
<SEC-HEADER>0001554795-21-000251.hdr.sgml : 20210719
<ACCEPTANCE-DATETIME>20210719171541
ACCESSION NUMBER:		0001554795-21-000251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20210718
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210719
DATE AS OF CHANGE:		20210719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				860490034
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40202
		FILM NUMBER:		211098626

	BUSINESS ADDRESS:	
		STREET 1:		370 HARBOUR DRIVE
		CITY:			HUMACAO
		STATE:			PR
		ZIP:			00791
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		370 HARBOUR DRIVE
		CITY:			HUMACAO
		STATE:			PR
		ZIP:			00791

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rcat0719form8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of</B>
t<B>he Securities Exchange Act of 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Date of Report (Date of earliest event reported): <B><U>July 18, 2021</U></B></P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>RED CAT HOLDINGS</U>, <U>INC.</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Nevada</U></B><BR>
(State or other<BR>
jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>814-00175</U></B><BR>
(Commission<BR>
File Number)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>86-0490034</U></B><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="text-align: center; vertical-align: top; width: 50%">
    <P STYLE="font: 11pt/11.75pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>370 Harbour Drive, Palmas del Mar</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Humacao, PR</U></B><BR>
    (Address of principal executive offices)</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>00791</U></B><BR>
(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code: <B><U>(833) 373-3228</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">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>&nbsp;General Instruction A.2. below):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities registered pursuant to Section 12(b) of the Act:</FONT></P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title of each class</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trading Symbol(s)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common stock, par value $0.001</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">RCAT</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq Capital Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of
the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 1.5in 0 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5in 0 3in; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Section 1 &ndash; Registrant&rsquo;s
Business and Operations</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1.01 Entry Into a Material Definitive
Agreement</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 18, 2021, Red Cat Holdings, Inc., a Nevada
corporation (the &ldquo;Company&rdquo;), entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) with ThinkEquity,
a division of Fordham Financial Management, Inc., as representative of the underwriters&nbsp;(the &ldquo;ThinkEquity&rdquo;), pursuant
to which the Company agreed to sell to the underwriters in a firm commitment underwritten public offering (the &ldquo;Offering&rdquo;)
an aggregate of 13,333,334 shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), at
a public offering price of $4.50 per share. The Company&nbsp;has also granted the underwriters a 45-day option to purchase up to an additional
2,000,000 shares of Common Stock to cover over-allotments, if any.&nbsp;The Offering is expected to close on July 21, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shares of Common Stock were offered by the Company
pursuant to a registration statement on Form&nbsp;S-3, as amended (File No.&nbsp;333-256216), filed with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;), which was declared effective by the Commission on June 14, 2021 (the &ldquo;Registration Statement&rdquo;),
and a Supplement to the Prospectus contained in the Registration Statement filed with the Commission on July 19, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The net proceeds to the Company from the Offering,
after deducting the underwriting discount, the underwriters&rsquo; fees and expenses and the Company&rsquo;s estimated Offering expenses,
are expected to be approximately $55,450,00.&nbsp;The Company anticipates using the net proceeds from the Offering to provide funding
for services, sales, and marketing efforts for its Red Cat Drone Services, strategic acquisitions and related expenses, and general working
capital.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underwriting Agreement contains customary representations
and warranties that the parties made to, and solely for the benefit of, the other party in the context of all of the terms and conditions
of that agreement and in the context of the specific relationship between the parties.&nbsp;The provisions of the Underwriting Agreement,
including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreements
and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the
parties to those documents and agreements. Rather, investors and the public should look to other disclosures contained in the Company&rsquo;s
filings with the Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing summary of the terms of the Underwriting
Agreement is subject to, and qualified in its entirety by reference to, a copy of the Underwriting Agreement that is filed as Exhibit
1.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Section 7 &ndash; Regulation FD</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 7.01 Regulation FD Disclosure</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 19, 2021, we released the press release furnished
herewith as Exhibit 99.1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Section 9 &ndash; Financial Statements and
Exhibits</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item. 9.01. &nbsp;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Exhibit No.</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Description</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: left">1.1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 77%; text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Underwriting Agreement</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">5.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Opinion of The Crone Law Group, P.C.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">23.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Consent of The Crone Law Group, P.C. (included in Exhibit 5.1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">99.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Press Release</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Date: July 19, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RED CAT HOLDINGS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 42%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;/s/ Jeffrey M. Thompson</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Jeffrey M. Thompson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;President and Chief Executive Officer </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>rcat0719form8kexh1_1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>UNDERWRITING AGREEMENT </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>between</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>and</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>THINKEQUITY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>A DIVISION OF FORDHAM FINANCIAL MANAGEMENT,
INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>as Representative of the Several Underwriters</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: right">New York, New York<BR>
July 18, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ThinkEquity,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A Division of Fordham Financial Management, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">As Representative of the several Underwriters named on Schedule
1 attached hereto<BR>
17 State Street, 22<SUP>nd</SUP> Fl</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, NY 10004</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Red Cat
Holdings, Inc., a corporation formed under the laws of the State of Nevada (collectively with its subsidiaries and affiliates, including,
without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries
or affiliates of Red Cat Holdings, Inc., the &ldquo;<B>Company</B>&rdquo;), hereby confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;)
with ThinkEquity, a division of Fordham Financial Management, Inc., (hereinafter referred to as &ldquo;you&rdquo; (including its correlatives)
or the &ldquo;<B>Representative</B>&rdquo;) and with the other underwriters named on <U>Schedule 1</U> hereto for which the Representative
is acting as representative (the Representative and such other underwriters being collectively called the &ldquo;<B>Underwriters</B>&rdquo;
or, individually, an &ldquo;<B>Underwriter</B>&rdquo;) as follows:&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">1. </FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Purchase
and Sale of Shares</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">1.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Firm Shares</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Nature and Purchase of Firm Shares</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)<FONT STYLE="font-size: 7pt">
</FONT><FONT STYLE="font-size: 11pt">On the basis of the representations and warranties herein contained, but subject to the terms and
conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, an aggregate of 13,333,334 shares (&ldquo;Firm
Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)<FONT STYLE="font-size: 7pt">
</FONT><FONT STYLE="font-size: 11pt">The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm
Shares set forth opposite their respective names on <U>Schedule 1</U> attached hereto and made a part hereof at a purchase price of $4.185
per share (93% of the per Firm Share offering price). The Firm Shares are to be offered initially to the public at the offering price
set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).</FONT></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Shares Payment and Delivery</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)<FONT STYLE="font-size: 7pt">
</FONT><FONT STYLE="font-size: 11pt">Delivery and payment for the Firm Shares shall be made at 10:00 a.m., Eastern time, on the second
(2nd) (or, if the Firm Shares are priced, as contemplated by Rule 15c-6-1(c) under the Exchange Act, after 4:30 p.m., Eastern time, the
third (3rd)) Business Day following the date hereof, or at such earlier time as shall be agreed upon by the Representative and the Company,
at the offices of Loeb &amp; Loeb LLP, 345 Park Avenue, New York, NY 10154 (&ldquo;Representative Counsel&rdquo;), or at such other place
(or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and
date of delivery and payment for the Firm Shares is called the &ldquo;Closing Date.&rdquo;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)<FONT STYLE="font-size: 7pt">
</FONT><FONT STYLE="font-size: 11pt">Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day)
funds, payable to the order of the Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters)
representing the Firm Shares (or through the facilities of the Depository Trust Company (&ldquo;DTC&rdquo;)) for the account of the Underwriters.
The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing
at least two (2) full Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except
upon tender of payment by the Representative for all of the Firm Shares. The term &ldquo;Business Day&rdquo; means any day other than
a Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized or obligated by law to close in New York,
New York.</FONT></FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">1.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Over-allotment Option</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.2.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Option Shares</U>. For the purposes of covering any over-allotments in connection
with the distribution and sale of the Firm Shares, the Company hereby grants to the Representative an option to purchase up to 2,000,000
additional shares of Common Stock, representing fifteen percent (15%) of the Firm Shares sold in the offering, from the Company (the &ldquo;Over-allotment
Option&rdquo;). Such 2,000,000 additional shares of Common Stock, the net proceeds of which will be deposited with the Company&rsquo;s
account, are hereinafter referred to as the &ldquo;Option Shares.&rdquo; The purchase price to be paid per Option Share shall be equal
to the price per Firm Share set forth in Section 1.1.1 hereof. The Firm Shares and the Option Shares are hereinafter referred to together
as the &ldquo;Public&nbsp;Securities.&rdquo; The offering and sale of the Public Securities is hereinafter referred to as the &ldquo;Offering.&rdquo;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.2.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Exercise of Option</U>. The Over-allotment Option granted pursuant to Section
1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within
45 days after the date hereof. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise
of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from
the Representative, which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the
number of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the &ldquo;Option Closing
Date&rdquo;), which shall not be later than one (1) full Business Days after the date of the notice or such other time as shall be agreed
upon by the Company and the Representative, at the offices of Representative Counsel or at such other place (including remotely by facsimile
or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the
Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment
Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, (i) the Company
shall become obligated to sell to the Underwriters the number of Option Shares specified in such notice and (ii) each of the Underwriters,
acting severally and not jointly, shall purchase that portion of the total number of Option Shares then being purchased as set forth in
<U>Schedule 1</U> opposite the name of such Underwriter.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.2.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Payment and Delivery</U>. Payment for the Option Shares shall be made on
the Option Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to you of certificates
(in form and substance satisfactory to the Underwriters) representing the Option Shares (or through the facilities of DTC) for the account
of the Underwriters. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative
may request in writing at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to sell
or deliver the Option Shares except upon tender of payment by the Representative for applicable Option Shares. The Option Closing Date
may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing
Date, the term &ldquo;Closing Date&rdquo; shall refer to the time and date of delivery of the Firm Shares and the Option Shares.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">1.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Representative&rsquo;s Warrants</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.3.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Purchase Warrants</U>. The Company hereby agrees to issue and sell to the
Representative (and/or its designees) on the Closing Date an option (&ldquo;Representative&rsquo;s Warrant&rdquo;) for the purchase of
an aggregate of 533,333 shares of Common Stock, representing 4% of the Firm Shares, for an aggregate purchase price of $100.00. In the
event that the Representative exercises the Over-allotment Option, the Company agrees to issue and sell to the Representative (and/or
its designees) on each Option Closing Date a Representative&rsquo;s Warrant for the purchase of an aggregate number of shares of Common
Stock equal to five percent (4%) of the Option Shares sold on such Option Closing Date. The Representative&rsquo;s Warrant agreement,
in the form attached hereto as <U>Exhibit&nbsp;A</U> (the &ldquo;Representative&rsquo;s Warrant Agreement&rdquo;), shall be exercisable,
in whole or in part, commencing on a date which is one hundred eighty (180) days after the date hereof and expiring on the five-year anniversary
of the date hereof at an initial exercise price per share of Common Stock of $5.625, which is equal to 125% of the initial public offering
price of the Firm Shares. The Representative&rsquo;s Warrant Agreement and the shares of Common Stock issuable upon exercise thereof are
hereinafter referred to together as the &ldquo;Representative&rsquo;s Securities.&rdquo; The Representative understands and agrees that
there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Representative&rsquo;s Warrant Agreement and the
underlying shares of Common Stock during the one hundred eighty (180) days after the date hereof and by its acceptance thereof shall agree
that it will not sell, transfer, assign, pledge or hypothecate the Representative&rsquo;s Warrant Agreement, or any portion thereof, or
be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of such securities for a period of one hundred eighty (180) days following the date hereof to anyone other than (i) an Underwriter or
a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such Underwriter
or selected dealer; and only if any such transferee agrees to the foregoing lock-up restrictions.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.3.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Delivery</U>. Delivery of the Representative&rsquo;s Warrant Agreement shall
be made on the Closing Date and any Option Closing Date and shall be issued in the name or names and in such authorized denominations
as the Representative may request.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Representations and Warranties of the Company</U>. The Company represents
and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date,
if any, as follows:</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Filing of Registration Statement</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.1.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Pursuant to the Securities Act</U>. The Company has filed with the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) a &ldquo;shelf&rdquo; registration statement on Form S-3 (File No. 333-256216),
including any related prospectus or prospectuses, for the registration of the Public Securities under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), which registration statement was prepared by the Company in all material respects in conformity with
the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the &ldquo;Securities
Act Regulations&rdquo;) and contains and will contain all material statements that are required to be stated therein in accordance with
the Securities Act and the Securities Act Regulations. Except as the context may otherwise require, such registration statement on file
with the Commission at any given time, including any amendments thereto to such time, exhibits and schedules thereto at such time, documents
filed as a part thereof or incorporated pursuant to Item 12 of Form S-3 under the Securities Act at such time and the documents and information
otherwise deemed to be a part thereof or included therein pursuant to Rule 430B of the Securities Act Regulations (the &ldquo;Rule 430B
Information&rdquo;) or otherwise pursuant to the Securities Act Regulations at such time, is referred to herein as the &ldquo;Registration
Statement.&rdquo; The Registration Statement at the time it originally became effective is referred to herein as the &ldquo;Initial Registration
Statement.&rdquo; If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after
such filing, the term &ldquo;Registration Statement&rdquo; shall include such registration statement filed pursuant to Rule 462(b). The
Registration Statement was declared effective by the Commission on June 14, 2021 (the &ldquo;Effective Date&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The
prospectus in the form in which it was filed with the Commission in connection with the Initial Registration Statement is herein called
the &ldquo;Base Prospectus.&rdquo; Each preliminary prospectus supplement to the Base Prospectus (including the Base Prospectus as so
supplemented) that described the Public Securities and the Offering and omitted the Rule 430B Information and that was used prior to the
filing of the final prospectus supplement referred to in the following paragraph is herein called a &ldquo;Preliminary Prospectus.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Promptly
after the execution and delivery of this Agreement, the Company will prepare and file with the Commission a final prospectus supplement
to the Base Prospectus relating to the Public Securities and the Offering in accordance with the provisions of Rule 430B and Rule 424(b)
of the Securities Act Regulations. Such final prospectus supplement (including the Base Prospectus as so supplemented), in the form filed
with the Commission pursuant to Rule 424(b) under the Securities Act is herein called the &ldquo;Prospectus.&rdquo; Any reference herein
to the Base Prospectus, 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 date of such prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&ldquo;Applicable
Time&rdquo; means July 18, 2021, 6:00 p.m., Eastern time, on the date of this Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&ldquo;Disclosure
Package&rdquo; means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the  Prospectus
Supplement dated July 18, 2021 and the information included on Schedule 2-A hereto, all considered together.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&ldquo;Issuer
Free Writing Prospectus&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities Act Regulations
(&ldquo;Rule 433&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the Securities
Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission by the Company, (ii) a &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission,
or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Public Securities
or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or,
if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&ldquo;Issuer
General Use Free Writing Prospectus&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors (other than a &ldquo;bona fide electronic road show,&rdquo; as defined in Rule 433), as evidenced by its being specified in
Schedule 2-B hereto. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&ldquo;Issuer
Limited Use Free Writing Prospectus&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</FONT></P>

<P STYLE="text-align: justify; font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.1.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Pursuant to the Exchange Act</U>. The Company has filed with the <I>Commission
a Form 8-A12B (File No. 001-40202</I>) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;), of the shares of Common Stock. The registration of the shares of Common Stock and related
Form 8-A have become effective under the Exchange Act on or prior to the date hereof. The Company has taken no action designed to, or
likely to have the effect of, terminating the registration of the shares of Common Stock under the Exchange Act, nor has the Company received
any notification that the Commission is contemplating terminating such registration.</FONT></P>

<P STYLE="text-align: justify; font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Stock Exchange Listing</U>. The shares of Common Stock
have been approved for listing on The NASDAQ Capital Market (the &ldquo;Exchange&rdquo;), and the Company has taken no action designed
to, or likely to have the effect of, delisting the shares of Common Stock from the Exchange, nor has the Company received any notification
that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Disclosure Package
and the Prospectus. The Company has submitted the Listing of Additional Shares Notification Form with the Exchange with respect to the
Offering of the Public Securities.</FONT></P>

<P STYLE="text-align: justify; font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal">No Stop Orders, etc. Neither the Commission nor, to the
Company&rsquo;s knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement,
any Preliminary Prospectus or the Prospectus or has instituted or, to the Company&rsquo;s knowledge, threatened to institute, any proceedings
with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.</FONT></P>

<P STYLE="text-align: justify; font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.4</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Disclosures in Registration Statement</U>.</FONT></P>

<P STYLE="text-align: justify; font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.4.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Compliance with Securities Act and 10b-5 Representation</U>. </FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: justify; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">i.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal">Each of the Registration Statement and any post-effective amendment thereto,
at the time it became effective (including each deemed effective date with respect to the Underwriters pursuant to Rule 430B or otherwise
under the Securities Act) complied and will comply in all material respects with the requirements of the Securities Act and the Securities
Act Regulations. The conditions for use of Form S-3, set forth in the General Instructions thereto, including, but not limited to, General
Instruction I.B.6 and other conditions related to the offer and sale of the Public Securities, have been satisfied. Each Preliminary Prospectus
and the Prospectus, at the time each was or will be filed with the Commission, complied and will comply in all material respects with
the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for
use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

<P STYLE="text-align: justify; font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">ii.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal">Neither the Registration Statement nor any amendment thereto, at its effective
time, as of the Applicable Time, at the Closing Date or at any Option Closing date (if any), contained, contains or will contain an untrue
statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading.</FONT></P>

<P STYLE="text-align: justify; font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">iii.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal">The Disclosure Package, as of the Applicable Time, at the Closing Date or at
any Option Closing Date (if any), did not, does not and will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and any Issuer Limited Use Free Writing Prospectus hereto does not conflict with the information contained in the Registration Statement,
any Preliminary Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together
with the Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity
with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration
Statement, the Disclosure Package or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree
that such information provided by or on behalf of any Underwriter consists solely of the following statements concerning the Underwriters
contained in the &ldquo;Underwriting&rdquo; section of the Prospectus (the &ldquo;Underwriters Information&rdquo;): (i) the second sentence
of the subsection entitled &ldquo;Discounts and Commissions&rdquo; related to concessions; (ii) the first three paragraphs under the subsection
entitled &ldquo;Price Stabilization, Short Positions and Penalty Bids&rdquo;; and (iii) the subsection entitled &ldquo;Electronic Distribution.&rdquo;</FONT></P>

<P STYLE="text-align: justify; font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">iv.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal">Neither the Prospectus nor any amendment or supplement thereto (including any
prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date
or at any Option Closing Date (if any), included, includes or will include an untrue statement of a material fact or omitted, omits or
will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters&rsquo; Information.</FONT></P>

<P STYLE="text-align: justify; font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">v.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal">The documents incorporated by reference in the Registration Statement, the Disclosure
Package and the Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material
respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission
thereunder and none of such documents contained any untrue statement of a material fact or omitted to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and any further documents so filed and incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus,
when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.4.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Disclosure of Agreements</U>. The agreements and documents described in the
Registration Statement, the Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained
or incorporated by reference therein and there are no agreements or other documents required by the Securities Act and the Securities
Act Regulations to be described in the Registration Statement, the Disclosure Package and the Prospectus or to be filed with the Commission
as exhibits to the Registration Statement or to be incorporated by reference in the Registration Statement, the Disclosure Package or
the Prospectus, that have not been so described or filed or incorporated by reference. Each agreement or other instrument (however characterized
or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to or incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus, or (ii) is material to the Company&rsquo;s business,
has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company&rsquo;s knowledge, the other parties thereto, in accordance with its terms, except (x) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally, (y)
as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z)
that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and
to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned
by the Company, and neither the Company nor, to the best of the Company&rsquo;s knowledge, any other party is in default thereunder and,
to the best of the Company&rsquo;s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would
constitute a default thereunder. To the best of the Company&rsquo;s knowledge, performance by the Company of the material provisions of
such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree
of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each,
a &ldquo;Governmental Entity&rdquo;), including, without limitation, those relating to environmental laws and regulations.</FONT></P>

<P STYLE="text-align: justify; font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.4.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Prior Securities Transactions</U>. No securities of the Company have been
sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control
with the Company, except as disclosed in the Registration Statement, the Disclosure Package and the Preliminary Prospectus.</FONT></P>

<P STYLE="text-align: justify; font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.4.4.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Regulations</U>. The disclosures in the Registration Statement, the Disclosure
Package and the Prospectus concerning the effects of federal, state, local and all foreign regulation on the Offering and the Company&rsquo;s
business as currently contemplated are correct in all material respects and no other such regulations are required to be disclosed in
the Registration Statement, the Disclosure Package and the Prospectus which are not so disclosed.</FONT></P>

<P STYLE="text-align: justify; font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.4.5.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>No Other Distribution of Offering Materials</U>. The Company has not, directly
or indirectly, distributed and will not distribute any offering material in connection with the Offering other than any Preliminary Prospectus,
the Disclosure Package, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 3.2
below.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.5</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Changes After Dates in Registration Statement</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.5.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>No Material Adverse Change</U>. Since the respective dates as of which information
is given in the Registration Statement, the Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i)&nbsp;there
has been no material adverse change in the financial position or results of operations of the Company, nor any change or development that,
singularly or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the
condition (financial or otherwise), results of operations, business, assets or prospects of the Company (a &ldquo;Material Adverse Change&rdquo;);
(ii)&nbsp;there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement;
and (iii)&nbsp;no officer or director of the Company has resigned from any position with the Company.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.5.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Recent Securities Transactions, etc</U>. Subsequent to the respective dates
as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus, and except as may otherwise
be indicated or contemplated herein or disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company
has not: (i)&nbsp;issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii)&nbsp;declared
or paid any dividend or made any other distribution on or in respect to its capital stock.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.6</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Disclosures in Commission Filings</U>. Since January
1, 2021, (i) none of the Company&rsquo;s filings with the Commission contained any untrue statement of a material fact or omitted to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; and (ii) the Company has made all filings with the Commission required under the Exchange Act and the rules and regulations
of the Commission promulgated thereunder (the &ldquo;Exchange Act Regulations&rdquo;).</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.7</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Independent Accountants</U>. To the knowledge of the
Company, BF Borgers, CPA (the &ldquo;Auditor&rdquo;), whose report is filed with the Commission and included or incorporated by reference
in the Registration Statement, the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required
by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board. The Auditor has not, during
the periods covered by the financial statements included in the Registration Statement, the Disclosure Package and the Prospectus, provided
to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.8</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Financial Statements, etc</U>. The financial statements,
including the notes thereto and supporting schedules included or incorporated by reference in the Registration Statement, the Disclosure
Package and the Prospectus, fairly present the financial position and the results of operations of the Company at the dates and for the
periods to which they apply; and such financial statements have been prepared in conformity with U.S. generally accepted accounting principles
(&ldquo;GAAP&rdquo;), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject
to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP);
and the supporting schedules included or incorporated by reference in the Registration Statement present fairly the information required
to be stated therein. Except as included or incorporated by reference therein, no historical or pro forma financial statements are required
to be included in the Registration Statement, the Disclosure Package or the Prospectus under the Securities Act or the Securities Act
Regulations. The pro forma and pro forma as adjusted financial information and the related notes, if any, included or incorporated by
reference in the Registration Statement, the Disclosure Package and the Prospectus have been properly compiled and prepared in accordance
with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly the information shown therein,
and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to
the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Disclosure Package
or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission),
if any, comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each
of the Registration Statement, the Disclosure Package and the Prospectus discloses all material off-balance sheet transactions, arrangements,
obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that
may have a material current or future effect on the Company&rsquo;s financial condition, changes in financial condition, results of operations,
liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus, (a) neither the Company nor any of its direct and indirect subsidiaries, including
each entity disclosed or described in the Registration Statement, the Disclosure Package and the Prospectus as being a subsidiary of the
Company (each, a &ldquo;Subsidiary&rdquo; and, collectively, the &ldquo;Subsidiaries&rdquo;), has incurred any material liabilities or
obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company
has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock, (c) there has not been
any change in the capital stock of the Company or any of its Subsidiaries, or, other than in the course of business, any grants under
any stock compensation plan, and (d) there has not been any material adverse change in the Company&rsquo;s long-term or short-term debt.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.9</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Authorized Capital; Options, etc</U>. The Company had,
at the date or dates indicated in the Registration Statement, the Disclosure Package and the Prospectus, the duly authorized, issued and
outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Disclosure Package
and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Except as set forth
in, or contemplated by, the Registration Statement, the Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable
Time and on the Closing Date and any Option Closing Date, there will be no stock options, warrants, or other rights to purchase or otherwise
acquire any authorized, but unissued shares of Common Stock of the Company or any security convertible or exercisable into shares of Common
Stock of the Company, or any contracts or commitments to issue or sell shares of Common Stock or any such options, warrants, rights or
convertible securities.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.10</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Valid Issuance of Securities, etc.</U></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.10.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Outstanding Securities</U>. All issued and outstanding securities of the
Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid
and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by
reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security
of the Company or similar contractual rights granted by the Company. The authorized shares of Common Stock conform in all material respects
to all statements relating thereto contained in the Registration Statement, the Disclosure Package and the Prospectus. The offers and
sales of the outstanding shares of Common Stock were at all relevant times either registered under the Securities Act and the applicable
state securities or &ldquo;blue sky&rdquo; laws or, based in part on the representations and warranties of the purchasers of such Shares,
exempt from such registration requirements.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.10.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Securities Sold Pursuant to this Agreement</U>. The Public Securities and
Representative&rsquo;s Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued,
fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders;
the Public Securities and Representative&rsquo;s Securities are not and will not be subject to the preemptive rights of any holders of
any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the
authorization, issuance and sale of the Public Securities and Representative&rsquo;s Securities has been duly and validly taken. The Public
Securities and Representative&rsquo;s Securities conform in all material respects to all statements with respect thereto contained in
the Registration Statement, the Disclosure Package and the Prospectus. All corporate action required to be taken for the authorization,
issuance and sale of the Representative&rsquo;s Warrant Agreement has been duly and validly taken; the shares of Common Stock issuable
upon exercise of the Representative&rsquo;s Warrant have been duly authorized and reserved for issuance by all necessary corporate action
on the part of the Company and when paid for and issued in accordance with the Representative&rsquo;s Warrant and the Representative&rsquo;s
Warrant Agreement, such shares of Common Stock will be validly issued, fully paid and non-assessable; the holders thereof are not and
will not be subject to personal liability by reason of being such holders; and such shares of Common Stock are not and will not be subject
to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.11</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Registration Rights of Third Parties</U>. Except as set
forth in the Registration Statement, the Disclosure Package and the Prospectus, no holders of any securities of the Company or any rights
exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such
securities of the Company under the Securities Act or to include any such securities in a registration statement to be filed by the Company.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.12</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Validity and Binding Effect of Agreements</U>. This Agreement
and the Representative&rsquo;s Warrant Agreement have been duly and validly authorized by the Company, and, when executed and delivered,
will constitute, the valid and binding agreements of the Company, enforceable against the Company in accordance with their respective
terms, except: (i)&nbsp;as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally; (ii)&nbsp;as enforceability of any indemnification or contribution provision may be limited under the federal and state
securities laws; and (iii)&nbsp;that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.13</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Conflicts, etc</U>. The execution, delivery and performance
by the Company of this Agreement, the Representative&rsquo;s Warrant Agreement and all ancillary documents, the consummation by the Company
of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will
not, with or without the giving of notice or the lapse of time or both: (i)&nbsp;result in a material breach of, or conflict with any
of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition
of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to
which the Company is a party; (ii)&nbsp;result in any violation of the provisions of the Company&rsquo;s Articles of Incorporation (as
the same may be amended or restated from time to time, the &ldquo;Charter&rdquo;) or the by-laws of the Company; or (iii)&nbsp;violate
any existing applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.14</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Defaults; Violations</U>. No material default exists
in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed
of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other
material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties
or assets of the Company is subject. The Company is not in violation of any term or provision of its Charter or by-laws, or in violation
of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any Governmental Entity.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.15</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Corporate Power; Licenses; Consents</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.15.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Conduct of Business</U>. Except as described in the Registration Statement,
the Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of
the date hereof to conduct its business purpose as described in the Registration Statement, the Disclosure Package and the Prospectus.
</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.15.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Transactions Contemplated Herein</U>. The Company has all corporate power
and authority to enter into this Agreement and to carry out the provisions and conditions hereof, and all consents, authorizations, approvals
and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court,
government agency or other body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of
the transactions and agreements contemplated by this Agreement and the Representative&rsquo;s Warrant Agreement and as contemplated by
the Registration Statement, the Disclosure Package and the Prospectus, except with respect to applicable federal and state securities
laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;).</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.16</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>D&amp;O Questionnaires</U>. To the Company&rsquo;s knowledge,
all information contained in the questionnaires (the &ldquo;Questionnaires&rdquo;) completed by each of the Company&rsquo;s directors
and officers immediately prior to the Offering (the &ldquo;Insiders&rdquo;) as supplemented by all information concerning the Company&rsquo;s
directors, officers and principal shareholders as described in the Registration Statement, the Disclosure Package and the Prospectus,
as well as in the Lock-Up Agreement (as defined in Section 2.24 below), provided to the Underwriters, is true and correct in all material
respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to
become materially inaccurate and incorrect.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.17</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Litigation; Governmental Proceedings</U>. There is no
action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company&rsquo;s
knowledge, threatened against, or involving the Company or, to the Company&rsquo;s knowledge, any executive officer or director which
has not been disclosed in the Registration Statement, the Disclosure Package and the Prospectus or in connection with the Company&rsquo;s
listing application for the listing of the Public Securities on the Exchange. </FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.18</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Good Standing</U>. The Company has been duly organized
and is validly existing as a corporation and is in good standing under the laws of the State of Nevada as of the date hereof, and is duly
qualified to do business and is in good standing in each other jurisdiction in which its ownership or lease of property or the conduct
of business requires such qualification, except where the failure to qualify, singularly or in the aggregate, would not have or reasonably
be expected to result in a Material Adverse Change.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.19</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Insurance</U>. The Company carries or is entitled to
the benefits of insurance, with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, including,
but not limited to, directors and officers insurance coverage at least equal to $5,000,000 and the Company has included each Underwriter
as an additional insured party to the directors and officers insurance coverage and all such insurance is in full force and effect. The
Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire
or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted
and at a cost that would not result in a Material Adverse Change.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.20</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Transactions Affecting Disclosure to FINRA</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.20.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Finder&rsquo;s Fees</U>. Except as described in the Registration Statement,
the Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment
of a finder&rsquo;s, consulting or origination fee by the Company or any Insider with respect to the sale of the Public Securities hereunder
or any other arrangements, agreements or understandings of the Company or, to the Company&rsquo;s knowledge, any of its shareholders that
may affect the Underwriters&rsquo; compensation, as determined by FINRA.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.20.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Payments Within Twelve (12) Months</U>. Except as described in the Registration
Statement, the Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or
otherwise) to: (i)&nbsp;any person, as a finder&rsquo;s fee, consulting fee or otherwise, in consideration of such person raising capital
for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii)&nbsp;
any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior
to the date of this Agreement, other than the payment to the Underwriters as provided hereunder in connection with the Offering.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.20.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Use of Proceeds</U>. None of the net proceeds of the Offering will be paid
by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.20.4.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>FINRA Affiliation</U>. There is no (i) officer or director of the Company,
(ii) beneficial owner of 5% or more of any class of the Company's securities or (iii) beneficial owner of the Company's unregistered equity
securities which were acquired during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate
or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.21</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Foreign Corrupt Practices Act</U>. None of the Company
and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee or affiliate of the Company and its
Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, has, directly or indirectly, given or agreed to
give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer,
supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government
(domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a
position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i)&nbsp;might
subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii)&nbsp;if not given in
the past, might have had a Material Adverse Change or (iii)&nbsp;if not continued in the future, might adversely affect the assets, business,
operations or prospects of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are
sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.22</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Compliance with OFAC</U>. None of the Company and its
Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries
or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;OFAC&rdquo;), and the Company will not, directly or indirectly,
use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered
by OFAC.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.23</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Money Laundering Laws</U>. 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
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental
Entity (collectively, the &ldquo;Money Laundering Laws&rdquo;); and no action, suit or proceeding by or before any Governmental Entity
involving the Company with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.24</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Officers&rsquo; Certificate</U>. Any certificate signed
by any duly authorized officer of the Company and delivered to you or to Representative Counsel shall be deemed a representation and warranty
by the Company to the Underwriters as to the matters covered thereby.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.25</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Lock-Up Agreements. Schedule 3</U> hereto contains a
complete and accurate list of the Company&rsquo;s officers, directors and each owner of 5% or more of the Company&rsquo;s outstanding
shares of Common Stock (or securities convertible or exercisable into shares of Common Stock) (collectively, the &ldquo;Lock-Up Parties&rdquo;).
The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in the form attached
hereto as <U>Exhibit B</U> (the &ldquo;Lock-Up Agreement&rdquo;), prior to the execution of this Agreement. </FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.26</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Subsidiaries</U>. All direct and indirect Subsidiaries
of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each Subsidiary
is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification,
except where the failure to qualify would not have a material adverse effect on the assets, business or operations of the Company taken
as a whole. The Company&rsquo;s ownership and control of each Subsidiary is as described in the Registration Statement, the Disclosure
Package and the Prospectus.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.27</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Related Party Transactions</U>. There are no business
relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement,
the Disclosure Package and the Prospectus that have not been described as required.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.28</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Board of Directors</U>. The Board of Directors of the
Company is comprised of the persons disclosed in the Registration Statement, Disclosure Package and the Prospectus. The qualifications
of the persons serving as board members and the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations,
the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the &ldquo;Sarbanes-Oxley Act&rdquo;) applicable to the Company and
the listing rules of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an
&ldquo;audit committee financial expert,&rdquo; as such term is defined under Regulation S-K and the listing rules of the Exchange. In
addition, at least a majority of the persons serving on the Board of Directors qualify as &ldquo;independent,&rdquo; as defined under
the listing rules of the Exchange.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.29</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Sarbanes-Oxley Compliance</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.29.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Disclosure Controls</U>. The Company has developed and currently maintains
disclosure controls and procedures that will comply with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and
procedures are effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals
responsible for the preparation of the Company&rsquo;s Exchange Act filings and other public disclosure documents.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.29.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Compliance</U>. The Company is, or at the Applicable Time and on the Closing
Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement
such programs and taken reasonable steps to ensure the Company&rsquo;s future compliance (not later than the relevant statutory and regulatory
deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.30</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Accounting Controls</U>. The Company and its Subsidiaries
maintain systems of &ldquo;internal control over financial reporting&rdquo; (as defined under Rules 13a-15 and 15d-15 under the Exchange
Act Regulations) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective
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 GAAP, 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 GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Disclosure
Package and the Prospectus, the Company is not aware of any material weaknesses in its 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 are known to the Company&rsquo;s management and that have
adversely affected or are reasonably likely to adversely affect the Company&rsquo; ability to record, process, summarize and report financial
information; and (ii) any fraud known to the Company&rsquo;s management, 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.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.31</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Investment Company Status</U>. The Company is not
and, after giving effect to the Offering and the application of the proceeds thereof as described in the Registration Statement, the Disclosure
Package and the Prospectus, will not be, required to register as an &ldquo;investment company,&rdquo; as defined in the Investment Company
Act of 1940, as amended.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.32</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Labor Disputes</U>. No labor dispute with the employees
of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent. </FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.33</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Intellectual Property Rights</U>. The Company and each
of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names,
trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (&ldquo;Intellectual
Property Rights&rdquo;) necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described
in the Registration Statement, the Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the Company
or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement
and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights
of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with
asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate,
in a Material Adverse Change (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties
of any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened
action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and
the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate,
together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (C) the Intellectual
Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have
not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the
Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual
Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually
or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change;
(D) there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others that the Company
infringes, misappropriates or otherwise violates any Intellectual Property Rights 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 facts which would form a reasonable basis for any
such claim that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to
result in a Material Adverse Change; and (E) to the Company&rsquo;s knowledge, no employee of the Company is in or has ever been in violation
in any material respect 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 and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company&rsquo;s
knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential.
The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any
other person or entity that are required to be set forth in the Registration Statement, the Disclosure Package and the Prospectus and
are not described therein. The Registration Statement, the Disclosure Package and the Prospectus contain in all material respects the
same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has been obtained
or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company&rsquo;s knowledge,
any of its officers, directors or employees, or otherwise in violation of the rights of any persons.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.34</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Taxes</U>. Each of the Company and its Subsidiaries has
filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained
extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes (as hereinafter defined) shown
as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or such respective Subsidiary.
The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient
for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial
statements. Except as disclosed in writing to the Underwriters, (i) no issues have been raised (and are currently pending) by any taxing
authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of
statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries.
The term &ldquo;taxes&rdquo; means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use,
ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp,
occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together
with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term &ldquo;returns&rdquo; means
all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.35</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>ERISA Compliance</U>. The Company and any &ldquo;employee
benefit plan&rdquo; (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published
interpretations thereunder (collectively, &ldquo;ERISA&rdquo;)) established or maintained by the Company or its &ldquo;ERISA Affiliates&rdquo;
(as defined below) are in compliance in all material respects with ERISA. &ldquo;ERISA Affiliate&rdquo; means, with respect to the Company,
any member of any group of organizations described in Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended,
and the regulations and published interpretations thereunder (the &ldquo;Code&rdquo;) of which the Company is a member. No &ldquo;reportable
event&rdquo; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &ldquo;employee benefit plan&rdquo;
established or maintained by the Company or any of its ERISA Affiliates. No &ldquo;employee benefit plan&rdquo; established or maintained
by the Company or any of its ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo; were terminated, would have any &ldquo;amount
of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably
expects to incur any material liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;employee
benefit plan&rdquo; or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each &ldquo;employee benefit plan&rdquo; established or maintained
by the Company or any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, to
the knowledge of the Company, nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.36</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Compliance with Laws</U>. The Company: (A) is and at
all times has been in compliance with all statutes, rules, or regulations applicable to the ownership, testing, development, manufacture,
packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of
any product manufactured or distributed by the Company (&ldquo;Applicable Laws&rdquo;), except as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Change; (B) has not received any warning letter, untitled letter or other correspondence
or notice from any other governmental authority alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates,
approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (&ldquo;Authorizations&rdquo;);(C)
possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation
of any term of any such Authorizations; (D) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any governmental authority or third party alleging that any product operation or activity is in violation
of any Applicable Laws or Authorizations and has no knowledge that any such governmental authority or third party is considering any such
claim, litigation, arbitration, action, suit, investigation or proceeding; (E) has not received notice that any governmental authority
has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such
governmental authority is considering such action; (F) has filed, obtained, maintained or submitted all material reports, documents, forms,
notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations
and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete
and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (G) has not, either voluntarily or involuntarily,
initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert,
post-sale warning, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product
defect or violation and, to the Company&rsquo;s knowledge, no third party has initiated, conducted or intends to initiate any such notice
or action.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.37</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Ineligible Issuer</U>.&nbsp; At the time of filing the
Registration Statement and any post-effective amendment thereto, at the time of effectiveness of the Registration Statement and any amendment
thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of
Rule 164(h)(2) of the Securities Act Regulations) of the Public Securities and at the date hereof, the Company was and is an &ldquo;ineligible
issuer,&rdquo; as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not
necessary that the Company be considered an ineligible issuer.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.38</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Real Property</U>. Except as set forth in the Registration
Statement, the Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to,
or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company
and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances, security interests, claims and defects
that do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed
to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company
and its subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described
in the Registration Statement, the Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any
Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company
or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such
Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.39</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Contracts Affecting Capital</U>. There are no transactions,
arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 of the
Securities Act Regulations) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited
purpose entity that could reasonably be expected to materially affect the Company&rsquo;s or its Subsidiaries&rsquo; liquidity or the
availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.40</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Loans to Directors or Officers</U>. There are no outstanding
loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the
Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries or any of their
respective family members, except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.41</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Smaller Reporting Company</U>.&nbsp; As of the time of
filing of the Registration Statement, the Company was a &ldquo;smaller reporting company,&rdquo; as defined in Rule&nbsp;12b-2 of the
Exchange Act Regulations.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.42</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Industry Data</U>.&nbsp; The statistical and market-related
data included in each of the Registration Statement, the Disclosure Package and the Prospectus are based on or derived from sources that
the Company reasonably and in good faith believes are reliable and accurate or represent the Company&rsquo;s good faith estimates that
are made on the basis of data derived from such sources.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.43</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Exchange Act Reports</U>. The Company has filed in a
timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the Exchange Act during the preceding
12 months (except to the extent that Section 15(d) requires reports to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act,
which shall be governed by the next clause of this sentence); and the Company has filed in a timely manner all reports required to be
filed pursuant to Sections 13(d) and 13(g) of the Exchange Act since January 1, 2019, except where the failure to timely file could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Change.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.44</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Emerging Growth Company</U>. From the time of the initial
confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly
in or through any Person authorized to act on its behalf in any Testing-the Waters Communication) through the date hereof, the Company
has been and is an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a) of the Securities Act (an &ldquo;Emerging Growth
Company&rdquo;). &ldquo;Testing-the-Waters Communication&rdquo; means any oral or written communication with potential investors undertaken
in reliance on Section 5(d) of the Securities Act.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">2.45
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Margin Securities</U>. The Company owns no &ldquo;margin
securities&rdquo; as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the &ldquo;Federal
Reserve Board&rdquo;), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying
any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any
margin security or for any other purpose which might cause any of the shares of Common Stock to be considered a &ldquo;purpose credit&rdquo;
within the meanings of Regulation T, U or X of the Federal Reserve Board.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">3.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Covenants of the Company</U>. The Company covenants and agrees as follows:</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Amendments to Registration Statement</U>. The Company
shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus and not
file any such amendment or supplement to which the Representative shall reasonably object in writing. </FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Federal Securities Laws</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.2.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Compliance</U>. The Company, subject to Section 3.2.2, shall comply with
the requirements of Rule 424 and Rule 430B of the Securities Act Regulations, and will notify the Representative promptly, and confirm
the notice in writing, (i)&nbsp;when any post-effective amendment to the Registration Statement or any amendment or supplement to Any
Preliminary Prospectus, the Disclosure Package or the Prospectus shall have been filed and when any post-effective amendment to the Registration
Statement shall become effective; (ii)&nbsp;of the receipt of any comments from the Commission; (iii)&nbsp;of any request by the Commission
for any amendment to the Registration Statement or any amendment or supplement to any Preliminary Prospectus, the Disclosure Package or
the Prospectus or for additional information; (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus,
the Disclosure Package or the Prospectus, or of the suspension of the qualification of the Public Securities and Representative&rsquo;s
Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or
of any examination pursuant to Section&nbsp;8(d) or 8(e) of the Securities Act concerning the Registration Statement; and (v)&nbsp;if
the Company becomes the subject of a proceeding under Section&nbsp;8A of the Securities Act in connection with the Offering of the Public
Securities and Representative&rsquo;s Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act
Regulations, in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such
steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received
for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its best
efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof
at the earliest possible moment.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.2.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Continued Compliance</U>. The Company shall comply with the Securities Act,
the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of
the Public Securities as contemplated in this Agreement and in the Registration Statement, the Disclosure Package and the Prospectus.
If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities
Act Regulations (&ldquo;Rule 172&rdquo;), would be) required by the Securities Act to be delivered in connection with sales of the Public
Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters
or for the Company, to (i)&nbsp;amend the Registration Statement in order that the Registration Statement will not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii)&nbsp;amend or supplement the Disclosure Package or the Prospectus in order that the Disclosure Package or the Prospectus, as the
case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii)&nbsp;amend
the Registration Statement or amend or supplement the Disclosure Package or the Prospectus, as the case may be, in order to comply with
the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A)&nbsp;give the Representative notice
of such event; (B)&nbsp;prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration
Statement, the Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed
filing or use, furnish the Representative with copies of any such amendment or supplement and (C)&nbsp;file with the Commission any such
amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative
or counsel for the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment
or supplement as the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant
to the Exchange Act or the Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative
notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full
or expiration of the Over-allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related
document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document
to which the Representative or counsel for the Underwriters shall reasonably object. </FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.2.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Exchange Act Registration</U>. For a period of three (3) years after the
date of this Agreement, the Company shall use its best efforts to maintain the registration of the shares of Common Stock under the Exchange
Act. The Company shall not deregister the shares of Common Stock under the Exchange Act without the prior written consent of the Representative.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.2.4.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Free Writing Prospectuses</U>. The Company agrees that, unless it obtains
the prior written consent of the Representative, it shall not make any offer relating to the Public Securities that would constitute an
Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; or a portion thereof, required
to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed
to have consented to each Issuer General Use Free Writing Prospectus hereto and any &ldquo;road show that is a written communication&rdquo;
within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representative. The Company represents that it has treated or agrees
that it will treat each such free writing prospectus consented to, or deemed consented to, by the Underwriters as an &ldquo;issuer free
writing prospectus,&rdquo; as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433
with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following
issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue
statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Underwriters and will
promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Delivery to the Underwriters of Registration Statements</U>.
The Company has delivered or made available or shall deliver or make available to the Representative and counsel for the Representative,
without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith
or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and signed copies of
all consents and certificates of experts, and will also deliver to the Underwriters, without charge, a conformed copy of the Registration
Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration
Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.4</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Delivery to the Underwriters of Prospectuses</U>. The
Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each
Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes
permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating
to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act,
such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any
amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.5</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Effectiveness and Events Requiring Notice to the Representative</U>.
The Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus for at least
nine (9) months after the Applicable Time, and shall notify the Representative immediately and confirm the notice in writing: (i)&nbsp;of
the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (ii)&nbsp;of
the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for
offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iii)&nbsp;of the mailing
and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (iv)&nbsp;of the
receipt of any comments or request for any additional information from the Commission; and (vi)&nbsp;of the happening of any event during
the period described in this Section 3.5 that, in the judgment of the Company, makes any statement of a material fact made in the Registration
Statement, the Disclosure Package or the Prospectus untrue or that requires the making of any changes in (a) the Registration Statement
in order to make the statements therein not misleading, or (b) in the Disclosure Package or the Prospectus in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission
shall enter a stop order or suspend such qualification at any time, the Company shall make every reasonable effort to obtain promptly
the lifting of such order.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.6</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Review of Financial Statements.</U> For a period of five
(5) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public
accounting firm to review (but not audit) the Company&rsquo;s financial statements for each of the three fiscal quarters immediately preceding
the announcement of any quarterly financial information.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.7</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Listing</U>. The Company shall use its best efforts to
maintain the listing of the shares of Common Stock (including the Public Securities) on the Exchange for at least three years from the
date of this Agreement.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.8</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Financial Public Relations Firm</U>. As of the Closing
Date, the Company shall have retained a financial public relations firm reasonably acceptable to the Representative and the Company, which
shall initially be RedChip Companies, which firm shall be experienced in assisting issuers in initial public offerings of securities and
in their relations with their security holders, and shall retain such firm or another firm reasonably acceptable to the Representative
for a period of not less than two (2) years after the Closing Date.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.9</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Reports to the Representative</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.9.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Periodic Reports, etc</U>. For a period of three (3) years after the date
of this Agreement, the Company shall furnish or make available to the Representative copies of such financial statements and other periodic
and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish
to the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange
Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or
its affairs which was released by the Company; (iii) a copy of each Form 8-K prepared and filed by the Company; (iv) five copies of each
registration statement filed by the Company under the Securities Act; and (v) such additional documents and information with respect to
the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request;
provided the Representative shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably
acceptable to the Representative and Representative Counsel in connection with the Representative&rsquo;s receipt of such information.
Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Representative pursuant
to this Section 3.9.1.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.9.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Transfer Agent; Transfer Sheets</U>. For a period of three (3) years after
the date of this Agreement, the Company shall retain a transfer agent and registrar acceptable to the Representative (the&nbsp;&ldquo;Transfer
Agent&rdquo;) and shall furnish to the Representative at the Company&rsquo;s sole cost and expense such transfer sheets of the Company&rsquo;s
securities as the Representative may reasonably request, including the daily and monthly consolidated transfer sheets of the Transfer
Agent and DTC. Worldwide Stock Transfer is acceptable to the Representative to act as Transfer Agent for the shares of Common Stock. </FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.9.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Trading Reports</U>. During such time as the Public Securities are listed
on the Exchange, the Company shall provide to the Representative, at the Company&rsquo;s expense, such reports published by Exchange relating
to price trading of the Public Securities, as the Representative shall reasonably request.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.10</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Payment of Expenses</U></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.10.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>General Expenses Related to the Offering</U>. The Company hereby agrees to
pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, all expenses incident
to the performance of the obligations of the Company under this Agreement, including, but not limited to: (a) all filing fees and communication
expenses relating to the registration of the shares of Common Stock to be sold in the Offering (including the Over-allotment Shares) with
the Commission; (b) all Public Filing System filing fees associated with the review of the Offering by FINRA; (c) all fees and expenses
relating to the listing of such Public Securities on the Exchange and such other stock exchanges as the Company and the Representative
together determine; (d) all fees, expenses and disbursements relating to background checks of the Company&rsquo;s officers and directors;
(e) all fees, expenses and disbursements relating to the registration or qualification of the Public Securities under the &ldquo;blue
sky&rdquo; securities laws of such states and other jurisdictions as the Representative may reasonably designate (including, without limitation,
all filing and registration fees); (f) all fees, expenses and disbursements relating to the registration, qualification or exemption of
the Public Securities under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (g) the
costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky
Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and
Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary
and final Prospectuses as the Representative may reasonably deem necessary; (h) the costs and expenses of a public relations firm; (i)
the costs of preparing, printing and delivering certificates representing the Public Securities; (j) fees and expenses of the transfer
agent for the shares of Common Stock; (k) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the
Company to the Underwriters; (l) costs associated with post-Closing advertising the Offering in the national editions of the Wall Street
Journal and New York Times; (m) the costs associated with one set of bound volumes of the public offering materials as well as commemorative
mementos and lucite tombstones, each of which the Company or its designee shall provide within a reasonable time after the Closing Date
in such quantities as the Representative may reasonably request; (n) the fees and expenses of the Company&rsquo;s accountants; (o) the
fees and expenses of the Company&rsquo;s legal counsel and other agents and representatives; (p) fees and expenses of the Representative&rsquo;s
legal counsel; (q) the cost associated with the Underwriter&rsquo;s use of Ipreo&rsquo;s book-building, prospectus tracking and compliance
software for the Offering; (r) $10,000 for data services and communications expenses; (s) the Underwriters&rsquo; actual accountable &ldquo;road
show&rdquo; expenses for the Offering; and (t) the Representative&rsquo;s market making and trading, and clearing firm settlement expenses
for the Offering. The Company&rsquo;s responsibility to reimburse the Representative for the Representative&rsquo;s accountable expenses,
including those described in subsection (a) through (t) above, shall be capped at a cumulative total of $50,000 (provided however, that
such expense cap in no way limits or impairs the indemnification provisions of this Agreement) The Representative may deduct from the
net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein
to be paid by the Company to the Underwriters.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.10.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Non-accountable Expenses</U>. The Company further agrees that, in addition
to the expenses payable pursuant to Section 3.10.1, on the Closing Date it shall pay to the Representative, by deduction from the net
proceeds of the Offering contemplated herein, a non-accountable expense allowance equal to one half of one percent (0.5%) of the gross
proceeds received by the Company from the sale of the Firm Shares (excluding the Option Shares), provided, however, that in the event
that the Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 8.3 hereof.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.11</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Application of Net Proceeds</U>. The Company shall apply
the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption &ldquo;Use
of Proceeds&rdquo; in the Registration Statement, the Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.12</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Delivery of Earnings Statements to Security Holders</U>.
The Company shall make generally available to its security holders as soon as practicable, but not later than the first day of the fifteenth
(15<SUP>th</SUP>) full calendar month following the date of this Agreement, an earnings statement (which need not be certified by independent
registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the
provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months beginning
after the date of this Agreement.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.13</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Stabilization</U>. Neither the Company nor, to its knowledge,
any of its employees, directors or shareholders (without the consent of the Representative) has taken or shall take, directly or indirectly,
any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange
Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public
Securities.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.14</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Internal Controls</U>. The Company shall maintain a system
of internal accounting controls sufficient to provide reasonable assurances that: (i)&nbsp;transactions are executed in accordance with
management&rsquo;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary in order to permit preparation
of financial statements in accordance with GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only
in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.15</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Accountants</U>. As of the date of this Agreement, the
Company shall retain an independent registered public accounting firm reasonably acceptable to the Representative, and the Company shall
continue to retain a nationally recognized independent registered public accounting firm for a period of at least three (3) years after
the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.16</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>FINRA</U>. The Company shall advise the Representative
(who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any
beneficial owner of 5% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity
securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate
or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.17</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Fiduciary Duties</U>. The Company acknowledges and
agrees that the Underwriters&rsquo; responsibility to the Company is solely contractual in nature and that none of the Underwriters or
their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the
Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.18</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Company Lock-Up Agreements</U>. </FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.18.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Restriction on Sales of Capital Stock</U>. The Company, on behalf of itself
and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of 90 days after
the date of this Agreement (the &ldquo;Lock-Up Period&rdquo;), (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, lend, or otherwise transfer or dispose
of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable
for shares of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to
the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares
of capital stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit
with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above
is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">The
restrictions contained in this Section 3.18.1 shall not apply to (i) the shares of Common Stock to be sold hereunder, (ii) the issuance
by the Company of shares of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding on
the date hereof which is disclosed in the Registration Statement, Disclosure Package and Prospectus, provided that such options, warrants,
and securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities or to extend the term of such securities, or (iii) the issuance by the Company
of stock options or shares of capital stock of the Company under any equity compensation plan of the Company, provided that in each of
(ii) and (iii) above, the underlying shares shall be restricted from sale during the entire Lock-Up Period.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.18.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Restriction on Continuous Offerings</U>. Notwithstanding the restrictions
contained in Section 3.18.1, the Company, on behalf of itself and any successor entity, agrees that, without the prior written consent
of the Representative, it will not, for a period of 12 months after the date of this Agreement, directly or indirectly in any &ldquo;at-the-market&rdquo;
or continuous equity transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of capital
stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.19</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Release of D&amp;O Lock-up Period</U>. If the Representative,
in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 2.25 hereof
for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three (3) Business
Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release
substantially in the form of <U>Exhibit C</U> hereto through a major news service at least two (2) Business Days before the effective
date of the release or waiver.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.20</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Blue Sky Qualifications</U>. The Company shall use its
best efforts, in cooperation with the Underwriters, if necessary, to qualify the Public Securities for offering and sale under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may designate and to maintain such
qualifications in effect so long as required to complete the distribution of the Public Securities; provided, however, that the Company
shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities
in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction
in which it is not otherwise so subject.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.21</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Reporting Requirements</U>. The Company, during the period
when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered
under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time
periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the
issuance of the Public Securities as may be required under Rule 463 under the Securities Act Regulations.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">3.22</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Emerging Growth Company Status</U>. The Company shall
promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion
of the distribution of the Public Securities within the meaning of the Securities Act and (ii) fifteen (15) days following the completion
of the Lock-Up Period.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Conditions of Underwriters&rsquo; Obligations</U>. The obligations of the
Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the
representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if
any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the
Company of its obligations hereunder; and (iv) the following conditions:</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Regulatory Matters</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.1.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Commission Actions</U>. At each of the Closing Date and any Option Closing
Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued
under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus shall have been issued
and no proceedings for any of those purposes shall have been instituted or be pending or, to the Company&rsquo;s knowledge, be contemplated
by the Commission. The Company has complied with each request (if any) from the Commission for additional information. A prospectus containing
the Rule 430B Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) under
the Securities Act Regulations (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such information shall have
been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430B under the Securities Act Regulations.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.1.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Exchange Stock Market Clearance</U>. On the Closing Date, the Company&rsquo;s
shares of Common Stock, including the Firm Shares, shall have been approved for listing on the Exchange, subject only to official notice
of issuance. On the first Option Closing Date (if any), the Company&rsquo;s shares of Common Stock, including the Option Shares, shall
have been approved for listing on the Exchange, subject only to official notice of issuance.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Company Counsel Matters</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.2.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Closing Date Opinion of Counsel</U>. On the Closing Date, the Representative
shall have received the favorable opinion of The Crone Group P.C., counsel to the Company, dated the Closing Date and addressed to the
Representative, substantially in the form of <U>Exhibit D</U> attached hereto.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.2.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Option Closing Date Opinion of Counsel</U>. On the Option Closing Date, if
any, the Representative shall have received the favorable opinions of the counsel listed in Section 4.2.1, dated the Option Closing Date,
addressed to the Representative and in form and substance reasonably satisfactory to the Representative, confirming as of the Option Closing
Date, the statements made by such counsel in the opinion delivered on the Closing Date.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.2.3.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Reliance</U>. In rendering such opinions, such counsel may rely: (i)&nbsp;as
to matters involving the application of laws other than the laws of the United States and jurisdictions in which they are admitted, to
the extent such counsel deems proper and to the extent specified in such opinion, if at all, upon an opinion or opinions (in form and
substance reasonably satisfactory to the Representative) of other counsel reasonably acceptable to the Representative, familiar with the
applicable laws; and (ii)&nbsp;as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers
of the Company and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or
good standing of the Company, provided that copies of any such statements or certificates shall be delivered to Representative Counsel
if requested. The opinion of The Crone Law Group P.C. and any opinion relied upon by The Crone Law Group P.C. shall include a statement
to the effect that it may be relied upon by Representative Counsel in its opinion delivered to the Underwriters.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Comfort Letters</U>. </FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.3.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Cold Comfort Letter</U>. At the time this Agreement is executed you shall
have received a cold comfort letter containing statements and information of the type customarily included in accountants&rsquo; comfort
letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Disclosure
Package and the Prospectus, addressed to the Representative and in form and substance satisfactory in all respects to you and to the Auditor,
dated as of the date of this Agreement.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.3.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Bring-down Comfort Letter</U>. At each of the Closing Date and the Option
Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing
Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except
that the specified date referred to shall be a date not more than three (3) business days prior to the Closing Date or the Option Closing
Date, as applicable. </FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.4</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Officers&rsquo; Certificates</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.4.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Officers&rsquo; Certificate</U>. The Company shall have furnished to the
Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its
Chief Executive Officer, its President and its Chief Financial Officer stating that (i) such officers have carefully examined the Registration
Statement, the Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement
and each amendment thereto, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than
the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, and the Disclosure Package, as of the Applicable Time and as of the
Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date
and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment
or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material
fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in
which they were made, not misleading, (ii) since the effective date of the Registration Statement, no event has occurred which should
have been set forth in a supplement or amendment to the Registration Statement, the Disclosure Package or the Prospectus, (iii) to the
best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than
the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and 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
any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date of the most
recent audited financial statements included or incorporated by reference in the Disclosure Package, any material adverse change in the
financial position or results of operations of the Company, or any change or development that, singularly or in the aggregate, would involve
a material adverse change or a prospective material adverse change, in or affecting the condition (financial or otherwise), results of
operations, business, assets or prospects of the Company, except as set forth in the Prospectus.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.4.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Secretary&rsquo;s Certificate</U>. At each of the Closing Date and the Option
Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated
the Closing Date or the Option Date, as the case may be, respectively, certifying: (i)&nbsp;that each of the Charter and Bylaws is true
and complete, has not been modified and is in full force and effect; (ii)&nbsp;that the resolutions of the Company&rsquo;s Board of Directors
relating to the Offering are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence
between the Company or its counsel and the Commission; and (iv)&nbsp;as to the incumbency of the officers of the Company. The documents
referred to in such certificate shall be attached to such certificate.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.5</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>No Material Changes</U>. Prior to and on each of the
Closing Date and each Option Closing Date, if any: (i)&nbsp;there shall have been no material adverse change or development involving
a prospective material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company
from the latest dates as of which such condition is set forth in the Registration Statement, the Disclosure Package and the Prospectus;
(ii)&nbsp;no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider
before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or
finding may materially adversely affect the business, operations, prospects or financial condition or income of the Company, except as
set forth in the Registration Statement, the Disclosure Package and the Prospectus; (iii)&nbsp;no stop order shall have been issued under
the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv)&nbsp;the Registration
Statement, the Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which
are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material
respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Disclosure
Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.6</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Delivery of Agreements</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.6.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Lock-Up Agreements</U>. On or before the date of this Agreement, the Company
shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of the persons listed in <U>Schedule 3</U>
hereto.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.6.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Representative&rsquo;s Warrant Agreement</U>. On the Closing Date, the Company
shall have delivered to the Representative executed copies of the Representative&rsquo;s Warrant Agreement.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">4.7
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Additional Documents</U>. At the Closing Date and at
each Option Closing Date (if any) Representative Counsel shall have been furnished with such documents and opinions as they may require
for the purpose of enabling Representative Counsel to deliver an opinion to the Underwriters, or in order to evidence the accuracy of
any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by
the Company in connection with the issuance and sale of the Public Securities and the Representative&rsquo;s Securities as herein contemplated
shall be satisfactory in form and substance to the Representative and Representative Counsel.</FONT>&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">5.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Indemnification</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">5.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Indemnification of the Underwriters</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>General</U>. Subject to the conditions set forth below, the Company agrees
to indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees,
representatives, partners, shareholders, affiliates, counsel, and agents and each person, if any, who controls any such Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the &ldquo;Underwriter Indemnified Parties,&rdquo;
and each an &ldquo;Underwriter Indemnified Party&rdquo;), against any and all loss, liability, claim, damage and expense whatsoever (including
but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties
and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them
may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of
foreign countries (a &ldquo;Claim&rdquo;), (i) arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in (A) the Registration Statement, the Disclosure Package, any Preliminary Prospectus, the Prospectus, or in any Issuer
Free Writing Prospectus (as from time to time each may be amended and supplemented); (B) any materials or information provided to investors
by, or with the approval of, the Company in connection with the marketing of the Offering, including any &ldquo;road show&rdquo; or investor
presentations made to investors by the Company (whether in person or electronically); or (C) any application or other document or written
communication (in this Section 5, collectively called &ldquo;application&rdquo;) executed by the Company or based upon written information
furnished by the Company in any jurisdiction in order to qualify the Public Securities and Representative&rsquo;s Securities under the
securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities
exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance
upon, and in conformity with, the Underwriters&rsquo; Information or (ii) otherwise arising in connection with or allegedly in connection
with the Offering. The Company also agrees that it will reimburse each Underwriter Indemnified Party for all fees and expenses (including
but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties
and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) (collectively, the &ldquo;Expenses&rdquo;),
and further agrees wherever and whenever possible to advance payment of Expenses as they are incurred by an Underwriter Indemnified Party
in investigating, preparing, pursuing or defending any Claim. </FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Procedure</U>. If any action is brought against an Underwriter Indemnified
Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall
promptly notify the Company in writing of the institution of such action and the Company shall assume the defense of such action, including
the employment and fees of counsel (subject to the approval of such Underwriter Indemnified Party) and payment of actual expenses if an
Underwriter Indemnified Party requests that the Company do so. Such Underwriter Indemnified Party shall have the right to employ its or
their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company, and shall be advanced
by the Company. The Company shall not be liable for any settlement of any action effected without its consent (which shall not be unreasonably
withheld). In addition, the Company shall not, without the prior written consent of the Underwriters, settle, compromise or consent to
the entry of any judgment in or otherwise seek to terminate any pending or threatened action in respect of which advancement, reimbursement,
indemnification or contribution may be sought hereunder (whether or not such Underwriter Indemnified Party is a party thereto) unless
such settlement, compromise, consent or termination (i) includes an unconditional release of each Underwriter Indemnified Party, acceptable
to such Underwriter Indemnified Party, from all liabilities, expenses and claims arising out of such action for which indemnification
or contribution may be sought and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by
or on behalf of any Underwriter Indemnified Party.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">5.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Indemnification of the Company</U>. Each Underwriter,
severally and not jointly, agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration
Statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions made in the Registration
Statement, any Preliminary Prospectus, the Disclosure Package or Prospectus or any amendment or supplement thereto or in any application,
in reliance upon, and in strict conformity with, the Underwriters&rsquo; Information. In case any action shall be brought against the
Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Disclosure Package or
Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter,
such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have
the rights and duties given to the several Underwriters by the provisions of Section 5.1.2. The Company agrees promptly to notify the
Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection
with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Disclosure Package, the Prospectus,
or any Issuer Free Writing Prospectus.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">5.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Contribution</U>.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.3.1.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Contribution Rights</U>. If the indemnification provided for in this Section
5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of
any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu
of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim,
damage or liability, or action in respect thereof, (i) in such proportion as shall be 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 Public Securities, or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other,
with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, 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, with respect to such Offering shall be deemed to be in the same proportion as the total net proceeds from the Offering of
the Public Securities purchased under this Agreement (before deducting expenses) received by the Company, as set forth in the table on
the cover page of the Prospectus, on the one hand, and the total underwriting discounts and commissions received by the Underwriters with
respect to the shares of the Common Stock purchased under this Agreement, as set forth in the table on the cover page of the Prospectus,
on the other hand. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to
be determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 5.3.1 shall
be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5.3.1 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 Public Securities 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.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.3.2.</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Contribution Procedure</U>. Within fifteen (15) days after receipt by any
party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a
claim for contribution in respect thereof is to be made against another party (&ldquo;contributing party&rdquo;), notify the contributing
party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it
may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any
party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the
contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified.
Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or
proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such
party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section
5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act
or otherwise available. Each Underwriter&rsquo;s obligations to contribute pursuant to this Section 5.3 are several and not joint.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">6.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Default by an Underwriter</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">6.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Default Not Exceeding 10% of Firm Shares or Option Shares</U>.
If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if the
Over-allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default
relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase
hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in
proportion to their respective commitments hereunder.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">6.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Default Exceeding 10% of Firm Shares or Option Shares</U>.
In the event that the default addressed in Section 6.1 relates to more than 10% of the Firm Shares or Option Shares, you may in your discretion
arrange for yourself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the
terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares,
you do not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one
(1) Business Day within which to procure another party or parties satisfactory to you to purchase said Firm Shares or Option Shares on
such terms. In the event that neither you nor the Company arrange for the purchase of the Firm Shares or Option Shares to which a default
relates as provided in this Section 6, this Agreement will automatically be terminated by you or the Company without liability on the
part of the Company (except as provided in Sections 3.9 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof);
provided, however, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares;
and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters
and to the Company for damages occasioned by its default hereunder.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">6.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Postponement of Closing Date</U>. In the event that the
Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased
by another party or parties as aforesaid, you or the Company shall have the right to postpone the Closing Date or Option Closing Date
for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made
necessary in the Registration Statement, the Disclosure Package or the Prospectus or in any other documents and arrangements, and the
Company agrees to file promptly any amendment to the Registration Statement, the Disclosure Package or the Prospectus that in the opinion
of counsel for the Underwriter may thereby be made necessary. The term &ldquo;Underwriter&rdquo; as used in this Agreement shall include
any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such
shares of Common Stock.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">7.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Additional Covenants</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">7.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Board Composition and Board Designations</U>. The Company
shall ensure that: (i)&nbsp;the qualifications of the persons serving as members of the Board of Directors and the overall composition
of the Board comply with the Sarbanes-Oxley Act, with the Exchange Act and with the listing rules of the Exchange or any other national
securities exchange, as the case may be, in the event the Company seeks to have its Public Securities listed on another exchange or quoted
on an automated quotation system, and (ii)&nbsp;if applicable, at least one member of the Audit Committee of the Board of Directors qualifies
as an &ldquo;audit committee financial expert,&rdquo; as such term is defined under Regulation S-K and the listing rules of the Exchange.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">7.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Prohibition on Press Releases and Public Announcements</U>.
The Company shall not issue press releases or engage in any other publicity, without the Representative&rsquo;s prior written consent,
for a period ending at 5:00 p.m., Eastern time, on the first (1<SUP>st</SUP>) Business Day following the forty-fifth (45<SUP>th</SUP>)
day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company&rsquo;s business.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">7.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Right of First Refusal</U>. Provided that the Firm Shares
are sold in accordance with the terms of this Agreement, the Representative shall have an irrevocable right of first refusal (the &ldquo;Right
of First Refusal&rdquo;), until April 29, 2023, to act as sole investment banker, sole book-runner and/or sole and exclusive placement
agent, at the Representative&rsquo;s sole discretion, for each and every future public and private equity and debt offering, including
all equity linked financings (each, a &ldquo;Subject Transaction&rdquo;), during such period, of the Company, or any successor to or subsidiary
of the Company, on terms customary to the Representative for such Subject Transactions. For the avoidance of any doubt, the Representative
shall have the sole right to determine whether or not any other broker dealer shall have the right to participated in any such offering
and the economic terms of any such participation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company shall notify the Representative
of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof by registered
mail or overnight courier service addressed to the Representative.&nbsp; If the Representative fails to exercise its Right of First Refusal
with respect to any Subject Transaction within ten (10) Business Days after the mailing of such written notice, then the Representative
shall have no further claim or right with respect to the Subject Transaction. The Representative may elect, in its sole and absolute discretion,
not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election by the Representative
shall not adversely affect the Representative&rsquo;s Right of First Refusal with respect to any other Subject Transaction during the
Right of First Refusal period agreed to above.&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">8.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Effective Date of this Agreement and Termination Thereof</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Effective Date</U>. This Agreement shall become effective
when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Termination</U>. The Representative shall have the right
to terminate this Agreement at any time prior to any Closing Date, (i)&nbsp;if any domestic or international event or act or occurrence
has materially disrupted, or in your opinion will in the immediate future materially disrupt, general securities markets in the United
States; or (ii)&nbsp;if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially
limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required
by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii)&nbsp;if the United States shall
have become involved in a new war or an increase in major hostilities; or (iv)&nbsp;if a banking moratorium has been declared by a New
York State or federal authority; or (v)&nbsp;if a moratorium on foreign exchange trading has been declared which materially adversely
impacts the United States securities markets; or (vi)&nbsp;if the Company shall have sustained a material loss by fire, flood, accident,
hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will,
in your opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii)&nbsp;if the Company is
in material breach of any of its representations, warranties or covenants hereunder; or (viii)&nbsp;if the Representative shall have become
aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material
change in general market conditions as in the Representative&rsquo;s judgment would make it impracticable to proceed with the offering,
sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Expenses</U>. Notwithstanding anything to the contrary
in this Agreement, except in the case of a default by the Underwriters, pursuant to Section 6.2 above, in the event that this Agreement
shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein,
the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions
contemplated herein then due and payable (including the fees and disbursements of Representative Counsel) up to $50,000 and upon demand
the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters; <FONT STYLE="letter-spacing: 0pt">provided,
however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement</FONT>. Notwithstanding
the foregoing, any advance received by the Representative will be reimbursed to the Company to the extent not actually incurred in compliance
with FINRA Rule 5110(f)(2)(C).</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8.4</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Indemnification</U>. Notwithstanding any contrary provision
contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise
carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election
or termination or failure to carry out the terms of this Agreement or any part hereof.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8.5</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Representations, Warranties, Agreements to Survive</U>.
All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant
hereto, shall remain operative and in full force and effect regardless of (i)&nbsp;any investigation made by or on behalf of any Underwriter
or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company
or (ii)&nbsp;delivery of and payment for the Public Securities.</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">9.</FONT> <FONT STYLE="font-size: 11pt; font-weight: normal"><U>Miscellaneous</U>.</FONT></P>



<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.1</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Notices</U>. All communications hereunder, except as
herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested),
personally delivered or sent by facsimile transmission and confirmed and shall be deemed given when so delivered or faxed and confirmed
or if mailed, two (2) days after such mailing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.5in">If to the Representative:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">ThinkEquity</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">17 State Street, 22<SUP>nd</SUP> Fl</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">New York, NY 10004<BR>
Attn: Mr. Eric Lord, Head of Investment Banking</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fax: (212) 349-2550</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt"><BR>
Loeb &amp; Loeb LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt">345 Park Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt">New York, New York 10154</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt">Attn: Mitchell S. Nussbaum</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt">Fax No.:&nbsp;&nbsp;(212) 504-3013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">If to the Company:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Red Cat Holdings, Inc.<BR>
370 Harbour Drive<BR>
Palmas del Mar<BR>
Humacao, PR 00791<BR>
Attention: Jeffrey Thompson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fax No: [________]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">The Crone Law Group P.C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">500 Fifth Avenue, Suite 938</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">New York, New York 10110</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Attention: Joseph Laxague</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fax No: (775) 996-3283</P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.2</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Headings</U>. The headings contained herein are for the
sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or
provisions of this Agreement.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.3</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Amendment</U>. This Agreement may only be amended by
a written instrument executed by each of the parties hereto.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.4</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Entire Agreement</U>. This Agreement (together with the
other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the
parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties,
oral and written, with respect to the subject matter hereof. Notwithstanding anything to the contrary set forth herein, it is understood
and agreed by the parties hereto that all other terms and conditions of that certain engagement letter between the Company and ThinkEquity,
a division of Fordham Financial Management, Inc., dated July 17, 2021, shall remain in full force and effect.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.5</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Binding Effect</U>. This Agreement shall inure solely
to the benefit of and shall be binding upon the Representative, the Underwriters, the Company and the controlling persons, directors and
officers referred to in Section 5 hereof, and their respective successors, legal representatives, heirs and assigns, and no other person
shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement
or any provisions herein contained. The term &ldquo;successors and assigns&rdquo; shall not include a purchaser, in its capacity as such,
of securities from any of the Underwriters.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.6</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Governing Law; Consent to Jurisdiction; Trial by Jury</U>.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating
in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent
permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.7</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Execution in Counterparts</U>. This Agreement may be
executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be
an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more
counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart
of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.</FONT></P>

<P STYLE="font: italic 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9.8</FONT><FONT STYLE="font-size: 7pt; font-style: normal; font-weight: normal">
</FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal"><U>Waiver, etc</U>. The failure of any of the parties hereto
to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision,
nor to in any way effect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter
enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions
of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement
of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">[Signature Page Follows]</P>


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<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">If
the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided
below for that purpose, whereupon this letter shall constitute a binding agreement between us.</FONT></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0pt"><IMG SRC="exhjtsig.jpg" ALT="" STYLE="height: 136.8px; width: 283.2px">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 204pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 204pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 204pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 276.9pt 0 0">Confirmed as of the date first written above mentioned,
on behalf of itself and as Representative of the several Underwriters named on <U>Schedule 1</U> hereto:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">THINKEQUITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">A Division of Fordham Financial Management, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 24pt 0 0"><IMG SRC="exhpmsig.jpg" ALT="" STYLE="height: 84.8px; width: 284px"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: center"><B><U>SCHEDULE 1</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: center">&nbsp;<U><BR></U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal bold 11pt Times New Roman, Times, Serif; text-align: center">Underwriter</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total Number of</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Firm Shares to be Purchased</B></P></TD><TD STYLE="font: bold 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 11pt Times New Roman, Times, Serif; text-align: center">Number of Additional Shares to be Purchased if the Over-Allotment Option is Fully Exercised</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 11pt Times New Roman, Times, Serif; text-align: left; text-indent: 0in; padding-left: 5.4pt">ThinkEquity, a division of Fordham Financial Management, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 51%; font: bold 13pt Cambria, Times, Serif; text-indent: 0in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font: 11pt Times New Roman, Times, Serif; text-align: right">13,333,334</TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 13pt Cambria, Times, Serif; padding-bottom: 1pt; text-indent: 0in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 13pt Cambria, Times, Serif; text-indent: 0in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 11pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: 0in; padding-left: 5.4pt">TOTAL&#9;</TD><TD STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Times New Roman, Times, Serif; text-align: right">13,333,334</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Times New Roman, Times, Serif; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><U>SCHEDULE 2-A</U></B><U><BR></U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Pricing Information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Number of Firm Shares: 13,333,334</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Number of Option Shares: 2,000,000</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Public Offering Price per Share: $4.50</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Underwriting Discount per Share: $0.315</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Underwriting Non-accountable expense allowance per Share: $0.0225</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Proceeds to Company per Share (before expenses): $4.1625</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 2-B</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Issuer General Use Free Writing Prospectuses</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 3</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>List of Lock-Up Parties</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Jeffrey Thompson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Joseph Hernon</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Nicholas Liuzza, Jr.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Patrick Mitchell</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Joseph Freedman</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Jonathan Read</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Gregory French</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Allan Evans</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">Brains Riding in Tanks, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form of Representative&rsquo;s Warrant Agreement</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/13.75pt Times New Roman, Times, Serif; margin: 4.65pt 0 0; text-align: justify; text-indent: 0.2pt">THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE
THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) THINKEQUITY,
A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA
FIDE OFFICER OR PARTNER OF THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.</P>

<P STYLE="font: 11pt/13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13.5pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: justify; text-indent: 0.2pt">THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO [________________] [<B>DATE THAT IS [180 DAYS OR ONE YEAR] FROM THE EFFECTIVE DATE OF THE OFFERING</B>]. VOID
AFTER 5:00 P.M., EASTERN TIME, [___________________] [<B>DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING</B>].</P>

<P STYLE="font: 11pt/13.5pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 11pt/13.5pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 11pt/12.65pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WARRANT TO PURCHASE COMMON STOCK </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Warrant Shares: _______</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Initial Exercise Date: ______, 2022</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">THIS WARRANT TO PURCHASE COMMON
STOCK (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the &ldquo;<U>Holder</U>&rdquo;)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
____, 2022 (the &ldquo;<U>Initial Exercise Date</U>&rdquo;) and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m.
(New York time) on the date that is five (5) years following the date of the Underwriting Agreement (the &ldquo;<U>Termination Date</U>&rdquo;)
but not thereafter, to subscribe for and purchase from Red Cat Holdings, Inc., a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;),
up to ______ shares of Common Stock, par value $0.0001 per share, of the Company (the &ldquo;<U>Warrant Shares</U>&rdquo;), as subject
to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 1</U>. <U>Definitions</U>.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section 1:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule 144</U>&rdquo;
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means a day on which the New York Stock Exchange is open for trading.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Market</U>&rdquo;
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or
any successors to any of the foregoing).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>VWAP</U>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock then listed or quoted
on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Stock
is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Common Stock are then reported in the &ldquo;Pink Sheets&rdquo;
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of Common Stock so reported, or (d)&nbsp;in all other cases, the fair market value of the Common Stock as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which
shall be paid by the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 2</U>. <U>Exercise</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly
executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the
date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier&rsquo;s check drawn on a United States bank unless the cashless exercise procedure specified in
Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this
Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall
have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the
date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt
of such notice. <B>The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">b)
<U>Exercise Price</U>. The exercise price per share of the Common Stock under this Warrant shall be <B>$5.625</B>, subject to adjustment
hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">c)
<U>Cashless Exercise</U>. In lieu of exercising this Warrant by delivering the aggregate Exercise Price by wire transfer or cashier&rsquo;s
check, at the election of the Holder this Warrant may also be exercised, in whole or in part, at such time by means of a &ldquo;cashless
exercise&rdquo; in which the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1)
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of &ldquo;regular trading hours&rdquo; (as defined in Rule 600(b)(64) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise if such Notice of Exercise is executed during &ldquo;regular trading hours&rdquo; on a Trading
Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &ldquo;regular trading hours&rdquo;
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such
Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the
close of &ldquo;regular trading hours&rdquo; on such Trading Day;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -31.5pt">(X) = the number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant Shares are issued in such a &ldquo;cashless exercise,&rdquo; the parties acknowledge and agree that in accordance with Section
3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the
holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares.&nbsp;&nbsp;The Company agrees
not to take any position contrary to this Section 2(c).</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">d)
<U>Mechanics of Exercise</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">i. <U>Delivery of Warrant
Shares Upon Exercise</U>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer agent to the
Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Company is then a participant in such system and either
(A)&nbsp;there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule
144 and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Share Delivery Date (as defined below),
and otherwise by physical delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or its
designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the
Holder in the Notice of Exercise by the date that is two (2)&nbsp;Trading Days after the delivery to the Company of the Notice of Exercise
(such date, the &ldquo;<U>Warrant Share Delivery Date</U>&rdquo;). If the Warrant Shares can be delivered via DWAC, the transfer agent
shall have received from the Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver
such Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including
with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer
agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide
a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless
exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be
deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder
of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise
Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section&nbsp;2(d)(vi)
prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares
subject to a Notice of Exercise by the second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">ii. <U>Delivery of New
Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon
surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">iii. <U>Rescission Rights</U>.
If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
Share Delivery Date, then the Holder will have the right to rescind such exercise; <U>provided</U>, <U>however</U>, that the Holder shall
be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise notice concurrently with the return to
Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder&rsquo;s right to acquire
such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">iv. <U>Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights available to the Holder, if
the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant
Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise)
or the Holder&rsquo;s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of
the Warrant Shares which the Holder anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company shall
(A) pay in cash to the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover
a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company&rsquo;s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">v. <U>No Fractional
Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its
election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise
Price or round up to the next whole share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">vi. <U>Charges, Taxes
and Expenses</U>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <U>provided</U>, <U>however</U>,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer
agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">vii. <U>Closing of Books</U>.
The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant
to the terms hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">viii. <U>Signature</U>. This Section 2 and the exercise form attached hereto set forth the totality of the procedures
required of the Holder in order to exercise this Purchase Warrant.&nbsp; Without limiting the preceding sentences, no ink-original exercise
form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required
in order to exercise this Purchase Warrant.&nbsp; No additional legal opinion, other information or instructions shall be required of
the Holder to exercise this Purchase Warrant.&nbsp; The Company shall honor exercises of this Purchase Warrant and shall deliver Shares
underlying this Purchase Warrant in accordance with the terms, conditions and time periods set forth herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"> </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">e)
<U>Holder&rsquo;s Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below).&nbsp; For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates.&nbsp; Except as set forth in the preceding sentence, for purposes of this Section 2(e),
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company&rsquo;s
transfer agent setting forth the number of shares of Common Stock outstanding.&nbsp; Upon the written or oral request of a Holder, the
Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.&nbsp;
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 9.99% of the number of shares of
the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section
2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<SUP>st</SUP>
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 3</U>. <U>Certain Adjustments</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">a)
<U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision, combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant
will not be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or
sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or
other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in
effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">b)
[RESERVED]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">c)
<U>Subsequent Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder&rsquo;s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as
a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">d)
<U>Pro Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &quot;<U>Distribution</U>&quot;),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (<U>provided</U>,
<U>however</U>, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be
held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such
Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised
this Warrant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">e)
<U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or
indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its
assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a
&ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to
receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable by holders of Common Stock as a result of such Fundamental
Transaction for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the &ldquo;<U>Successor Entity</U>&rdquo;) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and
approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">f)
<U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">g)
<U>Notice to Holder</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">i. <U>Adjustment to
Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail
to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares
and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 40pt">ii. <U>Notice to Allow Exercise by Holder</U>. If (A) the
Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the
Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or
merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall
cause to be mailed a notice to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20
calendar days prior to the applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are
to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall not affect the
validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during
the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be
expressly set forth herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 4</U>. <U>Transfer
of Warrant</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">a)
<U>Transferability</U>. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant
shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call
transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the
transfer of any security:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">i. by operation of law
or by reason of reorganization of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">ii. to any FINRA member
firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction in this Section 4(a) for the remainder of the time period;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">iii. if the aggregate
amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">iv. that is beneficially
owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 40pt">v. the exercise
or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder
of the time period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><I>&nbsp;</I>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">Subject to the foregoing
restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days
of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">b)
<U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">c)
<U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &ldquo;<U>Warrant
Register</U>&rdquo;), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">d)
<U>Representation by the Holder</U>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and,
upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 5. Registration Rights.</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>5.1. Demand Registration</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.1.1 Grant
of Right. The Company, upon written demand (a &ldquo;Demand Notice&rdquo;) of the Holder(s) of at least 51% of the Warrants and/or the
underlying Warrant Shares (&ldquo;Majority Holders&rdquo;), agrees to register, on one occasion, all or any portion of the Warrant Shares
underlying the Warrants (collectively, the &ldquo;Registrable Securities&rdquo;). On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its
reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by
the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration
statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 5.2 hereof and either: (i)
the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration statement relates
to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn
or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time beginning on the Initial
Exercise Date and expiring on the fifth anniversary of the date of the Underwriting Agreement. The Company covenants and agrees to give
written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable
Securities within ten (10) days after the date of the receipt of any such Demand Notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.1.2  Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5.1.1, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing
required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested
by the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State
in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit
to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their shares
of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section
5.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities
covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the
prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement, and will immediately cease to
use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material
misstatement or omission. Notwithstanding the provisions of this Section 5.1.2, the Holder shall be entitled to a demand registration
under this Section 5.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the date
of the Underwriting Agreement (as defined below) in accordance with FINRA Rule 5110(f)(2)(G)(iv).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 11pt">5.2
<U>&ldquo;Piggy-Back&rdquo; Registration.</U></FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.2.1 Grant
of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have the right, for a period
of no more than two (2) years from the Initial Exercise Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable Securities
as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection
with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
discretion, impose a limitation on the number of Shares which may be included in the Registration Statement because, in such underwriter(s)&rsquo;
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be
obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the
Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be
included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first
excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement
or are not entitled to pro rata inclusion with the Registrable Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.2.2 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such
registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company during
the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities have been sold by the
Holder. The holders of the Registrable Securities shall exercise the &ldquo;piggy-back&rdquo; rights provided for herein by giving written
notice within ten (10) days of the receipt of the Company&rsquo;s notice of its intention to file a registration statement. Except as
otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration under this Section
5.2.2; provided, however, that such registration rights shall terminate on the second anniversary of the Initial Exercise Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 11pt"><U>5.3
General Terms</U></FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys&rsquo; fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities
Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement
between the Underwriters and the Company, dated as of July 18, 2021. The Holder(s) of the Registrable Securities to be sold pursuant to
such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss,
claim, damage, expense or liability (including all reasonable attorneys&rsquo; fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise,
arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion
in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting
Agreement pursuant to which the Underwriters have agreed to indemnify the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.2  Exercise
of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to or after
the initial filing of any registration statement or the effectiveness thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.3  Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a &ldquo;cold comfort&rdquo; letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report
on the Company&rsquo;s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants&rsquo; letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer&rsquo;s counsel
and in accountants&rsquo; letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.4  Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose
Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably satisfactory to
the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Warrant Shares and their intended methods of distribution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.5  Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed
and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">5.3.6  Damages.
Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Section 6</U>. <U>Miscellaneous</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">a)
<U>No Rights as Stockholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">b)
<U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">c)
<U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
Day.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">d)
<U>Authorized Shares</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">The Company covenants that,
during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares
to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or
of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which
may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">Except and to the extent
as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">e)
<U>Jurisdiction</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the underwriting agreement, dated July [___], 2021, by and between the Company and ThinkEquity, a
division of Fordham Financial Management, Inc., as representatives of the underwriters set forth therein (the &ldquo;Underwriting Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">f)
<U>Restrictions</U>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">g)
<U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">h)
<U>Notices</U>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Underwriting Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">i)
<U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the
Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">j)
<U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense
in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">k)
<U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">l)
<U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">m)
<U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">n)
<U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">********************</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>RED CAT HOLDINGS, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:____________________________</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Name:</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICE OF EXERCISE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="text-transform: uppercase">TO:&#9;RED
CAT HOLDINGS, INC.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">_________________________</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(1) The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2) Payment shall take
the form of (check applicable box):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&#9744; in lawful money of the United States;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&#9744; if permitted the cancellation of such
number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect
to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(3) Please register
and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Warrant Shares shall be delivered to the following
DWAC Account Number or by physical delivery of a certificate to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_______________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(4) <U>Accredited Investor</U>.
If the Warrant is being exercised via cash exercise, the undersigned is an &ldquo;accredited investor&rdquo; as defined in Regulation
D promulgated under the Securities Act of 1933, as amended</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/200% Times New Roman, Times, Serif; margin: 0">Name of Investing Entity: _______________________________________________________________</P>

<P STYLE="font: 11pt/200% Times New Roman, Times, Serif; margin: 0"><I>Signature of Authorized Signatory of Investing Entity</I>: ________________________________________</P>

<P STYLE="font: 11pt/200% Times New Roman, Times, Serif; margin: 0">Name of Authorized Signatory: ___________________________________________________________</P>

<P STYLE="font: 11pt/200% Times New Roman, Times, Serif; margin: 0">Title of Authorized Signatory: ____________________________________________________________</P>

<P STYLE="font: 11pt/200% Times New Roman, Times, Serif; margin: 0">Date: _____________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ASSIGNMENT FORM</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(To assign the foregoing warrant, execute<BR>
this form and supply required information.<BR>
Do not use this form to exercise the warrant.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">FOR VALUE RECEIVED, [____] all of
or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_______________________________________________ whose
address is</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_______________________________________________________________.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_______________________________________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">Dated: ______________,
_______</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Holder&rsquo;s Signature: _____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Holder&rsquo;s Address: _____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 100pt; text-align: justify; text-indent: 0.5in">&nbsp;_____________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Lock-Up Agreement<BR>
<BR>
</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0.5in">July&nbsp;&nbsp;&nbsp;&nbsp; , 2021</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">ThinkEquity,</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">A Division of Fordham Financial Management, Inc.</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">17 State Street, 22<SUP>nd</SUP> Floor</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">New York, NY 10004</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">As Representative of the several Underwriters
named on Schedule 1 to the Underwriting Agreement referenced below</FONT><FONT STYLE="font-size: 11pt"><BR>
<BR>
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned understands
that ThinkEquity, a Division of Fordham Financial Management, Inc. (the &ldquo;<B>Representative</B>&rdquo;), proposes to enter into an
Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with Red Cat Holdings, Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;),
providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of shares of common stock, par value $0.0001 per share, of
the Company (the &ldquo;<B>Common Shares</B>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To induce the Representative
to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent
of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months (in the event
the undersigned is a director or officer of the Company) or three (3) months (in the case of any other 5% greater holder of outstanding
shares of Common Stock of the Company) after the date of the Underwriting Agreement relating to the Public Offering (the &ldquo;<B>Lock-Up
Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly,
any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter
acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively,
the &ldquo;<B>Lock-Up Securities</B>&rdquo;); (2) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to
the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or
to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and
subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative
in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public
Offering; <U>provided</U> that no filing under Section 13 or Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended (the
&ldquo;<B>Exchange Act</B>&rdquo;), or other public announcement shall be required or shall be voluntarily made in connection with subsequent
sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a <I>bona fide</I> gift,
by will or intestacy or to a family member or trust for the benefit of the undersigned or a family member (for purposes of this lock-up
agreement, &ldquo;family member&rdquo; means any relationship by blood, marriage or adoption, not more remote than first cousin); (c)
transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned is a corporation, partnership, limited
liability company or other business entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business
entity that controls, is controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to
members, partners, stockholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended)
of the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; <U>provided</U> that in the case of any
transfer pursuant to the foregoing clauses&nbsp;(b), (c) (d) or (e), (i) any such transfer shall not involve a disposition for value,
(ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement
and (iii) no filing under Section 13 or Section&nbsp;16(a) of the Exchange Act or other public announcement shall be required or shall
be voluntarily made; (f) the receipt by the undersigned from the Company of Common Shares upon the vesting of restricted stock awards
or stock units or upon the exercise of options to purchase the Company&rsquo;s Common Shares issued under an equity incentive plan of
the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the &ldquo;<B>Plan
Shares</B>&rdquo;) or the transfer of Common Shares or any securities convertible into Common Shares to the Company upon a vesting event
of the Company&rsquo;s securities or upon the exercise of options to purchase the Company&rsquo;s securities, in each case on a &ldquo;cashless&rdquo;
or &ldquo;net exercise&rdquo; basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only
to the extent such right expires during the Lock-up Period, <U>provided</U> that no filing under Section 13 or Section 16(a) of the Exchange
Act or other public announcement shall be required or shall be voluntarily made within 180 days after the date of the Underwriting Agreement,
and after such 180<SUP>th</SUP> day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange
Act reporting a reduction in beneficial ownership of Common Shares during the Lock-Up Period, the undersigned shall include a statement
in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned
in connection with such vesting or exercise and, <U>provided further</U>, that the Plan Shares shall be subject to the terms of this lock-up
agreement; (g) the transfer of Lock-Up Securities pursuant to agreements described in the Pricing Prospectus under which the Company has
the option to repurchase such securities or a right of first refusal with respect to the transfer of such securities, <U>provided</U>
that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial
ownership of Common Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report describing
the purpose of the transaction; (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer
of Lock-Up Securities, <U>provided</U> that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period
and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf
of the undersigned or the Company regarding the establishment of such plan, such public announcement or filing shall include a statement
to the effect that no transfer of Lock-Up Securities may be made under such plan during the Lock-Up Period; (i) the transfer of Lock-Up
Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement,
<U>provided</U> that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement
for the balance of the Lock-Up Period, and <U>provided further</U>, that any filing under Section 13 or Section 16(a) of the Exchange
Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has
occurred by operation of law; and (j) the transfer of Lock-Up Securities pursuant to a bona fide third party tender offer, merger, consolidation
or other similar transaction made to all holders of the Common Shares involving a change of control (as defined below) of the Company
after the closing of the Public Offering and approved by the Company&rsquo;s board of directors; <U>provided</U> that in the event that
the tender offer, merger, consolidation or other such transaction is not completed, the Lock-Up Securities owned by the undersigned shall
remain subject to the restrictions contained in this lock-up agreement. For purposes of clause (k) above, &ldquo;change of control&rdquo;
shall mean the consummation of any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction
the result of which is that any &ldquo;person&rdquo; (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes
the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock
of the Company. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer
agent and registrar against the transfer of the undersigned&rsquo;s Lock-Up Securities except in compliance with this lock-up agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned agrees
that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement during the
period from the date hereof to and including the 34<SUP>th</SUP> day following the expiration of the Lock-Up Period, the undersigned will
give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written
confirmation from the Company that the Lock-Up Period has expired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the undersigned is an officer
or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed
or &ldquo;friends and family&rdquo; Securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees
that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection
with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company
has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at
least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder
to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions
of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration
and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the
duration that such terms remain in effect at the time of such transfer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned understands
that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering.
The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs,
legal representatives, successors and assigns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned understands
that, if the Underwriting Agreement is not executed by July 30, 2021, or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Shares to be sold thereunder,
then this lock-up agreement shall be void and of no further force or effect.<BR STYLE="clear: both">
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whether or not the Public
Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to
an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">____________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Name - Please Print)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">____________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Signature)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">____________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Name of Signatory, in the case of entities
- Please Print)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">____________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Title of Signatory, in the case of entities
- Please Print)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Address:&nbsp;&#9;_________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 260pt; text-align: justify">_________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 260pt; text-align: justify">_________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><U>EXHIBIT C</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Form of Press Release</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RED CAT HOLDINGS, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><BR>
[Date]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Red Cat Holdings, Inc. (the &ldquo;Company&rdquo;)
announced today that ThinkEquity, a division of Fordham Financial Management, Inc., acting as representative for the underwriters in the
Company&rsquo;s recent public offering of&nbsp; _______ shares of the Company&rsquo;s common stock, is [waiving] [releasing] a lock-up
restriction with respect to _________&nbsp; shares of the Company&rsquo;s common stock held by [certain officers or directors] [an officer
or director] of the Company.&nbsp; The [waiver] [release] will take effect on&nbsp; _________, 20___, and the shares may be sold on or
after such date.&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>This press release is not an offer or sale
of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.</B></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><B><U>EXHIBIT D</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><B>Form of Opinion of Counsel</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">[Intentionally
Omitted]</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>rcat0719form8kexh5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="rcatheader.jpg" ALT="" STYLE="height: 119.18px; width: 607.7px"></P>

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

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">July 19, 2021</P>

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

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Red Cat Holdings, Inc.</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">370 Harbour Drive</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Palmas del Mar</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Humacao, PR 00791</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Re:&#9;<I>Red Cat Holdings, Inc. &ndash; Offering
and sale of Common Stock Pursuant to Registration Statement on Form S-3 (Registration No. 333-256216)</I></B></P>

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

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have acted as counsel for Red Cat Holdings, Inc.,
a Nevada corporation (the &quot;Company&quot;), in connection with the offering by the Company of up to 15,333,334 shares (the &ldquo;Shares&rdquo;)
of common stock of the Company (the &ldquo;Common Stock&rdquo;) pursuant to a Registration Statement on Form S-3 (Registration No. 333-256216),
which was initially filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May 17, 2021, under the Securities
Act of 1933, as amended (the &ldquo;Act&rdquo;) and declared effective on June 14, 2021, the prospectus included within the Registration
Statement (the &ldquo;Base Prospectus&rdquo;), and the prospectus supplement dated July 19, 2021, filed with the Commission pursuant to
Rule 424(b) of the rules and regulations of the Act (together with the Base Prospectus, the &ldquo;Prospectus.&rdquo;) As described in
the Registration Statement and the Prospectus, the Shares are to be sold by the Company pursuant to an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) entered into by and between the Company and ThinkEquity, a division of Fordham Financial Management, Inc., as representative
of the underwriters named therein.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In rendering the opinion set forth below, we have
reviewed: (a) the Registration Statement, as amended, including the Prospectus incorporated therein; (b) the Company's Articles of Incorporation,
as amended; (c) the Company's Bylaws, as amended; (d) certain records of the Company's corporate proceedings as reflected in its minute
books (e) the Underwriting Agreement; and (f) such statutes, records and other documents as we have deemed relevant. We have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals, and conformity with the originals of all
documents submitted to us as copies thereof. In addition, we have made such other examinations of law and fact as we have deemed relevant
in order to form a basis for the opinion hereinafter expressed. We express no opinion herein as to the laws of any state or jurisdiction
other than the substantive laws of the State of Nevada and the federal laws of the United States of America.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Based upon the foregoing, it is
our opinion that the Shares have been duly and validly authorized, and when issued, delivered, and paid for in accordance with the terms
of the Underwriting Agreement, such Shares will be validly issued, fully paid and non-assessable shares of the Company&rsquo;s common
stock.</P>

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

<DIV STYLE="text-align: justify; padding: 0in; border: white 1pt solid">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the filing of this opinion as
an exhibit to the Company&rsquo;s current report on Form 8-K, dated July 19, 2021, which is incorporated by reference into the Registration
Statement. We also hereby consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the Registration Statement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Crone Law Group P.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="rcatsig.jpg" ALT="" STYLE="height: 57.4px; width: 231.7px">&nbsp;</P>

</DIV>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>rcat0719form8kexh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="rcatlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 14pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Red Cat Holdings, Inc. Announces Pricing of
Public Offering</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Humacao, Puerto Rico, July 18, 2021 </B>&mdash;
Red Cat Holdings, Inc. (NASDAQ: RCAT) (&ldquo;Red Cat&rdquo; or the &ldquo;Company&rdquo;) a technology provider to the drone industry,
today announced the pricing of its underwritten public offering of 13,333,334 shares of its common stock at a public offering price of
$4.50 per share, for gross proceeds of approximately $60,000,000, before deducting underwriting discounts, commissions and offering expenses.
In addition, the Company has granted the underwriters a 45 day option to purchase up to an additional 2,000,000 shares of common stock
to cover over-allotments at the offering price, less the underwriting discount.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The offering is expected to close on July 21,
2021, subject to satisfaction of customary closing conditions.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the offering.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company intends to use the net proceeds from
the offering to provide funding for services, sales and marketing efforts for its Red Cat Drone Services, strategic acquisitions and related
expenses, and general working capital. .</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No. 333-256216), including a base prospectus, filed with the U.S. Securities and
Exchange Commission (the &ldquo;SEC&rdquo;) on May 17, 2021 and declared effective on June 14, 2021. The offering will be made only by
means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering has been or will
be filed with the SEC on its website at www.sec.gov. A final prospectus supplement and accompanying prospectus related to the offering
will be filed with the SEC and made available on the SEC&rsquo;s website. Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, a division of Fordham Financial
Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673 or by email at <U>prospectus@think-equity.com</U>.
Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and
the accompanying prospectus, which provide more information about the Company and such offering.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or
jurisdiction.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>About Red Cat Holdings, Inc.</U></B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Red Cat provides products, services and solutions
to the drone industry. Spanning multiple industries and segments, the spectrum of companies in Red Cat's portfolio provides diverse and
comprehensive reach into multiple markets including: enterprise remote flight technology; SaaS solutions for secure flight data storage;
consumer hardware and communication technology; and consumer e-commerce and lifestyle brands. For more information on Red Cat Holdings,
Inc. please visit the company's website: https://www.redcatholdings.com/.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Forward-Looking Statements</U></B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">This press release contains &quot;forward-looking
statements&quot; that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained
in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by
the use of words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;contemplate,&quot; &quot;could,&quot; &quot;estimate,&quot;
&quot;expect,&quot; &quot;intend,&quot; &quot;seek,&quot; &quot;may,&quot; &quot;might,&quot; &quot;plan,&quot; &quot;potential,&quot;
&quot;predict,&quot; &quot;project,&quot; &quot;target,&quot; &quot;aim,&quot; &quot;should,&quot; &quot;will&quot; &quot;would,&quot;
or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking
statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions
that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove
to be accurate. These and other risks and uncertainties are described more fully in the section titled &quot;Risk Factors&quot; in the
final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained
in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required
under applicable law.</P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>For Investor Relations Inquiries:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-bottom: 8pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; color: #070707; line-height: 107%"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Chad Kapper</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; color: #070707; line-height: 107%"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">Phone: (818) 906-4701</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; color: #070707; line-height: 107%"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">E-mail:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt; color: #00698C; line-height: 107%"><B>Investors@redcat.red</B></FONT></TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
